Document:

Exhibit

EXHIBIT 10.25

EXECUTION COPY

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is made as of December 7, 2016 (the “Effective Date”) by and among BLACK HILLS CORPORATION, a South Dakota corporation (the “Borrower”), the financial institutions listed on the signature pages hereto (the “Banks”) and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), under that certain Credit Agreement, dated as of August 9, 2016 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), by and among the Borrower, the Banks party thereto and the Administrative Agent.  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement, as amended by this Amendment (the “Amended Credit Agreement”).
WHEREAS, the Borrower has requested that the Banks and the Administrative Agent agree to make certain modifications to the Credit Agreement; and
WHEREAS, the Borrower, the 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 Banks and the Administrative Agent hereby agree as follows.

ARTICLE 1 - AMENDMENT

Effective as of the Effective Date but subject to the satisfaction of the conditions precedent set forth in Article III below, the Credit Agreement is hereby amended as follows:
1.1    The definitions of “Consolidated Indebtedness” and “Consolidated Net Worth in Section 1.1 of the Credit Agreement are hereby amended and restated in their entirety to read as follows:

“Consolidated Indebtedness” means, without duplication, all Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP; provided that Consolidated Indebtedness shall exclude (a) Non-Recourse Indebtedness (but including first mortgage bond debt) and (b) the Specified Securities.

“Consolidated Net Worth” means, as of any time the same is to be determined, (a) the total shareholders’ equity (including capital stock, additional paid-in-capital and retained earnings after deducting treasury stock, but excluding (to the extent otherwise included in calculating shareholders’ equity), minority interests in Subsidiaries) which would appear on the consolidated balance sheet of the Borrower determined on a consolidated basis in accordance with GAAP plus (b) the aggregate outstanding amount of the Specified Securities.

1.2    Section 1.1 of the Credit Agreement is hereby amended to insert the following definitions of “First Amendment Effective Date”, “Specified Purchase Contract” and “Specified Securities” alphabetically therein:

“First Amendment Effective Date” means December 7, 2016.

“Specified Purchase Contract” means that certain Purchase Contract and Pledge Agreement, dated as of November 23, 2015, by and among the Borrower and U.S. Bank National Association, as Purchase Contract Agent, Collateral Agent, Custodial 

ACTIVE 218341976v.8

Agent and Securities Intermediary, as in effect as of the First Amendment Effective Date.

“Specified Securities” means, prior to the Purchase Contract Settlement Date (or, if earlier, the occurrence of any Termination Event, Early Settlement Date or Fundamental Change Early Settlement) (as such terms are defined in the Specified Purchase Contract), the 2015 Series A 3.50% Remarketable Junior Subordinated Notes maturing in 2028, issued pursuant to that certain Junior Subordinated Indenture, dated as of November 23, 2015, by and between the Borrower and U.S. Bank National Association, as trustee, as supplemented by that certain First Supplemental Indenture, dated as of November 23, 2015 by and between the Borrower and U.S. Bank National Association, as trustee.

ARTICLE II- REPRESENTATIONS AND WARRANTIES

The Borrower hereby represents and warrants as follows:
2.1    This Amendment and the Amended Credit Agreement constitute legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally.

2.2    As of the date hereof and after giving effect to the terms of this Amendment, (i) the Borrower shall be in full compliance with all of the terms and conditions of the Amended Credit Agreement, and no Default or Event of Default shall have occurred and be continuing and (ii) each of the representations and warranties of the Borrower set forth in the Amended Credit Agreement are true and correct in all material respects (unless such representation or warranty is already qualified with respect to materiality, in which case it shall be and remain true and correct in all respects) as of the date hereof, except that if any such representation or warranty relates solely to an earlier date it need only remain true in all material respects (unless such representation or warranty is already qualified with respect to materiality, in which case it shall be and remain true and correct in all respects) as of such date.

ARTICLE III- CONDITIONS PRECEDENT

This Amendment shall become effective on the Effective Date, provided, however, that the effectiveness of this Amendment is subject to the satisfaction of each of the following conditions precedent:

3.1    The Administrative Agent shall have received:

a.Counterparts of this Amendment duly executed by the Borrower, the Administrative Agent and the Required Banks; and

b.Such other documents and information as the Administrative Agent may reasonably request.

3.2    All legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the Required Banks.

3.3    There has been no material adverse change in the business, assets, operations, performance or condition, financial or otherwise, of the Borrower and its subsidiaries taken as a whole, since the last day of the most recently audited financial year of the Borrower.

