Document:

Exhibit

Exhibit 10.1

SECOND MODIFICATION AGREEMENT
		
	DATE:
	March 18, 2016

		
	PARTIES:
	Borrower: COLE CORPORATE INCOME OPERATING PARTNERSHIP II, LP, a Delaware limited partnership

Administrative Agent for the Lenders: JPMORGAN CHASE BANK, N.A.
Lenders:    Lenders that are signatories hereto
RECITALS
A.All undefined capitalized terms used herein shall have the meaning given them in the Amended and Restated Credit Agreement dated as of December 12, 2014, among Borrower, Administrative Agent and the Lenders defined therein, as modified by the First Modification Agreement dated March 26, 2015, with an effective date of December 31, 2014 (the “Credit Agreement”).  Pursuant to the Credit Agreement, the Lenders have extended to Borrower a credit facility (“Loan”) in a maximum principal amount not to exceed $400,000,000.00 at any time (subject to potential increases up to an aggregate maximum principal amount of $1,250,000,000.00).  
B.The Loan is secured by the property described in certain of the Loan Documents.
C.The Amended and Restated Continuing Guaranty dated as of December 12, 2014, from Cole Office & Industrial REIT (CCIT II), Inc., a Maryland corporation, and the Subsidiary Guarantors that are a party thereto (including each counterpart agreement and amendment thereto, the “Guaranty”) was delivered to Administrative Agent for the benefit of the Lenders and guarantees the Loan.
D.Borrower has requested certain amendments to the Credit Agreement as described herein.  The undersigned Lenders are willing to agree to such amendments pursuant to the terms and conditions of this Second Modification Agreement (this “Agreement”).  
AGREEMENT
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, Administrative Agent and the Lenders agree as follows:
		
	SECTION 1. 
	ACCURACY OF RECITALS.

Borrower acknowledges the accuracy of the Recitals.
		
	SECTION 2. 
	MODIFICATION.  

2.1The definitions of “Early Maturity Date Event”, “Par Amount” and “Required Removal Payment” in Section 1.01 are hereby deleted.
2.2The definition of “Availability Period” in Section 1.01 is hereby modified to delete the clause “(a) March 31, 2016 upon the occurrence of the Early Maturity Date Event,” and changing the lettering of (b), (c) and (d) to be (a), (b) and (c).  As a result, the definition of “Availability Period” shall hereafter read as follows: 
“Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date for the Revolving Loans, (b) the date of termination of the Aggregate Revolving Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to make Revolving Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.
2.3The definition of “Maturity Date” in Section 1.01 is hereby modified to delete the clauses referencing an “Early Maturity Date Event” in a manner to hereafter read as follows:

“Maturity Date” means (i) as to all Term Loans December 12, 2019, and (ii) as to all Revolving Loans the later to occur of (a) the Initial Maturity Date and (b) to the extent maturity is extended pursuant to Section 2.17, the Extended Maturity Date; provided, however, that, in every case, if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business Day.
2.4The first sentence in Section 2.17 is hereby modified to delete the clause “If the Early Maturity Date Event has not occurred, then the” and replacing the clause with the word “The”.  As a result, the first sentence of Section 2.17 shall hereafter read as follows:
The Borrower may elect to extend the Initial Maturity Date with respect to Revolving Loans, Letters of Credit and Swing Line Loans for a single one (1) twelve (12) month period (the “Extended Maturity Date”).
2.5The wording in Section 2.18(b)(i) is hereby deleted and Sections 2.18(b)(ii) and (iii) are renumbered (i) and (ii) which will result in the first sentence of Section 2.18(b) to hereafter read as follows:
2.18    Unsecured Conversion.  The Borrower may convert the Facility to an unsecured Facility (an “Unsecured Conversion”) upon the Borrower’s satisfaction of the following requirements as of the date of such Unsecured Conversion (the “Conversion Requirements”):
(i)    Administrative Agent has received evidence reasonably satisfactory to Administrative Agent that the then current Total Asset Value is not less than $1,000,000,000.00; and
(ii)    No Default or Event of Default exists.
2.6Section6.13(c)(ii) is hereby modified to delete subpart (2) in a manner to include subpart (1) into Section 6.13(c)(ii) without renumbering and modifying the lead-in to subsection (ii) in a manner that Section 6.13(c) shall hereafter read as follows:
(c)    Notwithstanding any other provision in this Agreement, the Borrower agrees that the pool of Qualified Unencumbered Properties shall never be less than 10 Projects, with an aggregate Unencumbered Asset Value of at least $250,000,000:
(i)    except to effect a repayment in full of all Obligations and the termination of all of the Commitments (a “Full Repayment”); or
(ii)    if not to effect a Full Repayment, then only if either (x) the Total Outstandings are less than (A) 50% of the Unencumbered Asset Value, minus (B) all Unsecured Debt other than the Total Outstandings, calculated both before and after giving effect to the removal of any Project from the pool of Qualified Unencumbered Properties, or (y) the Administrative Agent, in its sole discretion, approves the removal of any Project from the pool of Qualified Unencumbered Properties.
2.7Section 6.14(a)(v) is hereby modified to delete the proviso as the end thereof which references Section 6.14(b) which pursuant to Section 2.8 of this Agreement is deleted and to replace the clause “of the of the” with the clause “of the”.  As a result Section 6.14(a)(v) shall hereafter read as follows:
(v)    the Administrative Agent approves, in its sole and absolute discretion, the removal of the Project from the pool of Qualified Unencumbered Property.
2.8Section 6.14(b) which only addressed the effect of the occurrence of an “Early Maturity Date Event” is hereby deleted and the current Section 6.14(c) is hereby re-lettered to read Section 6.14(b).
		
