Document:

Exhibit

Exhibit 10.1

EXECUTION VERSION

TWELFTH OMNIBUS AMENDMENT
(Apple Ridge Funding LLC)

THIS Twelfth Omnibus Amendment (this “Amendment”) is entered into this 7th day of June, 2019 for the purpose of making amendments to the documents described in this Amendment.

WHEREAS, this Amendment is among (i) Cartus Corporation, a Delaware corporation (“Cartus”), (ii) Cartus Financial Corporation, a Delaware corporation (“CFC”), (iii) Apple Ridge Services Corporation, a Delaware corporation (“ARSC”) (iv) Apple Ridge Funding LLC, a limited liability company organized under the laws of the State of Delaware (the “Issuer”), (v) Realogy Group LLC (f/k/a Realogy Corporation), a Delaware limited liability company (“Realogy”), (vi) U.S. Bank National Association, a national banking association (“U.S. Bank”), as indenture trustee (the “Indenture Trustee”), paying agent, authentication agent, and transfer agent and registrar, (vii) the Managing Agents party to the Note Purchase Agreement defined below, and (viii) Crédit Agricole Corporate and Investment Bank (“CA-CIB”), as Administrative Agent and Lead Arranger (the “Administrative Agent”).

WHEREAS, this Amendment relates to the following documents (as such documents have previously been amended):

(i)    Purchase Agreement, dated as of April 25, 2000 (the “Purchase Agreement”), by and between Cartus and CFC;

(ii)    Transfer and Servicing Agreement, dated as of April 25, 2000 (the “Transfer and Servicing Agreement”), by and among ARSC, as transferor, Cartus, as originator and servicer, CFC, as originator, the Issuer, as transferee, and the Indenture Trustee;

(iii)    Receivables Purchase Agreement, dated as of April 25, 2000 (the “Receivables Purchase Agreement”), by and between CFC and ARSC; 

(iv)    Master Indenture, dated as of April 25, 2000 (the “Master Indenture”), by and between the Issuer and U.S. Bank, as indenture trustee, paying agent, authentication agent and transfer agent and registrar;  

 (v)     Series 2011-1 Indenture Supplement dated as of December 16, 2011 (the “Indenture Supplement”) by and between the Issuer and U.S. Bank, as indenture trustee, paying agent, authentication agent and transfer agent and registrar; 

(vi)    Note Purchase Agreement, dated as of December 14, 2011 (the “Note Purchase Agreement”), among the Issuer, Cartus, as Servicer, the financial institutions and commercial paper conduits party thereto and the Administrative Agent, relating to the Series 2011-1 Secured Variable Funding Notes.
        

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WHEREAS, the Purchase Agreement, the Transfer and Servicing Agreement, the Receivables Purchase Agreement, the Master Indenture, the Indenture Supplement and the Note Purchase Agreement are collectively referred to in this Amendment as the “Affected Documents”; and

WHEREAS, terms used in this Amendment and not defined herein shall have the meanings assigned to such terms in the Master Indenture, and, if not defined therein, as defined in the Indenture Supplement: 

NOW, THEREFORE, the parties hereto hereby recognize and agree:

		
	1.
	Amendments to Master Indenture. Effective as of the date hereof, Section 1.01 of the Master Indenture is hereby amended as follows:

