Document:

Exhibit 10.4

 

EXECUTION COPY

 

AMENDMENT NO. 2

 

Dated as of May 7, 2013

 

to

 

CREDIT AGREEMENT

 

Dated as of March 11, 2011

 

THIS AMENDMENT NO. 2 (this “Amendment”) is made as of May 7, 2013 by and among HCP, Inc., a Maryland corporation (the “Borrower”), the financial institutions listed on the signature pages hereof and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent’) and as Alternative Currency Fronting Lender (in such capacity, the “Alternative Currency Fronting Lender”), under that certain Credit Agreement dated as of March 11, 2011 by and among the Borrower, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, 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 Lenders, the Alternative Currency Fronting Lender and the Administrative Agent agree to an amendment to the Credit Agreement; and

 

WHEREAS, the Borrower, the Lenders party hereto, the Alternative Currency Fronting Lender 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 Alternative Currency Fronting Lender and the Administrative Agent hereby agree to enter into this Amendment.

 

1.                                      Amendment to the Credit Agreement.  Effective as of the Amendment No. 2 Effective Date (as defined below), the parties hereto agree that the Credit Agreement is hereby amended as follows:

 

(a)                                 The definition of “Alternative Currency” appearing in Section 1.01 of the Credit Agreement is amended and restated in its entirety to read as follows:

 

“Alternative Currency” means each Non-LIBOR Quoted Currency and each LIBOR Quoted Currency and each other currency (other than Dollars) that is approved in accordance with Section 1.06.

 

(b)                                 The definition of “Alternative Currency Sublimit” appearing in Section 1.01 of the Credit Agreement is amended to delete the reference to “$250,000,000” appearing therein and to replace such reference with a reference to “$500,000,000”.

 

(c)                                  The definition of “Eurocurrency Rate” appearing in Section 1.01 of the Credit Agreement is amended and restated in its entirety to read as follows:

 

 

“Eurocurrency Rate” means:

 

(a)                                 for any Interest Period with respect to a Eurocurrency Rate Loan:

 

(i) in the case of a Eurocurrency Rate Loan denominated in a LIBOR Quoted Currency, the rate per annum equal to the British Bankers Association LIBOR rate or the successor thereto as approved by the Administrative Agent if the British Bankers Association is no longer making a LIBOR rate available (“LIBOR”), as published by Reuters (or such other commercially available source providing quotations of LIBOR as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided that if such rate is not available at such time for any reason, then the “Eurocurrency Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in the relevant currency for delivery on the first day of such Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch (or other Bank of America branch or Affiliate) to major banks in the London or other offshore interbank market for such currency at their request at or about 11:00 a.m. (London time) two (2) Business Days prior to the commencement of such Interest Period; and

 

(ii) in the case of Non-LIBOR Quoted Currencies:

 

(A)  denominated in Canadian Dollars, the rate per annum equal to the CDOR Rate per annum; provided that if such rate is not available at such time for such term for any reason, the Administrative Agent may substitute such rate with a reasonably acceptable alternative published interest rate for funding such Eurocurrency Rate Loans;

 

(B)  denominated in Australian Dollars, the rate per annum equal to the Bank Bill Swap Reference Rate or the successor thereto as approved by the Administrative Agent (“BBSY”) as published by Reuters (or such other page or commercially available source providing BBSY quotations as may be designated by the Administrative Agent from time to time) at or about 10:30 a.m. (Melbourne, Australia time) two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative Agent with a term equivalent to such Interest Period (or if such Interest Period is not equal to a number of months, with a term equivalent to the number of months closest to such Interest Period); provided that if such rate is not available at such time for any reason, the Administrative Agent may substitute such rate with a reasonably acceptable alternative published interest rate for funding such Eurocurrency Rate Loans; and

 

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(b)                                 for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) LIBOR, at approximately 11:00 a.m., London time determined two London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at the date and time of determination.

 

(d)                                 The definition of “L/C Issuer” appearing in Section 1.01 of the Credit Agreement is amended and restated in its entirety to read as follows:

 

“L/C Issuer” means Bank of America and any other Lender designated by the Borrower (to the extent such Lender has accepted such designation) and acceptable to the Administrative Agent, in each case in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.  For the avoidance of doubt, references to “L/C Issuer” in this Agreement shall refer to the L/C Issuers collectively; provided that the term “L/C Issuer” when used with respect to a Letter of Credit or L/C Obligations relating to a Letter of Credit shall refer to the L/C Issuer that issued such Letter of Credit.