	SECTION 3. 
	RATIFICATION OF LOAN DOCUMENTS AND COLLATERAL.

The Loan Documents, including without limitations all agreements, representations and warranties therein, are ratified and affirmed by Borrower and shall remain in full force and effect, as modified herein.  Any property or rights to or interests in property granted as security in the Loan Documents shall remain as security for the Loan and the obligations of Borrower in the Loan Documents.
		
	SECTION 4. 
	BORROWER REPRESENTATIONS AND WARRANTIES.

Borrower represents and warrants to Administrative Agent and the Lenders:

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4.1No Event of Default or Default has occurred and is continuing.
4.2There has been no material adverse change in the financial condition of Borrower or any other member of the Consolidated Group from the most recent financial statement received by Administrative Agent.
4.3All representations and warranties made by Borrower and set forth in the Loan Documents are true and correct in all material respects on the date hereof, except to the extent such representations and warranties refer to an earlier date, in which case they shall be true and correct, in all material respects, as of such earlier date.
4.4As of the date hereof, Borrower knows of no claims, counterclaims, defenses, or set-offs with respect to the Loan or the Loan Documents.
4.5All Equity Interests encumbered by the Collateral Assignment Agreement, (i) are general intangibles under the Uniform Commercial Code as adopted in the States of Delaware and New York, and (ii) are book entry and there are no certificates issued or outstanding with respect thereto. 
4.6This Agreement and the Loan Documents are the legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance with their terms, subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium, or other similar laws relating to or affecting the rights of creditors generally and by equitable principles of general application.
4.7Borrower is validly existing under the laws of the State of its formation or organization and has the requisite power and authority to execute and deliver this Agreement and to perform the Loan Documents.  The execution and delivery of this Agreement and the performance of the Loan Documents have been duly authorized by all requisite action by or on behalf of Borrower.  This Agreement has been duly executed and delivered on behalf of Borrower.
		
	SECTION 5. 
	CONSENT OF LENDERS.  

The undersigned Lenders consent to the modifications to the Credit Agreement contained in SECTION 2 of this Agreement. 
		
	SECTION 6. 
	CONDITIONS PRECEDENT.

