Document:

Exhibit 10.1

 

AMENDMENT NO. 3

 

To

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

This Amendment No. 3 to Amended and Restated Credit Agreement (the “Agreement”), dated as of August 21, 2013, is entered into by and among WILLIS LEASE FINANCE CORPORATION, a Delaware corporation (the “Borrower”), UNION BANK, N.A., together with the Lenders party hereto (the “Consenting Lenders”) with reference to the following facts.

 

RECITALS

 

A.                                    Pursuant to the terms of that certain Amended and Restated Credit Agreement dated as of November 18, 2011 by and between Borrower, Lenders, Agent, as administrative agent, joint lead arranger and sole bookrunner, Wells Fargo Bank, National Association, as syndication agent, Wells Fargo Securities, LLC, as joint lead arranger and U.S. Bank National Association, as documentation agent and joint lead arranger, as amended by that certain Amendment No. 1, Limited Waiver and Consent to Amended and Restated Credit Agreement and Amendment No. 1 to Security Agreement dated as of September 13, 2012 and as amended by that certain Amendment No. 2 to Amended and Restated Credit Agreement dated as of June 18, 2013 (as amended, supplemented, or otherwise modified from time to time the “Credit Agreement”), Lenders have made available to Borrower a revolving credit facility in the aggregate principal amount not to exceed Four Hundred Fifty Million Dollars ($450,000,000.00) (the “ Loan”), subject to Sections 2.10 and 2.19 of the Credit Agreement.  Except as otherwise specifically provided herein, all capitalized terms used and not defined herein shall have the meanings set forth in the Credit Agreement.

 

B.                                    The Loan is currently evidenced by Notes which are secured by the Collateral pursuant to, among other things, the Security Agreement, the Mortgage and Security Agreement, the Custodial Agreement, the Stock Pledge Agreement, each Owner Trustee Mortgage and Security Agreement, each Beneficial Interest Pledge Agreement, each Subsidiary Guaranty, each Owner Trustee Guaranty, each Leasing Subsidiary Security Assignment, UCC financing statements and such other agreements, and all amendments thereto, instruments and documents (as defined more particularly in the Credit Agreement, and collectively, the “Collateral Documents”).

 

C.                                    The Credit Agreement, the Notes, the Collateral Documents, together with any other documents executed by or among the parties in connection with the Loan, and any and all amendments and modifications thereto, and together with all financing statements and other documents or instruments filed or recorded in connection with the Collateral and/or the Loan, as more particularly defined in the Credit Agreement, are referred to collectively as the “Loan Documents”.  This Agreement is a Loan Document.

 

D.                                    Borrower has requested several modifications to the Credit Agreement with respect to certain definitions of the Credit Agreement.  The Consenting Lenders, constituting the “Requisite Lenders” for purposes of Section 12.16 of the Credit Agreement, are willing to modify the terms of the Loan Documents as more particularly described below and subject to all 

 

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terms and conditions set forth herein, after which such amendments will be binding upon all the parties to the Credit Agreement in accordance with the last sentence of Section 12.16 of the Credit Agreement.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree and covenant as follows:

 

AGREEMENT

 

1.                                      Recitals.  The recitals set forth above are true, accurate and correct.

 

2.                                      Reaffirmation of the Loan.  Borrower reaffirms all of its obligations under all of the Notes and all other Loan Documents, in each case either as originally executed or as the same may from time to time be supplemented, modified, amended, restated, extended or supplanted.  Borrower acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Notes or any other Loan Document.

 

3.                                      Modification of Credit Agreement.  The Credit Agreement is hereby modified as follows:

 

3.1                               Definition of Excluded Subsidiary.  Section 1.1 of the Credit Agreement is hereby amended by deleting the definition of “Excluded Subsidiary” and replacing it with the following:

 

“‘Excluded Subsidiary’ shall mean, collectively and each individually, (i) each of WEST and the WEST Subsidiaries, (ii) WLFC Funding (Ireland) Limited, (iii) Willis Lease France, (iv) Willis Aviation Finance Limited, (v) Willis Lease (China Limited), and any other Wholly-Owned Subsidiary of the Borrower formed solely for the purpose of owning the equity of Willis Lease (China) Limited, (vi) any Wholly-Owned Subsidiary of the Borrower formed for the purpose of owning or leasing the Borrower’s Canadair Model CL-600 aircraft and registering such aircraft in the Isle of Man and (vii) each of the WOLF Subsidiaries, provided that such WOLF Subsidiaries shall cease to be “Excluded Subsidiaries” hereunder upon the refinancing of the Indebtedness of such WOLF Subsidiaries with Loans made under this Agreement, in which case the Borrower and such WOLF Subsidiaries shall comply with the provisions of Section 7.15.5 of this Agreement.”

 

3.1                               Definition of Investments.  Section 1.1 of the Credit Agreement is hereby amended by adding the following to the end of the definition of “Investment”:

 

“Notwithstanding the foregoing, neither Borrower’s acquisition of securities in WOLF A340 LLC pursuant to that certain Securities Purchase Agreement dated as of June 28, 2013 by and between Borrower and Waha Capital PJSC, a United Arab Emirates company, nor the loans from HSH Nordbank AG, New York Branch, to WOLF A340 LLC as of June 28, 2013 (or any refinancing thereof) shall be considered an Investment hereunder.”

