Document:

cbt-ex102_73.htm

Exhibit 10.2

 

EXECUTION VERSION

 

FIRST amendment to credit agreement

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) is dated as of June 8, 2020, among CABOT CORPORATION (the “Company”), each undersigned Borrower (collectively, the “Borrowers” and each, a “Borrower” and together with the Company, the “Loan Parties”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, and Lenders constituting Required Lenders as of the date hereof. Capitalized terms used herein without definition shall have the meaning assigned to such terms in that certain Credit Agreement, dated as of May 22, 2019 (as the same may be amended or otherwise modified, the “Credit Agreement”), among the Loan Parties, the Lenders from time to time party thereto and the Administrative Agent.  This First Amendment shall constitute a Loan Document for all purposes of the Loan Documents.

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

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

a.New Definition.  Section 1.01 of the Credit Agreement is amended by adding ““Covenant Relief Period” means July 1, 2020 through and including June 30, 2021.” as a new definition in alphabetical order.

b.Amendment to “Alternate Base Rate”. The last sentence of the definition of “Alternate Base Rate” in Section 1.01 of the Credit Agreement is restated in its entirety to read as follows:

“For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.”

c.Amendment to “LIBO Rate”. The definition of “LIBO Rate” in Section 1.01 of the Credit Agreement is amended by adding a new sentence at the end thereof to read as follows:

“For the avoidance of doubt, if the LIBO Rate as determined pursuant to the foregoing would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.”

d.Amendment to Section 6.01(o). Section 6.01(o) of the Credit Agreement is restated in its entirety to read as follows:

“(o)Liens not otherwise permitted by the foregoing clauses of this Section securing Indebtedness in an aggregate principal amount at any time outstanding not to exceed (i) five percent (5%) of Consolidated Tangible Net Worth at any time during the Covenant Relief Period and (ii) ten percent (10%) of Consolidated Tangible Net Worth at any time other than during the Covenant Relief Period.”

e.Amendment to Section 6.05. Section 6.05 of the Credit Agreement is restated in its entirety to read as follows:

“SECTION 6.05. Financial Covenant.  It will not permit the Consolidated Leverage Ratio as of the last day of any Reference Period to be greater than:

(a) 3.50:1.00, commencing with the Reference Period ending March 31, 2020 and tested for all quarters thereafter ending on or prior to June 30, 2020;

(b) 4.50:1.00, commencing with the Reference Period ending September 30, 2020 and tested for all quarters thereafter ending on or prior to June 30, 2021; and 

(c) 3.50:1.00, commencing with the Reference Period ending September 30, 2021 and tested for all quarters thereafter;

provided, however, that at the election of the Company (prior written notice of which shall be given to the Administrative Agent), following the consummation of any Material Acquisition, the Consolidated Leverage Ratio (x) as at the end of the fiscal quarter in which such Material Acquisition 

 

 

occurs and the three fiscal quarters immediately thereafter, shall not be greater than 4.00:1.00 and (y) as at the end of any fiscal quarter thereafter, shall not be greater than 3.50:1.00, in each case, except for any fiscal quarter during the Covenant Relief Period (during which time the Consolidated Leverage Ratio shall not be greater than 4:50:1.00).”

2.Conditions to Effectiveness.  This First Amendment shall become effective on the first date upon which each of the following conditions has been satisfied:

a.The Administrative Agent (or its counsel) shall have received from the Loan Parties and each of the requisite Lenders a counterpart of this First Amendment signed on behalf of such party. 

b.The Loan Parties shall pay to each Lender that executes and delivers a copy of this First Amendment to the Administrative Agent (or its counsel) on or prior to the date hereof, through the Administrative Agent, an amendment fee (“Amendment Fee”) equal to 0.10% of such Lender’s Commitments (whether used or unused) as of such date. The Amendment Fee shall be fully earned and due and payable in full on the date hereof in Euros, and is not refundable for any reason or under any circumstances. The Administrative Agent and the Lenders shall have been reimbursed for all reasonable out of pocket expenses (including reasonable legal fees and expenses) required to be reimbursed by the Loan Parties hereunder to the extent invoiced in reasonable detail, consistent with past practices one Business Day prior to the First Amendment Effective Date.

3.Representations and Warranties.  The Loan Parties represent and warrant to the Administrative Agent and the Lenders as follows:  (a) the representations and warranties made by the Loan Parties in the Loan Documents are true and correct in all material respects (or in all respects if the applicable representation or warranty is already qualified by concepts of materiality) on and as of the date hereof, as though made on the date hereof, and (b) both immediately before and after giving effect to this First Amendment, no Default or Event of Default has occurred and is continuing or would result therefrom.