(a)    A new definition “Designated Obligor” is hereby added in appropriate alphabetical order to read as follows:
“Designated Obligor” shall mean that Obligor specified as the “Designated Obligor” in that certain letter agreement, dated June 7, 2019, by and between the Issuer and the Indenture Trustee, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.
(b)    The definition of “Overconcentration Amount” is hereby amended and restated in its entirety to read as follows:
“Overconcentration Amount” shall mean, as of any date of determination, an amount equal to the sum of:  (a) the greater of:  (i) the excess, if any, of (A) the aggregate Modified Receivable Balances owing by (or, if less, the Obligor Limits of) the Obligors (excluding the Special Obligors and the Eligible Governmental Obligors) who are the Obligors in respect of the five largest aggregate Modified Receivable Balances over (B) an amount equal to 20% (if the Designated Obligor is then a Special Obligor) or 25% (if the Designated Obligor is not then a Special Obligor) of the Aggregate Receivable Balance, and (ii) the excess, if any, of (A) the aggregate Modified Receivable Balances owing by (or, if less, the Obligor Limits of) the Obligors (excluding the Special Obligors and the Eligible Governmental Obligors) who are the Obligors in respect of the ten largest aggregate Modified Receivable Balances over (B) an amount equal to 30% (if the Designated Obligor is then a Special Obligor) or 35% (if the Designated Obligor is not then a Special Obligor) of the Aggregate Receivable Balance, plus (b) the sum of the aggregate amount with respect to each Obligor (excluding Eligible Governmental Obligors) of the excess, if any, of (i) the aggregate Modified Receivable Balance owing by such Obligor over (ii) the Obligor Limit with respect to such Obligor, plus (c) the amount by which the aggregate Modified Receivable Balances owing by all Foreign Obligors exceeds 10% of the Aggregate Receivable Balance, plus (d) the 

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sum of the aggregate amounts, with respect to each Eligible Governmental Obligor, of the excess, if any, of the Modified Receivable Balance owing by such Eligible Governmental Obligor over 1% of the Aggregate Receivables Balance.
		
	2.
	Amendments to Note Purchase Agreement.  Effective as of the date hereof, the Note Purchase Agreement is hereby amended as follows:

(a)    The definition of “Commitment Termination Date” set forth in Section 1.01 of the Note Purchase Agreement is hereby amended to delete therefrom the reference to “June 7, 2019” and to substitute therefor the date “June 5, 2020”.
(b)    Article VII of the Note Purchase Agreement is hereby amended to add the following language as a new Section 7.16:
SECTION 7.16.  Recognition of the U.S. Special Resolution Regimes.
(a)    In the event that any Purchaser, any Managing Agent or the Administrative Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Purchaser, Managing Agent or the Administrative Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.
(b)    In the event that any Purchaser, any Managing Agent or the Administrative Agent that is a Covered Entity or a BHC Act Affiliate of such Purchaser, Managing Agent or the Administrative Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Purchaser, Managing Agent or the Administrative Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.
(c)    For purposes of this Section 7.16, the following terms have the following respective meanings:
“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity” means any of the following:

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(i)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); 
(ii)    a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii)    a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
		
	3.
	Waiver of Delivery.  Each of the Managing Agents signatory hereto waives any prior notice or delivery requirement set forth in the Transaction Documents with respect to this Amendment (including, without limitation, pursuant to Section 10.02 of the Master Indenture and Section 2.05(b) of the Note Purchase Agreement).

		
	4.
	Conditions Precedent.  This Amendment shall be effective upon (a) the Indenture Trustee’s receipt of counterparts to (i) this Amendment and (ii) that certain Renewal Fee Letter, dated the date hereof (the “Renewal Fee Letter”), by and between the Issuer and each Managing Agent, in each case, duly executed by each of the parties thereto, (b) the Issuer’s payment of all fees required to be paid on or prior to the date hereof in accordance with the Renewal Fee Letter in accordance with the terms thereof and (c) the Issuer’s payment and/or reimbursement, to the extent invoiced, of the Administrative Agent’s, each Managing Agent’s and each Purchaser’s reasonable costs and expenses incurred in connection with this Amendment and the other Transaction Documents.

		
	5.
	GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

		
	6.
	Counterparts.  This Amendment 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 when taken together shall constitute one and the same agreement.