 

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3.2                               Definition of Subsidiary.  Section 1.1 of the Credit Agreement is hereby amended by deleting the last sentence of the definition of “Subsidiary” and replacing it with the following:

 

“Notwithstanding the foregoing, the Excluded Subsidiaries shall only be considered Subsidiaries hereunder with respect to Section 6.14 and Section 7.3 and the definitions related thereto; provided, however, none of the WOLF Subsidiaries shall be considered a Subsidiary in any respect hereunder so long as all Indebtedness of such WOLF Subsidiaries (i) remains non-recourse to Borrower and (ii) is not Guaranteed Indebtedness of Borrower.”

 

3.3                               Definition of WOLF Subsidiaries.  Section 1.1 of the Credit Agreement is hereby amended by adding the following new definition of “WOLF Subsidiaries” in appropriate alphabetical order:

 

“WOLF Subsidiaries’ shall mean, collectively and each individually, WOLF A340 LLC and each of its Wholly-Owned Subsidiaries and any Owner Trusts of which WOLF A340 LLC or any of its Wholly-Owned Subsidiaries holds the beneficial interest therein.”

 

3.4                               Revolving Commitment.  Schedule 2.1 of the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.1 attached hereto.

 

4.                                      Conditions Precedent.  Before this Agreement becomes effective and any party becomes obligated under it, all of the following conditions shall have been satisfied in a manner acceptable to Agent in its sole judgment:

 

4.1                               Agent shall have received an original of (i) this Agreement and (ii) the Consent and Reaffirmation of Guaranties attached hereto, each duly executed by an authorized signatory of each party thereto and in form and substance satisfactory to Agent and its legal counsel.

 

4.2                               Agent shall have received any other any other agreements, resolutions, documents, opinion letters, entity documents, UCC and litigation searches, and information relating to the Loan (including evidence of Borrower’s authority to enter into this Agreement) that Agent may reasonably require or request in connection with this Agreement or in accordance with the other Loan Documents.

 

4.3                               All of the representations and warranties of Borrower set forth in this Agreement shall be true and correct in all material respects on and as of the date of this Agreement (except to the extent that such representations and warranties by their terms are specifically made as of a date other than the date hereof).

 

5.                                      Payment of Expenses.  Borrower shall pay the fees and expenses of Agent’s outside counsel, as well as any other costs and expenses incurred or payable by the Lenders in connection herewith.

 

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6.                                      Borrower’s Representations and Warranties.  Borrower represents and warrants to Lenders as follows:

 

6.1                               Loan Documents.  Except as otherwise disclosed to Agent in writing prior to the date of this Agreement, all representations and warranties made and given by Borrower in the Loan Documents are true, accurate and correct as of the date hereof.

 

6.2                               No Default.  There exists no Event of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default.

 

6.3                               Borrowing Entity.  Borrower is a corporation, duly organized and existing and in good standing under the laws of the State of Delaware, and is qualified or licensed to do business in all jurisdictions (including California) in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed could result in an Event of Default.  There have been no changes in the ownership structure or formation documents of Borrower since the original date of the Credit Agreement other than changes of ownership resulting from the issuance of or trading of Borrower’s publicly traded shares of common Stock or preferred stock, the Borrower’s redemption of its preferred Stock, the Borrower’s repurchases of its common Stock, or as otherwise disclosed in writing to Administrative Agent.

 

6.4                               Existing Liens.  As of the date hereof, except as disclosed in writing to Agent, no Liens exist on any of Borrower’s assets and/or property of any kind other than Permitted Liens and other Liens permitted by Section 7.9 of the Credit Agreement.

 

7.                                      No Impairment; No Novation.  Except as specifically hereby amended, the Loan Documents shall each remain unaffected by this Agreement and all Loan Documents shall remain in full force and effect.  The execution and delivery of this Agreement shall not constitute a novation of any Loan Document.

 

8.                                      Integration.  The Loan Documents, including this Agreement:  (a) integrate all the terms and conditions mentioned in or incidental to the Loan Documents; (b) supersede all oral negotiations and prior and other writings with respect to their subject matter; and (c) are intended by the parties as the final expression of the agreement with respect to the terms and conditions set forth in those documents and as the complete and exclusive statement of the terms agreed to by the parties.  If there is any conflict between the terms, conditions and provisions of this Agreement and those of any other agreement or instrument, including any of the other Loan Documents, the terms, conditions and provisions of this Agreement shall prevail.

 

9.                                      Miscellaneous.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all signatures were upon the same instrument.  Delivery of an executed counterpart of the signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement, and any party delivering such an executed counterpart of the signature page to this Agreement by facsimile to any other party shall thereafter also promptly deliver a manually executed counterpart of this Agreement to such other party; provided; however, that the failure to 

 

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deliver such manually executed counterpart shall not affect the validity, enforceability, or binding effect of this Agreement.  If any court of competent jurisdiction in the state of New York determines any provision of this Agreement or any of the other Loan Documents to be invalid, illegal or unenforceable, that portion shall be deemed severed from the rest, which shall remain in full force and effect as though the invalid, illegal or unenforceable portion had never been a part of the Loan Documents.  This Agreement shall be governed by the laws of the State of New York, without regard to the choice of law rules of that State.  As used in this Agreement, the word “include(s)” means “includes(s), without limitation,” and the word “including” means “including, but not limited to.”  In the event of a dispute between any of the parties hereto over the meaning of this Agreement, all parties shall be deemed to have been the drafter hereof, and any applicable law that states that contracts are construed against the drafter shall not apply.

 

[Remainder of Page Intentionally Left Blank.  
 Signature Page Follows.]

 

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IN WITNESS WHEREOF, the parties have agreed to the foregoing as of the date first set forth above.

