Document:

Exhibit 10.1

 

FORM OF REGISTRATION RIGHTS AND INDEMNIFICATION
AGREEMENT BY AND BETWEEN A.C.I. AIRPORTS S. Á R. L. AND CORPORACIÓN AMÉRICA AIRPORTS S.A.

 

     

     

    

 

REGISTRATION RIGHTS AND INDEMNIFICATION
AGREEMENT

 

dated as of January [__], 2018

 

by and between

 

A.C.I. Airports S.
á r. l.

 

and

 

CORPORACIÓN AMÉRICA AIRPORTS
S.A.

 

     

     

    

 

REGISTRATION RIGHTS AND INDEMNIFICATION
AGREEMENT

 

THIS REGISTRATION RIGHTS AND INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into as of January [__], 2018, by and among CORPORACIÓN
AMÉRICA AIRPORTS S.A., a public limited company (société anonyme) organized under the laws of Luxembourg
(the “Company”), and A.C.I. AIRPORTS S. à R.L., a private limited liability company (société
à responsabilité limitée) organized under the laws of Luxembourg (the “Holder”).

 

WHEREAS, (i) the Company has issued
and delivered to the Holder ordinary shares, par value U.S$1.00 per share of the Company (the “Ordinary Shares”)
in connection with the conversion of A.C.I. Airports International S.à r.l. from a Luxembourg limited liability company
(société à responsabilité limitée) into a Luxembourg public company (société
anonyme), and (ii) the Company has agreed to grant the Holder and its Shareholder Group the registration rights set forth herein;
and

 

WHEREAS, the Company has agreed
to indemnify the Holder against any certain losses incurred by the Holder in connection with (i) certain letters of guarantee
provided by the Holder under certain credit facilities provided by the Brazilian National Development Bank (Banco Nacional
do Desenvolvimento Econômico e Social – “BNDES”) to Inframérica Concessionaria do
Aeroporto de Brasilia S.A. (“ICAB”), an indirect subsidiary of the Company, and (ii) certain guarantee
obligations of the Holder under a banking letter of credit of ICAB with Banco Citibank S.A. (each, a
“Guarantee Obligation” and collectively, the “Guarantee Obligations”).

 

NOW, THEREFORE, the parties hereto,
in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth, hereby agree as follows:

 

Article 1

DEFINITIONS

 

1.1.          Definitions.
In addition to the words and terms defined elsewhere in this Agreement, the following terms and phrases shall, for purposes of
this Agreement, have the meanings set forth below:

 

(a)       Adverse
Disclosure means public disclosure of material non-public information, disclosure of which, in the good faith judgment of the
Company’s board of directors, after consultation with outside legal counsel, (i) would be required to be made in any Registration
Statement filed by the Company so that such Registration Statement would not be false or misleading in any material respect, (ii)
would not be required to be made at such time but for the filing or publication of such Registration Statement and (iii) the Company
has a bona fide business purpose for not disclosing publicly.

 

     

     

    

 

(b)       Affiliates
means, with respect to any Person, any other Person that, alone or together with any other Person, directly or indirectly through
one or more intermediaries controls, is controlled by or is under common control with, such Person. For the purpose of this definition,
“control” (including the terms “controlling”, “controlled by” and “under common control
with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract,
agency or otherwise.

 

(c)       Applicable
Regulator means, in respect of the registration by the Company of any of the Registrable Securities, any Governmental Authority
or self-regulatory body or other body having jurisdiction, including any domestic or foreign stock exchange, over the registration,
listing, marketing or sale of such securities.

 

(d)       Applicable
Securities Law means all Laws of any Governmental Authority applicable to the offer, issuance, registration and regulation
of the Registrable Securities.

 

(e)       BNDES
has the meaning set forth in the Recitals.

 

(f)        Company
Sale has the meaning set forth in Section 2.2.

 

(g)       Cutback
Event has the meaning set forth in Section 2.3(a).

 

(h)        Demand
Notice has the meaning set forth in Section 2.1(c).

 

(i)         Demand
Registration has the meaning set forth in Section 2.1(a).

 

(j)         Demand
Registration Statement has the meaning set forth in Section 2.1(a).

 

(k)        Demand
Request has the meaning set forth in Section 2.1(a).

 

(l)        Demand
Request Commencement Date means any date after the completion of an Initial Public Offering.

 

(m)      Demand
Suspension has the meaning set forth in Section 2.1(d).

 

(n)       Exchange
Act means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(o)       Governmental
Authority means any governmental, regulatory or administrative body, agency, commission, board, arbitrator or authority, any
court or judicial authority, any public, private or industry regulatory authority, to which a party, by the nature of its activities,
is subject, whether international, national, federal, state or local, and any entity or official exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to any Laws to which a party, by the nature of its activities,
is subject.

 

(p)       Guarantee
Obligations has the meaning set forth in the Recitals.

 

(q)       Holdback
has the meaning set forth in Section 2.6(c).

 

(r)        ICAB
has the meaning set forth in the Recitals.

 

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(s)        Initial
Public Offering means the first Underwritten Offering to the public of Registrable Securities.

 

(t)         Laws
means and includes: (i) any statute, decree, constitution, rule, regulation, ordinance, code, requirement, announcement, order,
judgment, decree, directive or other binding action of or by any Governmental Authority; (ii) any treaty, pact, compact or other
agreement to which any Governmental Authority is a signatory or party; (iii) any judicial or administrative interpretation of application
of any Law described in (i) or (ii) above; and (iv) any amendment or revision of any Law described in (i), (ii) or (iii) above.

