Document:

Exhibit 10.1

 

SECOND AMENDMENT
 TO
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of February 21, 2017, is made by and among Carlisle Companies Incorporated, a Delaware corporation (“Carlisle”), Carlisle, LLC, a Delaware limited liability company (“CSL LLC” and together with Carlisle, herein the “Co-Borrowers”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the financial institutions (collectively the “Banks”) party to the hereinafter-defined Credit Agreement and the undersigned Banks.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, Carlisle, Carlisle Management Company (“CMC”), the Administrative Agent and the Banks entered into that certain Third Amended and Restated Credit Agreement dated as of October 20, 2011 (as amended by that certain First Amendment, dated as of December 12, 2013 the “Credit Agreement”);

 

WHEREAS, after the execution of the Credit Agreement, CMC and Carlisle merged, with Carlisle being the surviving entity;

 

WHEREAS, after execution of the Credit Agreement, Carlisle Corporation changed its organizational form and name to Carlisle, LLC;

 

WHEREAS, the Co-Borrowers have requested, and the Banks party hereto have agreed, to extend the maturity date of each such Bank’s Revolving Commitment to five-years from the Second Amendment Effective Date;

 

WHEREAS, the Co-Borrowers have requested, and the Banks party hereto have agreed to provide, Revolving Commitments in the aggregate of $1,000,000,000, on and subject to the terms and conditions set forth in this Amendment;

 

WHEREAS, the Co-Borrowers have requested, and certain of the Banks party hereto have agreed to provide (each such Bank, an “Increasing Bank”), Revolving Commitments in excess of each such Bank’s existing Revolving Commitment in effect as of the Effective Date; and

 

WHEREAS, the Co-Borrowers have requested, and the Administrative Agent, the Issuing Banks, the Swingline Bank, the Increasing Banks and the Banks party hereto have agreed, to amend the Credit Agreement as provided herein, on and subject to the terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Co-Borrowers, the Administrative Agent, the Issuing Banks, the Swingline Bank, the Increasing Banks and the undersigned Banks do hereby agree as follows:

 

 

Amendments to the Credit Agreement.  Effective as of the date of satisfaction of the conditions precedent set forth in Section 3 below, the parties hereto agree that the Credit Agreement is hereby amended as follows:

 

The cover-page of the Credit Agreement shall be replaced with the cover page set forth on Annex I hereto.

 

The introductory paragraph of the Credit Agreement is hereby amended to replace the phrase “CARLISLE CORPORATION, a Delaware corporation (“CC” and together with Carlisle, herein the “Co-Borrowers”)” with the phrase “CARLISLE, LLC, a Delaware limited liability company (“CSL LLC” and together with Carlisle, herein the “Co-Borrowers”)”.

 

The Credit Agreement is hereby further amended by replacing each reference to the term “CC” appearing therein with the term “CSL LLC” in lieu thereof.

 

Section 1.01 of the Credit Agreement is hereby amended to insert the following new definitions in the appropriate alphabetical order:

 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

 

 

“LC Limit” means, with respect to any Issuing Bank at any time, an amount equal to the quotient of $50,000,000 divided by the total number of Issuing Banks at such time.

 

“Second Amendment” means that certain Second Amendment to Third Amended and Restated Credit Agreement dated as of February 21, 2017, by and among the Co-Borrowers, the Administrative Agent and the Banks party thereto.

 

“Second Amendment Effective Date” has the meaning set forth in the Second Amendment.

 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

 

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

 

“Agreement” means this Agreement (as set forth in the introduction hereto), as the same may from time to time be amended, modified, supplemented or restated, including, without limitation, by the First Amendment and the Second Amendment.

 

The definition of “Available Currency Commitment” is hereby amended by amending and restating the last sentence appearing therein in its entirety to read as follows:

 

“As of the Second Amendment Effective Date, the aggregate amount of the Available Currency Revolving Banks’ Available Currency Commitments is $500,000,000.”

 

The definition of “Base Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

““Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted London Interbank Offered Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%. For the avoidance of doubt, if the Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.”

 

 

The definition of “Defaulting Bank” appearing in Section 1.01 of the Credit Agreement is hereby amended by (i) deleting the word “or” appearing before clause (e)(ii) appearing therein and (ii) inserting a new clause (iii) as follows:

 

“or (iii) become the subject of a Bail-In Action”

 

The definition of “Federal Funds Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

““Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Domestic Business Day next succeeding such day, provided that (i) if such day is not a Domestic Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Domestic Business Day as so published on the next succeeding Domestic Business Day, and (ii) if no such rate is so published on such next succeeding Domestic Business Day, the Federal Funds Rate for such day shall be the average rate quoted to JPMorgan Chase Bank, N.A. on such day on such transactions as determined by the Administrative Agent; provided further that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.”