 

(e)                                  Section 1.01 of the Credit Agreement is amended to add the following definitions thereto in the appropriate alphabetical order:

 

“CDOR Rate” means, the rate per annum, equal to the average of the annual yield rates applicable to Canadian Dollar banker’s acceptances at or about 10:00 a.m. (Toronto, Ontario time) two (2) Business Days prior to the commencement of such Interest Period on the “CDOR Page” (or any display substituted therefor) of Reuters Monitor Money Rates Service (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian Dollar bankers’ acceptances as may be designated by the Administrative Agent from time to time) for a term equivalent to such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months closest to such Interest Period).

 

“LIBOR Quoted Currency” means each of the following currencies: Dollars; Euro; Sterling; Yen; and Swiss Francs and each other currency that is approved in accordance with Section 1.06 for which there is a published LIBOR Rate.

 

“Non-LIBOR Quoted Currency” means Canadian Dollars, Australian Dollars and each other currency that is approved in accordance with Section 1.06 and for which there is not a published LIBOR rate.

 

“Swiss Francs” means the lawful currency of Switzerland.

 

(f)                                   Section 2.03 of the Credit Agreement is amended to add the following as a new clause (l) thereof:

 

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(l)                                     L/C Issuer Reports to the Administrative Agent.  Unless otherwise agreed by the Administrative Agent, each L/C Issuer shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent) in respect of Letters of Credit issued by such L/C Issuer, including all issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) within five Business Days following the time that such L/C Issuer issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the face amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such L/C Issuer makes any payment under any Letter of Credit, the date and amount of such payment, (iv) on any Business Day on which the Borrower fails to reimburse a payment under a Letter of Credit required to be reimbursed to such L/C Issuer on such day, the date of such failure and the amount of such payment and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such L/C Issuer.

 

(g)                                  Section 3.03 of the Credit Agreement is amended to add the following sentence at the end thereof:

 

Notwithstanding the foregoing, in the case of a pending request for a Eurocurrency Rate Loan or conversion or continuation in an Alternative Currency as to which the Administrative Agent has made the determination described in clause (a) of the first sentence of this paragraph, unless revoked by the Borrower pursuant to the preceding sentence, the Borrower, the Administrative Agent and the Required Lenders may establish a mutually acceptable alternative interest rate that reflects the all-in-cost of funds to such Lenders for funding Loans in the applicable currency and amount, and with the same Interest Period as the Eurocurrency Rate Loan requested to be made, converted or continued, as the case may be (the “Impacted Loans”), in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (x) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence of this paragraph, (y) the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (z) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.

 

(h)                                 Schedule 2.02 to the Credit Agreement is amended and restated in its entirety in the form of Schedule 2.02 attached hereto.

 

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

 

(a)                                 the Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower, the Required Lenders, the Alternative Currency Fronting Lender and the Administrative Agent; and

 

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(b)                                 the Administrative Agent shall have received payment of all fees and expenses (including fees and expenses of counsel for the Administrative Agent) due and payable in connection with this Amendment.

 

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 and are enforceable against the Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(b)                                 As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing, and (ii) the representations and warranties of the Borrower set forth in Article V of the Credit Agreement or in any other Loan Document are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement are deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement.

 

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.  Upon the effectiveness hereof, this Amendment shall for all purposes constitute a Loan Document.

 

(c)                                  Except with respect to the subject matter hereof, 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 other Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

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.

 

 

	
 
    	
HCP, INC.,
    
	
 
    	
as   the Borrower
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
/s/   Timothy M. Schoen
    
	
 
    	
Name:   
    	
Timothy   M. Schoen
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
individually   as a Lender, as Alternative Currency Fronting Lender and as Administrative   Agent
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
/s/   Jeremy Schmitt
    
	
 
    	
Name:   
    	
Jeremy   Schmitt
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
JPMorgan   Chase Bank, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Marc Costantino
    
	
 
    	
 
    	
Name:   Marc Costantino
    
	
 
    	
 
    	
Title:   Executive   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:   
    
	
 
    	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
UBS   AG, STAMFORD BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Lana Gifas
    
	
 
    	
 