 

(u)       Ordinary
Shares has the meaning set forth in the Recitals.

 

(v)        Person
means any natural person, corporation, association, partnership, organization, business, firm, trust, joint venture, unincorporated
organization or any other entity or organization, including a Governmental Authority.

 

(w)       Piggyback
Registration has the meaning set forth in Section 2.2.

 

(x)        Preceding
Registration Statement has the meaning set forth in Section 2.4.

 

(y)       Pro
Rata Portion means ratio of (i) the total number of Ordinary Shares held by any Person other than the Holder or any member
of the Stockholder Group to (ii) the total number of Ordinary Shares and securities convertible into Ordinary Shares, as of any
date of determination.

 

(z)       Prospectus
means the prospectus included in any Registration Statement, including any preliminary prospectus, all amendments and supplements
to such prospectus, including post-effective amendments, all related stock exchange listing materials and all other material incorporated
by reference in such prospectus.

 

(aa)     Registrable Securities
means: (i) Ordinary Shares, (ii) securities of the Company convertible into, or exchangeable or exercisable for, Ordinary
Shares and (iii) any other securities into which the Ordinary shares may be converted or exchanged in order to facilitate an Initial
Public Offering; provided that any particular Registrable Securities shall cease to be Registrable Securities to the extent
(i) a Registration Statement with respect to the sale of such Registrable Securities has been declared effective under the Securities
Act or declared effective or approved and published, as applicable, under the applicable Law of the relevant jurisdiction and
such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement
and/or Prospectus in each case in accordance with applicable laws, (ii) such Registrable Securities have been sold pursuant
to Rule 144 (or any similar provisions then in force) under the Securities Act or any other exemption from registration under
applicable Law or (iii) such Registrable Securities shall have been otherwise sold or transferred and, if applicable, new
certificates for them not bearing a legend restricting transfer shall have been delivered by the Company and such securities may
be publicly resold without registration or qualification under the Securities Act or any similar law then in force or under the
applicable Law of the relevant jurisdiction.

 

(bb)      Registration Expenses
has the meaning in Section 2.7.

 

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(cc)      Registration Statement
means any registration statement of the Company filed with, or to be filed with, the SEC under the rules and regulations promulgated
under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement.

 

(dd)     SEC means the
United States Securities Exchange Commission or any successor thereof.

 

(ee)      Securities Act means
the Securities Act of 1933, as amended, and the rules and the regulations promulgated thereunder.

 

(ff)       Selling Shareholders
means the Persons whose Registrable Securities are included in a registration pursuant to this Agreement.

 

(gg)     Shareholder Group
means any Affiliate to which the Holder transfers Registrable Securities.

 

(hh)     Underwritten Offering
means an offering in which Registrable Securities of the Company are sold to an underwriter or underwriters for reoffering
to the public or in which an underwriter or underwriters commit to acquire such securities if and to the extent they are not acquired
by third parties.

 

Article 2

REGISTRATION RIGHTS

 

2.1.          Demand
Registrations.

 

(a)           From
time to time and subject to the limitations set forth herein, after the Demand Request Commencement Date, the Holder may request
in writing (a “Demand Request”) that the Company effect the registration or listing of all or a portion of the
Registrable Securities held by such Holder and its Shareholder Group (a “Demand Registration”). Each Demand
Request shall specify the number of Registrable Securities to be registered. The Company shall file as expeditiously as reasonably
possible a Registration Statement relating to such Demand Registration (a “Demand Registration Statement”) and
shall use its best efforts to effect such registration under applicable Law in the form of an Underwritten Offering.

 

(b)           In
no event shall the Company be required to effect and complete more than five (5) Demand Registrations requested by the Holder;
provided that a request for registration will not count for the purposes of this limitation if (A) prior to the sale of
at least 80% of the Registrable Securities included in the registration relating to such request, such registration is adversely
affected by any stop order, injunction or other order or requirement of the Applicable Regulator or other Governmental Authority
or court for any reason and the Company fails to have such stop order, injunction or other order or requirement removed, withdrawn
or resolved within 30 days of the date of such order or (B) the conditions to closing specified in the underwriting agreement
or purchase agreement entered into in connection with the registration relating to such request are not satisfied (other than as
a result of acts or omissions of the Holder making the Demand Request), (ii) more than two (2) Demand Registrations in any twelve
(12) month period or (iii) any Demand Registration that would register in the aggregate less than [$50.0 million] of the capital
stock of the Company.

 

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(c)            If
the filing, initial effectiveness, publication or continued use of a Demand Registration Statement at any time would require the
Company to make an Adverse Disclosure or to utilize financial statements that in the opinion of the independent public accountants
of the Company do not comply with applicable Law, the Company may, upon giving prompt written notice of such action to the Holder,
delay the filing, publication or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand
Suspension”); provided that in the case of an Adverse Disclosure such Demand Suspensions shall not extend for
more than 90 days in any twelve-month period. In the case of a Demand Suspension, the Holder agrees to suspend use of the applicable
Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice
referred to above. The Company shall immediately (i) notify the Holder upon the termination of any Demand Suspension, (ii) amend
or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission therein and (iii) furnish to
the Holder such numbers of copies of the Prospectus as so amended or supplemented as the Holder may reasonably request.

 

(d)          The
Company shall have the right to select the underwriters to administer any Demand Offering, subject to the approval of the Holder
(which approval shall not be unreasonably withheld or delayed), as applicable.