 

	
BORROWER
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
WILLIS   LEASE FINANCE CORPORATION,
    	
 
    
	
a   Delaware corporation
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Donald A. Nunemaker
    	
 
    
	
Name:
    	
Donald   A. Nunemaker
    	
 
    
	
Title:
    	
President
    	
 
    

 

S-1

 

	
AGENT   AND CONSENTING LENDER
    	
 
    
	
 
    	
 
    
	
UNION   BANK, N.A.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Kevin Sullivan
    	
 
    
	
Name:
    	
Kevin   Sullivan
    	
 
    
	
Title:
    	
Senior   Vice President
    	
 
    

 

S-2

 

	
CONSENTING LENDER
    
	
 
    
	
BANK OF AMERICA, N.A.
    
	
 
    
	
 
    
	
By:
    	
/s/   Russell McClymont
    	
 
    
	
Name:
    	
Russell   McClymont
    	
 
    
	
Title:
    	
Sr.   Vice President
    	
 
    

 

S-3

 

	
CONSENTING LENDER
    
	
 
    
	
CITY NATIONAL BANK
    
	
 
    
	
 
    
	
By:
    	
/s/   Jeanine Smith
    	
 
    
	
Name:
    	
Jeanine   Smith
    	
 
    
	
Title:
    	
Vice   President
    	
 
    

 

S-4

 

	
CONSENTING LENDER
    
	
 
    
	
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT   BANK
    
	
 
    
	
 
    
	
By:
    	
/s/   Charles Moran
    	
 
    
	
Name:
    	
Charles   Moran
    	
 
    
	
Title:
    	
Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Thomas Jean
    	
 
    
	
Name:
    	
Thomas   Jean
    	
 
    
	
Title:
    	
Vice   President
    	
 
    

 

S-5

 

	
CONSENTING LENDER
    
	
 
    
	
CREDIT INDUSTRIEL ET COMMERCIAL   BANK
    
	
 
    
	
 
    
	
By:
    	
/s/   Adrienne Molloy
    	
 
    
	
Name:
    	
Adrienne   Molloy
    	
 
    
	
Title:
    	
Vice   President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Andrew McKuin
    	
 
    
	
Name:
    	
Andrew   McKuin
    	
 
    
	
Title:
    	
Vice   President
    	
 
    

 

S-6

 

	
CONSENTING LENDER
    
	
 
    
	
THE HUNTINGTON NATIONAL BANK
    
	
 
    
	
By:
    	
/s/   Gregory A. Braun
    	
 
    
	
Name:
    	
Gregory   A. Braun
    	
 
    
	
Title:
    	
AVP   – Huntington Equipment Finance
    	
 
    

 

S-7

 

	
CONSENTING LENDER
    
	
 
    
	
UMPQUA BANK
    
	
 
    
	
By:
    	
/s/   George P. Diesch
    	
 
    
	
Name:
    	
George   P. Diesch
    	
 
    
	
Title:
    	
SVP/Commercial   Relationship Manager
    	
 
    

 

S-8

 

CONSENTING LENDER

 

U.S. BANK NATIONAL ASSOCIATION

 

	
By:
    	
/s/   Cecilia Person
    	
 
    
	
Name:
    	
Cecilia   Person
    	
 
    
	
Title:
    	
Vice   President
    	
 
    

 

S-9

 

Schedule 2.1

 

Revolving Commitment

 

	
Lender
    	
 
    	
Commitment
    	
 
    	
Pro Rata Share
    	
 
    
	
Union Bank, N.A.
    	
 
    	
$
    	
85,000,000.00
    	
 
    	
18.888888889
    	
%
    
	
U.S. Bank National Association
    	
 
    	
$
    	
80,000,000.00
    	
 
    	
17.777777778
    	
%
    
	
Wells Fargo Bank, N.A.
    	
 
    	
$
    	
75,000,000.00
    	
 
    	
16.666666667
    	
%
    
	
Bank of America N.A.
    	
 
    	
$
    	
55,000,000.00
    	
 
    	
12.222222222
    	
%
    
	
City National Bank
    	
 
    	
$
    	
35,000,000.00
    	
 
    	
7.777777778
    	
%
    
	
Crédit Agricole Corporate and Investment Bank
    	
 
    	
$
    	
35,000,000.00
    	
 
    	
7.777777778
    	
%
    
	
The Huntington National Bank
    	
 
    	
$
    	
35,000,000.00
    	
 
    	
7.777777778
    	
%
    
	
Credit Industriel et Commercial Bank
    	
 
    	
$
    	
25,000,000.00
    	
 
    	
5.555555556
    	
%
    
	
Umpqua Bank
    	
 
    	
$
    	
25,000,000.00
    	
 
    	
5.555555556
    	
%
    
	
TOTAL
    	
 
    	
$
    	
450,000,000.00
    	
 
    	
100.000000000
    	
%
    

 

Schedule 2.1

 

 

CONSENT AND REAFFIRMATION OF GUARANTY

 

The undersigned, having read and understood the foregoing Amendment No. 3 to Amended and Restated Credit Agreement (“Amendment”), hereby (i) consent to all of the terms and provisions of the Amendment, (ii) agree that the Amendment does not terminate, alter or diminish in any way any of the obligations of the undersigned to Bank under those certain Guaranties executed by the undersigned  (the “Guaranties”), and (iii) reaffirm their obligations under the Guaranties in light of the Amendments to the Credit Agreement.  The undersigned, having reread the Guaranties and with advice of their own counsel, hereby reaffirm and restate all waivers, authorizations, agreements and understandings set forth in the Guaranties, as though set forth in full herein.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Amendment.