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	7.
	References to and Effect on Affected Documents.  On and after the date hereof: (i) all references in any Affected Document to “this Agreement,” “hereof,” “herein” or words of similar effect referring to such Affected Document shall be deemed to be references to such Affected Document as amended by this Amendment; (ii) each reference in any of the Affected Documents to any other Affected Document and each reference in any of the other Transaction Documents among the parties hereto to any of the Affected Documents shall each mean and be a reference to such Affected Document as amended by this Amendment; and (iii) each reference in any Transaction Document among the parties hereto to any of the terms or provisions of an Affected Document which are redefined or otherwise modified hereby shall mean and be a reference to such terms or provisions as redefined or otherwise modified by this Amendment; provided, that, notwithstanding the foregoing or any other provisions of this Amendment, the amendments contained in this Amendment shall not be effective to (x) modify on a retroactive basis any representations or warranties previously made under any Affected Document with respect to Receivables transferred or purported to have been transferred prior to the date hereof, which representations and warranties shall continue to speak as of the dates such Receivables were transferred and based on the terms and provisions of the Affected Documents as in effect at such time or (y) otherwise modify the terms of any transfer or purported transfer of any Receivable transferred or purported to be transferred pursuant to an Affected Document prior to the date hereof. 

		
	8.
	Reaffirmation of Performance Guaranty.  Effective as of the date hereof, Realogy, in its capacity as the Performance Guarantor under the Performance Guaranty, hereby consents to this Amendment and acknowledges and agrees that the Performance Guaranty remains in full force and effect is hereby reaffirmed, ratified and confirmed.

		
	9.
	No Waiver.  This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Affected Documents other than as set forth herein, each of which Affected Documents, as modified hereby, remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  

		
	10.
	Issuer Representations re: Outstanding Series. As of the date hereof, the Issuer represents and warrants that the Series 2011-1 Notes are the only Notes outstanding under the Master Indenture.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the date first above written.

CARTUS CORPORATION

By: /s/ Eric J. Barnes            
      Name: Eric J. Barnes
      Title: SVP & CFO

CARTUS FINANCIAL CORPORATION

By: /s/ Eric J. Barnes            
      Name: Eric J. Barnes
      Title: SVP & CFO

APPLE RIDGE SERVICES CORPORATION

By: /s/ Eric J. Barnes            
      Name: Eric J. Barnes
      Title: SVP & CFO

APPLE RIDGE FUNDING LLC

By: /s/ Eric J. Barnes            
      Name: Eric J. Barnes
      Title: SVP & CFO

REALOGY GROUP LLC 

By: /s/ Seth Truwit            
      Name: Seth Truwit
      Title: SVP and Assistant Secretary

Signature Page to Twelfth Omnibus Amendment

U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee, Paying Agent, Authentication Agent and Transfer Agent and Registrar

By: /s/ Brian Giel            
      Name: Brian Giel
      Title: Vice President

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Administrative Agent and a Managing Agent 

By: /s/ Kostantina Kourmpetis        
      Name: Kostantina Kourmpetis
      Title: Managing Director

By: /s/ Sam Pilcer            
      Name: Sam Pilcer
      Title: Managing Director

THE BANK OF NOVA SCOTIA, as a Managing Agent 

By: /s/ Michelle C. Phillips            
      Name: Michelle C. Phillips
      Title: Managing Director

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Managing Agent 

By: /s/ Dale Abernathy            
      Name: Dale Abernathy
      Title: Vice President