 

2.2.         Piggyback Registrations.
If the Company at any time proposes to file or publish a Registration Statement under the Securities Act, respectively, with respect
to any offering of its securities for its own account or for the account of any other Persons (other than (i) a registration
under Section 2.1 or (ii) a registration on Form S-4, F-4 or S-8 or any similar or successor form to such Forms (such
registration pursuant to clause (ii), a “Company Sale”)), then, as soon as practicable (but in no event less
than 30 business days prior to the proposed date of filing or publishing, as the case may be, such Registration Statement), the
Company shall give written notice of such proposed filing to the Holder of Registrable Securities and such notice shall offer
the Holder the opportunity, subject to Section 2.3, to register under such Registration Statement such number of Registrable
Securities as the Holder may request in writing (a “Piggyback Registration”). Pursuant and subject to Section 2.3,
the Company shall include in such Registration Statement all such Registrable Securities which are requested to be included therein
within 21 days after the receipt by the Holder of any such notice; including, if necessary, filing with the SEC, a post-effective
amendment or a supplement to such Registration Statement or the related Prospectus or any document incorporated therein by reference
or filing any other required document or otherwise supplementing or amending such Registration Statement, if required by the rules,
regulations or instructions applicable to the registration form used by the Company for such Registration Statement or by the
Securities Act, any state securities or blue sky laws, or any rules and regulations thereunder; provided that if at any
time after giving written notice of its intention to register any securities of the Company and prior to the effective date of
the Registration Statement filed in connection with such registration, the Company shall determine for any reason not to register
or to delay registration of all of such securities, the Company may, at its election, give written notice of such determination
to the Holder and, thereupon, (i) in the case of a determination not to register, shall be relieved of its obligation to
register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration
Expenses in connection therewith) and (ii) in the case of a determination to delay registering, shall be permitted to delay
registering any Registrable Securities, for the same period as the delay in registering such other securities. If the offering
pursuant to such Registration Statement is to be an Underwritten Offering, then the Holder making a request for a Piggyback Registration
pursuant to this Section 2.2 must, and the Company shall make such arrangements with the underwriters so that the Holder
may, participate, subject to Section 2.3, in such Underwritten Offering. If the offering pursuant to such Registration Statement
is to be on any other basis, then the Holder making a request for a Piggyback Registration pursuant to this Section 2.2 must,
and the Company will make such arrangements so that the Holder may, participate, subject to Section 2.3, in such offering
on such basis. The Holder shall be permitted to withdraw all or part of its Registrable Securities from a Piggyback Registration
at any time prior to the effective date thereof.

 

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2.3.         Priority
on Registrations.

 

(a)            Notwithstanding
anything to the contrary in this Agreement, subject to Section 2.3, if the managing underwriter(s) of a registered offering
of Registrable Securities advise(s) the Company that in its reasonable opinion the number of securities requested to be included
in any registration statement pursuant to this Article 2 exceeds the number which can be sold without adversely affecting
the price, timing or distribution of the securities offered or on the marketability of such offering (including an adverse effect
on the per share offering price) (a “Cutback Event”), the Company will include in such registration or prospectus
only such number of securities of the Holder that in the reasonable opinion of such managing underwriter(s) can be sold without
causing a Cutback Event, which securities will be allocated as follows:

 

(i)       for
Demand Registrations, first, any Registrable Securities of the Holder and its Shareholder Group set forth in a Demand Request
for registration of their Registrable Securities pursuant to Section 2.1, and second, any Registrable Securities proposed
to be registered by the Company or any other Person; and

 

(ii)      for
Piggyback Registrations pursuant to Section 2.2, first, Registrable Securities proposed to be registered by the Company,
second, Registrable Securities of the Holder (or members of such Holder’s Shareholder Group) who have requested registration
of their Registrable Securities pursuant to Section 2.2, pro rata on the basis of their respective ownership interest
in the Company at the time of the offering and third, any Registrable Securities proposed to be registered by any other
Person.

 

2.4.          Black-out
Periods. The Company shall not be obligated to file any Registration Statement during the
period (A) commencing with the date on which either (1) the Company previously received a request to file a Registration
Statement pursuant to Section 2.1 or (2) the Company, pursuant to Section 2.2, previously or simultaneously
notified the Holder of its intention to file a Registration Statement (in either case, such Registration Statement being
hereinafter referred to as the “Preceding Registration Statement”) and (B) ending with the earliest of (1)
if such Preceding Registration Statement has been filed but has not become effective, 180 days following the filing of such
Preceding Registration Statement, (2) if such Preceding Registration Statement has not been filed, 270 days after
notification of intention to file, (3) if such Preceding Registration Statement has become effective, 180 days after such
Preceding Registration Statement has become effective (subject to any period after such Preceding Registration Statement
becomes effective, which the managing Underwriter has designated as the minimum period during which the Company and the
Holder shall not engage in any new registered offerings) and (4) the date of abandonment by the Company of its intention
to file such Preceding Registration Statement or the date of withdrawal of the request under Section 2.1 by the Party
making the request.

 

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2.5.        Registration
Procedures.