    	
Name:   Lana Gifas
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Joselin Fernandes
    
	
 
    	
 
    	
Name:   Joselin Fernandes
    
	
 
    	
 
    	
Title:   Associate   Director
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Wells   Fargo Bank, N.A.:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
/s/   S. Michael St. Geme
    
	
 
    	
Name:   
    	
S.   Michael St. Geme
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
CITIBANK,   N.A.:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
/s/ John   C. Rowland
    
	
 
    	
Name:   
    	
John   C. Rowland
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
Credit   Suisse AG, Cayman Islands Branch
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Mikhail Faybusovich
    
	
 
    	
 
    	
Name:   Mikhail Faybusovich
    
	
 
    	
 
    	
Title:   Authorized   Signatory
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Tyler R. Smith
    
	
 
    	
 
    	
Name:   Tyler R. Smith
    
	
 
    	
 
    	
Title:   Authorized   Signatory
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
Crédit   Agricole Corporate and Investment Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Thomas Randolph
    
	
 
    	
 
    	
Name:   Thomas Randolph
    
	
 
    	
 
    	
Title:   Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Amy Trapp
    
	
 
    	
 
    	
Name:   Amy Trapp
    
	
 
    	
 
    	
Title:   Managing   Director
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
GOLDMAN   SACHS BANK USA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Michelle Latzoni
    
	
 
    	
 
    	
Name:   Michelle Latzoni
    
	
 
    	
 
    	
Title:   Authorized   Signatory
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
Morgan   Stanley Bank, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Nick Zangari
    
	
 
    	
 
    	
Name:   Nick Zangari
    
	
 
    	
 
    	
Title:   Authorized   Signatory
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
ROYAL   BANK OF CANADA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Joshua Freedman
    
	
 
    	
 
    	
Name:    Joshua Freedman
    
	
 
    	
 
    	
Title:   Authorized   Signatory
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender: The Royal Bank of Scotland plc
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Jeannine Pascal
    
	
 
    	
 
    	
Name:  Jeannine Pascal
    
	
 
    	
 
    	
Title:   Vice   President
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
The   Bank of Nova Scotia
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Eugene Dempsey
    
	
 
    	
 
    	
Eugene   Dempsey
    
	
 
    	
 
    	
Director
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender: U.S. Bank National Association
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Scott C. McPherson
    
	
 
    	
 
    	
Name:   Scott C. McPherson
    
	
 
    	
 
    	
Title:   Senior   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
PNC   Bank, NA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Tyler Lowry
    
	
 
    	
 
    	
Name:   Tyler Lowry
    
	
 
    	
 
    	
Title:   Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
The   Bank of New York Mellon
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Helga Blum
    
	
 
    	
 
    	
Name:   Helga Blum
    
	
 
    	
 
    	
Title:   Managing   Director
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
SunTrust   Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Joshua J. Turner
    
	
 
    	
 
    	
Name:   Joshua J. Turner
    
	
 
    	
 
    	
Title:   Vice   President
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
KeyBank   National Association
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Joe Schober
    
	
 
    	
 
    	
Name:    Joe Schober
    
	
 
    	
 
    	
Title:   Vice   President
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
Land   Bank of Taiwan Los Angeles Branch
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Henry Leu
    
	
 
    	
 
    	
Name:   Henry Leu
    
	
 
    	
 
    	
Title:   SVP &   General Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
N/A
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
Regions   Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Michael Kinnick
    
	
 
    	
 
    	
Name: Michael   Kinnick
    
	
 
    	
 
    	
Title:   Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
For   any Lender requiring a second signature line:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
City   National Bank, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Christina Blackwell
    
	
 
    	
 
    	
Name:   Christina Blackwell
    
	
 
    	
 
    	
Title:   Vice   President
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name   of Lender:
    
	
 
    	
 
    
	
 
    	
COMERICA   BANK
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By  
    	
/s/   Charles Weddell
    
	
 
    	
 
    	
Name:   Charles Weddell
    
	
 
    	
 
    	
Title:   Vice   President
    

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.Exhibit 10.1

 

MASTER REAFFIRMATION AND AMENDMENT NO. 1 TO LOAN DOCUMENTS

 

THIS MASTER REAFFIRMATION AND AMENDMENT NO. 1 TO LOAN DOCUMENTS (this “Agreement”) is made as of the 31rst day of July, 2013, by and among by and among VIRTUSA CORPORATION, a Delaware corporation (the “Borrower”), INSOURCE HOLDINGS, INC., a Connecticut corporation (“Holdings”), INSOURCE, LLC, a Connecticut limited liability company (“Insource LLC” and together with the Borrower and Holdings, the “Loan Parties”), JPMORGAN CHASE BANK, N.A., as a Lender (the “Lender”) and JPMORGAN CHASE BANK, N.A. as the Administrative Agent (the “Administrative Agent”).  Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Credit Agreement described below.