The agreement of the Lenders regarding the terms hereof shall not be binding upon the Lenders until the Administrative Agent and all Lenders have executed and delivered this Agreement, and the Administrative Agent has received, at Borrower's expense, all of the following, all of which shall be in form and content satisfactory to the Administrative Agent and shall be subject to approval by the Administrative Agent:
6.1.An original of this Agreement fully executed by Borrower and all of the Lenders;
6.2.An original of the attached Consent and Agreement of Guarantor fully executed by Guarantors; 
6.3.An original of the attached Consent and Agreement of each Subordinated Creditor fully executed by Advisor (defined in the Advisor Fee Subordination Agreement) and by VEREIT TRS Corp. (formerly known as ARCP TRS Corp.), a Delaware corporation;
6.4.An opinion of counsel in form and content acceptable to the Administrative Agent, which opinion of counsel may be a component of an opinion of counsel issued on matters and transactions beyond the scope of this Agreement; 
6.5.Certificates of the Borrower and the Guarantors regarding authority, execution and delivery of this Agreement, which certificates may be a component of other certificates issued on matters and transactions beyond the scope of this Agreement; and 
6.6.Payment of all reasonable out-of-pocket external costs and expenses incurred by the Administrative Agent in connection with this Agreement (including, without limitation, outside attorneys costs, expenses, and fees).
		
	SECTION 7. 
	BINDING EFFECT.

This Agreement shall be binding upon and shall inure to the benefit of Borrower, Administrative Agent and the Lenders and their permitted successors and assigns.

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	SECTION 8. 
	CHOICE OF LAW.

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
		
	SECTION 9. 
	COUNTERPART EXECUTION.

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document.  Signature pages may be detached from the counterparts and attached to a single copy of this Agreement to physically form one document.

[Signatures on Following Pages]

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DATED as of the date first above stated.

	
						
	 
	 
	COLE CORPORATE INCOME OPERATING PARTNERSHIP II, LP, a Delaware limited partnership, as Borrower

	 
	 

	 
	 
	By:
	Cole Office & Industrial REIT (CCIT II), Inc., a Maryland corporation, its general partner
	 

	 
	 
	 
	By:
	/s/ Simon J. Misselbrook
	 

	 
	 
	 
	Name:
	Simon J. Misselbrook
	 

	 
	 
	 
	Title:
	Chief Financial Officer
	 

                        

[Signature Page to Second Modification Agreement]

5

	
						
	 
	ADMINISTRATIVE AGENT:

	 
	 

	 
	 
	 
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 

	 
	 
	 
	By:
	/s/ Andrew C. Swingle
	 

	 
	 
	 
	Name:
	Andrew C. Swingle
	 

	 
	 
	 
	Title:
	Authorized Officer
	 

                        
	
						
	 
	LENDERS:

	 
	 

	 
	 
	 
	JPMORGAN CHASE BANK, N.A., as a Lender, L/C Issuer and Swing Line Lender
	 

	 
	 
	 
	By:
	/s/ Andrew C. Swingle
	 

	 
	 
	 
	Name:
	Andrew C. Swingle
	 

	 
	 
	 
	Title:
	Authorized Officer
	 

	
						
	 
	REGIONS BANK, as a Lender
	 

	 
	 

	 
	 
	 
	By:
	/s/ Michael R. Mellott
	 

	 
	 
	 
	Name:
	Michael R. Mellott
	 

	 
	 
	 
	Title:
	Director
	 

    
        
	
						
	 
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 

	 
	 

	 
	 
	 
	By:
	/s/ Troy Lyscio
	 

	 
	 
	 
	Name:
	Troy Lyscio
	 

	 
	 
	 
	Title:
	Senior Vice President
	 

    

	
						
	 
	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
	 

	 
	 

	 
	 
	 
	By:
	/s/ Ashish Tandon
	 

	 
	 
	 
	Name:
	Ashish Tandon
	 

	 
	 
	 
	Title:
	Vice President
	 

[Signature Page to Second Modification Agreement]

6

	
						
	 
	COMERICA BANK, as a Lender
	 

	 
	 

	 
	 
	 
	By:
	/s/ Michael T. Shea
	 

	 
	 
	 
	Name:
	Michael T. Shea
	 

	 
	 
	 
	Title:
	Vice President
	 

	
						
	 
	THE HUNTINGTON NATIONAL BANK, as a Lender
	 

	 
	 

	 
	 
	 
	By:
	/s/ Maria S. Bergrin
	 

	 
	 
	 
	Name:
	Maria S. Bergrin
	 

	 
	 
	 
	Title:
	Vice President
	 

    

	
						
	 
	PEOPLE'S UNITED BANK, as a Lender
	 

	 
	 

	 
	 
	 
	By:
	/s/ Victor Galati
	 

	 
	 
	 
	Name:
	Victor Galati
	 

	 
	 
	 
	Title:
	Senior Vice President
	 

	
						
