Document:

Exhibit

Exhibit 10.26

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT

THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Second Amendment”) is made as of January 9,  2020 (the “Effective Date”), by and among ESSEX PORTFOLIO, L.P., a California limited partnership (“Borrower”), the lenders which are parties hereto (collectively, the “Lenders”) and PNC BANK, NATIONAL ASSOCIATION, as administrative agent under the Credit Agreement (in such capacity, “Administrative Agent”) and L/C Issuer.
BACKGROUND
A.    Administrative Agent, the Lenders, and Borrower entered into that certain Second Amended and Restated Revolving Credit Agreement, dated as of January 17, 2018, as amended by that certain First Amendment to Second Amended and Restated Revolving Credit Agreement dated January 11, 2019 (as amended, the “Credit Agreement”), pursuant to which the Lenders agreed to make revolving credit loans to Borrower under the terms and conditions set forth therein.

B.    Administrative Agent, the Lenders and Borrower desire to modify the Credit Agreement and the other Loan Documents to (i) extend the Original Maturity Date, and (ii) modify certain other terms and provisions, on the terms and subject to the conditions herein set forth.

NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:
AGREEMENT
1.    Terms.  Capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement.

2.    Amendments to Credit Agreement.  The Credit Agreement is hereby amended as follows:

(a)    The definition of “Original Maturity Date” in Section 1.1 is hereby amended and restated to read in full as follows:

““Original Maturity Date” means December 29, 2023.”
(b)    Exhibit D (Form of Compliance Certificate) to the Credit Agreement is hereby amended and replaced with Exhibit D attached hereto.

3.    Loan Documents.  Except where the context clearly requires otherwise, all references to the Credit Agreement in any other Loan Document shall be to the Credit Agreement as amended by this Second Amendment.

4.    Borrower’s Ratification.  Borrower agrees that it has no defenses or set-offs against the Lenders or their respective officers, directors, employees, agents or attorneys, with respect to the Loan Documents, all of which are in full force and effect, and that all of the terms and conditions of the Loan Documents not inconsistent herewith shall remain in full force and effect unless and until modified or amended in writing in accordance with their terms.  Borrower hereby ratifies and confirms its obligations under the Loan Documents and agrees that the execution and delivery of this Second Amendment does not in any way diminish or invalidate any of its obligations thereunder.

5.    Guarantor Ratification.  Guarantor agrees that it has no defenses or set-offs against the Lenders or their respective officers, directors, employees, agents or attorneys, with respect to the Guaranty, which is in full force and effect, and that all of the terms and conditions of the Guaranty not inconsistent herewith shall remain in full force and effect unless and until modified or amended in writing in accordance with their terms.  Guarantor hereby ratifies and confirms its obligations under the Guaranty and agrees that the execution and delivery of this Second Amendment does not in any way diminish or invalidate any of its obligations thereunder.

6.    Representations and Warranties.  Borrower hereby represents and warrants to the Lenders that:

(a)    The representations and warranties made in the Credit Agreement, as amended by this Second Amendment, are true and correct in all material respects as of the date hereof;

(b)    After giving effect to this Second Amendment, no Default or Event of Default under the Credit Agreement or the other Loan Documents exists on the date hereof; 

(c)    This Second Amendment has been duly authorized, executed and delivered by Borrower so as to constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with its terms, except as the same may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors’ rights or by general equitable principles; 

(d)    The Joinder Page to this Second Amendment has been duly authorized, executed and delivered by Guarantor; and 

(e)    No material adverse change in the business, assets, operations, condition (financial or otherwise) or prospects of Borrower, Guarantor or any of their subsidiaries or Affiliates has occurred since the date of the last financial statements of the afore-mentioned entities which were delivered to Administrative Agent.  

All of the above representations and warranties shall survive the making of this Second Amendment.
        

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7.    Conditions Precedent.  The effectiveness of the amendments set forth herein is subject to the fulfillment, to the satisfaction of Administrative Agent and its counsel, of the following conditions precedent:

(a)    Borrower shall have delivered to Administrative Agent the following, all of which shall be in form and substance satisfactory to Administrative Agent and shall be duly completed and executed (as applicable):

(i)    This Second Amendment; 

(ii)    If requested by Administrative Agent, evidence that the execution, delivery and performance by Borrower and Guarantor, as the case may be, of this Second Amendment have been duly authorized, executed and delivered by Responsible Officers of Borrower and Guarantor, as the case may be; and

(iii)    Such additional documents, certificates and information as Administrative Agent may require pursuant to the terms hereof or otherwise reasonably request.