4.Miscellaneous.  Nothing contained herein shall be deemed to (i) constitute a waiver of any Default or Event of Default that may heretofore or hereafter occur or have occurred and be continuing or to otherwise modify any provision of any Loan Document (except as a result of the amendments expressly set forth in Paragraph 1 hereof), or (ii) give rise to any defenses or counterclaims to the Administrative Agent’s or any of the Lenders’ right to compel payment of the Obligations when due or to otherwise enforce their respective rights and remedies under the Loan Documents. Nothing herein shall be construed to imply any willingness on the part of the Administrative Agent or the Lenders to grant any future consent or waiver of any of the terms and conditions of the Loan Documents.  The Administrative Agent and Lenders hereby reserve all rights and remedies available to them under the Loan Documents and applicable law. Except as amended hereby, the Loan Documents and all documents, instruments and agreements related thereto are hereby ratified and confirmed in all respects and shall continue in full force and effect.  This First Amendment and the Credit Agreement shall hereafter be read and construed together as a single document, and all references in the Credit Agreement, any other Loan Document or any agreement or instrument related to the Credit Agreement shall hereafter refer to the Credit Agreement as amended by this First Amendment.  The Company hereby reaffirms its guarantee contained in Article IX of the Credit Agreement of the payment when and as due of the Obligations of the Borrowers, and acknowledges and agrees that such guarantee is and shall remain in full force and effect after giving effect to this First Amendment.  THIS FIRST AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. This First Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

IN WITNESS WHEREOF, each of the undersigned has duly executed this First Amendment to Credit Agreement as a sealed instrument as of the date first set forth above.

 

CABOT CORPORATION, as the Company and as Guarantor

 

 

	
 
	
By:
	
/s/ Erica McLaughlin

	
 
	
Name:
	
Erica McLaughlin

	
 
	
Title:
	
Senior Vice President & Chief Financial Officer

 

 

 

 

Cabot Luxembourg TC S.a.r.l., LUXEMBOURG, SCHAFFHAUSEN Branch, as a Borrower

 

 

	
 
	
By:
	
/s/ Janine Maus

	
 
	
Name:
	
Janine Maus

	
 
	
Title:
	
Branch Office Manager

 

 

	
 
	
By:
	
/s/ Aled Rees

	
 
	
Name:
	
Aled Rees

	
 
	
Title:
	
Authorized Signatory

 

 

CABOT GMBH, as a Borrower 

 

 

	
 
	
By:
	
/s/ Andreas Cendra

	
 
	
Name:
	
Andreas Cendra

	
 
	
Title:
	
Managing Director

 

 

	
 
	
By:
	
/s/ Ivana Jovanovic

	
 
	
Name:
	
Ivana Jovanovic

	
 
	
Title:
	
Managing Director

 

 

CABOT SWITZERLAND GMBH, as a Borrower 

 

 

	
 
	
By:
	
/s/ Ivana Jovanovic

	
 
	
Name:
	
Ivana Jovanovic

	
 
	
Title:
	
Manager

 

 

	
 
	
By:
	
/s/ Aled Rees

	
 
	
Name:
	
Aled Rees

	
 
	
Title:
	
President of Management

 

 

 

 

 

CABOT CARBON LIMITED, as a Borrower 

 

 

	
 
	
By:
	
/s/ Ivana Jovanovic

	
 
	
Name:
	
Ivana Jovanovic

	
 
	
Title:
	
Director

 

 

	
 
	
By:
	
/s/ Helen McCulloch

	
 
	
Name:
	
Helen McCulloch

	
 
	
Title:
	
Director

 

 

PT CABOT INDONESIA, as a Borrower 

 

 

	
 
	
By:
	
/s/ Chew Chee Hean

	
 
	
Name:
	
Chew Chee Hean

	
 
	
Title:
	
Director

 

 

	
 
	
By:
	
/s/ Dixy Olyviardy

	
 
	
Name:
	
Dixy Olyviardy

	
 
	
Title:
	
President Director

 

 

PT CABOT ASIA PACIFIC SOUTH, as a Borrower 

 

 

	
 
	
By:
	
/s/ Chew Chee Hean

	
 
	
Name:
	
Chew Chee Hean

	
 
	
Title:
	
Director

 

 

	
 
	
By:
	
/s/ Dixy Olyviardy

	
 