 

The definition of “Interest Period” appearing in Section 1.01 of the Credit Agreement is hereby amended by inserting the phrase “or one week” immediately after the phrase “one, three or six months” appearing in clause (1) therein.

 

The definition of “Issuing Bank” appearing in Section 1.01 of the Credit Agreement is amended and restated in its entirety to read as follows:

 

““Issuing Bank” means each of JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A. and SunTrust Bank, in its capacity as the issuer of Letters of Credit hereunder, its successors in such capacity as provided in Section 2.17(i) and any affiliate of any of such Bank who issues a Letter of Credit for the account of a Co-Borrower.”

 

The definition of “Revolving Commitment” appearing in Section 1.01 of the Credit Agreement is hereby amended by amending and restating the last sentence appearing therein in its entirety to read as follows:

 

“The aggregate amount of the Banks’ Revolving Commitments as of the Second Amendment Effective Date is $1,000,000,000.”

 

 

The definition of “Revolving Commitment Termination Date” appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Revolving Commitment Termination Date” means February 21, 2022.”

 

Section 2.01(d)(i)(B) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(B) the sum of the Revolving Commitments plus the aggregate outstanding principal Dollar Amount of all Term Loans shall not at any time exceed $1,500,000,000;”

 

Section 2.05(a) and Section 2.05(b) of the Credit Agreement are hereby amended and restated in their entirety to read as follows:

 

“(a) Swingline Availability.  Subject to the terms and conditions set forth herein, the Swingline Bank agrees to make Swingline Loans in Dollars to the Co-Borrowers from time to time during the Revolving Credit Period at the Swingline Bank’s sole discretion and in an aggregate principal amount at any time outstanding that will not result in: (i) the aggregate principal amount of outstanding Swingline Loans exceeding $25,000,000 or (ii) the sum of the total Revolving Exposures exceeding the total Revolving Commitments.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Co-Borrowers may borrow, prepay and reborrow Swingline Loans.

 

(b) Swingline Loan Requests.  To request a Swingline Loan, Carlisle shall notify the Administrative Agent of such request by telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan.  Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), amount of the requested Swingline Loan and the Co-Borrower on whose account such Swingline Loan is being made.  The Administrative Agent will promptly advise the Swingline Bank of any such notice received from Carlisle.  If the Swingline Bank, in its sole discretion, agrees to make a Swingline Loan, the Swingline Bank shall make such Swingline Loan available to the applicable Co-Borrower by means of a credit to the general deposit account of such Co-Borrower with the Swingline Bank (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.17(e), by remittance to the applicable Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.  Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $500,000.”

 

The definitions of “CDOR Screen Rate”, “Screen Rate” and “London Interbank Offered Rate” appearing in Section 2.08 of the Credit Agreement are hereby amended and restated in their entirety as follows:

 

““CDOR Screen Rate” means for the relevant Interest Period, the Canadian deposit offered rate which, in turn means on any day the sum of (a) the annual rate of interest determined with reference to the arithmetic average of the discount rate quotations of all institutions listed in respect of the relevant Interest Period for Canadian Dollar-denominated bankers’ acceptances displayed and identified as such on the “Reuters Screen CDOR Page” as defined in the International Swap Dealer Association, Inc. definitions, as modified and amended from time to time, as of 10:00 a.m.,

 

 

Toronto local time, on such day and, if such day is not a Available Currency Business Day, then on the immediately preceding Available Currency Business Day (as adjusted by Administrative Agent after 10:00 a.m., Toronto local time, to reflect any error in the posted rate of interest or in the posted average annual rate of interest) plus (b) 0.10% per annum; provided that, if such rates are not available on the Reuters Screen CDOR Page on any particular day, then the Canadian deposit offered rate component of such rate on that day shall be calculated as the cost of funds quoted by Administrative Agent to raise Canadian Dollars for the applicable Interest Period as of 10:00 a.m., Toronto local time, on such day for commercial loans or other extensions of credit to businesses of comparable credit risk; or if such day is not a Available Currency Business Day, then as quoted by the Administrative Agent on the immediately preceding Available Currency Business Day. For the avoidance of doubt, if such CDOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.”

 

““Screen Rate” means the percentage rate per annum displayed for the applicable Available Currency on the LIBOR01 or LIBOR02 page of the Reuters Group screen as determined by the Administrative Agent; provided if such Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.”