BARCLAYS BANK PLC, as a Managing Agent

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

Signature Page to Twelfth Omnibus Amendmentsmartsheet2019cashincent

                                            Smartsheet Inc.                                       2019 Cash Incentive Plan      Purpose. The purpose of this 2019 Cash Incentive Plan (this “Plan”) is to motivate and reward eligible employees         ​ by making a portion of their cash compensation dependent on the achievement of certain performance goals related  to the performance of Smartsheet Inc. (the “Company”). The Plan is administered by the Committee, which shall  have the discretionary authority to interpret and administer the Plan, including all terms defined herein and to adopt  rules and regulations to implement the Plan as it deems necessary, and its determinations shall be final and binding  on all participants. The “Committee” shall mean the Compensation Committee of the Board of Directors.     Participants. The  participants in this Plan shall be the executive officers of the Company and such other            ​ employees of the Company as determined by the Chief Executive Officer (each a “Participant”). Those executive  officers and other employees of the Company who are compensated under a sales incentive plan may be eligible to  participate in this Plan as determined by the Committee with respect to executive officers and the Chief Executive  Officer with respect to other employees.     Plan Period. This Plan shall cover the applicable 12-month or shorter period during each fiscal year specified by the            ​ Committee for a Participant (the “Plan Period”).     Performance Measure. The Committee shall select the performance measure or measures to be applied each Plan                     ​ Period which may be selected from any one or more of the following performance criteria, either individually,  alternatively or in any combination, applied to either the Company as a whole or to a business unit, region, or  business segment, either individually, alternatively or in any combination, and measured either on an absolute basis  or relative to a pre-established target, to a previous period’s results or to a designated comparison group, in each  case as specified by the Committee:        ●   cash flow (including operating cash flows or free cash flow),      ●   revenue (on an absolute basis or adjusted for currency effects),      ●   bookings,      ●   billings,     ●   cost of revenue,      ●   gross margin,      ●   operating expenses or operating expenses as a percentage of revenue,      ●   earnings (which may include earnings before interest and taxes, earnings before taxes, earnings before         interest, taxes, depreciation and amortization and net earnings, and may be determined in accordance with         U.S. Generally Accepted Accounting Principles (“GAAP”) or adjusted to exclude any or all non-GAAP                                                     ​    ​        items),      ●   earnings per share (on a GAAP or non-GAAP basis),      ●   return on capital,      ●   return on assets or net assets,      ●   return on investment,      ●   economic value added,      ●   operating income,      ●   operating profit,      ●   controllable operating profit,      ●   net operating profit,      ●   net profit,      ●   net income,      

 

   ●   operating margin,      ●   cash conversion cycle,      ●   stock price,      ●   return on equity or average stockholders’ equity,      ●   working capital targets and changes in working capital,     ●   balance of cash, cash equivalents, and marketable securities,     ●   total stockholder return,      ●   growth in stockholder value relative to the moving average of the S&P 500 Index or another index,      ●   account value,      ●   customer wins,     ●   license amounts,      ●   user counts,      ●   return on capital,      ●   return on assets or net assets,      ●   return on investment,      ●   economic value added,      ●   operating income,      ●   operating profit,      ●   controllable operating profit,      ●   net operating profit,      ●   net profit,      ●   net income,      ●   operating margin,      ●   cash conversion cycle,      ●   market share,      ●   contract awards or backlog,      ●   overhead or other expense reduction,      ●   strategic plan development and implementation,      ●   succession plan development and implementation,      ●   improvement in workforce diversity,      ●   customer indicators,      ●   new product invention or innovation,      ●   attainment of research and development milestones,      ●   improvements in productivity,      ●   attainment of objective operating goals and employee weighting factors,     ●    completion of an identified special project,         ​    ●   customer or employee satisfaction,     ●   research and development milestones expenses,     ●   individual confidential business objectives,      ●   growth in any of the foregoing measures, and     ●    any other metric that is capable of measurement as determined by the Committee.         ​          The Committee may appropriately adjust any evaluation of achievement of performance measures to exclude any of  the following events that occur during a Plan Period: (A) the effects of currency fluctuations, (B) any or all items  that are excluded from the calculation of non-GAAP earnings as reflected in any Company press release and Form  8-K filing relating to an earnings announcement, (C) asset write-downs, (D) litigation or claim judgments or  settlements, (E) the effect of changes in tax law, accounting principles or other such laws or provisions affecting  reported results, (F) accruals for reorganization and restructuring programs, (G) any other unusual, extraordinary or                                                                                                   2  

 

