Document:

exhibit1027

1 
EXHIBIT 10.27 
QUAKER HOUGHTON 
ANNUAL INCENTIVE PLAN
(As Amended and Restated Effective November 17, 2021) 
WHEREAS
, Quaker Chemical Corporation (the “Company”) established the Quaker Chemical 
Corporation Global Annual Incentive Plan (the “Prior Plan”); and 

WHEREAS
, the Company desires to amend and restate the Prior Plan as the Quaker Houghton Annual 
Incentive Plan (the “Plan”) to update the Plan for statutory changes and to make certain other changes; 

NOW, 
THEREFORE
, the Plan is amended and restated, effective as of November 17, 2021, as 
follows: 

PURPOSE AND APPLICATION 
The Plan is designed to reward certain employees of the Company for achieving performance objectives 
that are important to the Company and its shareholders. The Plan is intended to provide an incentive for 
superior work and to motivate participating employees toward even higher achievement and business results, to 
increase shareholder value, to tie their goals and interests to those of the Company and its shareholders, and to 
enable the Company to attract and retain highly qualified executive officers. 

The Plan, as amended and restated effective November 17, 2021, shall apply to any bonus compensation 
payable with respect to Performance Periods beginning on or after such date; 
provided however,
 
that payment 
of any bonus compensation in Common Stock shall be subject to approval of the Plan by the Company’s 
shareholders pursuant to the rules of the New York 
Stock Exchange. 

ARTICLE 1 
DEFINITIONS 

The following terms, when used herein, shall have the following meanings unless otherwise required by 
the context: 

1.1
“Annual Base Salary” shall mean the salary of a Participant determined on an annualized basis 
by reference to the base rate of pay in effect for such Participant. 

1.2
“Board” shall mean the Board of Directors of the Company. 

1.3
“Code” shall mean the Internal Revenue Code of 1986, as amended. 

1.4
“Committee” shall mean the Compensation/Management Development Committee of the Board 
and such other committee or committees as may be designated to act as the administrative committee under the 
Plan by the Board, at its discretion, from time to time. Where more than one committee has been designated for 
these purposes, each such committee shall act as the Committee under the Plan with respect to different 
Participants or groups of Participants (which may be designated individually or by classification) as established 
at the time any such committee is established. 

1.5
“Common Stock” shall mean shares of the Company’s common stock, $1.00 par value. 

 

 

2 
1.6
 
“Company” shall mean Quaker Chemical Corporation, or any successor by merger, purchase or 
otherwise, and, as appropriate, with respect to eligibility to participate in the Plan, the majority-owned 
subsidiaries of Quaker Chemical Corporation. 

1.7
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
1.8
“Participant” shall mean, with respect to a Performance Period, an employee of the Company 
who has been designated by the Committee as a Participant in the Plan for such Performance Period. 

1.9
“Performance Goal” shall mean, with respect to a Performance Period, an objective performance 
goal established by the Committee, consistent with the express terms of the Plan, which must be met in order 
for a bonus to be payable to a Participant with respect to such Performance Period, except as provided in 
Section 5.4. 

1.10
“Performance Period” shall mean the Plan Year 
or such other period or periods as may be 
established as a Performance Period by the Committee from time to time. Nothing herein shall prohibit the 
creation of multiple Performance Periods which may overlap with other Performance Periods established under 
the Plan. 

1.11
“Plan” shall mean the Quaker Houghton Global Annual Incentive Plan, as amended and restated 
effective November 17, 2021, 
and as may be amended from time to time. 

1.12
“Plan Year” 
shall mean the calendar year. 
1.13
“Short-Term Deferral Date” shall mean, with respect to bonus compensation payable for a 
Performance Period, a date within the 2 1/2 month period immediately following the last day of such 
Performance Period; provided that such period (measured from the last day of the period) shall be less than 2 
1/2 months to the extent necessary to cause such period to be within one calendar year. A Participant shall have 
no right to interest as a result of payment on a date after the first day of such period. Notwithstanding the 
foregoing, for purposes of determining the date the bonus award “would otherwise be payable” under Section 
5.1 and the “payment date” under Section 4.1(c), the date the bonus award is actually paid to similarly situated 
Participants with respect to the Performance Period shall be determinative, and not the Short-Term Deferral 
Date. 

ARTICLE 2 
ELIGIBILITY AND PARTICIPATION 

2.1
Designation of Participants. Those employees of the Company who are designated as 
Participants in the Plan by the Committee shall be eligible to participate in the Plan. Prior to or at the time 
Performance Goals are established for a specified Performance Period, the Committee shall identify the 
employees of the Company (by name, title, salary grade or similar classification) who are to be Participants in 
the Plan with respect to such Performance Period. 

2.2
Considerations. In making its determination as to eligibility for participation in the Plan, the 
Committee shall take into account an employee’s position in the Company and the extent to which the 
employee’s position affords him or her the opportunity to have a significant impact on the attainment of the 
Company’s objectives. 

 

 

 

 

3 
ARTICLE 3 
PERFORMANCE GOALS 

3.1
Establishment of Performance Goals. Prior to or within the first ninety (90) days of a 
Performance Period, the Committee shall establish in writing with respect to such Performance Period, one or 
more objective Performance Goals, stated in terms of an objective formula or formulas or such other 
appropriate method, for computing the amount of bonus compensation which may be payable to each 
Participant if the specified Performance Goals or levels thereof are attained. 