 

““London Interbank Offered Rate” means, with respect to any Euro—Dollar Borrowing for any Interest Period and any Money Market LIBOR Loan, the rate appearing on Reuters Group Screen LIBOR01 Page (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Euro—Dollar Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period; provided if the London Interbank Offered Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  In the event that such rate is not available at such time for any reason, then the “London Interbank Offered Rate” with respect to such Euro—Dollar Borrowing or Money Market LIBOR Loan for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of JPMorgan Chase Bank, N.A. in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Euro—Dollar Business Days prior to the commencement of such Interest Period.”

 

Section 2.10 of the Credit Agreement is hereby amended by replacing the references to “$10,000,000” appearing therein with “$5,000,000” in lieu thereof.

 

 

Section 2.17(b) of the Credit Agreement is hereby amended by amending and restating the last sentence appearing therein in its entirety to read as follows:

 

“A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Co-Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $50,000,000, (ii) the face amount of such Letter of Credit, in the aggregate with the face amount of all Letters of Credit outstanding at such time issued by such Issuing Bank, shall not exceed such Issuing Bank’s LC Limit (unless agreed to in writing by such Issuing Bank in its sole discretion) and (iii) the total Revolving Exposures shall not exceed the total Revolving Commitments.”

 

Section 2.18(iv) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(iv) at no time shall the aggregate amount of the Revolving Commitments plus the Dollar Amount of the outstanding principal amount of the Term Loans exceed $1,500,000,000 in the aggregate.”

 

Article 4 of the Credit Agreement is hereby amended to add the following Section 4.13 thereto:

 

“SECTION 4.13. EEA Financial Institutions. No Co-Borrower is an EEA Financial Institution.”

 

Section 5.11 of the Credit Agreement is hereby amended by amending and restating the first sentence appearing therein as follows:

 

“The Leverage Ratio will at no time exceed 3.50 to 1.00; provided, however, that Carlisle may request, up to two times before the Revolving Credit Termination Date and upon an acquisition by Carlisle of $200,000,000 or greater, an increase in the Leverage Ratio to 4.00 to 1.00 (the “Ratio Increase”); provided further that the Ratio Increase shall only be in effect for the three full consecutive quarters following the quarter during which such acquisition was consummated, after which the Leverage Ratio will revert back to 3.50 to 1.00.”

 

 

Section 8.04 of the Credit Agreement is hereby amended by adding the following new clause (h) thereto:

 

“(h) Grandfathered Obligations. From and after the Second Amendment Effective Date, each Co-Borrower agrees to jointly and severally indemnify the Administrative Agent, and hold it harmless from, any and all liabilities, losses, claims, damages, costs and expenses, including Taxes and the reasonable fees, charges and disbursements of counsel for the Administrative Agent, arising in connection with the Administrative Agent’s treating, for purposes of determining withholding Taxes imposed under FATCA, the Second Amendment as qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).”

 

Article 9 of the Credit Agreement is hereby amended to add the following Section 9.19 thereof:

 

“SECTION 9.19. Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)                                 the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)                                 the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)                                     a reduction in full or in part or cancellation of any such liability;

 

(ii)                                  a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

 

(iii)                               the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.”

 

Schedule 1.01 of the Credit Agreement is hereby replaced in its entirety with Annex II to this Amendment.

 

Schedule 4.09 of the Credit Agreement is hereby replaced in its entirety with Annex III to this Amendment.

 

The Credit Agreement is hereby further amended by removing the signature page of The Bank of Tokyo-Mitsubishi UFJ, Ltd..

 

Available Currency Commitment and Revolving Commitment.  On the Second Amendment Effective Date (as defined below), the Available Currency Commitment and the Revolving Commitment of each Bank shall be as set forth on Annex II to this 

 

 

Amendment.  Each Bank hereby consents and agrees to the Available Currency Commitment and the Revolving Commitment set forth on Annex II to this Amendment.

 

Conditions Precedent.  This Amendment shall not become effective until the date on which each of the following conditions is satisfied:

 

a counterpart of this Amendment signed on behalf of each party hereto or written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Amendment;

 

an opinion of Steven J. Ford, Esq., Vice President, Secretary and General Counsel of Carlisle, substantially in the form of Exhibit A hereto and covering such additional matters relating to the transactions contemplated hereby as the Required Banks may reasonably request;

 

all fees and other amounts due and payable on or prior to the Second Amendment Effective Date, including, without limitation, the upfront fees Carlisle has agreed to pay to the Administrative Agent for the pro rata benefit of each Bank;

 

all documents the Administrative Agent may reasonably request relating to the existence of the Co-Borrowers, the corporate authority for and the validity of the Loan Documents and any other matters relevant hereto, all in form and substance satisfactory to the Administrative Agent;

