Document:

ex10-18.htm

EXHIBIT 10.18

 

THIRD AMENDMENT TO SECOND AMENDED

AND RESTATED CREDIT AGREEMENT

 

This Third Amendment to Second Amended and Restated Credit Agreement (this “Amendment”), dated as of June 29, 2017, is by and between NewBevCo, Inc., a Delaware corporation (“Company”), and Comerica Bank, a Texas banking association (“Bank”).

 

WITNESSETH:

 

WHEREAS, Company and Bank entered into that certain Second Amended and Restated Credit Agreement dated as of June 30, 2008 (as amended, restated or otherwise modified from time to time, the “Agreement”); and

 

WHEREAS, Company and Bank wish to further amend the Agreement;

 

NOW, THEREFORE, Company and Bank agree as follows: 

 

1.             The definition of “Termination Date” in Section 1.1 of the Agreement is amended by deleting the date April 30, 2018 where it appears therein and replacing it with the date April 30, 2021.

 

2.             The definition of “Eurocurrency-based Rate” is amended and restated in its entirety as follows:

 

“Eurocurrency-based Rate” means a per annum interest rate which is equal to the quotient of the following:

 

	 	
(a)
	
The LIBOR Rate;

 

divided by

 

	 	
(b)
	
1.00 minus the maximum rate (expressed as a decimal) during such Interest Period at which Bank is required to maintain reserves on “Euro-currency Liabilities” as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such regulation or definition is modified, and as long as Bank is required to maintain reserves against a category of liabilities which includes eurodollar deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves are required to be maintained on such category.

 

 

 

 

 

3.             The following definitions are added to Section 1.1 of the Agreement:

 

“Change in Law” means the occurrence, after the date hereof, of any of the following: (i) the adoption or introduction of, or any change in any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not applicable to Bank on such date, or (ii) any change in interpretation, administration or implementation thereof of any such law, treaty, rule or regulation by any Governmental Authority, or (iii) the issuance, making or implementation by any Governmental Authority of any interpretation, administration, request, regulation, guideline, or directive (whether or not having the force of law), including, without limitation, any risk-based capital guidelines or any interpretation, administration, request, regulation, guideline, or directive relating to liquidity. For purposes of this definition, (x) a change in law, treaty, rule, regulation, interpretation, administration or implementation shall include, without limitation, any change made or which becomes effective on the basis of a law, treaty, rule, regulation, interpretation administration or implementation then in force, the effective date of which change is delayed by the terms of such law, treaty, rule, regulation, interpretation, administration or implementation, and (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines, interpretations or directives promulgated thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or promulgated, whether before or after the date hereof, and (z) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall each be deemed to be a “Change in Law,” regardless of the date enacted, adopted, issued or implemented.

 

“LIBOR Rate” means, with respect to any Indebtedness outstanding under this Note bearing interest on the basis of the Eurocurrency-based Rate, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to the relevant Interest Period for such Indebtedness, commencing on the first day of such Interest Period, appearing on Page BBAM of the Bloomberg Financial Markets Information Service at or about 11:00 a.m. (London, England time) (or as soon thereafter as practical), two (2) Business Days prior to the first day of such Interest Period. In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service), the “LIBOR Rate” shall be determined by reference to such other publicly available service for displaying eurodollar rates as may be reasonably selected by Bank, or, in the absence of such other service, the “LIBOR Rate” shall, instead, be determined based upon the average of the rates at which Bank is offered dollar deposits at or about 11:00 a.m. (Detroit, Michigan time) (or as soon thereafter as practical), two (2) Business Days prior to the first day of such Interest Period in the interbank eurodollar market in an amount comparable to the principal amount of the respective Advance which is to bear interest on the basis of such Eurocurrency-based Rate and for a period equal to the relevant Interest Period; provided, however, and notwithstanding anything to the contrary set forth in this Agreement, if at any time the LIBOR Rate determined as provided above would be less than zero percent (0%), then the LIBOR Rate shall be deemed to be zero percent (0%) per annum for all purposes of this Agreement and the other Loan Documents (the “LIBOR 0% Floor”), except for any portion of any outstanding Advance(s) hereunder or any principal obligations outstanding under this Agreement or the other Loan Documents which, at any such time, is/are subject to any Specified Hedging Agreement, in which case, the LIBOR Rate for such portion of such Advance(s) and Indebtedness shall be determined without giving effect to the LIBOR 0% Floor. Each calculation by Bank of the LIBOR Rate shall be conclusive and binding for all purposes, absent manifest error.