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3.4    The Borrower shall have paid (or caused to be paid or reimbursed) (a) to the Administrative Agent for the account of each Lender that shall have delivered a signature page to this Amendment prior to 5:00 p.m., New York City time, on December 7, 2016, an amendment fee of 0.01% of each such Bank’s Loan as of such date, together with all other fees and expenses in connection with this Amendment (including, to the extent invoiced, all Costs and Expenses (as defined below)) due and payable on or prior to the Effective Date.

ARTICLE IV- GENERAL

4.1    Expenses.  The Borrower agrees to reimburse the Administrative Agent upon demand for all reasonable out-of-pocket expenses paid or incurred by the Administrative Agent, including, without limitation, reasonable fees, charges and disbursements of outside counsel to the Administrative Agent incurred in connection with preparation, negotiation and execution of this Amendment and any other document required to be furnished herewith (collectively, “Costs and Expenses”).

4.2    Counterparts.  This Amendment may be executed in any number of counterpart signature pages, and by the different parties on different counterparts, each of which when executed shall be deemed an original but all such counterparts taken together shall constitute one and the same instrument.  Delivery of an executed counterpart  hereof via facsimile or electronic means shall for all purposes be as effective as delivery of an original counterpart.

4.3    Severability of Provisions.  Any provision in this Amendment that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Amendment are declared to be severable.

4.4    Governing Law.  This Amendment, and the rights and duties of the parties hereto, shall be construed and determined in accordance with the internal laws of the State of New York.

4.5    Successors; Enforceability.  The terms and provisions of this Amendment shall be binding upon the Borrower, the Administrative Agent and the Banks and their respective successors and assigns, and shall inure to the benefit of the Borrower, the Administrative Agent and the Banks and the successors and assigns of the Administrative Agent and the Banks.

4.6    Reference to and Effect on the Credit Agreement.

a.Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Amended Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement, as amended and modified hereby.

b.Except as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith (including, without limitation, all of the Loan Documents) 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 Banks, nor constitute a waiver of any provision of the Amended Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

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d.This Amendment shall constitute a Credit Document.

4.7    Headings.  Section headings used in this Amendment are for reference only and shall not affect the construction of this Amendment.

(signature pages follow)

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their duly authorized representatives as of the day and year first above written.

BORROWER:

BLACK HILLS CORPORATION,
a South Dakota corporation

By:      /s/ Kimberly F. Nooney
Name:      Kimberly F. Nooney
Title:        Vice President and Treasurer

Signature Page to
Amendment No. 1 to Credit Agreement

JPMORGAN CHASE BANK, N.A.,
as the Administrative Agent and a Bank

By:      /s/ Justin Martin
Name:      Justin Martin
Title:        Authorized Officer

Signature Page to
Amendment No. 1 to Credit Agreement

U.S. BANK NATIONAL ASSOCIATION,
as a Bank

By:     /s/ Joe Horrijon
Name:     Joe Horrijon
Title:       Vice President

Signature Page to
Amendment No. 1 to Credit Agreement

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
as a Bank

By:      /s/ Maria Ferradas
Name:      Maria Ferradas
Title:        Director

Signature Page to
Amendment No. 1 to Credit Agreement

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Bank

By:      /s/ Keith Luettel
Name:      Keith Luettel
Title:        Director

Signature Page to
Amendment No. 1 to Credit Agreement

COBANK, ACB, as a Bank

By:      /s/ John H. Kemper
Name:      John H. Kemper
Title:        Vice President

Signature Page to
Amendment No. 1 to Credit Agreement

BANK OF AMERICA, N.A., as a Bank

By:      /s/ Carlos Morales
Name:      Carlos Morales
Title:        Senior Vice President    

Signature Page to
Amendment No. 1 to Credit Agreement

ROYAL BANK OF CANADA, as a Bank

By:      /s/ Frank Lambrinos
Name:      Frank Lambrinos
Title:        Authorized Signatory

Signature Page to
Amendment No. 1 to Credit Agreement

THE BANK OF NOVA SCOTIA,
as a Bank

By:     /s/ David Dewar
Name:     David Dewar
Title:       Director

Signature Page to
Amendment No. 1 to Credit Agreement

SCOTIABANK (IRELAND) DESIGNATED ACTIVITY COMPANY, as a Bank

By:      /s/ Clive Sinnamon
Name:      Clive Sinnamon
Title:        Director

By:     /s/ Wilson Muzorewa
Name:     Wilson Muzorewa
Title:       SRO

Signature Page to
Amendment No. 1 to Credit AgreementExhibit 10.1

 

AMENDMENT
NO. 3 TO CREDIT AGREEMENT

 

AMENDMENT NO. 3 TO CREDIT
AGREEMENT, dated as of February 24, 2017 (this “Agreement”), by and among WABASH NATIONAL CORPORATION (the “Borrower”),
MORGAN STANLEY SENIOR FUNDING, INC. (“MSSF”), in its capacity as administrative agent (in such capacity, the
“Administrative Agent”), each Lender and Additional Refinancing Lender party or consenting hereto, and each
of the other Credit Parties party hereto.