 

(a)           In
the event that the Holder requests that its or any of its Shareholder Group’s Registrable Securities be registered pursuant
to this Article 2, the Company will use its best efforts to effect the registration to permit the sale of such Registrable
Securities in accordance with the intended method of disposition thereof as expeditiously as reasonably practicable, and in connection
therewith the Company will:

 

(i)       prepare
and file with the Applicable Regulator a registration statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such registration statement to become effective as soon as practicable thereafter; and before filing a registration
statement or prospectus or any amendments or supplements thereto, furnish to the Holder (and any other Selling Shareholder) and
the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated by
reference in the Prospectus and, if requested by the Selling Shareholders, the Selling Shareholders (and the underwriter(s), if
any) shall have a reasonable opportunity to review and comment thereon;

 

(ii)      prepare
and file with the Applicable Regulator such amendments and supplements to such Registration Statement and the Prospectus used in
connection therewith as may be required to keep such Registration Statement effective for a period of not less than 120 days, or
such shorter period as is necessary to complete the distribution of the securities covered by such registration statement and comply
with the provisions of Applicable Securities Law with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of disposition by the Selling Shareholders set forth in such
registration statement;

 

(iii)     furnish
to the Selling Shareholders such number of copies of such Registration Statement, each amendment and supplement thereto, the Prospectus
included in such Registration Statement (including each preliminary prospectus) and such other documents as any underwriter(s)
or Selling Shareholder may reasonably request in order to facilitate the disposition of the Registrable Securities;

 

(iv)     use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of
such jurisdictions as any underwriter(s) or Selling Shareholder reasonably requests and do any and all other acts and things that
may be reasonably necessary or advisable to enable any Selling Shareholders and any underwriter(s) to consummate the disposition
in such jurisdictions of the Registrable Securities; provided that the Company will not be required to qualify generally
to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or
general service of process in any such jurisdiction where it is not then so subject;

 

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(v)      in
the case of an underwritten offering, (A) enter into such agreements (including underwriting agreements in customary form) as are
customary in an underwritten offering and all of the representations and warranties by, and the other agreements on the part of,
the Company in the underwriting agreement and other agreements to and for the benefit of such underwriters, shall also be made
for the benefit of the Selling Shareholders for the limited purpose of its participation in such offering, (B) take all such other
actions as the underwriter(s) reasonably request in order to expedite or facilitate the disposition of such Registrable Securities
(including, without limitation, using best efforts to cause senior management and other Company personnel to cooperate with the
Selling Shareholders and the underwriter(s) in connection with performing due diligence) and (C) use its reasonable best efforts
to cause its counsel to issue opinions of counsel in form, substance and scope as are customary in primary underwritten offerings,
addressed and delivered to the underwriter(s);

 

(vi)     use
its reasonable best efforts to cause all such Registrable Securities to be listed on each securities exchange or automated quotation
system on which the equity securities of the Company are then listed, if any;

 

(vii)    provide
a transfer agent and registrar for all Registrable Securities not later than the effective date of such Registration Statement;

 

(viii)   if
requested, use its reasonable best efforts to cause to be delivered, immediately prior to the pricing of any underwritten offering,
immediately prior to effectiveness of each Registration Statement (and, in the case of an underwritten offering, at the time of
closing of the sale of the Registrable Securities pursuant thereto), letters from the Company’s independent registered public
accountants addressed to each underwriter, if any, stating that such accountants are independent public accountants within the
meaning of the Securities Act (and the applicable rules and regulations adopted by the SEC thereunder) or other Applicable Securities
Laws, rule or regulation, and otherwise in customary form and covering such financial and accounting matters as are customarily
covered by letters of the independent registered public accountants delivered in connection with primary underwritten public offerings;
and

 

(ix)      promptly
notify the Selling Shareholders and the underwriter or underwriters, of the following events, if any:

 

(A)       when
the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment
to the Registration Statement has been filed with the SEC and, with respect to the Registration Statement or any post-effective
amendment, when the same has become effective;

 

(B)       of
any written request by the Applicable Regulator for amendments or supplements to the Registration Statement or Prospectus;

 

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(C)       of
the notification to the Company by the Applicable Regulator of its initiation of any proceeding with respect to the issuance by
the Applicable Regulator of any stop order suspending the effectiveness of the Registration Statement;

 

(D)       of
the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities
for sale under the Applicable Securities Laws of any jurisdiction; and

 

(E)       of
the happening of any event that requires the making of any changes in any Registration Statement or the Prospectus included therein
in order that the statements therein are not misleading and do not omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading (at the request of any Selling Shareholders or any underwriter(s), the
Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable
Securities, such Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein not misleading).

 

(b)           The
Holder agrees that, upon receipt of any notice from the Company pursuant to 2.5(a)(ix)(B) through (E), the Holder will discontinue
disposition of any Registrable Securities until such Holder’s receipt of copies of a supplemental or amended Prospectus or
until advised in writing (the “Advice”) by the Company and its outside legal counsel that the use of the applicable
Prospectus may be resumed. In the event the Company shall give any such notice, the period during which the applicable Registration
Statement is required to be maintained effective shall be extended by the number of days during the period from and including the
date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration
Statement either receives the copies of the supplemented or amended Prospectus or receives Advice.

 

2.6.        Underwritten
Offerings.

 

(a)            If
requested by the underwriters for any Underwritten Offering, the Company shall enter into an underwriting agreement with such underwriters
for such offering, such agreement to be reasonably satisfactory in substance and form to the Company and the underwriters. Such
agreement shall contain such representations and warranties by the Company and such other terms as are generally prevailing in
agreements of that type, including, without limitation, indemnities generally to the effect and to the extent of those provided
in Section 2.8. The Holder of any Registrable Securities to be included in any Underwritten Offering by such underwriters
shall enter into such underwriting agreement at the request of the underwriters.

 

(b)           No
Person may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities
on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the
terms of such underwriting arrangements.