 

from December 31, 2016 to the Second Amendment Effective Date, there has been no material adverse change in the business, financial position, results of operations or prospects of Carlisle and its Consolidated Subsidiaries, considered as a whole, except for matters arising solely from general factors relating to the industries in which Carlisle and its Consolidated Subsidiaries are principally engaged and general economic factors relating to the markets in which Carlisle and its Consolidated Subsidiaries are principally engaged in business, which in any such event do not have a disproportionate impact on Carlisle or any such Consolidated Subsidiary as compared to other companies engaged in such industries or lines of businesses;

 

the representations and warranties set forth in Section 4 hereof are true and correct on and as of the date hereof;

 

all Governmental Authority and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with the financing contemplated hereby and the continuing operations of the Co-Borrowers and their respective subsidiaries shall have been obtained and be in full force and effect; and

 

all documentation and other information required by regulatory authorities with respect to the Co-Borrowers under applicable Anti-Terrorism Laws and Anti-Corruption Laws, including without limitation the Patriot Act, in each case at least 5 Business Days in advance of the Second Amendment Effective Date.

 

 

The Administrative Agent shall promptly notify Carlisle and the Banks of the date when all conditions to the effectiveness of this Amendment have been satisfied or waived in accordance with Section 9.05 of the Credit Agreement (the “Second Amendment Effective Date”) and such notice shall be conclusive and binding on all parties hereto. The execution of this Amendment by the Co-Borrowers shall be deemed to be a representation and warranty by Carlisle on the Second Amendment Effective Date as to the facts specified in clauses (c), (d) and (e) of Section 3.02 of the Credit Agreement.

 

Representations and Warranties of Carlisle.  Carlisle hereby represents and warrants as follows:

 

This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of the Co-Borrowers, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and

 

As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of Carlisle set forth in the Credit Agreement are true and correct on and as of the date hereof.

 

Banks. Each party hereto acknowledges and agrees that The Bank of Tokyo-Mitsubishi UFJ, Ltd. has notified the Co-Borrowers and the Administrative Agent that such financial institution no longer desires to be a “Bank” under and as defined in the Credit Agreement.  Each party hereto further acknowledges and agrees that, as of the Second Amendment Effective Date, The Bank of Tokyo-Mitsubishi UFJ, Ltd. shall cease to be a Bank.

 

Ratification. Except as expressly amended hereby, the Loan Documents shall remain in full force and effect. The Credit Agreement, as hereby amended, and all rights and powers created thereby or thereunder and under the other Loan Documents are in all respects ratified and confirmed and remain in full force and effect.

 

Definitions and References.  Any term used in this Amendment that is defined in the Credit Agreement shall have the meaning therein ascribed to it.  The terms “Agreement” and “Credit Agreement” as used in the Loan Documents or any other instrument, document or writing furnished to the Administrative Agent or the Lenders by the Borrower and referring to the Credit Agreement shall mean the Credit Agreement as hereby amended.

 

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

 

Miscellaneous.  This Amendment (a) shall be binding upon and inure to the benefit of the Co-Borrowers, the Administrative Agent and the Banks and their respective successors and assigns (provided, however, no party may assign its rights hereunder except in accordance with the Credit Agreement), (b) may be modified or amended only in accordance with the Credit Agreement, (c) may be executed in several counterparts, and by the parties hereto on separate counterparts, and each counterpart, when so executed and delivered, shall constitute an original agreement, and all such separate counterparts shall constitute but

 

 

one and the same agreement, and (d) together with the other Loan Documents, embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter.  Delivery of an executed counterpart of a signature page to this Amendment by telecopy or as an attachment to an email shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Signature Pages Follow]

 

 

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

 

	
 
    	
CARLISLE   COMPANIES INCORPORATED
    
	
 
    	
CARLISLE,   LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Steven J. Ford
    
	
 
    	
Name:   Steven J. Ford
    
	
 
    	
Title:   Vice President, Secretary and General Counsel
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as Administrative 
   Agent, an Issuing Bank, Swingline Bank, an Increasing 
   Bank and a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Antje B. Focke
    
	
 
    	
Name:   Antje B. Focke
    
	
 
    	
Title:   Executive Director
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

	
 
    	
WELLS   FARGO BANK, N.A., as an Issuing Bank, an
   Increasing Bank and a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kara Treiber
    
	
 
    	
Name:   Kara Treiber
    
	
 
    	
Title:   Vice President
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

	
 
    	
BANK   OF AMERICA, N.A., as an Issuing Bank, an
   Increasing Bank and a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matthew N. Walt
    
	
 
    	
Name:   Matthew N. Walt
    
	
 
    	
Title:   Vice President
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

	
 