 

RECITALS:

 

WHEREAS, reference is
hereby made to the Credit Agreement (as amended by that certain Amendment No. 1 to Credit Agreement dated as of April 25, 2013,
by and among the Borrower, each lender and each additional refinancing lender party or consenting thereto and MSSF, as administrative
agent, as amended by that certain Amendment No. 2 to Credit Agreement dated as of March 19, 2015, by and among the Borrower, each
lender and each additional refinancing lender party or consenting thereto and MSSF, as administrative agent, and as further amended,
supplemented or otherwise modified from time to time immediately prior to the effectiveness of this Agreement, the “Credit
Agreement”; capitalized terms used but not defined herein having the meanings set forth in the Credit Agreement), dated
as of May 8, 2012, among the Borrower, the Lenders party thereto, and MSSF, as Administrative Agent;

 

WHEREAS, the Borrower
has hereby notified the Administrative Agent that it is requesting the establishment of Refinancing Loan Commitments pursuant to
Section 3.2 of the Credit Agreement in an aggregate principal amount of $189,470,212.50 (the “Tranche B-3 Loans”;
the Refinancing Loan Commitments relating thereto, the “Tranche B-3 Commitments”; and the Lenders and Additional
Refinancing Lenders with Tranche B-3 Commitments and any permitted assignees thereof, the “Tranche B-3 Lenders”)
to refinance in full the outstanding Tranche B-2 Loans on the Effective Date (as defined below);

 

WHEREAS, pursuant to
Section 3.2 of the Credit Agreement, the Borrower may obtain Refinancing Loan Commitments in respect of Refinancing Loans
by, among other things, entering into one or more Refinancing Amendments in accordance with the terms and conditions of the Credit
Agreement;

 

WHEREAS, on the Effective
Date, the Borrower has offered to (a) issue the Tranche B-3 Loans in exchange for certain existing Tranche B-2 Loans pursuant to
a cashless settlement as described herein and (b) to the extent any Tranche B-2 Loans are not so exchanged, to use the proceeds
of the Tranche B-3 Loans to refinance the Tranche B-2 Term Loans outstanding as of the Effective Date after giving effect to such
cashless settlement;

 

WHEREAS, upon the Effective
Date, each Tranche B-3 Lender shall have the Tranche B-3 Commitment set forth opposite its name in the Register;

 

WHEREAS, Wells Fargo
Securities, LLC (“WFS”) will act as sole lead arranger and sole bookrunner for this Agreement, the Tranche B-3
Commitments and the Tranche B-3 Loans; and

 

WHEREAS, contemporaneously
with the effectiveness of the Tranche B-3 Commitments, the Borrower wishes to make certain amendments to the Credit Agreement to
provide for the incurrence of the Tranche B-3 Loans and the other modifications to the Credit Agreement set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and agreements, provisions and covenants herein contained, the parties hereto hereby agree as follows:

 

 

     

     

    

 

		1.	Credit Document Amendments. The Credit Documents are hereby amended as follows:

 

		(a)	Section 1.1 of the Credit Agreement is amended by inserting the following new definitions
in their correct alphabetical order:

 

“Amendment
No. 3” shall mean Amendment No. 3 to this Agreement, dated as of February 24, 2017, among the Borrower, the other Credit
Parties party thereto, the Lenders party thereto, and the Administrative Agent.

 

“Amendment
No. 3 Effective Date” shall mean the “Effective Date” under and as defined in Amendment No. 3.

 

“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.

 

“EEA
Financial Institution” means (a) any credit institution or investment firm 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 financial 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.

 

“Tranche
B-3 Loan” shall have the meaning specified in Amendment No. 3.

 

“Tranche
B-3 Loan Maturity Date” shall have the meaning specified in Amendment No. 3.

 

“Write-Down
and Conversion Powers” shall mean, 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.

 

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		(b)	The definition of “Continuing Director” in Section 1.1 of the Credit Agreement
is amended by deleting the phrase “, but excluding any such individual originally proposed for election in opposition to
the Board of Directors in office at the Closing Date in an actual or threatened election contest relating to the election of the
directors (or comparable managers) of the Borrower and whose initial assumption of office resulted from such contest or the settlement
thereof” in clause (b) thereof.