 

 

 

 

 

“Specified Hedging Agreement” means any agreement or other documentation between Borrower and Bank providing for an interest rate swap that does not provide for a minimum rate of zero percent (0%) with respect to determinations of the LIBOR Rate for the purposes of such interest rate swap (e.g., determines the floating amount by using the “negative interest rate method” rather than the “zero interest rate method” in the case of any such interest rate swap made under any master agreement or other documentation published by the International Swaps and Derivatives Association, Inc.).

 

4.            Section 10.4 of the Agreement is deleted in its entirety and replaced with the following:

 

	 	
10.4
	
Laws Affecting Eurocurrency-based Advance Availability. If any Change in Law shall make it unlawful or impossible for Bank (or its Eurocurrency Lending Offices) to honor its obligations hereunder to make or maintain any Advance with interest at the Eurocurrency-based Rate, Bank shall so notify Borrower and the right of Borrower to convert an Advance or refund an Advance as a Eurocurrency-based Advance, shall be suspended and thereafter Borrower may select as Applicable Interest Rates only those which remain available and which are permitted to be selected hereunder, and if Bank may not lawfully continue to maintain an Advance to the end of the then current Interest Period applicable thereto as a Eurocurrency-based Advance, Borrower shall immediately prepay such Advance, together with interest to the date of payment, and any amounts payable under Section 10.1 with respect to such prepayment and the applicable Advance shall immediately be converted to a Prime-based Advance and the Prime-based Rate shall be applicable thereto.

 

5.             Section 10.5 of the Agreement is modified to delete in its entirety the language “In the event that any applicable law, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not currently applicable to Bank or any interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by Bank with any request or directive (whether or not having the force of law) made by any such authority, central bank or comparable agency after the date hereof:” and replace it with the following:

 

“If any Change in Law:” 

 

 

 

 

 

6.            Section 10.6 of the Agreement is deleted in its entirety and replaced with the following:

 

	 	
10.6
	
Other Increased Costs. In the event that any Change in Law affects or would affect the amount of capital or liquidity required or expected to be maintained by Bank (or any corporation controlling Bank) and Bank determines that the amount of such capital or liquidity is increased by or based upon the existence of Bank's obligations or Advances hereunder and such increase has the effect of reducing the rate of return on Bank's (or such controlling corporation's) capital as a consequence of such obligations or Advances hereunder to a level below that which Bank (or such controlling corporation) could have achieved but for such circumstances (taking into consideration its policies with respect to capital adequacy and liquidity) by an amount deemed by Bank to be material, then the Borrower shall pay to Bank, from time to time, upon request by such Bank, additional amounts sufficient to compensate such Bank (or such controlling corporation) for any increase in the amount of capital and/or liquidity and reduced rate of return which Bank reasonably determines to be allocable to the existence of Bank's obligations or Advances hereunder. A statement as to the amount of such compensation, prepared in good faith and in reasonable detail by Bank, shall be submitted by Bank to the Borrower, reasonably promptly after becoming aware of any event described in this Section 10.6 and shall be conclusive, absent manifest error in computation.

 

7.            Except as modified hereby, all of the terms and conditions of the Agreement shall remain in full force and effect. Capitalized terms used but not defined herein shall have the meanings given them in the Agreement.

 

8.            Company hereby represents and warrants that, after giving effect to the amendments contained herein, (a) execution, delivery and performance of this Amendment and any other documents and instruments required under this Amendment or the Agreement are within Company’s corporate powers, have been duly authorized, are not in contravention of law or the terms of Company’s Certificate of Incorporation or Bylaws, and do not require the consent or approval of any governmental body, agency, or authority; and this Amendment and any other documents and instruments required under this Amendment or the Agreement, will be valid and binding in accordance with their terms; (b) the continuing representations and warranties of Company in Sections 4.1 through 4.17 of the Agreement, as updated by the quarterly financial statements of the Company and the Parent, are true and correct on and as of the date hereof with the same force and effect as if made on and as of the date hereof; and (c) no Default or Event of Default has occurred and is continuing as of the date hereof.