 

Dated:  August 21, 2013

 

	
 
    	
WELLS   FARGO NORTHWEST, NATIONAL ASSOCIATION,
    
	
 
    	
not   in its individual capacity, except as expressly provided in the Guaranties to   which it is a party, but solely as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Wall
    
	
 
    	
Name:
    	
David   Wall
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Dean M. Poulakidas
    
	
 
    	
Name:
    	
Dean   M. Poulakidas
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

 

	
 
    	
Signed   and delivered as a deed by Dean M. Poulakidas,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Dean M. Poulakidas
    
	
 
    	
as   attorney for WILLIS LEASE (IRELAND) LIMITED, in the presence of:
    
	
 
    	
 
    	
 
    
	
 
    	
Signature   of Witness: 
    	
/s/   Grace Schalich
    
	
 
    	
Name   of Witness:
    	
Grace   Schalich
    
	
 
    	
Address   of Witness:
    	
773   San Marin Dr., Ste. 2215
    
	
 
    	
 
    	
Novato,   CA 94998 USA
    
	
 
    	
Occupation   of Witness: Contract Administrator
    

 

 

	
 
    	
Signed   and delivered as a deed by Dean M. Poulakidas,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Dean M. Poulakidas
    
	
 
    	
as   attorney for WLFC (IRELAND) LIMITED, in the presence of:
    
	
 
    	
 
    	
 
    
	
 
    	
Signature   of Witness:
    	
/s/   Grace Schalich
    
	
 
    	
Name   of Witness:
    	
Grace   Schalich
    
	
 
    	
Address   of Witness:
    	
773   San Marin Dr., Ste. 2215
    
	
 
    	
 
    	
Novato,   CA 94998 USA
    
	
 
    	
Occupation   of Witness: Contract Administrator
    

 

 

	
 
    	
Signed   and delivered as a deed by Dean M. Poulakidas,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Dean M. Poulakidas
    
	
 
    	
as   attorney for WEST ENGINE FUNDING (IRELAND) LIMITED, in the presence of:
    
	
 
    	
 
    	
 
    
	
 
    	
Signature   of Witness:
    	
/s/   Grace Schalich
    
	
 
    	
Name   of Witness:
    	
Grace   Schalich
    
	
 
    	
Address   of Witness:
    	
773   San Marin Dr., Ste. 2215
    
	
 
    	
 
    	
Novato,   CA 94998 USA
    
	
 
    	
Occupation   of Witness: Contract AdministratorExhibit 10.1

 

EXECUTION VERSION

 

NINTH AMENDMENT

 

NINTH AMENDMENT, dated as of August 22, 2013 (this “Amendment”), by and among HUNTSMAN INTERNATIONAL LLC, a Delaware limited liability company (the “Borrower”), JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), and CITIBANK, N.A. (in such capacity, the “2013-1 Additional Term Loan Lender”).

 

RECITALS:

 

WHEREAS, the Borrower, the lenders from time to time party thereto, the agents from time to time party thereto and the Administrative Agent have heretofore entered into that certain credit agreement dated as of August 16, 2005 (as heretofore amended, restated, supplemented or otherwise modified by the Consent and First Amendment to Credit Agreement dated as of December 12, 2005, the Consent and Second Amendment to Credit Agreement and Amendment to Security Documents dated as of June 30, 2006, the Third Amendment to Credit Agreement dated as of April 19, 2007, the Fourth Amendment to Credit Agreement dated as of June 22, 2009, the Fifth Amendment to Credit Agreement dated as of March 9, 2010, the Sixth Amendment to Credit Agreement dated as of March 7, 2011, the Seventh Amendment to Credit Agreement dated as of March 6, 2012, and the Eighth Amendment to Credit Agreement dated as of March 11, 2013, and as may be further amended, supplemented or otherwise modified in accordance with its terms, the “Credit Agreement”) (capitalized terms used but not defined herein having the meaning provided in the Credit Agreement).

 

WHEREAS, the Borrower has hereby notified the Administrative Agent that it is requesting Additional Term Loans pursuant to Section 2.1(a)(ii)(A) of the Credit Agreement;

 

WHEREAS, pursuant to Section 2.1(a)(ii)(B) of the Credit Agreement, (i) the Borrower may obtain Additional Term Loans by, among other things, entering into one or more amendments with lenders providing such Additional Term Loans to set forth the terms and conditions of such Additional Term Loans not covered by the Credit Agreement and (ii) no consent of any Lender (other than any lender making such Additional Term Loans) is required to permit the borrowing of such Additional Term Loans or to effectuate such amendment;

 

WHEREAS, the Borrower has requested that the 2013-1 Additional Term Loan Lender make Additional Term Loans in an aggregate principal amount equal to $100,000,000 (the Additional Term Loans made in such principal amount on the Ninth Amendment Effective Date (as defined below), the “2013-1 Additional Term Loans”);

 

WHEREAS, the 2013-1 Additional Term Loan Lender has indicated its willingness to lend the 2013-1 Additional Term Loans on the terms and subject to the conditions of this Amendment.

 

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

 

 

1.                                      Making of the 2013-1 Additional Term Loans. Subject to the terms and conditions set forth herein, the 2013-1 Additional Term Loan Lender agrees to make the 2013-1 Additional Term Loans to the Borrower on the Ninth Amendment Effective Date.