 

		(c)	The definition of “Lender Insolvency Event” in Section 1.1 of the Credit Agreement
is amended by deleting the word “or” immediately before subclause (ii) of such definition and adding the following
new subclause (iii) after the end of the text of subclause (ii) therein: “or (iii) become the subject of a Bail-In Action”.

 

		(d)	Section 2.15(a) of the Credit Agreement is amended by (i) replacing each reference to “Tranche
B-2 Loans” therein with “Tranche B-3 Loans” and (ii) replacing the reference to “Tranche B-2 Loan Maturity
Date” with “Tranche B-3 Loan Maturity Date”.

 

		(e)	Section 5.2(a) of the Credit Agreement is amended by replacing the amount “$10,000,000”
therein with “$30,000,000”.

 

		(f)	Section 13.6(b)(i)(A) of the Credit Agreement is amended by (i) replacing the reference
to “Amendment No. 2 Effective Date” with “Amendment No. 3 Effective Date” and (ii) replacing the reference
to “Tranche B-2 Loans” with “Tranche B-3 Loans”.

 

		(g)	Article XIII of the Credit Agreement is hereby amended by adding the following new Section
13.21 thereto and in connection therewith the table of contents shall be amended to include a reference to “Section 13.21
Acknowledgement and Consent to Bail-In of EEA Financial Institutions”:

 

“SECTION
13.21Acknowledgement 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, to the extent such liability is unsecured,
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:

 

(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 undertaking, 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

 

    	 	3	 

     

    

 

(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.	New Term Loans. Subject to the terms and conditions set forth herein, each Tranche B-3 Lender
severally agrees to make Tranche B-3 Loans to the Borrower in a single borrowing on the Effective Date in the amount of its Tranche
B-3 Commitment. Pursuant to Section 3.2 of the Credit Agreement, the Tranche B-3 Loans shall constitute a separate Class
of Loans and shall have the following terms:

 

		(a)	Applicable Margin. The ABR Margin with respect to the Tranche B-3 Loans shall mean a percentage
per annum equal to 1.75%. The Eurodollar Margin with respect to the Tranche B-3 Loans shall mean a percentage per annum equal to
2.75%.

 

		(b)	Eurodollar Rate Floor. With respect to the Tranche B-3 Loans, the interest rate in clause
(ii) of the definition of “Eurodollar Rate” shall be “0% per annum”.

 

		(c)	ABR Floor. With respect to the Tranche B-3 Loans, the interest rate in the proviso to the
definition of “ABR” shall be “0% per annum”.

 

		(d)	Mandatory Prepayments. The Tranche B-3 Loans shall be subject to mandatory prepayments as
set forth in Section 5.2 of the Credit Agreement.

 

		(e)	Optional Prepayments. The Tranche B-3 Loans may be optionally prepaid as set forth in Section
5.1 of the Credit Agreement.

 

		(f)	Call Protection. In the event that, during the six month period following the Effective
Date, the Borrower (x) makes any prepayment of Tranche B-3 Loans (including pursuant to Section 5.1(c) or 5.2(b)
of the Credit Agreement) in connection with any Repricing Transaction or (y) effects any amendment, supplement or modification
hereof or hereto resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account
of the Tranche B-3 Lenders, without duplication, (I) in the case of clause (x), a prepayment premium of 1.0% of the amount of the
Tranche B-3 Loans being prepaid and (II) in the case of clause (y), a payment equal to 1.0% of the aggregate amount of the applicable
Tranche B-3 Loans outstanding immediately prior to such amendment.

 

		(g)	Amortization and Maturity Date. The Borrower shall repay to the Administrative Agent, in
Dollars, for the benefit of the Tranche B-3 Lenders, on each date set forth below (or, if not a Business Day, the immediately preceding
Business Day) (each, a “Tranche B-3 Loan Repayment Date”), a principal amount in respect of the Tranche B-3
Loans equal to (x) the outstanding principal amount of Tranche B-3 Loans on the Effective Date multiplied by (y) the percentage
set forth below opposite such Tranche B-3 Loan Repayment Date (each, a “Tranche B-3 Loan Repayment Amount”),
as each such Tranche B-3 Loan Repayment Amount may be reduced pursuant to the other terms hereof and the Credit Agreement:

 

	
         Date
	Tranche B-3 Loan Repayment Amount
	March 31, 2017	0.25%
	June 30, 2017	0.25%
	September 30, 2017	0.25%
	December 31, 2017	0.25%
	March 31, 2018	0.25%
	June 30, 2018	0.25%
	September 30, 2018	0.25%
	December 31, 2018	0.25%
	March 31, 2019	0.25%
	June 30, 2019	0.25%
	September 30, 2019	0.25%
	December 31, 2019	0.25%
	March 31, 2020	0.25%
	June 30, 2020	0.25%
	September 30, 2020	0.25%
	December 31, 2020	0.25%
	March 31, 2021	0.25%
	June 30, 2021	0.25%
	September 30, 2021	0.25%
	December 31, 2021	0.25%
	Tranche B-3 Loan Maturity Date	Remaining outstanding amounts

 

    	 	4	 

     

    

 

To the extent not previously paid,
all Tranche B-3 Loans shall be due and payable on the Tranche B-3 Loan Maturity Date.