(b)    The representations and warranties set forth in the Credit Agreement shall be true and correct in all material respects on and as of the date hereof.

(c)    After giving effect to this Second Amendment, no Default or Event of Default shall have occurred and be continuing as of the date hereof.

(d)    Borrower shall have paid to Administrative Agent, (i) any fees required to be paid by Borrower to Administrative Agent for its benefit or the benefit of the Lenders in connection with the extension of the Original Maturity Date as agreed to by Borrower and Administrative Agent; and (ii) all other costs and expenses of Administrative Agent in connection with preparing and negotiating this Second Amendment, including, but not limited to, reasonable attorneys’ fees and costs.

8.    Miscellaneous.

(a)    All terms, conditions, provisions and covenants in the Loan Documents and all other documents delivered to Administrative Agent in connection therewith shall remain unaltered and in full force and effect except as modified or amended hereby.  To the extent that any term or provision of this Second Amendment is or may be deemed expressly inconsistent with any term or provision in any Loan Document or any other document executed in connection therewith, the terms and provisions hereof shall control.

(b)    Except as expressly provided herein, the execution, delivery and effectiveness of this Second Amendment shall neither operate as a waiver of any right, power or remedy of Administrative Agent or the Lenders under any of the Loan Documents nor constitute a waiver of any Default or Event of Default thereunder.

(c)    This Second Amendment constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous understandings and agreements.

            

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(d)    In the event any provisions of this Second Amendment shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof.

(e)    This Second Amendment shall be governed by and construed according to the laws of the State of California, without giving effect to any of its choice of law rules.

(f)    This Second Amendment shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns and may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

(g)    The headings used in this Second Amendment are for convenience of reference only, do not form a part of this Second Amendment and shall not affect in any way the meaning or interpretation of this Second Amendment.

[Signatures commence on the next page]

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IN WITNESS WHEREOF, Borrower, Administrative Agent and the Lenders have caused this Second Amendment to be executed by their duly authorized officers as of the date first above written.
ESSEX PORTFOLIO, L.P.,
a California limited partnership

		
	BY:
	ESSEX PROPERTY TRUST, INC.,

a Maryland corporation, its general partner

By: /s/ Anne Morrison                    
Name: Anne Morrison
Title: GVP, Acting General Counsel

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

PNC BANK, NATIONAL ASSOCIATION,
as Administrative Agent

By: /s/ David C. Drouillard
David C. Drouillard, Senior Vice President

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

PNC BANK, NATIONAL ASSOCIATION,
as L/C Issuer, Swing Line Lender and Lender

By: /s/ David C. Drouillard
David C. Drouillard, Senior Vice President

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

MUFG UNION BANK, N.A.,
as Lender

By: /s/ Peter Jablonski
Name: Peter Jablonski
Title: Account Officer

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

U.S. BANK NATIONAL ASSOCIATION,
as Lender

By: /s/ Michael F. Diemer
Name: Michael F. Diemer
Title: Senior Vice President

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

CAPITAL ONE, NATIONAL ASSOCIATION,
as Lender 

By: /s/ Jessica W. Phillips
Name: Jessica W. Phillips
Title: Duly Authorized Signatory

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Lender 

By: /s/ Ricky Nahal
Name: Ricky Nahal
Title: Vice President

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

BANK OF THE WEST,
as Lender 

By: /s/ Nancy Lam
Name: Nancy Lam
Title: AVP

By: /s/ Dennis Larden
Name: Dennis Larden
Title: Vice President

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

THE BANK OF NOVA SCOTIA,
as Lender 

By: /s/ Ajit Goswami
Name: Ajit Goswami
Title: Managing Director & Industry Head

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

CITIBANK, N.A., 
as Lender 

By: /s/ Christopher J. Albano
Name: Christopher J. Albano
Title: Authorized Signatory