	 
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION, as a Lender
	 

	 
	 

	 
	 
	 
	By:
	/s/ J. Patrick Daugherty
	 

	 
	 
	 
	Name:
	J. Patrick Daugherty
	 

	 
	 
	 
	Title:
	Portfolio Manager
	 

        

[Signature Page to Second Modification Agreement]

7Exhibit 10.8

 

AGREED FORM

 

ASSIGNMENT AND ASSUMPTION OF GOVERNANCE AGREEMENT

 

This Assignment and Assumption of Governance Agreement (this “Assignment”) is made as of [·] by and among Liberty Expedia Holdings, Inc., a Delaware corporation (“Spinco”), LEXE Marginco, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Spinco (“Marginco”), [Liberty Sub, a Delaware [·] and a wholly-owned subsidiary of Spinco] (“[Sub]”, and together with Spinco and Marginco, the “Assignees”), Liberty Interactive Corporation, a Delaware corporation (“Liberty”), Barry Diller, an individual (“Diller”), and Expedia, Inc., a Delaware corporation (“Expedia”).  Capitalized terms used and not otherwise defined herein have the meanings given such terms in the Governance Agreement (as defined below).

 

W I T N E S S E T H :

 

WHEREAS, Expedia, Diller and Liberty are parties to that certain Amended and Restated Governance Agreement, dated as of December 20, 2011 (the “Governance Agreement”);

 

WHEREAS, Liberty has determined to engage in the Spin-Off (as defined in the Transaction Agreement, dated as of March 24, 2016, by and among Liberty, Spinco, Diller, John C. Malone, an individual, and Leslie Malone, an individual (the “Transaction Agreement”)) which Liberty has represented will constitute a Distribution Transaction involving a Qualified Distribution Transferee;

 

WHEREAS, in accordance with Section 5.01 of the Governance Agreement, the parties desire to effect the assignment by Liberty and assumption by Spinco of Liberty’s rights, benefits and obligations under the Governance Agreement in connection with the Spin-Off and to provide for the other Assignees to become parties to the Governance Agreement as so assigned; and

 

WHEREAS, on or prior to the date hereof, pursuant to Section 5.01(b)(ii) of the Governance Agreement, the Executive Committee of the Board of Directors of Expedia has approved the Spin-Off and the transactions related thereto as contemplated by the Transaction Agreement for purposes of Section 203(a)(1) of the Delaware General Corporation Law.

 

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

 

1.                                      Representations and Warranties of Expedia.  Expedia represents and warrants to Diller, Liberty and Assignees that:

 

a.                                      Expedia is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the corporate power and authority to enter into this Assignment and to carry out its obligations hereunder and under the Governance Agreement;

 

b.                                      the execution, delivery and performance of this Assignment by Expedia has been duly authorized by all necessary corporate action on the part of Expedia and no other 

 

 

corporate proceedings on the part of Expedia are necessary to authorize this Assignment or the matters contemplated hereby or by the Governance Agreement;

 

c.                                       this Assignment has been duly executed and delivered by Expedia and constitutes a valid and binding obligation of Expedia, and, assuming this Assignment constitutes a valid and binding obligation of Diller, Liberty and Assignees, is enforceable against Expedia in accordance with its terms;

 

d.                                      the execution and delivery of this Assignment by Expedia, and the performance of its obligations hereunder and under the Governance Agreement, do not constitute a breach or violation of, or conflict with, Expedia’s restated certificate of incorporation or amended and restated by-laws or any material agreement to which Expedia is a party; and

 

e.                                       prior to the date of this Assignment, the Executive Committee of the board of directors of Expedia has duly adopted the resolution set forth on Exhibit J to the Transaction Agreement, which resolution has not been amended, modified or rescinded.

 

2.                                      Representations and Warranties of Diller.  Diller represents and warrants to Expedia, Liberty and Assignees that:

 

a.                                      he has the power and authority to enter into this Assignment and to carry out his obligations hereunder and under the Governance Agreement;

 

b.                                      the execution, delivery and performance of this Assignment by Diller has been duly authorized by all necessary action on the part of Diller and no other actions on the part of Diller are necessary to authorize this Assignment or the matters contemplated hereby or by the Governance Agreement;

 

c.                                       this Assignment has been duly executed and delivered by Diller and constitutes a valid and binding obligation of Diller, and, assuming this Assignment constitutes a valid and binding obligation of Expedia, Liberty and Assignees, is enforceable against Diller in accordance with its terms; and

 

d.                                      the execution and delivery of this Assignment by Diller, and the performance of his obligations hereunder and under the Governance Agreement, do not constitute a breach or violation of, or conflict with, any material agreement to which Diller is a party.