 

The “Tranche B-3 Loan
Maturity Date” shall mean March 19, 2022 or, if such date is not a Business Day, the immediately preceding Business Day;
provided that if the Permitted Convertible Notes (and any Permitted Refinancing Indebtedness in respect thereof) are not
converted, redeemed, repurchased or refinanced in full on or before the date that is 91 days prior to the maturity date of the
Permitted Convertible Notes pursuant to one or more transactions permitted under the Credit Agreement, such that the maturity date
in respect of the Permitted Convertible Notes (and any Permitted Refinancing Indebtedness in respect thereof) is not at least 91
days after the Tranche B-3 Loan Maturity Date, the Tranche B-3 Loan Maturity Date shall be the date that is 91 days prior to the
maturity date of the Permitted Convertible Notes or, if such date is not a Business Day, the immediately preceding Business Day
(such date, the “Springing Maturity Date”); provided further, that no Springing Maturity Date shall be
deemed to occur if on the Springing Maturity Date and at all times following the Springing Maturity Date until the Permitted Convertible
Notes (and any Permitted Refinancing Indebtedness in respect thereof, the maturity date of which is not at least 91 days after
the Tranche B-3 Loan Maturity Date) are converted, redeemed, repurchased or refinanced in full, the Borrower maintains Liquidity
of not less than $125,000,000.

 

		(h)	Termination of Commitments. The Tranche B-3 Commitments shall terminate at the earlier of
(i) funding of Tranche B-3 Loans and (ii) 5:00 p.m. (New York City time) on the Effective Date.

 

		(i)	Credit Agreement Governs. Except as set forth in this Agreement, the Tranche B-3 Loans shall
have identical terms as the Tranche B-2 Loans and shall otherwise be subject to the provisions, including any provisions restricting
the rights, or regarding the obligations, of the Credit Parties or any provisions regarding the rights or obligations of the Lenders,
of the Credit Agreement and the other Credit Documents, each reference to a “Loan” in the Credit Agreement shall be
deemed to include the Tranche B-3 Loans, each reference to a “Commitment” in the Credit Agreement shall be deemed to
include the Tranche B-3 Commitments and other related terms will have correlative meanings mutatis mutandis.

 

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		3.	Exchange of Term Loans; Cashless Settlement.

 

		(a)	Notwithstanding anything herein to the contrary, each Lender holding Tranche B-2 Loans immediately
prior to the Effective Date (each such Lender, an “Existing Lender”) executing and delivering a Lender Consent
(as defined below) that elects the cashless settlement option (i) shall, in lieu of its requirement to fund a Tranche B-3 Loan,
be deemed to have made to the Borrower a Tranche B-3 Loan on the Effective Date in an amount equal to the lesser of (A) the aggregate
principal amount of the Tranche B-2 Loans held by such Existing Lender immediately prior to the Effective Date (such Existing Lender’s
“Existing Tranche B-2 Loan Amount”) and (B) such Existing Lender’s Tranche B-3 Commitment; provided
that if such Existing Lender’s Tranche B-3 Commitment exceeds such Existing Lender’s Existing Tranche B-2 Loan Amount,
then such Existing Lender shall be required to fund a Tranche B-3 Loan on the Effective Date in accordance with Section 2
hereof in an aggregate principal amount equal to such excess, and (ii) the Borrower shall, in lieu of its obligation to prepay
Tranche B-2 Loans of any Existing Lender, be deemed to have prepaid, on the Effective Date, an amount of the Tranche B-2 Loans
of each Existing Lender in an aggregate principal amount equal to the lesser of (A) such Existing Lender’s Tranche B-2 Loans
and (B) such Existing Lender’s Tranche B-3 Commitment; provided that (1) if such Existing Lender’s Tranche B-2
Loans exceed such Existing Lender’s Tranche B-3 Commitment, then the Borrower shall be required to prepay in full, on the
Effective Date, the outstanding principal amount of the Tranche B-2 Loans of such Existing Lender not deemed to be prepaid pursuant
to this clause (ii) and (2) notwithstanding the operation of this clause (ii), the Borrower shall be required to pay to such Existing
Lender, on the Effective Date, all accrued but unpaid interest and fees on the outstanding principal amount of the Tranche B-2
Loans of such Existing Lender immediately prior to the Effective Date.