 

2.                                      Terms of 2013-1 Additional Term Loans and Amendments to the Credit Agreement.  Except for the reference to “Extended Term B Dollar Loans” and “Extended Term B Dollar Lenders” in the second sentence of Section 2.1(a)(i) of the Credit Agreement and the definition of “Scheduled Extended Term B Dollar Repayments”, the 2013-1 Additional Term Loans shall have terms identical to the Extended Term B Dollar Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Credit Parties or any provisions regarding the rights of the Extended Term B Dollar Lenders, of the Credit Agreement and the other Loan Documents, each reference to a “Term B Dollar Loan” or “Extended Term B Dollar Loan” or “Extended Term B Dollar Loans” in the Loan Documents shall be deemed to include the 2013-1 Additional Term Loans and each reference to “Extended Term B Dollar Lender” or in the Loan Documents shall be deemed to include the 2013-1 Additional Term Loan Lender, and the definitions of the terms “Extended Term B Dollar Loan” and “Extended Term B Dollar Lender” shall be deemed modified to include the 2013-1 Additional Term Loans and 2013-1 Additional Term Loan Lender, respectively.  Furthermore, it is understood and agreed that, notwithstanding the definition of  “Scheduled 2013-1 Additional Term Loan Repayments” (as defined in the Credit Agreement after giving effect to this Amendment), the Scheduled 2013-1 Additional Term Loan Repayments shall be made at each time the Scheduled Extended Term B Dollar Repayments are made, and the Scheduled 2013-1 Additional Term Loan Repayments shall be deemed Scheduled Extended Term B Dollar Repayments for all purposes of the Loan Documents and be treated ratably with the Scheduled Extended Term B Dollar Repayments for all purposes of the Credit Agreement.

 

(b)                                 The following definition shall be added to Section 1.01 of the Credit Agreement, and Scheduled 2013-1 Additional Term Loan Repayments shall be deemed Scheduled Term Repayments for all purposes of the Loan Documents:

 

“Scheduled 2013-1 Additional Term Loan Repayments” means, with respect to the principal payments on the 2013-1 Additional Term Loans for each date set forth below, the principal payment on the 2013-1 Additional Term Loans set forth opposite such date:

 

Scheduled 2013-1 Additional Term Loan Repayments

 

	
Date
    	
 
    	
Principal Payment
    
	
 
    	
 
    	
 
    
	
March 31,   2014
    	
 
    	
1%   of the principal amount of 2013-1 Additional Term Loans funded on the Ninth   Amendment Effective Date
    
	
 
    	
 
    	
 
    
	
March 31,   2015
    	
 
    	
1%   of the principal amount of 2013-1 Additional Term Loans funded on the Ninth   Amendment Effective Date
    

 

2

 

	
Date
    	
 
    	
Principal Payment
    
	
 
    	
 
    	
 
    
	
March 31,   2016
    	
 
    	
1%   of the principal amount of 2013-1 Additional Term Loans funded on the Ninth   Amendment Effective Date
    
	
 
    	
 
    	
 
    
	
Extended   Term B Loan Maturity Date
    	
 
    	
100%   of the aggregate principal amount of the 2013-1 Additional Term Loans
    

 

(c)                                  Section 1.1 of the Credit Agreement shall be amended by adding the following definition:

 

“2013-1 Additional Term Loans” shall have the meaning assigned to such term in the Ninth Amendment.

 

“Ninth Amendment” means the Ninth Amendment dated August 22, 2013 among the Borrower, the Administrative Agent and Citibank, N.A., in its capacity as the 2013-1 Additional Term Loan Lender.

 

“Ninth Amendment Effective Date” has the meaning assigned thereto in the Ninth Amendment.

 

3.                                      Conditions to Effectiveness.  This Amendment shall become effective, and the 2013-1 Additional Term Loans shall be made, on the date that the following conditions shall have been satisfied (the “Ninth Amendment Effective Date”):

 

(i)                                     Amendment Signatures. The Administrative Agent shall have received (i) this Amendment, duly executed and delivered by the Borrower, the Administrative Agent and the 2013-1 Additional Term Loan Lender and (ii) the Consent and Reaffirmation, in the form attached hereto as Exhibit A duly executed and delivered by the Borrower and each of the Subsidiary Guarantors.

 

(ii)                                  Fees and Expenses. The Borrower shall have paid, to the extent invoiced (x) the reasonable costs and expenses of the Administrative Agent and the 2013-1 Additional Term Loan Lender in connection with the preparation, reproduction, execution and delivery of this Amendment and all other Loan Documents entered into in connection herewith (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto) and (y) any fees payable to the 2013-1 Additional Term Loan Lender or any of its Affiliates in connection with the transactions contemplated by this Amendment.

 

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(iii)                               Notes.  The Borrower shall have duly executed and delivered to the Administrative Agent notes in the form of Exhibit 2.2(a)(4) to the Credit Agreement, payable to the 2013-1 Additional Term Loan Lender if it has requested a note in the amount of its 2013-1 Additional Term Loans after giving effect to this Amendment, all of which shall be in full force and effect.

 

(iv)                              Opinion of Counsel.  The Administrative Agent shall have received from Latham & Watkins LLP, special counsel to the Borrower, an opinion in the form attached hereto as Exhibit B, addressed to the Administrative Agent and each of the Lenders and dated the Ninth Amendment Effective Date.