	
Name:
	
Dixy Olyviardy

	
 
	
Title:
	
President Director

 

 

 

 

 

 

 

WELLS FARGO BANK, NATIONAL

ASSOCIATION, as the Administrative Agent, a

Lender and a Swingline Lender

 

 

 

By: /s/ Cody King

	
 
	
Name:
	
Cody King

	
 
	
Title:
	
Vice President

 

 

U.S.  BANK NATIONAL ASSOCIATION

 

 

 

By: /s/ Mark Irey

	
 
	
Name:
	
Mark Irey

	
 
	
Title:
	
Vice President

 

 

 

PNC  BANK, NATIONAL ASSOCIATION

 

 

 

By: /s/ Eileen P. Murphy

	
 
	
Name:
	
Eileen P. Murphy

	
 
	
Title:
	
Vice President

 

 

 

MIZUHO BANK, LTD., as a Lender

 

 

 

By: /s/ Donna DeMagistris

Name:Donna DeMagistris

Title:Executive DirectorDocument

Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

SECOND AMENDMENT, dated as of May 6, 2020 (this “Second Amendment”), to the Credit Agreement, dated as of October 16, 2017 (as amended by that certain Augmenting Lender Supplement dated as of October 26, 2018, that certain First Amendment dated as of December 21, 2018, and as further amended, restated, modified or supplemented from time to time, the “Credit Agreement”), by and among RADIAN GROUP INC., a Delaware corporation (the “Borrower”), each of the lenders from time to time party thereto (collectively, the “Lenders” and individually, each a “Lender”), ROYAL BANK OF CANADA, as administrative agent for the Lenders (the “Administrative Agent”) and an LC Issuer, and the other agents and arrangers party thereto.

WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent agree to the amendments to the Credit Agreement provided for herein.

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

Section 1.     Definitions.  Capitalized terms used in this Second Amendment but not defined herein shall have the meanings assigned thereto in the Credit Agreement.

Section 2.     Amendments.  Effective as of the Second Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows:

(a)            The definition for “Facility Termination Date” shall be replaced in its entirety with: “Facility Termination Date” means January 18, 2022 or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 

(b)           The definition for “Eurocurrency Base Rate” shall be replaced in its entirety with: “Eurocurrency Base Rate” means, with respect to a Eurocurrency Advance for the relevant Interest Period, the greater of (a) zero percent (0.0%) and (b) the applicable interest settlement rate for deposits in Dollars administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) appearing on the applicable Reuters Screen (or on any successor or substitute page on such screen) as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period; provided that, if the applicable Reuters Screen (or any successor or substitute page) is not publicly available for any reason, the applicable Eurocurrency Base Rate for the relevant Interest Period shall instead be the applicable interest settlement rate for deposits in Dollars administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) as reported by any other generally recognized financial information service selected by the Administrative Agent in its reasonable discretion as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period; provided that, if no such interest settlement rate administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) is publicly available, the applicable Eurocurrency Base Rate for the relevant Interest Period shall instead be the rate reasonably determined by the Administrative Agent to be the rate at which RBC or one of its Affiliate banks offers to place deposits in Dollars with first-class banks in the interbank market at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, in the approximate amount of RBC’s relevant Eurocurrency Loan and having a maturity equal to such Interest Period.  Notwithstanding the foregoing, if the Administrative Agent (i) determines that the interest settlement rate for deposits in Dollars 

administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) or any other generally recognized financial information service selected by the Administrative Agent in its reasonable discretion is not publicly available and such circumstances are unlikely to be temporary, (ii) determines that the circumstances described in the preceeding clause (i) of this sentence has not arisen but the supervisor for the administrator of the LIBO Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate shall no longer be used for determining interest rates for loans or (iii) new syndicated loans have started to adopt a new benchmark interest rate, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the Eurocurrency Base Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable, provided that to the extent that the Administrative Agent determines that adoption of any portion of such market convention is not administratively feasible or that no market convention for the administration of such alternate rate of interest exists, the Administrative Agent shall administer such alternate rate of interest in a manner determined by the Administrative Agent in consultation with the Borrower. Notwithstanding anything to the contrary, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. If a notice of an alternate rate of interest has been given and no such alternate rate of interest has been determined, and (x) the circumstances under clause (i) or (iii) above exist or (y) the specific date referred to in clause (ii) has occurred (as applicable), Alternate Base Rate shall apply without regard to clause (c) of the definition thereof. Provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

Section 3.     Condition Precedent to Effectiveness.  This Second Amendment shall become effective on the date that each of the following conditions precedent is satisfied or waived in accordance with Section 8.3 of the Credit Agreement (such date, the “Second Amendment Effective Date”):
(a)The Administrative Agent shall have received counterparts of this Second Amendment executed by the Required Lenders and the Borrower. 