 

3.                                      Representations and Warranties of Liberty.  Liberty represents and warrants to Diller and Expedia that:

 

a.                                      Liberty is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the corporate power and authority to enter into this Assignment and to carry out its obligations hereunder and under the Governance Agreement;

 

b.                                      the execution, delivery and performance of this Assignment by Liberty has been duly authorized by all necessary corporate action on the part of Liberty and no other 

 

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corporate proceedings on the part of Liberty are necessary to authorize this Assignment or the matters contemplated hereby or by the Governance Agreement;

 

c.                                       this Assignment has been duly executed and delivered by Liberty and constitutes a valid and binding obligation of Liberty, and, assuming this Assignment constitutes a valid and binding obligation of Expedia and Diller, is enforceable against Liberty in accordance with its terms;

 

d.                                      the execution and delivery of the Assignment by Liberty and the performance of its obligations hereunder and under the Governance Agreement, do not constitute a breach or violation of, or conflict with, Liberty’s restated certificate of incorporation, as amended, or amended and restated bylaws;

 

e.                                       this Assignment is being entered into in connection with the Spin-Off, which constitutes a Distribution Transaction involving Spinco, the Liberty Spinco, and its wholly owned subsidiaries [Sub] and Marginco, the Qualified Distribution Transferees, pursuant to Section 5.01 of the Governance Agreement; and

 

f.                                        in connection with the Spin-Off, Liberty has contributed all Company Common Shares Beneficially Owned by it to Spinco, which has in turn contributed such shares to Marginco and [Sub].

 

4.                                      Representations and Warranties of Assignees and Liberty.  Assignees and Liberty each represent and warrant to Expedia and Diller that:

 

a.                                      each Assignee is duly organized, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate or other power and authority to enter into this Assignment and to carry out its obligations hereunder and, following the Spin-Off, under the Governance Agreement;

 

b.                                      the execution, delivery and performance of this Assignment by each Assignee has been duly authorized by all necessary corporate or other action on the part of each Assignee and no other corporate proceedings on the part of any Assignee are necessary to authorize this Assignment or the matters contemplated hereby or by the Governance Agreement;

 

c.                                       this Assignment has been duly executed and delivered by each Assignee and constitutes a valid and binding obligation of each Assignee, and, assuming this Assignment constitutes a valid and binding obligation of Diller and Expedia, is enforceable against each Assignee in accordance with its terms; and

 

d.                                      the execution and delivery of this Assignment by Assignees, and, following the Spin-Off, the performance by the Assignees of their obligations hereunder and under the Governance Agreement, do not constitute a breach or violation of, or conflict with, any Assignee’s organizational documents.

 

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5.                                      Assignment and Assumption, Certain Acknowledgements.

 

a.                                      Effective immediately prior to the Spin-Off (but subject to the consummation of the Spin-Off):

 

	
i.
    	
 
    	
Liberty assigns all of its rights and obligations   under the Governance Agreement (including its rights pursuant to Articles II   and III and Section 7.08 thereof) to Spinco;
    
	
 
    	
 
    	
 
    
	
ii.
    	
 
    	
Spinco accepts such assignment of rights hereunder   and assumes and agrees to perform all liabilities and obligations of Liberty   under the Governance Agreement to be performed following the effectiveness of   the Spin-Off;
    
	
 
    	
 
    	
 
    
	
iii.
    	
 
    	
Spinco is substituted for Liberty as “Spinco” for   all purposes under the Governance Agreement and upon the Spin-Off,   (I) all references in the Governance Agreement to “Liberty” will be   deemed to refer to Spinco, (II) all references to the “Liberty   Stockholder Group” will be deemed to refer to the “Spinco Stockholder Group,”   meaning the stockholder group composed of Spinco and those Subsidiaries of   Spinco, that, from time to time, hold Equity Securities of Expedia, and   (III) all references to the “Liberty Directors” will be deemed to refer   to the “Spinco Directors,” meaning the directors nominated by Spinco pursuant   to Section 2.01; and
    
	
 
    	
 
    	
 
    
	
iv.
    	