 

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(c)           The
Holder of Registrable Securities agrees, if so required by the managing underwriter of any underwritten registration pursuant to
Section 2.1 or 2.2, that it will agree to “Holdbacks” to the extent that (A) such Holdbacks apply to the Company
and Selling Shareholders on equal or more restrictive terms and (B) such Holdbacks are limited to one hundred eighty (180) days
after the Registration Statement for such Underwritten Offering has become effective. For the purpose of this Agreement, to “Holdback”
is to refrain from selling, making any short sale of, loaning, granting any option for the purchase of, effecting any public sale
or distribution of or otherwise disposing of any securities of the Company, except as part of such underwritten registration, whether
or not such holder participates in such registration. The Holder of Registrable Securities agrees that the Company may instruct
its transfer agent to place stop transfer notations in its records to enforce such Holdbacks. The Company agrees (A) if so required
by the managing underwriter, that it would be subject to the same Holdbacks as the Holder, except pursuant to registrations on
Form F-4, S-4, S-8 or any successor or similar forms thereto, and (B) to cause each holder of its securities or any securities
convertible into or exchangeable or exercisable for any of such securities, in each case purchased from the Company at any time
after the date of this Agreement (other than in a public offering) to agree to such Holdbacks.

 

2.7.        Expenses.

 

(a)           All
expenses incurred in connection with each Demand Registration or a Piggyback Registration pursuant to, and incident to the Company’s
performance of or compliance with, this Article 2, including, without limitation, (i) all registration and filing fees, (ii)
fees and expenses of compliance with securities or blue sky laws, (iii) listing application fees, printing expenses, transfer agent’s
and registrar’s fees, cost of distributing prospectuses in preliminary and final form as well as any supplements thereto
and (iv) fees and disbursements of counsel for the Company and all accountants and other Persons retained by the Company (all such
expenses being herein called “Registration Expenses”) shall be borne by the Company. All underwriting discounts
or commissions or transfer taxes, if any, attributable to the sale of Registrable Securities shall be borne ratably by all Selling
Shareholders in proportion to the number of their respective Registrable Securities that are included in such registration. The
Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance
and the expenses and fees for listing the securities on the exchange or automated quotation system on which they are listed.

 

(b)           The
obligation of the Company to bear the Registration Expenses described in Section 2.7 shall apply irrespective of whether a
registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended, is converted to another form
of registration and irrespective of when any of the foregoing shall occur.

 

2.8.         Indemnification.

 

(a)           The
Company shall indemnify and hold harmless, to the fullest extent permitted by Law, the Selling Shareholders and each underwriter
and each of their respective officers, directors, employees and Affiliates and each Person who controls the Selling Shareholders
and each such underwriter (within the meaning of the Securities Act) against any losses, claims, damages, liabilities, joint or
several, in respect thereof, and expenses arising out of or based upon (i) any untrue or alleged untrue statement of a material
fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto
or in any application, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading or (iii) any violation or alleged violation by the Company of Applicable Securities
Laws, in each case, as determined by a final non-appealable judgment of a court of competent jurisdiction, except insofar as the
same are made in reliance and in conformity with written information prepared and furnished to the Company by the Selling Shareholders
or such underwriter, as the case may be, expressly for use therein, or otherwise resulting from the fraud, gross negligence or
bad faith on behalf of the Selling Shareholders.

 

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(b)           In
connection with any Registration Statement that includes Registrable Securities owned by any Selling Shareholder, such Selling
Shareholder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in
connection with any such Registration Statement or Prospectus and will indemnify and hold harmless the Company, severally and not
jointly, its directors and officers, each underwriter and each other Person who controls the Company (within the meaning of the
Securities Act) and each such underwriter against any losses, claims, damages, liabilities, to which the Company or any such director
or officer, any such underwriter or controlling Person may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out
of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or in any application or (ii) any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only
to the extent that such untrue statement or omission is made in such Registration Statement, any such Prospectus or preliminary
Prospectus or any amendment or supplement thereto, or in any application, in reliance upon and in conformity with written information
prepared and furnished to the Company by a Selling Shareholder expressly for use therein, and such Selling Shareholder will reimburse
the Company and each such director, officer, shareholder, underwriter and controlling Person for any legal or any other expenses
actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability,
action or proceeding; provided that the obligation to indemnify and hold harmless will be limited to the net amount of proceeds
received by such Selling Shareholder from the sale of Registrable Securities pursuant to such registration statement.

 

(c)           The
provisions of this Section 2.8 shall survive any termination of this Agreement.

 

(d)           If
the indemnification provided for in or pursuant to this Section 2.8 is due in accordance with the terms hereof, but is held
by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein,
then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other
hand, in connection with the statements or omissions that result in such losses, claims, damages, liabilities or expenses as well
as any other relevant equitable considerations. The relative fault of the indemnifying party, on the one hand, and of the indemnified
Person, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. In no event shall the liability of a Selling Shareholder be greater in amount
than the amount of net proceeds received by such Selling Shareholder upon such sale.

 

    	 	11	 

     

    

 

2.9.          Rule
144. The Company covenants that, to the extent the Registrable Securities are registered
under the Securities Act, it will file the reports required to be filed by it under the Securities Act and the Exchange Act
and the rules and regulations adopted by the SEC thereunder, and it will take such further action as the Holder may
reasonably request to make available adequate current public information with respect to the Company meeting the current
public information requirements of Rule 144(c) under the Securities Act, to the extent required to enable the Holder and its
Shareholder Group to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or
(ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of the Holder, the Company will
deliver to the Holder a written statement as to whether it has complied with such information and requirements.

