Document:

thg-ex102_68.htm

 

Exhibit 10.2

EXECUTION COPY

AMENDMENT NO. 1

Dated as of June 7, 2018

to

CREDIT AGREEMENT

Dated as of November 12, 2013

THIS AMENDMENT NO. 1 (this “Amendment”) is made as of June 7, 2018 by and among The Hanover Insurance Group, Inc., a Delaware corporation (the “Borrower”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), the Issuing Agent and a Fronting Bank under that certain Credit Agreement dated as of November 12, 2013 by and among the Borrower, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

WHEREAS, the Borrower has requested that the requisite Lenders, the Issuing Agent, the Fronting Banks and the Administrative Agent agree to make certain amendments to the Credit Agreement;

WHEREAS, the Borrower, the Lenders party hereto, the Issuing Agent, the Fronting Banks and the Administrative Agent have so agreed on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto, the Issuing Agent, the Fronting Banks and the Administrative Agent hereby agree to enter into this Amendment.

1.Amendments to the Credit Agreement.  Effective as of the Amendment No. 1 Effective Date (as defined below), the parties hereto agree that the Credit Agreement is hereby amended as follows:

(a)Section 1.01 of the Credit Agreement is hereby amended to add the following definitions thereto in the appropriate alphabetical order and, where applicable, replace the corresponding previously existing definition:

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

 

 

US-DOCS\100998797.6

 

“EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

“Maturity Date” means May 13, 2019, subject to extension (in the case of each Lender consenting thereto) as provided in Section 2.22.

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

(b)The definition of “Defaulting Lender” set forth in Section 1.01 of the Credit Agreement is amended to amend and restate clause (d) thereof to read as “(d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.”

(c)Section 2.06(a)(i) of the Credit Agreement is hereby amended to replace the reference to “the Issuing Agent agrees to issue” appearing therein with “the Issuing Agent may agree in its sole discretion, but shall have no obligation, to issue”.

(d)Section 2.06(b)(i) of the Credit Agreement is hereby amended to replace the reference to “such Fronting Bank agrees to issue” appearing therein with “such Fronting Bank may agree in its sole discretion, but shall have no obligation, to issue”.

(e)Section 2.21 of the Credit Agreement is amended to add the words “or a Bail-In Action” immediately after the words “a Bankruptcy Event” appearing therein.

(f)Article III of the Credit Agreement is amended to add a new clause (r) thereto immediately at the end thereof as follows:

(r)The Borrower is not an EEA Financial Institution.

(g)Article IX of the Credit Agreement is amended to add a new Section 9.16 thereto immediately at the end thereof as follows:

SECTION 9.16  Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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(a)the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

(b)the effects of any Bail-In Action on any such liability, including, if applicable:

(i)a reduction in full or in part or cancellation of any such liability;

(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down   and Conversion Powers of any EEA Resolution Authority.

2.Conditions of Effectiveness.  The effectiveness of this Amendment (the “Amendment No. 1 Effective Date”) is subject to the following conditions precedent:

(a)The Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower, the Lenders, the Issuing Agent, the Fronting Banks and the Administrative Agent.

(b)The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment No. 1 Effective Date) of Ropes & Gray LLP, counsel for the Borrower, in form and substance reasonably satisfactory to the Administrative Agent and its counsel and covering such matters relating to the Borrower, the Loan Documents, this Amendment or the Transactions as the Administrative Agent shall reasonably request.  The Borrower hereby requests such counsel to deliver such opinion.

(c)The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, the Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

(d)The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower certifying that, immediately after giving effect (including giving effect on a pro forma basis) to this Amendment, (i) no Default or Event of Default has occurred and is continuing as of the date hereof and (ii) the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

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(e)The Administrative Agent shall have received (i) for the account of each Lender that delivers its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, an upfront fee in an amount equal to the applicable amount previously disclosed to the Lenders and (ii) payment of the Administrative Agent’s and its affiliates’ fees and reasonable out-of-pocket expenses (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent) in connection with this Amendment and the other Loan Documents.

3.Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants as follows: 

(a)This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting enforcement of creditors’ rights generally or general principles of equity.

(b)Immediately after giving effect (including giving effect on a pro forma basis) to this Amendment, (i) no Default or Event of Default has occurred and is continuing as of the date hereof, and (ii) the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

4.Reference to and Effect on the Credit Agreement.

(a)Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

(b)Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

(c)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.

(d)This Amendment is a Loan Document. 

5.Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.

6.Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

7.Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

 

	
THE HANOVER INSURANCE GROUP, INC.,

	
as the Borrower

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Jeffrey M. Farber

	
Name:
	
 
	
Jeffrey M. Farber

	
Title:
	
 
	
Executive Vice President and Chief Financial Officer

 

 

 

Signature Page to Amendment No. 1 to

Credit Agreement dated as of November 12, 2013

The Hanover Insurance Group, Inc.

