Document:

EX-10.47

  Execution Version

  Exhibit 10.47

  AMENDMENT NO. 7 TO AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

  This AMENDMENT NO. 7 TO AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of March 1, 2022, is among RPM FUNDING CORPORATION, a Delaware corporation (“Seller”), RPM INTERNATIONAL INC., a Delaware corporation (“RPM-Delaware”), as servicer and as performance guarantor (in such capacity, the “Performance Guarantor”), SANTANDER BANK, N.A. (“Santander”), as a Purchaser, PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Purchaser and as administrative agent for the Purchasers (in such capacity, the “Administrative Agent”), and PNC CAPITAL MARKETS LLC, as structuring agent (in such capacity, the “Structuring Agent”).

  RECITALS

  1.Seller, RPM-Delaware, Santander, PNC, Administrative Agent and Structuring Agent are parties to that certain Amended and Restated Receivables Purchase Agreement, dated as of May 9, 2014 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Agreement”).

  2.Concurrently herewith, Seller and each of the entities listed on the signature pages thereto as an originator are entering into that certain Amendment No. 10 to Second Amended and Restated Receivables Sale Agreement, dated as of the date hereof (the “RSA Amendment”).

  3.Seller, RPM-Delaware, Santander, PNC, Administrative Agent and Structuring Agent desire to amend the Agreement as hereinafter set forth.  

  NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

  SECTION 1.Definitions.  Capitalized terms used in this Amendment and not otherwise defined herein shall have the respective meanings ascribed thereto in, or by reference in, the Agreement.

  SECTION 2.Amendments to the Agreement.  The Agreement is hereby amended to incorporate the changes shown on the marked pages of the Agreement attached hereto as Exhibit A.

  SECTION 3.Representations and Warranties.  Each of the Seller and RPM-Delaware hereby represents and warrants to the Purchasers and the Administrative Agent as of the date hereof as follows:

  (a)Representations and Warranties.  The representations and warranties made by it in the Transaction Documents (including the Agreement, as amended hereby) are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).

  (b)Enforceability.  The execution and delivery by such Person of this Amendment, and the performance of each of its obligations under this Amendment, the RSA Amendment and the Agreement, as amended hereby, are within its corporate powers and have been duly authorized by all necessary action on its part.  This Amendment and the Agreement, as amended hereby, are such Person’s valid and legally binding obligations, enforceable in accordance with their terms.

   

  			
	 
	 
	Amendment No. 7 to A&R RPA (RPM)

   

   

  

   

  (c)No Default. Both before and immediately after giving effect to this Amendment, the RSA Amendment and the transactions contemplated hereby, no Amortization Event or Potential Amortization Event exists or shall exist.

  SECTION 4.Conditions to Effectiveness.  This Amendment shall become effective as of the date hereof, concurrently with the effectiveness of the RSA Amendment, subject to the receipt by the Administrative Agent of counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the parties hereto.  

  SECTION 5.Effect of Amendment; Ratification.  Except as specifically amended hereby, the Agreement is hereby ratified and confirmed in all respects, and all of its provisions shall remain in full force and effect.  After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to “the Receivables Purchase Agreement”, “the Amended and Restated Receivables Purchase Agreement”, “this Agreement”, “hereof”, “herein”, or words of similar effect, in each case referring to the Agreement, shall be deemed to be references to the Agreement as amended hereby.  This Amendment shall not be deemed to expressly or impliedly waive, amend, or supplement any provision of the Agreement other than as specifically set forth herein.

  SECTION 6.Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

  SECTION 7.CHOICE OF LAW.  THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO).

  SECTION 8.WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT, ANY DOCUMENT EXECUTED BY THE SELLER PARTIES PURSUANT TO THE AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

  SECTION 9.Section Headings.  The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

  SECTION 10.Transaction Document.  This Amendment shall constitute a Transaction Document.