 

(v)                                 Secretary’s Certificate, Etc.  The Administrative Agent shall have received (i) a certificate as to the good standing of the Borrower and each Subsidiary Guarantor as of a recent date, from the Secretary of State of its state of organization; (ii) a certificate of the secretary or assistant secretary of the Borrower and each Subsidiary Guarantor dated on or about the Ninth Amendment Effective Date and certifying (A) that attached thereto is a true and complete copy of (1) the by-laws (or equivalent thereof) and (2) the certificate or articles of incorporation, certified as of a recent date by the Secretary of State of the applicable state of organization, in each case of the Borrower or such Subsidiary Guarantor as in effect on the Ninth Amendment Effective Date and at all times since a date prior to the date of the resolutions described in clause (B) below (or, if such by-laws (or equivalent thereof) or certificate or articles of incorporation have not been amended or modified since the most recent delivery thereof to the Administrative Agent, certifying that no such amendment or modification has occurred), (B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent thereof) of the Borrower or such Subsidiary Guarantor authorizing the execution, delivery and performance of the Loan Documents to which such person is a party, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (C) as to the incumbency and specimen signature of each officer executing this Amendment or the Consent and Reaffirmation Agreement on behalf of the Borrower or such Subsidiary Guarantor; (iii) a certificate of another officer as to the incumbency and specimen signature of the secretary or assistant secretary executing the certificate pursuant to clause (ii) above.

 

(vi)                              Officer’s Certificate.  The Administrative Agent shall have received a certificate, dated the Ninth Amendment Effective Date and signed by a Responsible Officer on behalf of the Borrower, confirming that (i) the Borrower has complied with the requirements of Section 7.11(b) of the Credit Agreement with respect to all Subsidiaries formed or acquired on or after the Eighth Amendment Effective Date and (ii) the representations and warranties contained in Section 5 hereof are true and correct as of the Ninth Amendment Effective Date.

 

(vii)                           Compliance Certificate.  The Borrower shall have delivered to Administrative Agent a Compliance Certificate for the period of four full Fiscal Quarters immediately preceding the incurrence of the 2013-1 Additional Term Loans (prepared 

 

4

 

in good faith and in a manner and using such methodology which is consistent with the most recent financial statements delivered pursuant to Section 7.1 of the Credit Agreement) giving pro forma effect to such incurrence and evidencing compliance with the covenant set forth in Article IX of the Credit Agreement.

 

(viii)                        Flood Determinations. The Administrative Agent shall have received with respect to each Mortgaged Property (i) a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and the applicable Credit Party relating thereto) and (ii) a copy of, or a certificate as to coverage under, the insurance policies required by Section 7.8 of the Credit Agreement and the applicable provisions of the Security Documents, endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payee or mortgagee endorsement and naming the Collateral Agent on behalf of the Secured Parties as mortgagee, loss payee or additional insured (as applicable) and otherwise in form and substance satisfactory to the Administrative Agent.

 

(ix)                              Notice of Borrowing. The Borrower shall have delivered to the Administrative Agent a Notice of Borrowing with respect to the 2013-1 Additional Term Loans in accordance with the requirements of Section 2.5 of the Credit Agreement or otherwise satisfactory to the Administrative Agent.

 

4.                                      Post-Effective Date Requirements.

 

(a)                                 Within 60 days after the Ninth Amendment Effective Date (or such later date acceptable to the Administrative Agent in its sole discretion in writing), the Borrower shall deliver to the Administrative Agent:

 

(i)                                     Mortgage amendments reflecting the amendment of the Obligations contemplated hereby (the “Mortgage Amendments”), each in form and substance reasonably satisfactory to the Administrative Agent, with respect to each Mortgaged Property located in Alabama and Florida, each duly executed and delivered by an authorized officer of each party thereto and in form suitable for filing and recording in all filing or recording offices that the Administrative Agent may deem necessary or desirable unless Administrative Agent is satisfied in its reasonable discretion (based on advice reasonably satisfactory to the Administrative Agent of local counsel in the state in which the applicable Mortgaged Property is located) that Mortgage Amendments are not required in order to secure the Borrower’s Obligations as modified hereby.

 

(ii)                                  To the extent reasonably requested by Administrative Agent, title searches with respect to each Mortgaged Property and, in connection with any Mortgage Amendment delivered pursuant to clause (i) above and to the extent available at commercially reasonable rates in the jurisdiction in which the applicable Mortgaged Property is located, date-down, modification, so-called “non-impairment” or other endorsements reasonably satisfactory to the Administrative Agent with respect to the applicable title insurance policy, each in form and substance reasonably satisfactory to Administrative Agent.

 

5

 

(iii)                               Advice of local counsel to the Borrower with respect to each Mortgage Amendment, in form (which may be by email) and substance reasonably satisfactory to the Administrative Agent.

 

(iv)                              Evidence that the reasonable fees, costs and expenses have been paid, to the extent invoiced, in connection with the preparation, execution, filing and recordation of the items delivered pursuant to this paragraph (a), including, without limitation, reasonable attorneys’ fees, title insurance premiums, filing and recording fees, title insurance company coordination fees, documentary stamp, mortgage and intangible taxes and title search charges and other charges incurred in connection herewith.

 

(b)                                 Within 30 days after the Ninth Amendment Effective Date (or such later date acceptable to the Administrative Agent in its sole discretion in writing), the Borrower shall deliver to the Administrative Agent an opinion of Dickinson Dees LLP, special United Kingdom counsel to the Borrower, or another firm reasonably acceptable to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, addressed to the Administrative Agent and each of the Lenders and dated as of the date of delivery thereof.