 

	
 
	
 
	
 

	
JPMORGAN CHASE BANK, N.A., individually as a Lender, as a Fronting Bank, as the Issuing Agent and as the Administrative Agent

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Hector J. Varona

	
Name:
	
 
	
Hector J. Varona

	
Title:
	
 
	
Executive Director

	
 
	
 
	
 

	
[OTHER AGENTS AND LENDERS]

 

 

Signature Page to Amendment No. 1 to

Credit Agreement dated as of November 12, 2013

The Hanover Insurance Group, Inc.Exhibit
10.1

 

Execution Version

 

AMENDMENT NO. 3 TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

THIS AMENDMENT NO.
3 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made and entered into as of August [__],
2018 by and among QUAKER CHEMICAL CORPORATION, a Pennsylvania corporation (the “Company”), certain Subsidiaries
of the Company party hereto (each a “Designated Borrower” and, together with the Company, the “Borrowers”
and, each a “Borrower”), each lender party hereto (collectively, the “Lenders” and individually,
a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the
Borrowers, Bank of America, N.A., as administrative agent, and the lenders from time to time party thereto have entered into that
certain Amended and Restated Credit Agreement dated as of June 14, 2013 (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”; all capitalized terms not otherwise defined herein shall
have the meaning given thereto in the Credit Agreement);

 

WHEREAS, the
Borrowers have requested that the Administrative Agent and each of the Lenders agree to that certain amendment to the Credit Agreement
as set forth herein, and the Administrative Agent and each of the Lenders, subject to the terms and conditions contained herein,
are willing to effect such amendment and modification on the terms and conditions contained in this Amendment; and

 

WHEREAS, the
Borrowers are willing to execute and deliver this Amendment;

 

NOW, THEREFORE,
in consideration of the premises and the terms hereof, the parties hereto agree as follows:

 

1.     Amendment
to Credit Agreement. Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended by
amending and restating the definition of “Maturity Date” contained in Section 1.01 of the Credit Agreement
in its entirety such that after giving effect to this Amendment, such definition shall read as follows:

 

“‘Maturity
Date’ means December 15, 2019; provided, however, that if such date is not a Business Day, the Maturity
Date shall be the next preceding Business Day.”

 

2.     Effectiveness;
Conditions Precedent.

 

The effectiveness of
this Amendment and the amendment to the Credit Agreement provided in Section 1 hereof are subject to the satisfaction of
the following conditions precedent:

 

(a)   The
Administrative Agent shall have received counterparts of this Amendment, duly executed by the Borrowers, the Administrative Agent
and each of the Lenders, which counterparts may be delivered by telefacsimile or other electronic means (including .pdf), but such
delivery will be promptly followed by the delivery of original signature pages by each Person party hereto unless waived by the
Administrative Agent; and

 

(b)   All
fees and expenses payable to the Administrative Agent (including the fees and expenses of counsel to the Administrative Agent to
the extent due and payable under Section 10.04(a) of the Credit Agreement) estimated to date and for which invoices have
been presented a reasonable period of time prior to the effectiveness hereof shall have been paid in full (without prejudice to
final settling of accounts for such fees and expenses).

 

     

     

    

 

For purposes of determining compliance
with the conditions specified in this Section 2, each Lender that has signed this Amendment shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved
by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior
to the date hereof specifying its objection thereto.

 

3.     Representations
and Warranties.

 

In order to induce
the Administrative Agent and the Lenders to enter into this Amendment, each Borrower represents and warrants to the Administrative
Agent and the Lenders as follows:

 

(a)   The representations and warranties made by such Borrower in Article V of the Credit
Agreement are, in each case, true and correct in all material respects on and as of the date hereof, except that (i) in the case
of the representations and warranties qualified or modified as to materiality in the text thereof, such representations and warranties
shall be true and correct in all respects, (ii) to the extent that such representations and warranties expressly relate to an earlier
date, in which case they are true and correct in all material respects as of such earlier date and (iii) the representations and
warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall
be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively,
of Section 6.01 of the Credit Agreement;

 

(b)   This Amendment has been duly authorized, executed and delivered by such Borrower, and constitutes
a legal, valid and binding obligation of such Borrower, except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability;
and

 

(c)   Both before and after giving effect to this Amendment, no Default or Event of Default has
occurred and is continuing.

 

4.     Entire
Agreement. This Amendment is a Loan Document. This Amendment, together with all the other Loan Documents (collectively,
the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation
to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.
No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party
hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges
that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or
implied, have been made by any party to the other in relation to the subject matter hereof or thereof. None of the terms or conditions
of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section
10.01 of the Credit Agreement.

 

5.     Full
Force and Effect of Credit Agreement. Except as hereby specifically amended, modified or supplemented, the Credit Agreement
is hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to its respective terms.

 

6.     Governing
Law. This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New
York, and shall be further subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement.

 

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7.     Enforceability.
Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the
parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

 

8.     References;
Interpretation. All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit
Agreement, as amended hereby. The rules of interpretation set forth in Section 1.02 of the Credit Agreement shall be applicable
to this Amendment.

 

9.     Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of each Borrower, the Administrative Agent and
each of the Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees are permitted
assignees as provided in Section 10.06 of the Credit Agreement.