  SECTION 11.Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

  SECTION 12.Reaffirmation of Performance Guaranty.  After giving effect to this Amendment, the RSA Amendment and each of the other transactions contemplated hereby, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms.

   

  			
	 
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	Amendment No. 7 to A&R RPA (RPM)

   

   

  

   

   

   [Signature pages to follow]

   

   

  			
	 
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	Amendment No. 7 to A&R RPA (RPM)

   

   

  

   

  IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

  RPM FUNDING CORPORATION,

  as Seller

   

   

  By: /s/ Edward W. Moore
Name:  Edward W. Moore
Title:    Secretary  

   

   

  			
	 
	 
	 

   

   

  

   

  RPM INTERNATIONAL INC.,

  as Servicer and Performance Guarantor

   

   

  By: /s/ Edward W. Moore
Name: Edward W. Moore
Title:   Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary

   

   

  			
	 
	 
	 

   

   

  

   

  SANTANDER BANK, N.A.,

  as a Purchaser

   

   

  By: /s/ Xavier Ruiz Sena
Name: Xavier Ruiz Sena
Title: Managing Director

   

   

  			
	 
	 
	 

   

   

  

   

  PNC BANK, NATIONAL ASSOCIATION,

  as a Purchaser and as Administrative Agent

   

   

  By: /s/ Deric Bradford
Name: Deric Bradford
Title: Senior Vice President

   

   

  PNC CAPITAL MARKETS LLC,
as Structuring Agent

   

  By: /s/ Deric Bradford
Name: Deric Bradford
Title: Managing DirectorEX-10.102

  Execution Version

   

  Exhibit 10.102 

  SECOND AMENDMENT TO CREDIT AGREEMENT 

  THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of December 16, 2021, is made by and among RPM INTERNATIONAL INC., a Delaware corporation (the “Company”), RPM ENTERPRISES, INC., a Delaware corporation (“Enterprises”) RPM LUX HOLDCO S.ÀR.L., a limited liability company formed under the laws of Luxembourg (“RPM Lux”), RPOW UK LIMITED, a limited company incorporated under the laws of England and Wales (“RPOW-UK”), RPM EUROPE HOLDCO B.V., a private company with limited liability formed under the laws of the Netherlands (“RPM-Europe”), RPM CANADA, a general partnership registered under the laws of the Province of Ontario (“RPM Canada”), TREMCO CPG UK LIMITED, a limited company incorporated under the laws of England and Wales (“Tremco CPG”), RPM CANADA COMPANY FINANCE ULC, an unlimited liability company organized under the laws of the Province of British Columbia, (“RPM Canada Company”), TREMCO ASIA PACIFIC PTY. LIMITED, a corporation incorporated under the laws of the Commonwealth of Australia (“Tremco”), NEW VENTURES (UK) LIMITED, a limited company incorporated under the laws of England and Wales (“New Ventures (UK)”), RPM CH, G.P., a partnership organized under the laws of Delaware (“RPM CH”), RPM EUROPE FINANCE DESIGNATED ACTIVITY COMPANY, an Irish Designated Activity Company Limited by Shares (“RPM Europe Finance”) (each of the foregoing referred to herein as a “Borrower” and collectively referred to as the “Borrowers”), the LENDERS (as defined in the Credit Agreement) and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (hereinafter referred to in such capacity as the “Administrative Agent”). 

  W I T N E S S E T H: 

  WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated as of October 31, 2018, as amended by that certain First Amendment to Credit Agreement, dated as of April 30, 2020 (as amended, the “Credit Agreement”); and 

  WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders make certain amendments and grant certain other accommodations all as hereinafter provided, and, subject to the terms and conditions hereof, the Administrative Agent and Lenders are willing to do so. 

  NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows: 

  1. Definitions. Except as set forth in this Amendment, defined terms used herein shall have the meanings given to them in the Credit Agreement and the rules of construction set forth in Section 1.2 [Construction] of the Credit Agreement shall apply to this Amendment. 