 

5.                                      Representations and Warranties.  On and as of the Ninth Amendment Effective Date, before and after giving effect to the incurrence of the 2013-1 Additional Term Loans, the Borrower hereby represents and warrants to each Lender as follows:

 

(i)                                     this Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower, in accordance with its terms, and the Credit Agreement after giving effect to this Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms (in each case, except to the extent that the enforceability hereof or thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law));

 

(ii)                                  each of the representations and warranties contained in Article VI of the Credit Agreement and in the other Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the Ninth Amendment Effective Date, as though made on and as of such time, except to the extent such representations and warranties are expressly made as of a specific date, in which event such representations and warranties are true and correct as of such specified date;

 

(iii)                               no Event of Default or Unmatured Event of Default has occurred and is continuing; and

 

(iv)                              the 2013-1 Additional Term Loans are not prohibited by the terms of any Public Note Document.

 

6

 

6.                                      References to and Effect on the Credit Agreement.

 

(a)                                 On and after the Ninth Amendment Effective Date each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference to the “Credit Agreement,” “thereunder,” “thereof,” “therein,” or words of like import in respect of the Credit Agreement, as the case may be, in the Loan Documents and all other documents (the “Ancillary Documents”) delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as hereby amended.

 

(b)                                 Except as specifically amended above, the Credit Agreement, and the other Loan Documents and all other Ancillary Documents shall remain in full force and effect and are hereby ratified and confirmed.

 

(c)                                  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders or the Administrative Agent under the Credit Agreement, the Loan Documents or the Ancillary Documents.

 

7.                                      Use of Proceeds.  The Borrower covenants and agrees that it will use the proceeds of the 2013-1 Additional Term Loans as permitted under Section 2.1(a)(ii)(A) of the Credit Agreement.

 

8.                                      Miscellaneous.

 

(a)                                 Execution in Counterparts.  This Amendment may be executed in one or more counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same document with the same force and effect as if the signatures of all of the parties were on a single counterpart, and it shall not be necessary in making proof of this Amendment to produce more than one (1) such counterpart.  Delivery of an executed signature page to this Amendment by telecopy or electronic (pdf) transmission shall be deemed to constitute delivery of an originally executed signature page hereto.

 

(b)                                 Governing Law.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF SAID STATE.

 

(c)                                  Headings.  Headings used in this Amendment are for convenience of reference only and shall not affect the construction of this Amendment.

 

(d)                                 Integration.  This Amendment, the other agreements and documents executed and delivered pursuant to this Amendment and the Credit Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof.

 

(e)                                  Loan Document.  This Amendment is an amendment contemplated by Section 2.01(a)(ii)(B) of the Credit Agreement and shall constitute a Loan Document.

 

7

 

(f)                                   Binding Effect.  This Amendment shall be binding upon and inure to the benefit of and be enforceable by the Borrower and the Administrative Agent and the Lenders and their respective successors and assigns.  Except as expressly set forth to the contrary herein, this Amendment shall not be construed so as to confer any right or benefit upon any Person other than the Borrower, the Administrative Agent and the Lenders and their respective successors and permitted assigns.

 

(g)                                  Consent to Jurisdiction; Waiver of Jury Trial.

 

(i)                                     Each party hereby irrevocably submits to the non-exclusive jurisdiction of any United States federal or New York State court sitting in the City of New York in any action or proceeding arising out of or relating to this Amendment, and hereby irrevocably agrees that all claims in respect to such action or proceeding may be heard and determined in any such United States federal or New York State court and the Borrower and each Lender irrevocably waive any objection, including, without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens which any of them may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdictions.

 

(ii)                                  Each of the parties hereto irrevocably waives trial by jury in any action or proceeding with respect to this Amendment or any other Loan Document.

 

[Signature pages follow]

 

8

 

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

 

 

	
 
    	
HUNTSMAN   INTERNATIONAL LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

SIGNATURE PAGE TO

HUNTSMAN INTERNATIONAL LLC AMENDMENT NO. 9

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
as   Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CITIBANK,   N.A.,
    
	
 
    	
as   2013-1 Additional Term Loan Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

SIGNATURE PAGE TO
 HUNTSMAN INTERNATIONAL LLC AMENDMENT NO. 9

 

 

EXHIBIT A

 

CONSENT AND REAFFIRMATION

 

August 22, 2013

 

Reference is made to (i) the Credit Agreement dated as of August 16, 2005 (as heretofore amended, supplemented and modified by the Consent and First Amendment to Credit Agreement dated as of December 12, 2005, the Consent and Second Amendment to Credit Agreement and Amendment to Security Documents dated as of June 30, 2006, the Third Amendment to Credit Agreement dated as of April 19, 2007, the Fourth Amendment to Credit Agreement dated as of June 22, 2009, the Fifth Amendment to Credit Agreement dated as of March 9, 2010, the Sixth Amendment to Credit Agreement dated as of March 7, 2011, the Seventh Amendment to Credit Agreement dated as of March 6, 2012, and the Eight Amendment to Credit Agreement dated as of March 11, 2013, the “Credit Agreement”), by and among Huntsman International LLC, a Delaware limited liability company (the “Borrower”), JPMorgan Chase Bank, N.A., as Administrative Agent, the Agents party thereto and the Lenders party thereto and (ii) the Ninth Amendment to Credit Agreement (the “Ninth Amendment”) dated as of even date herewith, among the Borrower, the Lenders party thereto and the Administrative Agent.  Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement (as amended by the Ninth Amendment, the “Amended Credit Agreement”) are used herein as therein defined.

 

1.             Each of the undersigned hereby (a) acknowledges receipt of a copy of the Ninth Amendment, (b) consents to and approves the execution, delivery and performance of the Ninth Amendment and the performance of the Credit Agreement as amended by the Ninth Amendment.