(b)The Administrative Agent shall have received (i) copies of the resolutions of the board of directors, authorized subcommittee thereof, or other equivalent body of each Loan Party authorizing the execution, delivery and performance of this Second Amendment, certified as of the Second Amendment Effective Date by an Authorized Officer of such Loan Party, (ii) a certificate of an Authorized Officer of each Loan Party certifying the names and true signatures of the officers of such Loan Party authorized to execute, deliver and perform, as applicable, this Agreement and all other Loan Documents to be delivered by such Loan Party hereunder, (iii) the articles or certificate of incorporation or equivalent document of each Loan Party as in effect on the Second Amendment Effective Date, certified by the Secretary of State (or similar, applicable Governmental Authority) of its state of incorporation or organization as of a recent date, (iv) the by-laws or equivalent document of each Loan Party as in effect on the Second Amendment Effective Date, certified by an Authorized Officer of such Loan Party as of the Second Amendment Effective Date and (v) to the extent such concept is applicable in such jurisdiction, a certificate of good standing or equivalent document for each Loan Party from the 

Secretary of State (or similar, applicable Governmental Authority) of its state of incorporation or organization as of a recent date.

(c)The Administrative Agent shall have been paid all reasonable and documented costs and out-of-pocket expenses (including, without limitation, reasonable attorney’s fees and legal expenses of the Administrative Agent in accordance with 6(i) below) incurred in connection with this Second Amendment or otherwise required to be paid under the Credit Agreement, to the extent invoiced to the Borrower no later than two Business Days prior to the Second Amendment Effective Date.

(d)The Administrative Agent shall have received a certificate signed by an Authorized Officer of the Borrower, dated as of the Second Amendment Effective Date, certifying that each of the conditions precedent specified in clauses (e) and (g) of this Section 3 have been satisfied.

(e)The representations and warranties contained in Section 5 hereof are (x) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of the Second Amendment Effective Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of the Second Amendment Effective Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date.

(f)Each consenting Lender shall have been paid their respective Consent Fee.

(g)No Default or Event of Default shall have occurred and be continuing on the Second Amendment Effective Date.

(h)The Administrative Agent shall have received a written opinion of Faegre Drinker Biddle & Reath LLP, in form and substance acceptable to the Administrative Agent, addressed to the Administrative Agent and the Lender.

Section 4.     Consent Fee. As consideration for each Lender’s consent to the amendments of the Credit Agreement effected pursuant to this Second Amendment, the Borrower agrees to pay (or cause to be paid) to each consenting Lender a fee (the “Consent Fee”) equal to 0.225% of the aggregate amount of such Lender’s Commitments under the Credit Agreement as of the Second Amendment Effective Date.
Section 5.     Representations and Warranties. Each Borrower represents and warrants to the Administrative Agent and the Lenders that on the Second Amendment Effective Date, the following statements are true and correct:

(a)            Authorization; No Conflict.  The execution, delivery and performance by each Loan Party of this Second Amendment, (i) are within each Loan Party’s corporate or other organizational powers, (ii) have been duly authorized by all necessary corporate or other organizational action, (iii) require no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person, except such as have been obtained and are in full force and effect, (iv) do not contravene the terms of any Loan Party's or any of its Subsidiaries' articles of 

incorporation, by-laws, memorandum and articles of association or other organizational documents, and (v) do not violate any requirement of law or any order, injunction, writ or decree of any Governmental Authority to which such Loan Party or any of its Subsidiaries or its properties is subject, except to the extent that such violation, individually or in the aggregate, could not be reasonably expected to have a Material Adverse Effect.

(b)           Enforceability.  This Second Amendment has been duly executed and delivered by each Loan Party party hereto and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability.

(c)            No Default.  No Default or Event of Default has occurred and is continuing.

(d)           Credit Agreement and Guaranty Representations.  All of the representations and warranties contained in the Credit Agreement or in the Guaranty Agreement by the Borrower and each Guarantor are true and correct in all material respects as of the Second Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

Section 6.     Acknowledgment and Consent.