 

		(b)	Notwithstanding anything herein to the contrary, each Existing Lender that does not have a Tranche
B-3 Commitment shall be repaid in full in cash with respect to its Tranche B-2 Loans and, by execution of a Lender Consent as described
below, each Tranche B-3 Lender hereby consents to such repayments.

 

		(c)	Each Existing Lender party hereto hereby waives any requirement to pay any amounts due and owing
to it pursuant to Section 2.11 of the Credit Agreement as a result of the prepayment of Tranche B-2 Loans described herein.

 

		(d)	In order to evidence the exchange contemplated above, the Administrative Agent has notified the
Borrower that, upon the occurrence of the Effective Date (and the payment of all interest and other non-principal amounts then
due and owing by the Borrower to such Existing Lender in respect of such Existing Lender’s Existing Tranche B-2 Loan Amount
on the Effective Date), it will mark the Register to reflect (a) the Existing Tranche B-2 Loan Amount of each Existing Lender in
the amount equal to such Existing Lender’s Allocated Amount as no longer outstanding and (b) that each Existing Lender is
a Lender under the Credit Agreement upon the occurrence of the Effective Date in respect of its Tranche B-3 Commitment. None of
the Administrative Agent, WFS, any other agent, or any of their respective affiliates (each of the foregoing, an “Agent-Related
Person”), shall be liable to any Existing Lender, any other Lender, the Borrower or any of their respective affiliates,
equity holders or debt holders for any losses, costs, damages or liabilities incurred, directly or indirectly, as a result of any
Agent-Related Person, or their counsel or other representatives, taking any action in accordance with the Lender Consents or this
Agreement or executing a Lender Consent or this Agreement.

 

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		4.	Refinancing Amendment. In each case for all purposes of the Credit Agreement and each of
the other Credit Documents, (a) this Agreement shall constitute a “Refinancing Amendment”, (b) the Tranche B-3 Loans
shall constitute “Refinancing Loans” and “Credit Agreement Refinancing Indebtedness”, (c) the Lenders’
Tranche B-3 Commitments in respect of the Tranche B-3 Loans shall constitute “Refinancing Loan Commitments”, (d) the
Tranche B-3 Lenders shall constitute “Refinancing Lenders” and “Lenders” and (e) the Tranche B-3 Loan Maturity
Date shall constitute the “Refinancing Loan Maturity Date” for the Tranche B-3 Loans.

 

		5.	Conditions to Effectiveness.

 

		(a)	This Agreement shall become effective on the first date (the “Effective Date”),
when, and only when, each of the following conditions have been satisfied (or waived) in accordance with the terms therein:

 

		(i)	this Agreement shall have been executed and delivered by the Borrower, the other Credit Parties
and the Administrative Agent;

 

		(ii)	an executed signature page or written consent directing the Administrative Agent to execute this
Agreement on its behalf in the form of Exhibit A hereto (each, a “Lender Consent”) from all of the Tranche
B-3 Lenders;

 

		(iii)	the Administrative Agent shall have received a certificate of each Credit Party dated as of the
Effective Date signed by an Authorized Officer of such Credit Party (i) (A) certifying and attaching the resolutions or similar
consents adopted by such Credit Party approving or consenting to the Tranche B-3 Loans, (B) certifying that the certificate or
articles of incorporation or formation and by-laws or operating (or limited liability company) agreement of such Credit Party either
(x) have not been amended since the Closing Date or (y) are attached as an exhibit to such certificate, and (C) certifying as to
the incumbency and specimen signature of each officer executing this Agreement and any related documents on behalf of such Credit
Party and (ii) in the case of the Borrower, certifying as to the matters set forth in clauses (v), (vi) and (vii) below;

 

		(iv)	(A) all fees and out-of-pocket expenses required to be paid or reimbursed by the Borrower in connection
with this Agreement shall have been paid or reimbursed and (B) all accrued interest and fees in respect of the Tranche B-2 Loans
outstanding immediately prior to effectiveness of this Agreement shall have been paid;

 

		(v)	the Administrative Agent shall have received an opinion of Hogan Lovells US LLP, in form and substance
reasonably satisfactory to the Administrative Agent;

 

		(vi)	both immediately before and after giving effect to the Effective Date and the incurrence of the
Tranche B-3 Loans thereon, all representations and warranties made by each Credit Party contained in the Credit Agreement and in
the other Credit Documents shall be true and correct in all material respects (except that any representation and warranty that
is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects)
with the same effect as though such representations and warranties had been made on and as of the Effective Date (except where
such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall
have been true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality”
or “Material Adverse Effect” shall be true and correct in all respects) as of such earlier date);