 

2.10.         Transfer of
Registration Rights. The rights of the Holder pursuant to Section 2.1 are not
transferable, directly or indirectly, and the Holder shall be the only Person that may submit a Demand Request (for itself
and on behalf of its Shareholder Group) pursuant to this Agreement.

 

2.11.        Termination
of Registration Rights. The rights of the Holder under this Article 2 will terminate
at such time as all of the Registrable Securities held by the Holder and members of such Holder’s Shareholders Group
have been sold in a public offering or may be sold by the Holder to the public on any market on which such Registrable
Securities are traded without any restriction as to volume.

 

Article 3

SHAREHOLDER INDEMNITY

 

3.1.          Indemnity
for Guarantee Obligations.

 

  (a)           The
Company shall indemnify and hold harmless, to the fullest extent permitted by Law, the Holder and each of its officers, directors,
employees and Affiliates (other than the Company) against the Pro Rata Portion of any losses, claims, damages, liabilities, joint
or several, in respect thereof, and expenses arising out of or based upon, any of the Guarantee Obligations (whether through amendment,
termination, enforcement, payment of such underlying primary obligations, or otherwise), in each case, as determined by a final
non-appealable judgment of a court of competent jurisdiction. In addition, the Company will reimburse the Holder and each such
director, officer, shareholder, underwriter and controlling Person of the Holder for any legal or any other expenses actually and
reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or
proceeding.

    	 	12	 

     

    

 

(b)           The
provisions of this Section 3.1 shall survive any transfer of securities and any termination of this Agreement, and shall continue
until all such Guarantee Obligations are satisfied and the Holder is released from all such Guarantee Obligations.

 

Article 4

MISCELLANEOUS

 

4.1.          Notices.
All notices, consents, waivers and other communications required or permitted by this Agreement shall be in writing and shall
be deemed received by a party when (a) delivered to the appropriate address by hand or by internationally recognized
overnight courier service (costs prepaid), or (b) sent by facsimile or electronic (pdf) transmission (with oral confirmation
of receipt), in each case to the addresses and facsimile numbers and marked to the attention of the person (by name and
title) designated on Schedule A (or to such other address, facsimile number, email address or person as a party may
designate by notice to the other parties).

 

4.2.          Binding
Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted
by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns.

 

4.3.          Interpretation.
Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine, neuter, singular or plural,
whichever shall be applicable. Unless otherwise specified, all references herein to “Articles”,
“Sections” and paragraphs shall refer to corresponding provisions of this Agreement.

 

4.4.          Severability.
If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of
law (including but not limited to Applicable Securities Laws), or public policy, all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so
as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the
transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

4.5.          Counterparts.
This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts
transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for
purposes of this Section 4.5.

 

    	 	13	 

     

    

 

4.6.        Entire
Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof
and supersedes all prior agreements and understandings pertaining thereto.

 

4.7.        Governing
Law; Dispute Resolution.

 

(a)           Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(b)          Dispute
Resolution. Any dispute, disagreement, controversy or claim arising out of or in connection with this Agreement between or
among the parties hereto (a “Dispute”) shall be resolved in accordance with this Section 4.7. In the event
of a Dispute, the parties shall exercise commercially reasonable efforts to resolve the matter amicably. If a party gives the
other notice that a Dispute has arisen (a “Dispute Notice”) and the parties are unable to resolve the Dispute
within fifteen (15) days of such notice, then the Dispute shall be referred to the senior executives of the parties to the Dispute.
If the senior executives of the parties to the Dispute are unable to resolve the Dispute within fifteen (15) days of such referral,
then the parties to the Dispute may go to the courts of the State of New York to resolve the Dispute.

 

(c)           Consent
to Jurisdiction. Any action or proceeding against the Holder or the Company relating to this Agreement may be brought and
enforced in the federal courts of the United States for the Southern District of New York, and the Company and the Holder hereby
irrevocably submits to the jurisdiction of such court in respect of any such action or proceeding. So long as the Company or the
Holder has any obligations under this Agreement, it will maintain a duly appointed agent in New York City for the service of such
process or summons, and if it fails to maintain such an agent, any such process or summons may be served by mailing a copy thereof
by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for notices
hereunder.

 

(i)             The
Company and the Holder irrevocably waives, to the fullest extent permitted by applicable Law, any objection that it may now or
thereafter have to the laying of venue of any such action or proceeding in the federal courts of the United States for the Southern
District of New York located in the city of New York, Borough of Manhattan, and any claim that any such action or proceeding brought
in any such court has been brought in an inconvenient forum.

 

(ii)            Each
party hereto irrevocably waives any right it may now or hereafter have to a trial by jury in respect of this Agreement.

 

4.8.        Specific
Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was
not performed in accordance with the terms hereof and that the parties hereto shall be entitled to specific performance of the
terms hereof, in addition to any other remedy at law or in equity.

 

4.9.        Amendments
and Waivers; Assignment.

 

(a)           Any
provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the
case of an amendment, by all parties hereto or, in the case of a waiver, by the party or parties against whom the waiver is to
be effective.

 

    	 	14	 

     

    

 

(b)            No
failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period
of time specified herein) shall operate as a waiver thereof and no single or partial exercise thereof shall preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall
be cumulative and not exclusive of any rights or remedies provided by law.

 

4.10.         No
Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto, and
except for the provisions herein for the benefit of Selling Shareholders, nothing herein, express or implied, is intended to or
shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or
by reason of this Agreement.