    	
SUNTRUST   BANK, as an Issuing Bank, an Increasing 
   Bank and a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Anika Kirs
    
	
 
    	
Name:   Anika Kirs
    
	
 
    	
Title:   Vice President
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

	
 
    	
MIZUHO   BANK, LTD., as an Increasing Bank and a 
   Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Donna DeMagistris
    
	
 
    	
Name:   Donna DeMagistris
    
	
 
    	
Title:   Authorized Signatory
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

	
 
    	
TD   BANK, N.A., as an Increasing Bank and a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Hogan
    
	
 
    	
Name:   Mark Hogan
    
	
 
    	
Title:   Senior Vice President
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

	
 
    	
HSBC   BANK USA, NATIONAL ASSOCIATION, as
   an Increasing Bank and a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John Reid
    
	
 
    	
Name:   John Reid
    
	
 
    	
Title:   SVP
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION, as an
   Increasing Bank and as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jennifer L. Shafer
    
	
 
    	
Name:   Jennifer L. Shafer
    
	
 
    	
Title:   Vice President
    

 

Signature Page
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

EXHIBIT A

 

Opinion of
 Counsel for the Co-Borrowers

 

February 21, 2017

 

To the Banks and the Administrative Agent
 Referred to Below
 c/o JPMorgan Chase Bank, N.A., as Administrative Agent
 13777 Ballantyne Corporate Place
 Charlotte, NC 28277

 

Dear Sirs:

 

I am Vice President, Secretary and General Counsel of Carlisle Companies Incorporated (“Carlisle”) and Secretary of Carlisle, LLC (“CSL LLC” and together with Carlisle, herein the “Co-Borrowers”), and in my capacity as an employee of Carlisle, I have participated in the execution and delivery of the Second Amendment (the “Second Amendment”) to Third Amended and Restated Credit Agreement  dated as of February 21, 2017 among the Co-Borrowers, the Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Credit Agreement”).  Terms defined in the Second Amendment are used herein as therein defined.  This opinion is being rendered to you pursuant to Section 3 of the Second Amendment.

 

I have examined originals or copies, certified or otherwise identified to my satisfaction, of such documents, corporate records, certificates of public officials and other instruments and have conducted such other investigations of fact and law as I have deemed necessary or advisable for purposes of this opinion.

 

The opinions expressed in this letter are limited to the laws of the States of New York and Delaware and the Federal laws of the United States of America.

 

Upon the basis of the foregoing, I am of the opinion that:

 

1.             (a) Carlisle is a corporation duly incorporated, validly existing and in good standing under the laws of Delaware and has all corporate powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and (b) CSL LLC is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware and has all corporate powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted.

 

2.             The execution, delivery and performance by each Co-Borrower of the Second Amendment are within the corporate powers of each Co-Borrower, have been duly authorized by all necessary corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the certificate of incorporation, certificate of formation, by—laws or operating agreement, as applicable, of either Co-Borrower or of any agreement, judgment, injunction, order, decree or other instrument binding upon Carlisle or any of Carlisle’s Material Subsidiaries or result in the creation or imposition of any Lien on any asset of Carlisle or any of Carlisle’s Material Subsidiaries.

 

Exhibit A
 to
 Second Amendment to Third Amended and Restated Credit Agreement

 

 

3.             The Credit Agreement as amended by the Second Amendment constitutes a valid and binding agreement of each Co-Borrower constitutes a valid and binding obligation of each Co-Borrower, in each case enforceable in accordance with its terms except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and by general principles of equity.

 

4.             There is no action, suit or proceeding pending against, or to the best of our knowledge threatened against or affecting, Carlisle or any of Subsidiaries of Carlisle before any court or arbitrator or any governmental body, agency or official, in which there is a reasonable possibility of an adverse decision which could materially adversely affect the business, consolidated financial position or consolidated results of operations of Carlisle and Carlisle’s Consolidated Subsidiaries, considered as a whole, or which in any manner draws into question the validity of the Second Amendment.

 

5.             Each of Carlisle’s corporate Subsidiaries is a corporation validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all corporate powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted except where the failure to have such powers, licenses, authorizations, consents or approvals could not reasonably be expected to have a Material Adverse Effect.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
 
    

 

 

ANNEX I

 

	
 
    

$1,000,000,000

 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of

 

20 October 2011

 

among

 

CARLISLE COMPANIES INCORPORATED

and

CARLISLE, LLC,

as co-borrowers,

 

the banks listed herein,

 

Wells Fargo Bank, N. A.,

Bank of America, N.A.,

SunTrust Bank, and

TD Bank, N.A.,

as co-syndication agents,

 

Mizuho Bank, Ltd.

as co—documentation agent

and

 

 

JPMorgan Chase Bank, N.A.,

as Administrative Agent

 

J.P. Morgan Securities, LLC, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and SunTrust Robinson Humphrey, Inc.,

as Joint Lead Arrangers and Joint Bookrunners

 

	
 
    

 

ANNEX II

 

Commitments

 

	
Bank
    	
 
    	
Available
   Currency
   Commitment
    	
 
    	
Revolving
   Commitment
    	
 
    
	
JPMorgan Chase   Bank, N.A.
    	