 
    	
Marginco and [Sub] acknowledge and agree that they   are members of the Spinco Stockholder Group at the effective time of the   Spin-Off.
    

 

b.                                      Liberty acknowledges that (i) it shall not be entitled to any benefits under the Governance Agreement following the Spin-Off and (ii) neither Expedia nor Diller shall be subject to any liability to Liberty under the Governance Agreement following the Spin-Off (except for any liability arising from any breach of the Governance Agreement by Expedia or Diller, as applicable, or relating to any actions or events occurring, in each case, on or prior to the date of the Spin-Off).

 

c.                                       Each of Expedia and Diller acknowledges that Liberty shall not be subject to any liability to it or him, as applicable, under the Governance Agreement following the Spin-Off (except for any liability arising from any breach of the Governance Agreement by Liberty or relating to any actions or events occurring, in each case, on or prior to the date of the Spin-Off).

 

d.                                      Spinco acknowledges and confirms that the persons serving as “Liberty Directors” (as such term is used prior to the effectiveness of this Assignment) on the Board of Directors at the effective time of the Spin-Off will become the “Spinco Directors” (as such term is used following the effectiveness of this Assignment) pursuant to Section 2.01(a) of the Governance Agreement.

 

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e.                                       Pursuant to Section 7.01 of the Governance Agreement, effective upon the completion of the Spin-Off, the address for all notices, requests and other communications to Assignees pursuant to the Governance Agreement will be:

 

Liberty Expedia Holdings, Inc.

12300 Liberty Boulevard

Englewood, CO 80112

Attention: Richard N. Baer, Chief Legal Officer

Facsimile:

 

6.                                      Miscellaneous.

 

a.                                      From and after the execution and delivery of this Assignment, the Governance Agreement shall be deemed to be assigned and assumed as herein provided (it being understood that no assignment, assumption or substitution hereunder shall be effective until immediately prior to the Spin-Off (and subject to the consummation of the Spin-Off)), and the Governance Agreement shall continue in full force and effect and is hereby ratified and confirmed.

 

b.                                      This Assignment may be amended, modified and supplemented, and any of the provisions contained herein may be waived, only by a written instrument signed by the parties hereto or their successors and permitted assigns; provided, however, that following the Spin-Off, Liberty’s execution of such amendment, modification or supplement will not be required for the effectiveness thereof, except to the extent such amendment, modification or supplement would have, or would reasonably be expected to have, an adverse effect upon Liberty.

 

c.                                       Neither this Assignment nor any of the rights, interests or obligations under this Assignment will be assigned, in whole or in part, by any party hereto without the prior written consent of the other parties hereto; provided, however, that following the Spin-Off, Liberty’s consent will not be required for such assignment, except to the extent such assignment would have, or would reasonably be expected to have, an adverse effect upon Liberty.  Any purported assignment without such prior written consent will be void.  Subject to the preceding sentences, this Assignment will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns.  This Assignment shall not confer any rights or remedies upon any Person other than the parties to this Assignment and their respective successors and permitted assigns.

 

d.                                      This Assignment sets forth the entire agreement and understanding between the parties as to the subject matter hereof and merges and supersedes all prior representations, agreements and understandings, written or oral, of any and every nature among them, other than as set forth in the Governance Agreement.

 

e.                                       This Assignment shall be governed by and construed in accordance with the Laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Law of any jurisdiction other than the State of Delaware.

 

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f.                                        The headings in this Assignment are for convenience of reference only and shall not constitute a part of this Assignment, nor shall they affect its meaning, construction or effect.

 

g.                                       This Assignment may be executed via facsimile or .pdf and in any number of counterparts, each of which shall be deemed to be an original instrument and all of which together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

6

 

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

 

 

	
 
    	
LIBERTY EXPEDIA HOLDINGS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
LEXE MARGINCO, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
[SUB]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
LIBERTY INTERACTIVE CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
EXPEDIA, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
BARRY DILLER
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

[Signature Page to Assignment and Assumption of Governance Agreement]

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