 

4.11.         Headings.
The headings and subheadings in this Agreement are included for convenience and identification only and are in no way intended
to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.

 

4.12.        Construction.
Each party hereto acknowledges and agrees it has had the opportunity to draft, review and edit the language of this Agreement
and that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in
any Dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereto hereby waive the benefit
of any rule of law or any legal decision that would require, in cases of uncertainty, that the language of a contract should be
interpreted most strongly against the party who drafted such language.

 

[the remainder of this
page was intentionally left blank; signature page follows]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Registration Rights and Indemnification Agreement to be duly executed by their respective authorized
signatories hereunto duly authorized as of the day and year first above written.

 

	 	CORPORACIÓN AMÉRICA AIRPORTS S.A.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	A.C.I. AIRPORTS S.à R.L.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:    	 

 

    	 	16	 

     

    

 

Schedule A

 

A.C.I. Airports S. á
r. l.

 

c/o [__________]

[__________]

[__________]

Attention:         [__________]

                         [__________]

                         [__________]

Phone: [__________]

Fax: [__________]

E-mail: [__________]

 

CORPORACIÓN AMÉRICA AIRPORTS S.A.

 

c/o [__________]

[__________]

[__________]

Attention:         [__________]

                         [__________]

                         [__________]

Phone: [__________]

Fax: [__________]

E-mail: [__________]clw-ex101_6.htm

Exhibit 10.1

 

AMENDMENT TO THE Credit Agreement

This AMENDMENT TO THE CREDIT AGREEMENT (this “Amendment”), effective as of December 31, 2017, is entered into by and among (1) CLEARWATER PAPER CORPORATION, a Delaware corporation (the “Borrower”); (2) Lenders (as defined below) constituting the Required Lenders (as defined in the Credit Agreement referred to below); and (3) WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”):  

WHEREAS, the Borrower, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent have previously entered into that certain Credit Agreement, dated as of October 31, 2016 (as in effect immediately prior to the date hereof, the “Existing Credit Agreement” and as the same may be amended, restated, supplemented or otherwise modified and in effect from time to time, including, but not limited to, by this Amendment, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Administrative Agent and the Required Lenders make amendments to the Existing Credit Agreement as set forth in this Amendment; and

WHEREAS, the Administrative Agent and the Lenders that are signatories hereto, constituting Required Lenders, are willing to grant such request on the terms and subject to the conditions set forth in this Amendment.

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

1.Definitions.  Capitalized terms are used in this Amendment as defined in the Credit Agreement unless otherwise defined herein.

2.Amendments to the Existing Credit Agreement. On the terms of this Amendment and subject to the satisfaction of the conditions precedent set forth in Section 3 below:

(a)Section 8.13 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: 

(a)Consolidated Total Leverage Ratio. Beginning with the fiscal quarter ending December 31, 2017, as of the last day of any fiscal quarter, permit the Consolidated Total Leverage Ratio to be greater than the ratio set forth opposite such fiscal quarter below;

 

 

		
	
Fiscal Quarter Ending:
	
Ratio:

	
December 31, 2017
	
4.50:1.00

	
March 31, 2018
	
4.50:1.00

	
June 30, 2018
	
4.50:1.00

	
September 30, 2018
	
4.50:1.00

 
 

 

		
	
December 31, 2018
	
4.50:1.00

	
March 31, 2019
	
4.25:1.00

	
June 30, 2019
	
4.25:1.00

	
September 30, 2019
	
4.25:1.00

	
December 31, 2019
	
4.25:1.00

	
March 31, 2020 and thereafter
	
4.00:1.00

 

provided that if the Borrower or any of its Subsidiaries consummates an Acquisition or series of related Acquisitions within a twelve-month period with an aggregate consideration in excess of $125,000,000, then the ratio set forth above shall be deemed to be 4.50:1.00 as of the last day of each of the four fiscal quarters ending after the most recent such Acquisition (and such adjustment shall apply to the fiscal quarter most recently ended for which financial statements have been delivered hereunder solely for purposes of calculating compliance with this Section 8.13(a) on a Pro Forma Basis pursuant to clause (d) of the definition of Permitted Acquisition). Notwithstanding the foregoing, if the proviso to the previous sentence has been applicable with respect to the last day of four consecutive fiscal quarters, it shall be disregarded and given no effect as of the last day of each of the two fiscal quarters immediately following such four consecutive fiscal quarter period (regardless of any Acquisitions consummated in the interim).

 

(b)Consolidated Interest Coverage Ratio.  Beginning with the fiscal quarter ending December 31, 2017, as of the last day of any fiscal quarter, permit the Consolidated Interest Coverage Ratio to be less than the ratio set forth opposite such fiscal quarter below:

 

 

		
	
Fiscal Quarters Ending:
	
Ratio:

	
Prior to December 31, 2020
	
1.75:1.00

	
December 31, 2020 and thereafter
	
2.25:1.00

 

 

3.Conditions Precedent to the Effectiveness of this Amendment.  This Amendment shall be deemed effective, and shall have retroactive effect to December 31, 2017 (the “Amendment Effective Date”), upon satisfaction of the following conditions: 

(a)The Administrative Agent shall have received, on behalf of the Lenders, this Amendment, duly executed and delivered by the Borrower, the Required Lenders and the Administrative Agent (and consented to by the Guarantors) by no later than 12:00 p.m. (New York City time) on January 5, 2018;

(b)The Administrative Agent shall have received a corresponding amendment to the FCS Facility, duly executed by each party thereto (and consented to by the Guarantors (as 

2

 
 

 

defined under the FCS Facility)) in form and substance reasonably satisfactory to the Administrative Agent;

(c)No Default or Event of Default shall have occurred and be continuing; and

(d)The representations and warranties set forth in this Amendment shall be true and correct in all material respects as of the Amendment Effective Date (except to the extent any such representation and warranty is expressly stated to have been made as of a specific date, in which case it shall be true and correct as of such specific date).