 
    	
$
    	
77,500,000.00
    	
 
    	
$
    	
155,000,000.00
    	
 
    
	
Wells Fargo   Bank, N.A.
    	
 
    	
$
    	
77,500,000.00
    	
 
    	
$
    	
155,000,000.00
    	
 
    
	
Bank of America,   N.A.
    	
 
    	
$
    	
77,500,000.00
    	
 
    	
$
    	
155,000,000.00
    	
 
    
	
SunTrust Bank
    	
 
    	
$
    	
77,500,000.00
    	
 
    	
$
    	
155,000,000.00
    	
 
    
	
TD Bank, N.A.
    	
 
    	
$
    	
72,500,000.00
    	
 
    	
$
    	
145,000,000.00
    	
 
    
	
Mizuho   Bank, Ltd.
    	
 
    	
$
    	
52,500,000.00
    	
 
    	
$
    	
105,000,000.00
    	
 
    
	
HSBC Bank USA,   National Association
    	
 
    	
$
    	
32,500,000.00
    	
 
    	
$
    	
65,000,000.00
    	
 
    
	
PNC Bank,   National Association
    	
 
    	
$
    	
32,500,000.00
    	
 
    	
$
    	
65,000,000.00
    	
 
    
	
Total   Commitments
    	
 
    	
$
    	
500,000,000.00
    	
 
    	
$
    	
1,000,000,000.00
    	
 
    

 

 

ANNEX III

 

Material Subsidiaries

 

Carlisle Companies Incorporated

Carlisle Brake & Friction, Inc.

Friction Products Co.

Carlisle, LLC

Carlisle Transportation Products, Inc.

Carlisle Construction Materials Incorporated

Carlisle Coatings & Waterproofing Incorporated

Carlisle TPO, Inc.

Carlisle Interconnect Technologies, Inc.

Carlyle Holdings, Inc.

Carlisle Insurance Company

Carlisle FoodService Products Incorporated

Carlisle Industrial Brake & Friction, Inc.

Carlisle International BV

Carlisle Holding Ltd.

Carlisle Asia Pacific Ltd.

Carlisle Brake Products (Hangzhou) Co. Ltd.

Carlisle (Meizhou) Rubber Products Co. Ltd.

CSL Manufacturing CV

Carlisle Canada

S. K. Wellman SpA

Carlisle Holdings GmbH

Carlisle Construction Materials GmbH

CSL International CV

Carlisle Holdings BV
 Tri-Star Electronics International, Inc.
 Carlisle Interconnect Technologies (Dongguan) Co., Ltd.
 Hertalan Holding BV

Carlisle Fluid Technologies, Inc.Exhibit

Exhibit 4.8

SUPPLEMENTAL INDENTURE NO. 7

Supplemental Indenture No. 7 (this “Supplemental Indenture”), dated as of October 31, 2016, among the guarantor listed on the signature page hereto (each, a “Guaranteeing Subsidiary” and, together, the “Guaranteeing Subsidiaries”), each a subsidiary of Realogy Group LLC, a Delaware limited liability company (the “Issuer”), and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).

W I T N E S S E T H

WHEREAS, each of the Issuer, Holdings, the Note Guarantors (each as defined in the Indenture referred to below) and the Trustee has heretofore entered into an indenture, dated as of April 7, 2014 (as supplemented, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 4.500% Senior Notes due 2019 (the “Notes”);
WHEREAS, Section 4.15 of the Indenture provides that under certain circumstances the Issuer is required to cause the Guaranteeing Subsidiaries to execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Issuer the Trustee and each Guaranteeing Subsidiary are authorized to execute and deliver this Supplemental Indenture.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
(1)    Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
(2)    Agreement to Guarantee. Each Guaranteeing Subsidiary hereby agrees as follows:
(a)    Along with Holdings and all Note Guarantors named in the Indenture or any supplemental indenture, to jointly and severally unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that:
(i)    the principal of, premium, if any, and interest on the Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other Obligations of the Issuers to the Holders or the Trustee hereunder or thereunder whether for payment of principal of, premium, if any, or interest, on the Notes and all other monetary obligations of the Issuers under the Indenture and the Notes shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