 

9.             This Amendment shall be effective as of the date set forth above.

 

 

 

(Remainder of page intentionally left blank)

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered, or have caused their respective duly authorized officers or representatives to execute and deliver this amendment as of the day and year first written above.

 

	
BANK:
	
 
	
 
	
COMPANY:
	
 

	
 
	
 
	
 
	
 
	
 

	
COMERICA BANK 
	
 
	
 
	
NEWBEVCO, INC.
	
 

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: /s/ Gerald R. Finney, Jr.	 	 	By: /s/ George R. Bracken	 
	 Gerald R. Finney, Jr.	 	 	 George R. Bracken	 
	 	 	 	 	 
	Its:  Vice President 	 	 	Its:  Vice PresidentExhibit

EXHIBIT 10.1(a)

AMENDMENT NO. 9

to

AIRBUS A321 AIRCRAFT AND A330 AIRCRAFT PURCHASE AGREEMENT

Dated as of September 3, 2013

between

AIRBUS S.A.S.

and

DELTA AIR LINES, INC.

This Amendment No. 9 (this “Amendment”), is dated as of May 10, 2017, by and between AIRBUS S.A.S organized and existing under the laws of the Republic of France, having its registered office located at 1 Rond Point Maurice Bellonte, 31707 Blagnac-Cedex, France (the “Seller”) and DELTA AIR LINES, INC., a corporation organized and existing under the state of Delaware, United States of America, having its corporate office located at 1050 Delta Boulevard, Atlanta, Georgia 30320, USA (the “Buyer”).

WHEREAS, the Buyer and the Seller entered into the Airbus A321 Aircraft and A330 Aircraft Purchase Agreement dated as of September 3, 2013, as amended, modified or supplemented from time to time (the “Agreement”), which covers the sale by the Seller and the purchase by the Buyer of eighty-two (82) A321 Aircraft and ten (10) A330 Aircraft; 

WHEREAS, the Buyer wishes to purchase and the Seller agrees to sell thirty (30) additional A321 aircraft subject to the terms and condition contained herein; and

WHEREAS, the Buyer agrees that the [***], and

WHEREAS, the Buyer and the Seller wish to amend certain terms of the Agreement in consideration of the foregoing;

NOW, THEREFORE, IT IS AGREED AS FOLLOWS.

The capitalized terms used herein and not otherwise defined in this Amendment will have the meanings assigned to them in the Agreement. The terms “herein,” “hereof,” and “hereunder” and words of similar import refer to this Amendment.

CT1301535_AMD 9_DAL_A321_A330_EXECUTION                                                                                                            1         
PRIVILEGED AND CONFIDENTIAL
[***] Confidential portion omitted and filed separately with the Commission Pursuant to a Request for Confidential Treatment.

		
	1.
	DEFINITIONS

		
	1.1
	Clause 0 of the Agreement is hereby amended to add the following term:

2017 A321 [***] – any or all of the [***] A321-200 model aircraft [***], to be purchased by the Buyer [***] Agreement. 

2017 A321 Aircraft - any or all of the thirty (30) A321-200 model aircraft to be purchased by the Buyer pursuant to Amendment No. 9 to the Agreement bearing rank numbers 108 to 137 inclusive as set forth in Clause 9.1.1, together with all components, equipment, parts and accessories installed in or on such aircraft and the A321 Propulsion System installed thereon upon delivery. 

Semester – either (i) the first six (6) months of any calendar year from and including January 1 to and including June 30, or (ii) the second six (6) months of any calendar year from and including July 1 to and including December 31.

Scheduled Delivery Semester – the anticipated Semester during which each Aircraft shall be Ready for Delivery.

A321 Aircraft- any or all of the 2013 A321 Aircraft, 2014 A321 Aircraft, 2016 A321 Aircraft, 2017 A321 Aircraft [***].

		
	1.2
	Clause 0 of the Agreement is hereby amended to replace the following terms:

Aircraft - any or all of the thirty (30) 2013 A321 Aircraft, ten (10) 2013 A330 Aircraft, fifteen (15) 2014 A321 Aircraft, thirty-seven (37) 2016 A321 Aircraft, thirty (30) 2017 A321 Aircraft and [***] 2017 A321 [***].