 

    	 	7	 

     

    

 

		(vii)	the representations and warranties in Section 6 of this Agreement shall be true and correct
in all material respects as of the Effective Date;

 

		(viii)	no Default or Event of Default shall exist on the Effective Date before or after giving effect
to the effectiveness hereof and the incurrence of the Tranche B-3 Loans;

 

		(ix)	The Administrative Agent shall have received
(A) a Notice of Borrowing/Continuation with respect to the Tranche B-3 Loans setting forth the information specified in Section
2.3(a) of the Credit Agreement and (B) a notice of prepayment with respect to the prepayment of the Tranche B-2 Loans required
to be made pursuant to Section 5.1(a) of the Credit Agreement.

 

		(x)	The Lenders shall have received on or prior to the Effective Date, all documentation and other
information reasonably requested by them in writing at least three (3) Business Days prior to the Effective Date in order to allow
the Lenders to comply with applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act.

 

		(b)	On the Effective Date, upon the satisfaction of the conditions set forth in Section 5(a)
hereof, the outstanding amount of Tranche B-2 Loans shall be refinanced in full by the Tranche B-3 Loans.

 

		6.	Representations and Warranties. By its execution of this Agreement, each Credit Party hereby
represents and warrants that:

 

		(a)	such Credit Party has the corporate or other organizational power and authority to execute, deliver
and carry out the terms and provisions of this Agreement and has taken all necessary corporate or other organizational action to
authorize the execution, delivery and performance of this Agreement;

 

		(b)	such Credit Party has duly executed and delivered this Agreement and this Agreement constitutes
the legal, valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general
principles of equity; and

 

		(c)	neither the execution, delivery or performance by such Credit Party of this Agreement nor compliance
with the terms and provisions thereof nor the consummation of the transactions contemplated hereby will (a) contravene any material
provision of any applicable law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality,
(b) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result
in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Credit
Party or any of the Subsidiaries (other than Permitted Liens) pursuant to the terms of any Material Contract of any Credit Party
or its Subsidiaries other than any such breach, default or Lien that could not reasonably be expected to result in a Material Adverse
Effect or (c) violate any provision of the certificate of incorporation, by-laws or other Organizational Document of such Credit
Party or any of its Subsidiaries.

 

    	 	8	 

     

    

 

		7.	Use of Proceeds. The Borrower covenants and agrees that it will use the proceeds of the
Tranche B-3 Loans to refinance the aggregate principal amount of Tranche B-2 Loans outstanding on the Effective Date and to pay
any interest, fees and/or expenses related thereto.

 

		8.	Waiver of Certain Amount Limitations. By its execution of this Agreement, each Tranche B-3
Lender hereby waives (a) the requirement in Section 3.2 of the Credit Agreement that Refinancing Loan Commitments be in
integral multiples of $10,000,000 and (b) the requirement in Section 2.2 of the Credit Agreement that Borrowings of the
Tranche B-3 Loans be in integral multiples of $500,000.

 

		9.	Reaffirmation of the Credit Parties. Each Credit Party hereby consents to the amendment
of the Credit Agreement effected hereby and confirms and agrees that, notwithstanding the effectiveness of this Agreement, each
Credit Document to which such Credit Party is a party is, and the obligations of such Credit Party contained in the Credit Agreement,
this Agreement or in any other Credit Document to which it is a party are, and shall continue to be, in full force and effect and
are hereby ratified and confirmed in all respects, in each case as amended by this Agreement. For greater certainty and without
limiting the foregoing, each Credit Party hereby confirms that the existing security interests granted by such Credit Party in
favor of the Secured Parties pursuant to the Credit Documents in the Collateral described therein shall continue to secure the
obligations of the Credit Parties under the Credit Agreement and the other Credit Documents as and to the extent provided in the
Credit Documents.

 

		10.	Amendment, Modification and Waiver. This Agreement may not be amended, modified or waived
except in accordance with Section 13.1 of the Credit Agreement.

 

		11.	Entire Agreement. This Agreement, the Credit Agreement and the other Credit Documents constitute
the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior
agreements and understandings, both written and verbal, among the parties hereto with respect to the subject matter hereof. Except
as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise
affect the rights and remedies of any party under, the Credit Agreement, nor alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed
in all respects and shall continue in full force and effect. It is understood and agreed that each reference in each Credit Document
to the Credit Agreement, whether direct or indirect, shall hereafter be deemed to be a reference to the Credit Agreement as amended
hereby and that this Agreement is a Credit Document. This Agreement shall not constitute a novation of any amount owing under the
Credit Agreement and all amounts owing in respect of principal, interest, fees and other amounts pursuant to the Credit Agreement
and the other Credit Documents shall, to the extent not paid on or prior to the Effective Date, shall continue to be owing under
the Credit Agreement or such other Credit Documents until paid in accordance therewith.