non-recurring items to preserve the Committee’s original intent regarding the performance goals at the time of the  initial award grant.      Establishment of Individual Performance Goals. The performance goals during the Plan Period for each                                               ​ Participant who is an executive officer shall be an amount specified by the Committee as of the beginning of the  Plan Period. The performance goals during the Plan Period for each Participant who is not an executive officer shall  be an amount specified by the Chief Executive Officer as of the beginning of the Plan Period. The Committee may  apply weighting factors that will be used to determine the annual award payment to each Participant such as (i) a  Company  performance multiplier based on the performance measures selected by the Committee for the Plan  Period, and/or (ii) an individual performance multiplier based upon performance versus individual objectives for the  Participant. The weighting factors shall be established by the Committee. The individual performance of each  Participant shall be determined by the Company’s Chief Executive Officer, provided that the Chief Executive  Officer’s performance shall be determined by the Committee.     Award Calculation. After the Plan Period, the Committee will determine the extent to which performance goal(s)                   ​ for each Participant are achieved and the actual award (if any) for each Participant based on the level of actual  performance achieved. The Committee, in its discretion, may modify, reduce, increase or eliminate a Participant’s  award at any time before it is paid, whether or not calculated on the basis of pre-established performance goals or  formulas.    The Committee may establish minimum thresholds for the performance measures during the Plan Period that must  be exceeded before an award is earned. After the end of each Plan Period, the Committee shall certify in writing (to  the extent required under Code Section 162(m)) the extent to which the targeted goals for the performance measures  applicable to each Participant for the Plan Period were achieved or exceeded.      Award  Payments. The applicable award payment under this Plan for a Participant, if any, shall be paid once                 ​ annually within 65 days after the end of the Plan Period, subject to the terms and conditions of this Plan or as  otherwise determined by the Company’s Chief Executive Officer (except with respect to his payment or that of his  direct reports which shall be determined by the Committee). The Company shall withhold all applicable federal,  state, local and foreign taxes required by law to be paid or withheld relating to the receipt or payment of any award.  Unless otherwise determined by the Committee, a Participant must be employed on the date the applicable award  payment is to be paid. The Committee may make exceptions to this requirement in the case of retirement, death or  disability or under other circumstances, as determined by the Committee in its sole discretion.     General Provisions. The Committee reserves the right to terminate or modify this Plan for any reason at any time                   ​ prior to the date of payment, and any future incentive plan shall be at the discretion of the Committee or the Board  of Directors. Participating in this Plan does not guarantee participation in future incentive plans. This Plan  supersedes in its entirety any previous incentive or bonus plan that may have been in existence with respect to the  Plan Period, and any such plans shall be null and void with respect to the Plan Period. Any rule, decision or  interpretation by the Committee shall be conclusive and binding on the Company and on all Participants, and shall  be given the maximum deference permitted by law. Award payments represent unfunded and unsecured obligations  of the Company and a holder of any right hereunder in respect of any award payment shall have no rights other than  those of a general unsecured creditor to the Company.     Participation in this Plan does not constitute an agreement to employ the Participant for any length of time and shall  not restrict the Company’s right to terminate the employment of the Participant for any reason and at any time.                                                                                                       3  

 

The validity, construction, and effect of the Plan, any rules and regulations relating to the Plan, and any award  payment shall be determined in accordance with the laws of the State of Washington (without giving effect to  principles of conflicts of laws thereof) and applicable Federal law. No award payment made under the Plan shall be  intended to be deferred compensation under Section 409A of the Code and will be interpreted accordingly.    Awards under this Plan will be subject to clawback or recoupment pursuant to any compensation clawback or  recoupment policy adopted by the Board or required by law during the term of Participant’s employment or other  service with the Company that is applicable to officers, employees, directors or other service providers of the  Company, and in addition to any other remedies available under such policy and applicable law, may require the  cancellation of outstanding Awards under this Plan and the recoupment of any gains realized with respect to  Awards.     It is the intent that this Plan comply with the requirements of Code Section 409A so that none of the payments to be  provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities  herein will be interpreted to so comply. To the extent (i) any payments to which a Participant becomes entitled  under this Plan in connection with termination of employment with the Company constitute deferred compensation  subject to Section 409A of the Code and (ii) a Participant is deemed at the time of such termination of employment  to be a key employee under Section 416(i) of the Code, then such payment or payments shall not be made or  commence  until the earlier of (i) the expiration of the six (6)-month period measured from the date of the                    ​ Participant’s “separation from service” (as such term is defined in Treasury Regulations under Section 409A of the  Code) with the Company or (ii) the date of Participant’s death following such separation from service. Upon the  expiration of the applicable deferral period, any payments which would have otherwise been made during that  period in the absence of this paragraph shall be paid to Participant in one lump sum. For all purposes under this Plan,  “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations and interpretations  promulgated thereunder.                                                                                                      4

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