 

W I T N E S S E T H:

 

WHEREAS, the Loan Parties, the Lender, the other Lenders from time to time party thereto, and the Administrative Agent are parties to that certain Credit Agreement dated July 30, 2010 (as amended, modified, restated or otherwise supplemented from time to time, the “Credit Agreement”) pursuant to which, among other things: (a), the Lender has extended to the Borrower a revolving loan in the principal amount of up to $3,000,000 (the “Revolving Loan”) with a sub-facility for the issuance of Letters of Credit for the account of the Borrower; (b) Holdings and Insource LLC have guaranteed the obligations of the Borrower to the Lenders; and (c) the Borrower has guaranteed the obligations of each Subsidiary of Borrower arising in connection with FX Transactions;

 

WHEREAS, in addition to the Credit Agreement, the Revolving Loan is evidenced by, among other things a certain Revolving Credit Note of the Borrower dated July 30, 2010 in the original principal amount of up to $3,000,000 (the “Note”);

 

WHEREAS,  as collateral security for the Secured Obligations, among other things: (a) each of the Loan Parties has granted to the Administrative Agent, for the ratable benefit of the Lenders, a lien on and security interest in all of its assets (other than Intellectual Property) pursuant to certain Security Agreements of the Loan Parties dated July 30, 2010 (the “Security Agreements”); (b) the Borrower has granted and pledged to the Administrative Agent, for the ratable benefit of the Lenders, a lien on and security interest in all of the Borrower’s right, title and interest in and to the capital stock of Virtusa Securities Corporation and Insource Holdings, Inc. pursuant to the terms of certain Pledge Agreements of the Borrower in favor of the Administrative Agent dated July 30, 2010 (the “Borrower Pledge Agreements”); (c) Holdings has granted and pledged to the Administrative Agent, for the ratable benefit of the Lenders, a lien on and security interest in all of Holdings’ right, title and interest in and to the membership interests of Insource LLC pursuant to the terms of a certain Pledge Agreement from Holdings in favor of the Administrative Agent dated July 30, 2010 (the “Holdings Pledge Agreement” and together with the Borrower Pledge Agreements, the “Pledge Agreements”); and (d) the 

 

 

Borrower has entered in a Negative Pledge Agreement in favor of the Administrative Agent, for the benefit of the Lenders dated July 30, 2010 regarding the Borrower’s Intellectual Property (the “Negative Pledge”);

 

WHEREAS, as of the date hereof, the Lender is the only Lender under the Credit Agreement;

 

WHEREAS, the Loan Parties have requested the Lender to extend the Maturity Date of the Revolving Loans to July 31, 2016;

 

WHEREAS, it is a condition precedent to the Lender’s agreement to grant the requested extension that the Loan Parties enter into this Agreement; and

 

NOW, THEREFORE, in consideration of the premises set forth herein (which are incorporated herein as though fully set forth below, by this reference thereto) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the undersigned agrees as follows:

 

1.                                      Acknowledgments, Affirmations and Representations and Warranties.

 

a.                                      Each Loan Party acknowledges, affirms, represents and warrants that:

 

(i)                                     All of the statements contained herein are true and correct and that it understands that the Administrative Agent and the Lender are relying on the truth and completeness of such statements to enter into this Agreement.

 

(ii)                                  As of June 30, 2013, the Borrower is legally and validly indebted to the Lender: (x) by virtue of the Revolving Loan in the principal outstanding amount of zero ($0), and (y) by virtue of its Guarantee of the FX Guaranteed Obligations, in each case plus interest and fees accrued and accruing on each of the foregoing and costs and expenses of collection, including without limitation, attorneys’ fees, relating thereto and there is no defense, offset or counterclaim with respect to any of the foregoing or independent claim or action against the Lender or the Administrative Agent.