4.Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment and to amend the Existing Credit Agreement in the manner provided in this Amendment, the Borrower represents and warrants to the Administrative Agent and each Lender as follows:

(a)Authorization of Agreements; Enforceability.  The Borrower has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Amendment in accordance with its terms.  This Amendment has been duly executed and delivered by duly authorized officers of the Borrower and constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal Debtor Relief Laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.

(b)Representations and Warranties in the Credit Agreement.  The Borrower confirms that as of the Amendment Effective Date, (i) the representations and warranties contained in Article VI of the Credit Agreement are true and correct in all material respects (except to the extent any such representation and warranty is expressly stated to have been made as of a specific date, in which case it shall be true and correct as of such specific date) and (ii) no Default or Event of Default has occurred and is continuing.

5.Miscellaneous.

(a)Reference to and Effect on the Existing Credit Agreement and the other Loan Documents.

(i)Except as specifically amended by this Amendment and the documents executed and delivered in connection herewith, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed by the Borrower in all respects.  

(ii)The execution and delivery of this Amendment and performance of the Credit Agreement shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders under, the Existing Credit Agreement or any of the other Loan Documents.

3

 
 

 

(iii)Upon the conditions precedent set forth herein being satisfied, this Amendment shall be construed as one with the Existing Credit Agreement, and the Existing Credit Agreement shall, where the context requires, be read and construed throughout so as to incorporate this Amendment.

(iv)If there is any conflict between the terms and provisions of this Amendment and the terms and provisions of the Credit Agreement or any other Credit Document, the terms and provisions of this Amendment shall govern.

(b)Expenses.  The Borrower expressly acknowledges its obligations under Section 11.3 of the Credit Agreement (Expenses; Indemnity) with respect to this Amendment.

(c)Headings.  Section and subsection headings in this Amendment are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.  

(d)Counterparts. This Amendment may be executed in any number of identical counterparts, any set of which signed by all the parties hereto shall be deemed to constitute a complete, executed original for all purposes.  Delivery of an executed counterpart of this Amendment by electronic mail shall be equally as effective as delivery of an original executed counterpart of this Amendment.  

(e)Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.  

6.Loan Documents.  This Amendment is a Loan Document as defined in the Credit Agreement, and the provisions of the Credit Agreement generally applicable to Loan Documents are applicable hereto and incorporated herein by this reference.

 

[This Space Intentionally Left Blank]

 

4

 
 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

BORROWER:

CLEARWATER PAPER CORPORATION,     

a Delaware corporation 

	
	
By:        /s/ John Hertz

	
Name:   John D. Hertz

	
Title:     Senior Vice President, CFO

 

 

 

 

 

[Signature Page to Amendment – Clearwater]

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and a Lender

 

 

	
	
By:       /s/ Thomas M Thoen

	
Name:  Thomas M. Thoen

	
Title:     Vice President

	
 

 

2

 
 

 

BANK OF AMERICA, N.A.,

as a Lender

 

 

	
	
By:        /s/ Daryl K. Hogge

	
Name:   Daryl K. Hogge

	
Title:     Senior Vice President

3

 
 

 

JPMORGAN CHASE BANK, N.A.,

as a Lender

 

 

	
	
By:       /s/ Alex Rogin    

	
Name:  Alex Rogin

	
Title:    Executive Director

4

 
 

 

GOLDMAN SACHS BANK USA,

as a Lender

 

 

	
	
By:      /s/ Chris Lam

	
Name:Chris Lam

	
Title: Authorized Signatory

5

 
 

 

U.S. BANK NATIONAL ASSOCIATION,

as a Lender

 

 

	
	
By:      /s/ Glenn Leyrer

	
Name:Glenn Leyrer

	
Title: Vice President

 

6

 
 

 

The undersigned hereby acknowledge and consent to the foregoing Amendment and confirm and agree that the Guaranty executed by the undersigned in connection with the Credit Agreement remains in full force and effect in accordance with its terms and is hereby reaffirmed, confirmed and ratified by the undersigned, and the undersigned hereby confirm that the representations and warranties contained in such Guaranty (including any incorporated by reference to the Credit Agreement) are (before and after giving effect to this Amendment) true and correct in all material respects (except to the extent any such representation and warranty is expressly stated to have been made as of a specific date, in which case it shall be true and correct in all material respects as of such specific date); provided that, if a representation and warranty is qualified as to materiality, the materiality qualifier set forth above shall be disregarded with respect to such representation and warranty for purposes of this confirmation.

 

           GUARANTORS: 

 

	
	
Cellu Tissue Holdings, Inc.

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

	
Cellu Tissue - Long Island, LLC

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

	
Cellu Tissue-CityForest LLC

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

7

 
 

 

	
	
Cellu Tissue Corporation-Neenah

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

	
Cellu Tissue Corporation — Oklahoma City

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

	
Cellu Tissue - Thomaston, LLC

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

	
Clearwater Fiber, LLC

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

	
truly brands, LLC

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

	
manchester industries inc. of virginia

	
By:  /s/ John Hertz

	
Name:  John D. Hertz

	
Title:  Senior Vice President, CFO

 

 

8

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