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

MIZUHO BANK, LTD., 
as Lender 

By: /s/ Donna DeMagistris
Name: Donna DeMagistris
Title: Authorized Signatory

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

JPMORGAN CHASE BANK, N.A., 
as Lender 

By: /s/ Paul Choi
Name: Paul Choi
Title: Authorized Signer

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

CITY NATIONAL BANK, a national banking association, 
as Lender 

By: /s/ Cynthia Choy
Name: Cynthia Choy
Title: Vice President

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

REGIONS BANK, 
as Lender 

By: /s/ William Chalmers
Name: William Chalmers
Title: Assistant Vice President

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

TRUIST BANK, formerly known as BRANCH BANKING AND TRUST COMPANY, 
as Lender 

By: /s/ Ahaz Armstrong
Name: Ahaz Armstrong
Title: Senior Vice President

[Signatures Continue on the Next Page]

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

BNP PARIBAS, 
as Lender 

By: /s/ James Goodall
Name: James Goodall
Title: Managing Director

By: /s/ Kyle Fitzpatrick
Name: Kyle Fitzpatrick
Title: Vice President

[Signature Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]

JOINDER PAGE
Essex Property Trust, Inc., a Maryland corporation, as the “Guarantor” under the Credit Agreement hereby joins in the execution of this Second Amendment to make the affirmations set forth in Section 5 of this Second Amendment and to evidence its agreement to be bound by the terms and conditions of this Second Amendment applicable to it.  The party executing this Joinder Page on behalf of Guarantor has the requisite power and authority, and has been duly authorized, to execute this Joinder Page on behalf of Guarantor. 

ESSEX PROPERTY TRUST, INC., 
a Maryland corporation, as Guarantor

By: /s/ Anne Morrison            
Name: Anne Morrison
Title: Acting General Counsel

[Joinder Page to Second Amendment to Second 
Amended and Restated Revolving Credit Agreement]Exhibit

FRESH DEL MONTE PRODUCE INC. 

DESCRIPTION OF SECURITIES
 
As of December 27, 2019, the ordinary shares of Fresh Del Monte Produce Inc. (“we,” “us,” “our” or the “Company”) were the Company’s only class of securities registered under Section 12(b) of the Securities Exchange Act of 1934, as amended.

The following description of our securities is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our memorandum and articles of association (each, as amended), which we refer to as our charter, each of which is incorporated by reference as an exhibit to the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission of which this Exhibit is a part. We encourage you to read our charter and the applicable provisions of the Companies Law (as revised) of the Cayman Islands, which we refer to as the Companies Law, for additional information. 

Ordinary Shares 
Our charter authorizes us to issue an aggregate of 200,000,000 ordinary shares with a par value of $0.01 per share. Of those 200,000,000 authorized ordinary shares, we had 48,442,296 shares issued and outstanding as of December 27, 2019. We may not call for any further capital from any holder of ordinary shares. Under Cayman Islands law, non-residents of the Cayman Islands may freely hold, vote or transfer ordinary shares, subject to the provisions of the Companies Law and our charter. No Cayman Islands laws or regulations restrict or affect the payment of dividends, interests and other payments to non-resident holders of ordinary shares. There is no reciprocal tax treaty between the Cayman Islands and the United States regarding tax withholding. 
Our ordinary shares carry no preemptive or other subscription rights to purchase ordinary shares of the Company and is not convertible, redeemable or assessable or entitled to the benefits of any sinking fund.  Our ordinary shares are listed on the New York Stock Exchange under the symbol “FDP.”
Some provisions of our charter may have the effect of delaying, deterring or preventing a change in control not approved by our board of directors. 
Dividends 
The holders of the ordinary shares are entitled to receive, when, and if declared and paid out of legally available funds, dividends in cash or in specie. We may in a general meeting declare dividends but no dividend shall exceed the amount recommended by the directors. The directors may from time to time pay to the shareholders such dividends as appear to the directors to be justified by our profits. Subject to the rights of any persons entitled to shares with special rights to dividends, dividends declared on the ordinary shares will be paid ratably in proportion to the number of ordinary shares held by the holders of the ordinary shares. 
Liquidation 
In the case of our voluntary or involuntary liquidation, dissolution or winding-up, after payment of our creditors, our remaining assets and funds available for distribution will be divided among our shareholders and any distribution to the holders of ordinary shares will be paid ratably to the holders of the ordinary shares, subject to the rights of any preference shareholders. 
Voting 
Except as provided by statute or our charter, holders of the ordinary shares have the sole right and power to vote on all matters on which a vote of our shareholders is to be taken. At every meeting of the shareholders, all resolutions of the meeting shall be decided by poll and each holder of shares present in person or by proxy is entitled to cast one vote for each share (which entitles the holder thereof to vote) standing in his or her name as of the record date for the vote. 
Directors 
The holders of the ordinary shares are entitled, at any general meeting called for such purpose, by a majority vote of those present and entitled to vote thereon, voting as a single class, to elect and remove directors to and from our board of directors. 
 