		
	1.3
	Clause 1 of the Agreement is hereby deleted in its entirety and is replaced with the following:

QUOTE
1.    SALE AND PURCHASE

The Seller shall sell and deliver, and the Buyer shall buy and take delivery of all thirty (30) 2013 A321 Aircraft, ten (10) 2013 A330 Aircraft, fifteen (15) 2014 A321 Aircraft, thirty-seven (37) 2016 A321 Aircraft, thirty (30) 2017 A321 Aircraft and [***] 2017 A321 [***].

UNQUOTE

CT1301535_AMD 9_DAL_A321_A330_EXECUTION                                                                                                            2         
PRIVILEGED AND CONFIDENTIAL
[***] Confidential portion omitted and filed separately with the Commission Pursuant to a Request for Confidential Treatment.

		
	2.
	DELIVERY SCHEDULE

		
	2.1
	Clause 9.1.1 of the Agreement is hereby deleted in its entirety and is replaced with the following:

QUOTE

		
	9.1.1 
	Subject to the provisions of the Agreement, the Seller shall have the Aircraft (including the 2017 A321 [***]) Ready for Delivery at the Delivery Location, and the Buyer shall accept the same, during the months (each a “Scheduled Delivery Month”), quarters (each, a “Scheduled Delivery Quarter”) and semesters (each, a “Scheduled Delivery Semester”) set forth in the table below:

	
			
	CAC ID
	Aircraft
	Scheduled Delivery Month/Quarter/ Semester/Year

	468257
	2013 A330
	May 2015

	468258
	2013 A330
	June 2015

	468259
	2013 A330
	July 2015

	468260
	2013 A330
	November 2015

	468261
	2013 A330
	January 2016

	468268
	2013 A321
	February 2016

	468269
	2013 A321
	March 2016

	468270
	2013 A321
	April 2016

	468262
	2013 A330
	April 2016

	468271
	2013 A321
	May 2016

	468263
	2013 A330
	May 2016

	468264
	2013 A330
	May 2016

	468272
	2013 A321
	June 2016

	468273
	2013 A321
	June 2016

	468274
	2013 A321
	July 2016

	468267
	2013 A321
	July 2016

	468275
	2013 A321
	August 2016

	468276
	2013 A321
	August 2016

	468277
	2013 A321
	September 2016

	468278
	2013 A321
	October 2016

	468279
	2013 A321
	November 2016

	468280
	2013 A321
	December 2016

	468281
	2013 A321
	December 2016

	468282
	2013 A321
	January 2017

	468283
	2013 A321
	February 2017

	468284
	2013 A321
	March 2017

	468265
	2013 A330
	January 2017

	468285
	2013 A321
	April 2017

CT1301535_AMD 9_DAL_A321_A330_EXECUTION                                                                                                            3         
PRIVILEGED AND CONFIDENTIAL
[***] Confidential portion omitted and filed separately with the Commission Pursuant to a Request for Confidential Treatment.

	
			
	CAC ID
	Aircraft
	Scheduled Delivery Month/Quarter/ Semester/Year

	468286
	2013 A321
	May 2017

	468287
	2013 A321
	June 2017

	468288
	2013 A321
	June 2017

	468266
	2013 A330
	April 2017

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CT1301535_AMD 9_DAL_A321_A330_EXECUTION                                                                                                            4         
PRIVILEGED AND CONFIDENTIAL
[***] Confidential portion omitted and filed separately with the Commission Pursuant to a Request for Confidential Treatment.

	
			
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CT1301535_AMD 9_DAL_A321_A330_EXECUTION                                                                                                            5         
PRIVILEGED AND CONFIDENTIAL
[***] Confidential portion omitted and filed separately with the Commission Pursuant to a Request for Confidential Treatment.

	
			
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9.1.1.2    [***] 
		
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	(b)
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9.1.1.3    [***]

CT1301535_AMD 9_DAL_A321_A330_EXECUTION                                                                                                            6         
PRIVILEGED AND CONFIDENTIAL
[***] Confidential portion omitted and filed separately with the Commission Pursuant to a Request for Confidential Treatment.