 

10.   No
Novation; Reaffirmation. Neither the execution and delivery of this Amendment nor the consummation of any other transaction
contemplated hereunder is intended to constitute a novation of the Credit Agreement or of any of the other Loan Documents or any
obligations thereunder. Each Borrower hereby (i) affirms and confirms each of the Loan Documents to which it is a party and its
joint and several Obligations thereunder, (ii) affirms that it has the right, power and authority and has taken all necessary corporate
and other action to authorize the execution, delivery and performance of this Amendment and (iii) agrees that, notwithstanding
the effectiveness of this Amendment, each Loan Document shall continue to be in full force and effect.

 

11.   Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose
signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart
of a signature page of this Amendment by telecopy or other electronic means (including .pdf) shall be effective as delivery of
a manually executed counterpart of this Amendment.

 

12.   FATCA.
For purposes of determining withholding Taxes imposed under the Foreign Account Tax Compliance Act (FATCA), from and after the
effective date of the Amendment, each Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative
Agent to treat) the Credit Agreement as not qualifying as a "grandfathered obligation" within the meaning of Treasury
Regulation Section 1.1471-2(b)(2)(i).

 

[Remainder of page is intentionally
left blank; signature pages follow.]

 

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IN WITNESS WHEREOF,
the parties have duly executed this Amendment on the day and year first written above.

 

BORROWERS:

 

	 	QUAKER CHEMICAL CORPORATION
	 	(a Pennsylvania corporation)
	 	 	 	 
	 	By:  	 /s/ Mary Dean Hall	 
	 	 	Name:  	Mary Dean Hall	 
	 	 	Title:  	VP, CFO and Treasurer	 
	 	 	 	 
	 	By:	/s/ Robert T. Traub	 
	 	 	Name:  	Robert T. Traub	 
	 	 	Title:  	General Counsel	 
	 	 	 	 
	 	 	 	 
	 	QUAKER CHEMICAL CORPORATION
	 	(a Delaware corporation)
	 	 	 	 
	 	By:	/s/ Mary Dean Hall	 
	 	 	Name:  	Mary Dean Hall	 
	 	 	Title:  	VP, CFO and Treasurer	 
	 	 	 	 
	 	 	 	 
	 	EPMAR CORPORATION
	 	 	 	 
	 	By:	/s/ Mary Dean Hall	 
	 	 	Name:  	Mary Dean Hall	 
	 	 	Title:  	VP, CFO and Treasurer	 
	 	 	 	 
	 	 	 	 
	 	QUAKER CHEMICAL B.V.
	 	 	 	 
	 	By:	/s/ Mary Dean Hall	 
	 	 	Name:  	Mary Dean Hall	 
	 	 	Title:  	VP, CFO and Treasurer	 
	 	 	 	 
	 	 	 	 
	 	QUAKER CHEMICAL EUROPE B.V.
	 	 	 	 
	 	By:	 /s/ Mary Dean Hall	 
	 	 	Name:  	Mary Dean Hall	 
	 	 	Title:  	VP, CFO and Treasurer	 

 

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

     

    

 

	 	bank
of america, n.a., as Administrative Agent
	 	 	 	 
	 	By:  	/s/ Elizabeth Uribe	 
	 	 	Name:  
	Elizabeth Uribe	 
	 	 	Title:  	Assistant Vice President	 

 

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

     

    

 

	 	bank
of america, n.a., as a Lender, L/C Issuer and Swing Line Lender
	 	 	 	 
	 	By:  	/s/ Kevin Debosz	 
	 	 	Name:  
	Kevin Debosz	 
	 	 	Title:  	Senior Vice President	 

  

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

     

    

 

	 	Citizens bank of pennsylvania

	 	 	 	 
	 	By:  	/s/ Hassan Shakeel	 
	 	 	Name:  
	Hassan Shakeel	 
	 	 	Title:  	Vice President, Portfolio
Management	 

 

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION

	 	 	 	 
	 	By:  	/s/ Brendan H. May	 
	 	 	Name:  
	Brendan H. May	 
	 	 	Title:  	Vice President	 

 

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

     

    

 

	 	HSBC BANK USA, National
association

	 	 	 	 
	 	By:  	/s/ Carole Castle 21491	 
	 	 	Name:  
	Carole Castle	 
	 	 	Title:  	Senior Corporate Banker	 

 

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

     

    

 

	 	WELLS FARGO bank, N.A.

	 	 
	 	By:  	/s/ Joseph J. DeMarco, Jr.	 
	 	 	Name:  
	Joseph J. DeMarco, Jr.	 
	 	 	Title:  	S.V.P.	 

 

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

     

    

  

	 	SANTANDER BANK, N.A.
	 	 	 	 
	 	By:  	/s/ Nancy S. Krewson	 
	 	 	Name:  
	Nancy S. Krewson	 
	 	 	Title:  	Senior Vice President	 

  

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

     

    

 

	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
	 	 	 	 
	 	By:  	/s/ Anthony Galea	 
	 	 	Name:  
	Anthony Galea	 
	 	 	Title:  	Executive Director	 

 

     
Quaker Chemical Corporation
Amendment No. 3 to Credit Agreement
Signature Page

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