 

2.             After giving effect to the Ninth Amendment, incurrence of the Additional Term Loan thereunder and the amendments and modifications to the Loan Documents (including, without limitation, waivers of provisions of any Loan Documents) effectuated by the Ninth Amendment (collectively, the “Modifications”), each of the undersigned ratifies, reaffirms and agrees to perform all of its obligations under each Loan Document to which it is a party (whether as original signatory thereto, by supplement thereto, by operation of law or otherwise), and agrees that all such obligations remain in full force and effect including, without limitation, all of its obligations under each of the following Loan Documents to which it is a party:

 

(a)           the Amended Credit Agreement;

 

(b)           each Note;

 

(c)           each Security Document, including without limitation:  (i) the Collateral Security Agreement dated as of August 16, 2005, as heretofore amended, modified or supplemented (including by Supplement No. 1 to Collateral Security Agreement dated as of December 20, 2005, Supplement No. 2 to Collateral Security Agreement dated as of December 22, 2010 and Supplement No. 3 to Collateral Security Agreement dated as of December 20, 2012), (ii) the Pledge Agreement dated as of August 16, 2005, as heretofore amended, modified or supplemented (including by Supplement No. 1 to Pledge Agreement dated as of December 20, 2005, Supplement No. 2 to Pledge Agreement dated as of December 22, 2010 and Supplement No. 3 to Pledge Agreement dated as of December 20, 2012), (iii) the UK Pledge Agreements, (iv) the UK Debenture, and (v) the Mortgages; and

 

(d)           each Guaranty, including, without limitation, the Subsidiary Guaranty 

 

 

dated as of August 16, 2005, as heretofore amended, modified or supplemented (including by Supplement No. 1 to Subsidiary Guaranty dated as of December 20, 2005, Supplement No. 2 to Subsidiary Guaranty dated as of December  20, 2005, Supplement No. 3 to Subsidiary Guaranty dated as of December 20, 2005, Supplement No. 4 to Subsidiary Guaranty dated as of December 22, 2010 and Supplement No. 5 to Subsidiary Guaranty dated as of December 20, 2012).

 

3.             After giving effect to the Ninth Amendment and the Modifications effectuated thereby, each of the undersigned, with respect to each Security Document to which it is a party (a) reaffirms and ratifies the Liens granted by the undersigned under such Security Document and (b) confirms and acknowledges that the Liens granted by the undersigned under such Security Document remain in full force and effect.

 

4.             After giving effect to the Ninth Amendment and the Modifications effectuated thereby, each of the undersigned agrees that, from and after the Ninth Amendment Effective Date, each reference to “the Credit Agreement” in the Loan Documents shall be deemed to be a reference to the Amended Credit Agreement.

 

5.             Each of the undersigned agrees that this Consent and Reaffirmation is made for the benefit of the Administrative Agent, the Lenders from time to time party to the Credit Agreement and the other persons secured by any of the Security Documents (whether defined in such Security Documents as “Secured Parties” or otherwise).

 

6.             EACH OF THE UNDERSIGNED AGREES THAT THIS CONSENT AND REAFFIRMATION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[SIGNATURE PAGES FOLLOW]

 

A-2

 

IN WITNESS WHEREOF, the undersigned has caused this Consent and Reaffirmation to be duly executed and delivered as of the      th day of          , 2013.

 

	
 
    	
HUNTSMAN INTERNATIONAL LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTED as a deed by
    
	
 
    	
TIOXIDE AMERICAS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
Witnessed   by:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Executed and delivered as a deed on behalf of   TIOXIDE GROUP acting by:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
				

 

 

SIGNATURE PAGE TO
 HUNTSMAN INTERNATIONAL LLC AMENDMENT NO. 9

CONSENT AND REAFFIRMATION

 

 

	
AIRSTAR CORPORATION
    
	
HUNTSMAN ADVANCED   MATERIALS AMERICAS LLC
    
	
HUNTSMAN ADVANCED   MATERIALS LLC
    
	
HUNTSMAN AUSTRALIA   HOLDINGS LLC
    
	
HUNTSMAN AUSTRALIA LLC
    
	
HUNTSMAN CHEMICAL   PURCHASING LLC
    
	
HUNTSMAN ENTERPRISES LLC
    
	
HUNTSMAN ETHYLENEAMINES   LLC
    
	
HUNTSMAN FUELS LLC
    
	
HUNTSMAN INTERNATIONAL   FINANCIAL LLC
    
	
HUNTSMAN INTERNATIONAL   FUELS LLC
    
	
HUNTSMAN INTERNATIONAL   TRADING CORPORATION
    
	
HUNTSMAN MA INVESTMENT   CORPORATION
    
	
HUNTSMAN MA SERVICES   CORPORATION
    
	
HUNTSMAN PETROCHEMICAL   LLC
    
	
HUNTSMAN PETROCHEMICAL   PURCHASING LLC
    
	
HUNTSMAN PROCUREMENT LLC
    
	
HUNTSMAN PROPYLENE OXIDE   LLC
    
	
HUNTSMAN   PURCHASING, LTD.
    
	
By:
    	
Huntsman   Procurement LLC, its General Partner
    
	
HUNTSMAN SURFACTANTS   TECHNOLOGY CORPORATION
    
	
POLYMER MATERIALS INC.
    
	
TIOXIDE AMERICAS   (HOLDINGS) LLC
    

 

 

	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

 

SIGNATURE PAGE TO
 HUNTSMAN INTERNATIONAL LLC AMENDMENT NO. 9

CONSENT AND REAFFIRMATION

 

 

EXHIBIT B

 

[See Attached]

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