Preferred Shares 
Our charter authorizes the issue of 50,000,000 preferred shares with a par value of $0.01 per share. Our board of directors may, from time to time, direct the allotment and disposal of preferred shares and may, at the time of issue, determine the rights, privileges and preferences of such shares. Satisfaction of any dividend preferences of outstanding preferred shares may reduce the amount of funds available for the payment of dividends on ordinary shares. Holders of preferred shares may be entitled to receive a preference payment in the event of our liquidation, dissolution or winding-up before any payment is made to the holders of ordinary shares. Holders of preferred shares may also be granted special voting rights. In some circumstances, the issue of preferred shares may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management. There are currently no preferred shares outstanding. 
Selected Provisions of our Charter 
Our charter provides for our board of directors to be divided into three classes, as nearly equal in number as possible, serving staggered terms. Approximately one-third of the board of directors will be elected each year. The provision for a classified board could prevent a party who acquires control of a majority of the outstanding voting shares from obtaining control of the board of directors until the second annual shareholders’ meeting following the date the acquiror obtains the controlling share interest. The classified board provision may have the effect of discouraging a potential acquiror from making an unsolicited tender offer or otherwise attempting to obtain control of us and to increase the likelihood that incumbent directors will retain their positions. 
Our charter provides that shareholder action can be taken only at a general meeting of shareholders and cannot be taken by written consent in lieu of a meeting. Our charter provides that, except as otherwise required by law at any time there are no directors of the Company, general meetings of the shareholders may only be called pursuant to a resolution adopted by a majority of the board of directors or by the chairman of the board. Shareholders will not be permitted to call a general meeting or to require the board of directors to call a general meeting. 
Our charter establishes an advance notice procedure for shareholder proposals to be brought before a general meeting of our shareholders, including proposed nominations of persons for election to the board of directors. Under our charter, shareholders must submit such proposals by delivering, by hand or by registered post, a notice setting out the precise language of any such proposal, together with a certificate certifying that such shareholder was a shareholder at the close of business on the relevant record date, to the directors in care of the secretary, Fresh Del Monte Produce Inc., c/o Del Monte Fresh Produce Company, 241 Sevilla Avenue, Coral Gables, Florida 33134. The directors must receive such notice not later than 80 and not earlier than 100 days prior to the meeting or within 10 days of the relevant record date if such record date has not been set or falls after that period of time.
Our charter provides that shareholders at a general meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting (i) by or at the direction of the board of directors, or (ii) by a shareholder who was a shareholder of record on the record date for the meeting and who has given the directors timely written notice, in proper form, of the shareholder’s intention to bring that business before the meeting. Our charter does not give the board of directors the power to approve or disapprove shareholder nominations of candidates or proposals regarding other business to be conducted at a general meeting. Our charter, however, may have the effect of precluding the conduct of some business at a meeting if the proper procedures are not followed. Our charter may also discourage or deter a potential acquiror from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us. 
Under Cayman Islands law, the affirmative vote of holders of at least two-thirds of the total votes eligible and actually cast at our general meeting is required to amend, alter, change or repeal provisions of our charter. This requirement of a special resolution to approve such actions to our charter could enable a minority of our shareholders to exercise veto power over any such action to our charter. 
Limitations on Liability and Indemnification of Officers and Directors 
Our charter limits the liability of directors and provides that we will indemnify our directors and officers, in each case, as permitted by Cayman Islands law. 

Registration Rights Agreement

In connection with our initial public offering, on October 15, 1997, we entered into a registration rights agreement with FG Holdings, an entity controlled by the Abu-Ghazaleh family (the “Registration Rights Agreement”).  The ordinary shares held by the Abu-Ghazaleh family are subject to the Registration Rights Agreement.  Under the Registration Rights Agreement, the holders of a majority of the registrable securities may request one demand registration per year (except in certain circumstances). In addition, if we register additional ordinary shares for sale to the public, we must give notice of the registration to such family members and, subject to certain limitations, include ordinary shares held by them in the registration.   The rights under the Registration Rights Agreement will terminate for a shareholder once that shareholder or its affiliates cease to own at least 5% of our outstanding ordinary shares.

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