 

(iii)                               Each of Holdings and Insource LLC is legally and validly indebted to the Lender by virtue of its Loan Guaranty and there is no defense, offset or counterclaim with respect thereto or independent claim or action against the Lender or the Administrative Agent.

 

(iv)                              The resolutions previously adopted by the Board of Directors of each of the Borrower and Holdings and provided to the Administrative Agent and the Lender relating to the Credit Agreement and the other Loan Documents, and to the transactions and matters contained therein, have not in any way been rescinded or modified and have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect, except to the extent that they have been modified or supplemented to authorize this Agreement and the documents and transactions described herein.

 

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(v)                                 The resolutions previously adopted by the sole member of Insource LLC and provided to the Administrative Agent and the Lender relating to the Credit Agreement and the other Loan Documents, and to the transactions and matters contained therein, have not in any way been rescinded or modified and have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect, except to the extent that they have been modified or supplemented to authorize this Agreement and the documents and transactions described herein.

 

(vi)                              Each of the Borrower and Holdings has the corporate power and authority to enter into, and has taken all necessary corporate action to authorize, this Agreement and the transactions contemplated hereby.

 

(vii)                           Insource LLC has the limited liability company power and authority to enter into, and has taken all necessary trust action to authorize, this Agreement and the transactions contemplated hereby.

 

(viii)                        All representations, warranties and covenants contained in, and schedules and exhibits to, the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof, are incorporated herein by reference and are hereby remade.

 

(ix)                              No Default or Event of Default currently exists under the Credit Agreement or any of the other Loan Documents.

 

(x)                                 The consummation of the transactions contemplated hereby is not prevented or limited by, nor does it conflict with or result in a breach of terms, conditions or provisions of, the Certificate of Incorporation or Bylaws of the Borrower or Holdings or the Articles of Organization or Operating Agreement of Insource LLC,  or any evidence of indebtedness, agreement or instrument of whatever nature to which any Loan Party is a party or by which it is bound, does not constitute a default under any of the foregoing and does not violate any federal, state or local law, regulation or order or any order of any court or agency which is binding upon any Loan Party and the consummation of the transactions contemplated hereby does not require the consent of any Person not a party to this Agreement.

 

2.                                      Amendments to Credit Agreement and other Loan Documents.

 

a.                                      Section 1.1 of the Credit Agreement entitled “Defined Terms” is hereby amended by amending and restating the definition of “Maturity Date” in its entirety as follows:

 

“Maturity Date” means July 31, 2016, or any earlier date on which this Agreement is terminated pursuant to the terms hereof.

 

b.                                      Any and all references in any Loan Document to the Credit Agreement (howsoever defined) shall mean the Credit Agreement, as amended and modified by this Agreement.

 

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3.                                      Reaffirmation. Each Loan Party, as maker, debtor, assignor, obligor, guarantor, or in other similar capacity in which it incurs obligations to the Administrative Agent, the Issuing Bank or the Lenders under any of the Loan Documents or otherwise, hereby ratifies and reaffirms all of its respective payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party and, to the extent it has granted liens or mortgages on or security interests in any of its properties pursuant to any Collateral Document as security for the Secured Obligations under or with respect to the Credit Agreement and the other Loan Documents, hereby ratifies and reaffirms such grant of liens, mortgages and security interests and confirms and agrees that with respect to liens and security interests on any right, title and interest of such Loan Party in any personal property granted pursuant to a security agreement, pledge agreement or otherwise, such liens and security interests hereafter secure all of the Secured Obligations, including without limitation, the Secured Obligations arising under the Revolving Loans, in each case as if each reference in such Collateral Document to the obligations secured thereby are construed to hereafter mean and refer to such Secured Obligations (including, without limitation, the Revolving Loans) under the Credit Agreement and other Loan Documents, as hereby amended. Each Loan Guarantor acknowledges, affirms and agrees that all Secured Obligations of the Borrower to the Administrative Agent, the Issuing Bank and the Lenders have been guaranteed by such Loan Guarantors pursuant to the terms of the Credit Agreement, including, those Secured Obligations arising under the Revolving Loans, as amended by this Agreement. The Borrower acknowledges, affirms and agrees that all obligations of any Subsidiary to the Lenders arising under or in connection with the FX Transactions has been guaranteed by the Borrower pursuant to the terms of the Credit Agreement, as amended by this Agreement. Each Loan Party acknowledges that each of the Loan Documents to which it is a party remains in full force and effect, continues to apply to the Secured Obligations, including, but not limited to, the Secured Obligations arising under the Revolving Loans, as amended by this Agreement, and are hereby ratified and confirmed. The execution of this Agreement shall not operate as a novation, waiver of any right, power or remedy of the Administrative Agent, the Issuing Bank or the Lenders nor constitute a waiver of any provision of any of the Loan Documents. The Loan Parties agree and acknowledge that this Agreement shall be deemed a Loan Document.