  2. Amendments to the Credit Agreement. 

   

   

  

   

    

  (a) Section 8.2.8 [Maximum Leverage Ratio] of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

  “8.2.8 Maximum Leverage Ratio. The Company will not permit the Net Leverage Ratio, as calculated at the end of each fiscal quarter ending after the Closing Date, to be greater than 3.75 to 1.00; provided, however, that (1) if the Company has delivered the Maximum Leverage Increase Notice, so long as no Event of Default or Potential Default exists at such time the maximum permitted Net Leverage Ratio shall increase to 4.25 to 1.00 as calculated at the end of the four fiscal quarters following delivery of the Maximum Leverage Increase Notice (such period of time being the “Increased Net Leverage Ratio Period”) and (2) with respect to any acquisition for which the aggregate consideration is $100,000,000 or greater (a “Material Acquisition”), and upon written request by the Company delivered to the Administrative Agent no later than 30 days following the consummation of such Material Acquisition, the maximum permitted Net Leverage Ratio shall increase to 4.25 to 1.00 as calculated at the end of the four fiscal quarters following such Material Acquisition (each such period of time being an “Increased Net Leverage Ratio Period Due to Material Acquisition”); provided, further, that (i) there shall be no more than eight consecutive fiscal quarters in which the maximum permitted Net Leverage Ratio is 4.25 to 1.00, and (ii) there shall be at least four fiscal quarters in which the Net Leverage Ratio does not exceed 3.75 to 1.00 between any two Increased Net Leverage Ratio Periods Due to Material Acquisition; provided, however that the requirements of this clause (ii) shall not be applicable in connection with the first Increased Net Leverage Ratio Period Due to Material Acquisition (if any) elected by the Company after December 16, 2021 but such requirements of this clause (ii) shall be applicable for each Net Leverage Ratio Period Due to Material Acquisition (if any) elected by the Company thereafter.” 

  3. Conditions Precedent. The Borrowers, the Administrative Agent and the Lenders acknowledge and agree that the amendments set forth herein shall only be effective upon the occurrence of all the following conditions precedent: 

  (a) Amendment. The Borrowers, the Administrative Agent and the Required Lenders shall have executed and delivered to the Administrative Agent this Amendment. 

  (b) Officer’s Certificate. A certificate of the Company signed by an Authorized Officer of the Company, dated the date hereof stating that (A) all representations and warranties of the Borrowers set forth in the Credit Agreement are true and correct in all material respects (unless any such representation or warranty is qualified to materiality, in which case such representation or warranty is true and correct in all respects), except for representations and warranties made as of a specified date (which were true and correct in all material respects, as applicable, as of such date), (B) the Borrowers are in compliance with each of the covenants and conditions hereunder, and (C) no Event of Default or Potential Default exists. 

   

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  (c) Fees. The Borrowers shall have paid to the Administrative Agent all fees due and owing the Administrative Agent and all reasonable, documented costs and expenses of the Administrative Agent, including without limitation, reasonable, documented fees of the Administrative Agent’s counsel in connection with this Amendment. 

  (d) Miscellaneous. Such other documents, agreements, instruments, deliverables and items deemed reasonably necessary by the Administrative Agent. 

  4. Representations and Warranties. Each Borrower covenants and agrees with and represents and warrants to the Administrative Agent and the Lenders as follows: 

  (a) Each Borrower possesses all of the powers requisite for it to enter into and carry out the transactions referred to herein and to execute, enter into and perform the terms and conditions of this Amendment, the Credit Agreement and the other Loan Documents and any other documents contemplated herein that are to be performed by such Borrower; and that any and all actions required or necessary pursuant to such Borrower’s organizational documents or otherwise have been taken to authorize the due execution, delivery and performance by such Borrower of the terms and conditions of this Amendment; the officer of such Borrower executing this Amendment are the duly elected, qualified, acting and incumbent officers of such Borrower and hold the title set forth below his/her name on the signature lines of this Amendment; and such execution, delivery and performance will not conflict with, constitute a default under or result in a breach of any applicable law or any material agreement or instrument, order, writ, judgment, injunction or decree to which such Borrower is a party or by which such Borrower or any of its properties are bound, and that all consents, authorizations and/or approvals required or necessary from any third parties in connection with the entry into, delivery and performance by such Borrower of the terms and conditions of this Amendment, the Credit Agreement, the other Loan Documents and the transactions contemplated hereby have been obtained by such Borrower and are full force and effect; 