 

    	 	9	 

     

    

 

		12.	GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. SECTIONS 13.13 AND
13.15 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS AGREEMENT MUTATIS MUTANDIS AND SHALL APPLY
HERETO.

 

		13.	Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable,
the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

		14.	Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other
electronic means of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original
executed counterpart of this Agreement.

 

[Remainder of Page Intentionally Blank]

 

 

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first written
above.

 

	 	WABASH NATIONAL CORPORATION,
	 	as the Borrower
	 	 
	 	 
	 	By:	/s/ Jeffery L. Taylor
	 	 	Name:	Jeffery L. Taylor
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

 

 

    	Wabash National Corporation
Signature Page to Amendment No. 3 to Term Loan Credit Agreement

     

    

 

	 	WABASH NATIONAL, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

 

	 	WABASH WOOD PRODUCTS, INC., (f/k/a WNC Cloud Merger Sub, Inc.),
	 	an Arkansas corporation
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Vice President and Treasurer

 

 

	 	TRANSCRAFT CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Vice President and Treasurer

 

 

	 	WABASH NATIONAL TRAILER CENTERS, INC.,
	 	a Delaware corporation
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

  

    	Wabash National Corporation
Signature Page to Amendment No. 3 to Term Loan Credit Agreement

     

    

 

 

	 	CLOUD OAK FLOORING COMPANY, INC.,
	 	an Arkansas corporation
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Vice President and Treasurer

 

 

	 	CONTINENTAL TRANSIT CORPORATION,
	 	an Indiana corporation
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

 

	 	FTSI DISTRIBUTION COMPANY, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

 

	 	NATIONAL TRAILER FUNDING, L.L.C.,
	 	a Delaware limited liability company
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its Sole Member
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

    	Wabash National Corporation
Signature Page to Amendment No. 3 to Term Loan Credit Agreement

     

    

 

	 	WABASH NATIONAL MANUFACTURING, L.P., (f/k/a Wabash National Lease Receivables, L.P.),
	 	a Delaware limited partnership
	 	 	 
	 	By:	Wabash National Corporation,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Senior Vice President and Chief Financial Officer

 

 

	 	WABASH NATIONAL SERVICES, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

 

	 	WALKER GROUP HOLDINGS LLC,
	 	a Texas limited liability company
	 	 
	 	By:	Wabash National, L.P.,
	 	 	Its Sole Membe
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

    	Wabash National Corporation
Signature Page to Amendment No. 3 to Term Loan Credit Agreement

     

    

  

	 	BULK SOLUTIONS LLC,
	 	a Texas limited liability company
	 	 
	 	By:	Walker Group Holdings LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National, L.P.,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

 

	 	WALKER STAINLESS EQUIPMENT COMPANY LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Walker Group Holdings LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National, L.P.,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

    	Wabash National Corporation
Signature Page to Amendment No. 3 to Term Loan Credit Agreement

     

    

  

	 	BRENNER TANK LLC,
	 	a Wisconsin limited liability company
	 	 
	 	By:	Walker Group Holdings LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National, L.P.,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

 

	 	GARSITE/PROGRESS LLC,
	 	a Texas limited liability company
	 	 
	 	By:	Walker Group Holdings LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National, L.P.,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

 

    	Wabash National Corporation
Signature Page to Amendment No. 3 to Term Loan Credit Agreement

     

    

 

	 	BRENNER TANK SERVICES LLC,
	 	a Wisconsin limited liability company
	 	 
	 	By:	Brenner Tank LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	Walker Group Holdings LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National, L.P.,
	 	 	Its Sole Member
	 	 	 
	 	By:	Wabash National Trailer Centers, Inc.,
	 	 	Its General Partner
	 	 	 
	 	 	 
	 	 	By:	/s/ Jeffery L. Taylor
	 	 	 	Name:	Jeffery L. Taylor
	 	 	 	Title:	Treasurer

  

    	Wabash National Corporation
Signature Page to Amendment No. 3 to Term Loan Credit Agreement

     

    

 

 

	 	MORGAN STANLEY SENIOR FUNDING, INC.,
	 	as Administrative Agent
	 	 
	 	 
	 	By:	/s/ Lisa Hanson
	 	 	Name:	Lisa Hanson
	 	 	Title:	Vice President

 

 

    	Wabash National Corporation
Signature Page to Amendment No. 3 to Term Loan Credit Agreement

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