(ii)    in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, Holdings, each Note Guarantor and each Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately. This is a guarantee of payment and not a guarantee of collection.
(b)    The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes, the Indenture, the Holdings Guarantee or any other Note Guarantee, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, Holdings or any Note Guarantor, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
(c)    The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever.
(d)    This Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, the Indenture and this Supplemental Indenture, and each Guaranteeing Subsidiary accepts all obligations of a Note Guarantor under the Indenture.
(e)    If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, Holdings, the Note Guarantors (including each Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to the Issuers, Holdings or the Note Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
(f)    Each Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.
(g)    As between each Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by such Guaranteeing Subsidiary for the purpose of this Note Guarantee.
(h)    Each Guaranteeing Subsidiary shall have the right to seek contribution from Holdings or any non-paying Note Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Note Guarantee.
(i)    Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy Law or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution 

from or payments made by or on behalf of Holdings or any other Note Guarantor in respect of the obligations of Holdings or such other Note Guarantor under Article 10 or Article 11 of the Indenture, this new Note Guarantee shall be limited to the maximum amount permissible such that the obligations of each Guaranteeing Subsidiary under this Note Guarantee will not be voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.
(j)    This Note Guarantee shall be a continuing guarantee and shall (1) remain in full force and effect until payment in full of all the applicable obligations guaranteed hereby; (2) subject to Section 10.06 of the Indenture, be binding upon each Guaranteeing Subsidiary and its successors; and (3) inure to the benefit of and be enforceable by the Trustee, the Holders and their successors, transferees and assigns.
(k)     This Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuers, Holdings or any Note Guarantor for liquidation or reorganization, should the Issuers, Holdings or any Note Guarantor become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuers’, Holdings’ or any Note Guarantor’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes, the Holdings Guarantee or Note Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
(l)    In case any provision of this Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
(m)    This Note Guarantee shall be a general senior unsecured obligation of each Guaranteeing Subsidiary, ranking senior to all existing and future Subordinated Indebtedness of such Guaranteeing Subsidiary, if any, and pari passu with all existing and future Senior Pari Passu Indebtedness of such Guaranteeing Subsidiary, if any.
(n)    Each payment to be made by each Guaranteeing Subsidiary in respect of this Note Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.
(3)    Execution and Delivery. Each Guaranteeing Subsidiary agrees that the Note Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes.
(4)    Merger, Consolidation or Sale of All or Substantially All Assets.
(a)    Except as otherwise provided in Section 5.01(c) of the Indenture, each Guaranteeing Subsidiary may not, and the Issuer will not permit such Guaranteeing Subsidiary to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Guaranteeing Subsidiary is 

the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless:
(i)     either (a) such Guaranteeing Subsidiary is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than a Guaranteeing Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Guaranteeing Subsidiary or such Person, as the case may be, being herein called the “Successor Note Guarantor”) and the Successor Note Guarantor (if other than such Guaranteeing Subsidiary) expressly assumes all the obligations of such Guaranteeing Subsidiary under the Indenture and such Guaranteeing Subsidiary’s applicable Note Guarantee pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee, or (b) such sale or disposition or consolidation, amalgamation or merger is not in violation of Section 4.10 of the Indenture; 
(ii)     the Successor Note Guarantor (if other than such Guaranteeing Subsidiary) shall have delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indentures (if any) comply with the Indenture and if a supplemental indenture is required in connection with such transaction, such supplemental indenture shall comply with the applicable provisions of the Indenture; and
(iii)     immediately after such transaction, no Default or Event of Default exists.
(b) Except as otherwise provided in the Indenture, the Successor Note Guarantor (if other than a Guaranteeing Subsidiary) will succeed to, and be substituted for, such Guaranteeing Subsidiary under the Indenture and such Guaranteeing Subsidiary’s applicable Note Guarantee, and such Guaranteeing Subsidiary will automatically be released and discharged from its obligations under the Indenture and such Guaranteeing Subsidiary’s applicable Note Guarantee, but in the case of a lease of all or substantially all of its assets, the Guaranteeing Subsidiary will not be released from its obligations under the Note Guarantee. Notwithstanding the foregoing, (1) each Guaranteeing Subsidiary may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Guaranteeing Subsidiary in another state of the United States, the District of Columbia or any territory of the United States so long as the amount of Indebtedness, Preferred Stock and Disqualified Stock of such Guaranteeing Subsidiary is not increased thereby and (2) each Guaranteeing Subsidiary may merge, amalgamate or consolidate with another Guaranteeing Subsidiary or the Issuer. 
(c) In addition, notwithstanding the foregoing, each Guaranteeing Subsidiary may consolidate, amalgamate or merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets (collectively, a “Transfer”) to (x) the Issuer or any Note Guarantor or (y) any Non-Guarantor Subsidiary; provided that at the time of each such Transfer pursuant to clause (y) the aggregate amount of all such Transfers since the Issue Date shall not exceed the greater of (x) $625.0 million and (y) 5.0% of Total Assets after giving effect to each such Transfer and including all Transfers of such Guaranteeing Subsidiary and the Note Guarantors occurring from and after the Issue Date. 