  (b) this Amendment, the Credit Agreement and the other Loan Documents constitute the valid and legally binding obligations of each Borrower, enforceable against such Borrower in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws and by general equitable principles, whether enforcement is sought by proceedings at law or in equity; 

  (c) all representations and warranties made by each Borrower in the Credit Agreement and the other Loan Documents are true and correct in all respects (in the case of any representation or warranty containing a materiality modification) or in all material respects (in the case of any representation or warranty not containing a materiality modification) (except representations and warranties which expressly relate to an earlier date or time, which representations or warranties are true and correct on and as of the specific dates or times referred to therein); 

  (d) this Amendment is not a substitution, novation, discharge or release of any Borrower’s obligations under the Credit Agreement or any of the other Loan Documents, all of which shall and are intended to remain in full force and effect; and 

   

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  (e) no Event of Default or Potential Default has occurred and is continuing under the Credit Agreement or the other Loan Documents. 

  5. Ratification. Except as expressly modified herein and hereby, the Credit Agreement and the other Loan Documents are hereby ratified and confirmed and shall be and remain in full force and effect in accordance with their respective terms, and this Amendment shall not be construed to waive or impair any rights, powers or remedies of Administrative Agent or any Lender under the Credit Agreement or the other Loan Documents. In the event of any inconsistency between the terms of this Amendment and the Credit Agreement or the other Loan Documents, this Amendment shall govern. This Amendment shall be construed without regard to any presumption or rule requiring that it be construed against the party causing this Amendment or any part hereof to be drafted. 

  6. Governing Law. This Amendment shall be deemed to be a contract under the Laws of the State of Ohio without regard to its conflict of laws principles. 

  7. Counterparts; Effective Date; Electronic Signatures. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment shall be effective as of the date first set forth above. The Borrowers, the Administrative Agent and Lenders hereby (i) agree that, for all purposes of this Amendment, electronic images of this Amendment or any other Loan Documents (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waive any argument, defense or right to contest the validity or enforceability of the Amendment or any other Loan Documents based solely on the lack of paper original copies of such Amendment and Loan Documents, including with respect to any signature pages thereto. 

  8. Severability. The provisions of this Amendment are intended to be severable. If any provision of this Amendment shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction. 

  9. Notices. Any notices with respect to this Amendment shall be given in the manner provided for in Section 12.5 [Notices; Effectiveness; Electronic Communication] of the Credit Agreement. 

  10. Survival. All representations and warranties contained herein shall survive Payment In Full. All covenants, agreements, undertakings, waivers and releases of the Borrowers contained herein shall continue in full force and effect from and after the date hereof and until Payment In Full. 

  11. Amendment. No amendment, modification, rescission, waiver or release of any provision of this Amendment shall be effective unless the same shall be in writing and signed by the parties hereto. 

   

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  12. Entire Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 

  13. Amendment as Loan Document; Incorporation into Loan Documents. The parties hereto acknowledge and agree that this Amendment constitutes a Loan Document. This Amendment shall be incorporated into the Credit Agreement by this reference and each reference to the Credit Agreement that is made in the Credit Agreement or any other document executed or to be executed in connection therewith shall hereafter be construed as a reference to the Credit Agreement as amended hereby. 

  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  [SIGNATURE PAGES FOLLOW] 

   

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   [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

  IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duty authorized, have executed this Amendment as of the day and year first above written. 