	
						
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9.1.1.4   [***]

9.1.1.5   [***]

UNQUOTE

		
	2.2
	Clause 9.1.2 of the Agreement is deleted in its entirety and is replaced with the following:

QUOTE

9.1.2    Not later than [***] prior to the start of the relevant Scheduled Delivery Quarter or Scheduled Delivery Semester, as applicable, the Seller shall give the Buyer notice of the anticipated month within the Scheduled Delivery Quarter or Scheduled Delivery Semester, as applicable, during which each Aircraft shall be Ready for Delivery (the “Scheduled Delivery Month”) provided however that, except where (i) the Scheduled Delivery Months have already been notified to the Buyer as of the date hereof or (ii) agreed by the Parties in writing, no more than [***] shall be scheduled for Delivery pursuant to this Subclause 9.1.2, in any calendar month. Until such notice is issued by the Seller and for the purpose of this Agreement, the first quarter in each Scheduled Delivery Semester shall be deemed to be the Scheduled Delivery Quarter and the middle month of the Scheduled Delivery Quarter shall be deemed to be the Scheduled Delivery Month.
UNQUOTE

		
	2.3
	Letter Agreements

		
	(i)
	Letter Agreement No. 1 to the Agreement is deleted in its entirety and is replaced with the Amended and Restated Letter Agreement No. 1 dated as of the date hereof.

		
	(ii)
	Letter Agreement No. 2 to the Agreement is deleted in its entirety and is replaced with the Amended and Restated Letter Agreement No. 2 dated as of the date hereof.

		
	(iii)
	Letter Agreement No. 8 to the Agreement is deleted in its entirety and is replaced with Amended and Restated Letter Agreement No. 8 dated as of the date hereof.

		
	(iv)
	Letter Agreement No. 10 to the Agreement is deleted in its entirety and is replaced with Amended and Restated Letter Agreement No. 10 dated as of the date hereof.

CT1301535_AMD 9_DAL_A321_A330_EXECUTION                                                                                                            7         
PRIVILEGED AND CONFIDENTIAL
[***] Confidential portion omitted and filed separately with the Commission Pursuant to a Request for Confidential Treatment.

		
	3.
	EFFECT OF THE AMENDMENT

		
	(a)
	the Agreement will be deemed amended to the extent herein provided, and, except as specifically amended hereby, will continue in full force and effect in accordance with its original terms, 

		
	(b)
	this Amendment will supersede any previous understandings, commitments, or representations whatsoever, whether oral or written, related to the subject matter of this Amendment, and 

		
	(c)
	both Parties agree that this Amendment will constitute an integral, nonseverable part of the Agreement and be governed by its provisions, except that if the Agreement and this Amendment have specific provisions that are inconsistent, the specific provisions contained in this Amendment will govern.

		
	4.
	CONFIDENTIALITY

This Amendment and its existence shall be treated by each Party as confidential subject to the terms and conditions of Clause 22.7 of the Agreement.

		
	5.
	GOVERNING LAW

THIS AMENDMENT AND THE AGREEMENTS CONTEMPLATED HEREIN WILL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF WILL BE DETERMINED IN ACCORDANCE WITH THE PROVISIONS OF CLAUSE 22.6 OF THE AGREEMENT.

It is agreed that the United Nations convention on contracts for the international sale of goods will not apply to this amendment.

		
	6.
	ASSIGNMENT

This Amendment and the rights and obligations of the Parties will be subject to the provisions of Clause 19 of the Agreement.

		
	7.
	COUNTERPARTS

This Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed shall be an original, but all such counterparts shall together constitute one and the same instrument. Such counterparts may be delivered via facsimile and/or electronic mail (provided that an original is subsequently delivered).
 

CT1301535_AMD 9_DAL_A321_A330_EXECUTION                                                                                                            8         
PRIVILEGED AND CONFIDENTIAL
[***] Confidential portion omitted and filed separately with the Commission Pursuant to a Request for Confidential Treatment.

IN WITNESS WHEREOF, the parties have caused this Amendment No. 9 to be signed by their duly authorizes officers thereunto as of the date first above written.

Very truly yours,

AIRBUS S.A.S.

By:  /s/ Christophe Mourey
Title:    Senior Vice President Contracts

Accepted and Agreed

DELTA AIR LINES, INC.

By:  /s/ Gregory A. May
Title:    Senior Vice President

    

CT1301535_AMD 9_DAL_A321_A330_EXECUTION    
PRIVILEGED AND CONFIDENTIAL

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