(a)            Each Loan Party hereby acknowledges that it has reviewed the terms and provisions of this Second Amendment and consents to the amendments of the Credit Agreement effected pursuant to this Second Amendment.  Each Guarantor hereby confirms that it will continue to guarantee, to the fullest extent possible in accordance with the Loan Documents, the payment and performance of all Obligations when due.

(b)           Each Loan Party acknowledges and agrees that each of the Loan Documents to which it is a party shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Second Amendment.

(c)            This Second Amendment shall not extinguish the obligations for the payment of money outstanding under the Credit Agreement or discharge or release the priority of any Loan Document or any other guarantee therefor.  Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Credit Agreement or any Loan Document, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed concurrently herewith.

Section 7.    Miscellaneous.

(a)            On and after the date hereof, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Second Amendment.

(b)           This Second Amendment shall not by implication or, except as expressly provided herein, otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the existing Credit Agreement or any other Loan Document, and, except as specifically amended hereby, this Second Amendment shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the existing Credit Agreement or any other provision of the existing Credit Agreement or of any other Loan Document, all of which shall remain in full force and effect and are hereby ratified and affirmed in all respects.  Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.

(c)            The provisions of this Second Amendment shall be binding and inure to the benefit of the parties hereto and their respective successors and assigns permitted by the Credit Agreement.

(d)           This Second Amendment may be executed in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument.  Delivery of an executed counterpart of this Second Amendment by facsimile transmission or other electronic transmission (e.g., “.pdf” or “.tif”) shall be effective as delivery of an original executed counterpart hereof.  The words“execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Second Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

(e)            If any provision of this Second Amendment is invalid, illegal or unenforceable in any jurisdiction then, to the fullest extent permitted by law, (a) such provision shall, as to such jurisdiction, be ineffective to the extent (but only to the extent) of such invalidity, illegality or unenforceability, (b) the other provisions of this Second Amendment shall remain in full force and effect in such jurisdiction and (c) the invalidity, illegality or unenforceability of any such provision in any jurisdiction shall not affect the validity, legality or enforceability of such provision in any other jurisdiction.

(f)            This Second Amendment shall be a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

(g)            This Second Amendment shall be construed in accordance with and governed by the law of the State of New York.

(h)           This Second Amendment, together with the Loan Documents and any separate agreements with respect to fees payable to the Administrative Agent, embodies the entire agreement and understanding among the Credit Parties, the Lenders and the Administrative Agent and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof.

(i)             The Borrower shall pay or reimburse the Administrative Agent for all reasonable out-of-pocket expenses (including reasonable fees, charges and disbursements of Milbank LLP) incurred in connection with this Second Amendment.

[Signature Pages Follow]

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

ROYAL BANK OF CANADA, as Administrative Agent
By:   /s/ Ann Hurley             
Name: Ann Hurley 
Title: Manager, Agency

ROYAL BANK OF CANADA, as an LC Issuer
By:   /s/ Kevin Bemben             
Name: Kevin Bemben 
Title: Authorized Signatory

ROYAL BANK OF CANADA, as a Lender
By:   /s/ Kevin Bemben             
Name: Kevin Bemben 
Title: Authorized Signatory

U.S. BANK NATIONAL ASSOCIATION, as an LC Issuer
By:   /s/ Andre Liu             
Name: Andre Liu 
Title: Vice President

U.S. BANK NATIONAL ASSOCIATION, as a Lender
By:   /s/ Andre Liu             
Name: Andre Liu 
Title: Vice President

ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender
By:   /s/ Liliana Huerta Correa             
Name: Liliana Huerta Correa 
Title: Senior Vice President

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender 

By:   /s/ Doreen Barr             
Name: Doreen Barr 
Title: Authorized Signatory

By:   /s/ Komal Shah             
Name: Komal Shah Title: Authorized Signatory

GOLDMAN SACHS BANK USA, as a Lender
By:   /s/ Ryan Durkin             
Name: Ryan Durkin 
Title: Authorized Signatory

THE NORTHERN TRUST COMPANY, as a Lender
By:   /s/ Peter J. Hallan             
Name: Peter J. Hallan 
Title: Vice President

CIBC BANK USA, as a Lender
By:   /s/ Amanda Buzdum             
Name: Amanda Buzdum 
Title: Relationship Manager

BARCLAYS BANK PLC, as a Lender
By:   /s/ Evan Moriarty             
Name: Evan Moriarty 
Title: Vice President

RADIAN GROUP INC., as Borrower
By:   /s/ William T. Tomljanovic 
Name: William T. Tomljanovic
Title:  Senior Vice President, Chief Investment         Officer & Treasurer

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