    

  		
	BORROWERS:

	  

	RPM INTERNATIONAL INC.

	  
	  

	By:
	/s/ Russell L. Gordon
  

	Name: Russell L. Gordon

	Title:   Vice President and Chief Financial Officer

	  

	RPM ENTERPRISES, INC.

	  
	  

	By:
	/s/ Edward W. Moore
  

	Name: Edward W. Moore

	Title:   President and Secretary

	  

	RPM LUX HOLDCO S.À.R.L.

	  
	  

	By:
	/s/ Luc Leroi
  

	Name: Luc Leroi

	Title:   Manager A

	  
	  

	By:
	/s/ Hilde De Backer
  

	Name: Hilde De Backer

	Title:   Manager B

   

   

   

  

   

  [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

    

  		
	RPOW UK LIMITED

	  
	  

	By:
	/s/ Hilde De Backer
  

	Name: Hilde De Backer

	Title:   Director

	  

	RPM EUROPE HOLDCO B.V.

	  
	  

	By:
	/s/ Hilde De Backer
  

	Name: Hilde De Backer

	Title:   Director

	  

	RPM CANADA

	  
	  

	By:
	/s/ Edward W. Moore
  

	Name: Edward W. Moore

	Title:   Manager, President and Secretary

	  

	TREMCO CPG UK LIMITED

	  
	  

	By:
	/s/ Daniel M. Johnson
  

	Name: Daniel M. Johnson

	Title:   Director

	  

	RPM CANADA COMPANY FINANCE ULC

	  
	  

	By:
	/s/ Edward W. Moore
  

	Name: Edward W. Moore

	Title:   Director, President and Secretary

   

   

  

   

  [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

    

  		
	TREMCO ASIA PACIFIC PTY. LIMITED

	  
	  

	By:
	/s/ Paul G. P. Hoogenboom
  

	Name: Paul G. P. Hoogenboom

	Title:   Director

	  

	NEW VENTURES (UK) LIMITED

	  
	  

	By:
	/s/ Hilde De Backer
  

	Name: Hilde De Backer

	Title:   Director

	  

	RPM CH, G.P.

	  
	  

	By:
	/s/ Edward W. Moore
  

	Name: Edward W. Moore

	Title:   Manager, President and Secretary

	  

	RPM EUROPE FINANCE DESIGNATED ACTIVITY COMPANY

	  
	  

	By:
	/s/ Hilde De Backer
  

	Name: Hilde De Backer

	Title:   Director

   

   

  

   

  [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

    

  		
	PNC BANK, NATIONAL ASSOCIATION,
individually and as Administrative Agent

	  
	  

	By:
	/s/ Scott A. Nolan
  

	Name: Scott A. Nolan

	Title: Senior Vice President

   

   

  

   

    

  [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

    

  		
	KEYBANK NATIONAL ASSOCIATION

	  
	  

	By:
	/s/ John R. Macks
  

	Name: John R. Macks

	Title: Vice President

   

   

  

   

    

  [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

    

  		
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	  
	  

	By:
	/s/ Jonathan D. Beck
  

	Name: Jonathan D. Beck

	Title:   Director

   

   

  

   

    

  [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

    

  		
	CITIZENS BANK, NATIONAL ASSOCIATION

	  
	  

	By:
	/s/ Izabela Algave
  

	Name: Izabela Algave

	Title: Vice President

   

   

  

   

    

  [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

    

  		
	BANK OF AMERICA, N.A.

	  
	  

	By:
	/s/ Michael Contreras
  

	Name: Michael Contreras

	Title: Director

   

   

  

   

    

  [SIGNATURE PAGE TO SECOND AMENDMENT TO 

  CREDIT AGREEMENT] 

    

  		
	MUFG BANK, LTD.

	  
	  

	By:
	/s/ Jorge Georgalos
  

	Name: Jorge Georgalos

	Title:   Director

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