(5)    Releases.
The Note Guarantee of each Guaranteeing Subsidiary under the Indenture and the Notes shall be automatically and unconditionally released and discharged, and no further action by such Guaranteeing Subsidiary, Holdings, the Issuers or the Trustee is required for the release of such Guaranteeing Subsidiary’s Guarantee, upon:
(1)        (a) the sale, disposition or other transfer (including through merger or consolidation) of the Capital Stock (including any sale, disposition or other transfer following which a Guaranteeing Subsidiary is no longer a Restricted Subsidiary), of such Guaranteeing Subsidiary if such sale, disposition or other transfer is made in compliance with the applicable provisions of the Indenture;
(b)  the Issuer designating such Guaranteeing Subsidiary to be an Unrestricted Subsidiary in accordance with the provisions set forth under Section 4.07 of the Indenture and the definition of “Unrestricted Subsidiary”;
(c)  the release or discharge of such Restricted Subsidiary from (x) its guarantee of Indebtedness under the Credit Agreement (including by reason of the termination of the Credit Agreement) and/or (y) the guarantee of Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer or such Restricted Subsidiary or the repayment of the Indebtedness or Disqualified Stock (except in each case a discharge or release by or as a result of payment under such guarantee) that resulted in the obligation to guarantee the Notes, in the case of each of clauses (x) and (y) if such Guaranteeing Subsidiary would not then otherwise be required to guarantee the Notes pursuant to the Indenture; provided, that if such Person has incurred any Indebtedness or issued any Disqualified Stock in reliance on its status as a Note Guarantor under Section 4.09 of the Indenture, such Guaranteeing Subsidiary’s obligations under such Indebtedness or Disqualified Stock, as the case may be, so Incurred are satisfied in full and discharged or are otherwise permitted to be Incurred under Section 4.09 of the Indenture; or
(d)  the Issuers exercising their Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 of the Indenture or the Issuers’ obligations under the Indenture being discharged in accordance with the terms of the Indenture; and
(2)    in the case of clause (1)(a) above, the release of such Guaranteeing Subsidiary from its guarantee, if any, of, and all pledges and security, if any, granted in connection with, the Credit Agreement and any other Indebtedness of the Issuer or any Restricted Subsidiary.
In addition, a Note Guarantee will be automatically released upon such Guaranteeing Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing Bank Indebtedness or other Indebtedness secured by the collateral securing such Bank Indebtedness with lien priority ranking equally with such Bank Indebtedness or other exercise of remedies in respect thereof. 
(6)    No Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity Interests of each Guaranteeing Subsidiary or any direct or indirect parent, as such, shall have any liability for any obligations of the Issuers or the Note Guarantors under the Notes, the Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
(7)    Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

(8)    Counterparts/Originals. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
(9)    Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.
(10)    The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by each Guaranteeing Subsidiary.
(11)    Subrogation. Each Guaranteeing Subsidiary shall be subrogated to all rights of Holders of Notes against the Issuers in respect of any amounts paid by such Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that, if an Event of Default has occurred and is continuing, such Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuers under the Indenture or the Notes shall have been paid in full.
(12)    Benefits Acknowledged. Each Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. Each Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Note Guarantee are knowingly made in contemplation of such benefits.
(13)    Successors. All agreements of each Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as otherwise provided in Section 5 hereof or elsewhere in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

[Signature page follows]

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

NRT Property Care LLC
NRT Property Management Illinois LLC
NRT Property Management Louisiana LLC
NRT Property Management North Carolina LLC
NRT Property Management Oklahoma LLC
LAND TITLE AND ESCROW, INC.
TITLEONE EXCHANGE COMPANY
TITLEONE CORPORATION
RHODE ISLAND GROUP, INC.

By:
/s/ Anthony E. Hull         
Name: Anthony E. Hull
Title: Executive Vice President and Treasurer

[Signature Page to 4.500% Senior Notes Supplemental Indenture]

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
By:
/s/ Valere Boyd        
Name: Valere Boyd
Title: Vice President

[Signature Page to 4.500% Senior Notes Supplemental Indenture]

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