 

4.                                      Conditions Precedent. The obligation of the Lender to extend the Maturity Date as set forth herein is conditioned on the satisfaction of the following:

 

a.                                      The receipt by the Administrative Agent of any necessary consent to the extensions and amendments contemplated by this Agreement from any third party, if required.

 

b.                                      The receipt by the Administrative Agent of UCC search results which shall be satisfactory to the Administrative Agent and which shall evidence no liens on any Collateral other than those in favor of the Administrative Agent and other than those which may be acceptable to the Lender in its sole discretion.

 

c.                                       The receipt by the Administrative Agent of a secretary’s certificate of each of the Borrower and Holdings certifying as to the certificate of incorporation, bylaws, authorizing resolutions and incumbency and a secretary’s certificated of Insource LLC as to the articles of organization, operating agreement, authorizing resolutions and incumbency of its officers.

 

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d.                                      The receipt by the Administrative Agent a Certificate of Legal Existence or Good Standing Certificate, as applicable with respect to each of the Loan Parties.

 

5.                                      No Defenses.  The Loan Parties each hereby represent and warrant to, and covenant with the Administrative Agent and the Lender that, as of the date hereof, it has no defense, offset or counterclaim of any kind or nature whatsoever against the Administrative Agent or the Lender with respect to any of the Secured Obligations or any of the Loan Documents to which it is a party, or any action previously taken or not taken by the Administrative Agent or the Lender with respect thereto.

 

6.                                      Fees and Expenses. The Loan Parties agree that they will pay all reasonable legal and professional fees and expenses and other reasonable expenses incurred by the Administrative Agent and the Lender in connection with this Agreement and the transactions contemplated hereby.

 

7.                                      Successors and Assigns.  This Agreement shall be binding upon each of the Loan Parties and upon its respective successors and assigns and shall inure to the benefit of the Administrative Agent, the Lenders and their respective successors and assigns.  The successors and assigns of such entities shall include, without limitation, their respective receivers, trustees, or debtors-in-possession.

 

8.                                      Governing Law.   THIS AGREEMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

 

9.                                      Execution in Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

[THE NEXT PAGE IS THE SIGNATURE PAGE]

 

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IN WITNESS WHEREOF, this Agreement has been duly executed by each of the undersigned as of the day and year first set forth above.

 

 

WITNESSES:

 

 

	
 
    	
 
    	
VIRTUSA CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Ranjan Kalia
    
	
 
    	
 
    	
Name: Ranjan Kalia
    
	
 
    	
 
    	
Title: EVP & CFO
    
	
 
    	
 
    	
Duly Authorized
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
INSOURCE HOLDINGS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Ranjan Kalia
    
	
 
    	
 
    	
Name: Ranjan Kalia
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    	
Duly Authorized
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
INSOURCE, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Ranjan Kalia
    
	
 
    	
 
    	
Name: Ranjan Kalia
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    	
Duly Authorized
    
						

 

[Signature Page (1) to Master Reaffirmation and Amendment No. 1 to Loan Documents]

 

 

	
 
    	
 
    	
JPMORGAN CHASE BANK, N.A. as   Administrative Agent
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Jacob Dowden
    
	
 
    	
 
    	
Name: Jacob Dowden
    
	
 
    	
 
    	
Its Senior Vice President
    
	
 
    	
 
    	
Duly Authorized
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
JPMORGAN CHASE BANK, N.A. as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Jacob Dowden
    
	
 
    	
 
    	
Name: Jacob Dowden
    
	
 
    	
 
    	
Its Senior Vice President
    
	
 
    	
 
    	
Duly Authorized
    
					

 

[Signature Page (2) to Master Reaffirmation and Amendment No. 1 to Loan Documents]

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