(a)
Notwithstanding the foregoing sentence, the Performance Goals for any 
Performance Period may not be established after 25% of the period of service represented by the Performance 
Period has elapsed, and the outcome must be substantially uncertain when the Performance Goals are 
established. 

(b)
Subject to the specific limitations set forth in the Plan, nothing herein shall limit 
the authority of the Committee to establish more than one Performance Goal and more than one formula with 
respect to bonus compensation of a Participant, nor limit a Participant’s ability to receive more than one bonus 
payment with respect to a single Performance Period. 

3.2
Business Criteria, Adjustments and Measurement. Performance Goals may be based upon one or 
more of the following business criteria (which may be determined for these purposes by reference to (i) the 
Company as a whole, (ii) any of the Company’s subsidiaries, operating divisions, regional business units or 
other operating units, or (iii) any combination thereof): profit before taxes, profit after taxes, earnings before or 
after taxes, interest, depreciation and/or amortization, stock price, market share, gross revenue, net revenue, 
pretax income, operating income, cash flow, earnings per share, return on equity, 
return on invested capital or 
assets, cost reductions and savings, return on revenues or productivity, or any variations of the preceding 
business criteria, which may be modified at the discretion of the Committee to take into account significant 
nonrecurring items or which may be adjusted to reflect such costs or expense as the Committee deems 
appropriate. 

(a)
Performance Goals may also be based upon a Participant’s attainment of personal 
objectives with respect to any of the foregoing business criteria or implementing policies and plans, negotiating 
transactions and sales, developing long-term business goals or exercising managerial responsibility. 

(b)
The Committee may provide for appropriate adjustments to any business criteria 
used in connection with measuring attainment of Performance Goals to take into account fluctuations in 
exchange rates, where relevant. 

3.3
Changes In Eligibility During the Performance Period. 
The Committee may, but is not required 
to, establish special rules for any employee who first becomes a Participant during a Performance Period, or 
whose level of participation the Committee determines should be changed during a Performance Period. 

ARTICLE 4 
DETERMINATION OF BONUS AWARDS 
AND LIMITATIONS 

4.1
Determination of Bonus Payment. As soon as practicable following the end of a Performance 
Period, the Committee shall determine whether and to what extent the Performance Goal or Performance Goals 

 

 

4 
established for a Participant for such Performance Period have been achieved, including the specific target 
objective or objectives and the satisfaction of any other material terms of the bonus award, and shall certify 
such determination in writing, which certification may take the form of minutes of the Committee documenting 
such determination. 

(a)
The Committee shall then calculate the amount of each Participant’s bonus or 
bonuses for such Performance Period based upon the levels of achievement of the relevant Performance Goals 
and the formula(s) established for such purposes with respect to such Performance Period, subject to the 
limitations set forth in this Article IV and the employment and proration rules set forth in Article V. 

(b)
The Committee may, notwithstanding anything contained herein to the contrary, 
reduce the amount of or totally eliminate any Participant’s bonus, if it determines, in its absolute and sole 
discretion, that such a reduction or elimination is appropriate in order to reflect the Participant’s individual 
performance or to take into account any other factors the Committee deems appropriate. 

(c)
At any time before a bonus is payable under the Plan, the Committee in its sole 
discretion shall determine whether the medium of payment shall be cash and/or Common Stock. To 
the extent 
an objective formula established under Section 3.1 for a Participant for a Performance Period is stated in terms 
of a medium other than the final medium of payment determined by the Committee under this subsection (c), 
conversion to the final medium of payment shall be determined by the last sale price for a share of Common 
Stock as quoted on the New York 
Stock Exchange for the payment date (or the trading day immediately 
preceding the payment date if the payment date is not a trading day). 

4.2
Limitations. No Participant shall be entitled to receive a bonus or bonuses in excess of the 
following limitations: 

(a)
For bonuses paid in cash, the maximum bonus payable with respect to all 
Performance Periods ending in any one Plan Year 
shall not exceed three hundred percent (300%) of such 
Participant’s Annual Base Salary in effect as of September 30th during such Plan Year. 

(b)
A Participant’s Annual Base Salary shall be deemed for these purposes to be the 
lesser of his or her actual Annual Base Salary or $1,000,000. 

4.3
Common Stock Available. Shares of Common Stock transferable under the Plan shall be shares 
of authorized, but not issued Common Stock or Common Stock held in treasury. The maximum number of 
shares of Common Stock which may be issued under the Plan shall not exceed 500,000 shares. If a bonus award 
terminates for any reason or is canceled, forfeited or settled in cash rather than stock, the number of shares of 
Common Stock with respect to which such bonus award terminated or was canceled, forfeited or settled in cash, 
shall be available for future grants of bonus awards under the Plan. If tax withholding requirements are satisfied 
by withholding Common Stock, only the number of shares issued net of Common Stock withheld shall be 
deemed delivered for purposes of applying the limits set forth in this Section. 

(a)
Bonuses payable in the form of a transfer of shares may be evidenced by written 
grant documents in such form as the Committee shall from time to time approve, and shall set forth such terms 
and conditions as the Committee shall, from time to time, at its discretion, impose on such transferred shares; 
provided, however, that any such terms and conditions may not be inconsistent with any specific terms of the 
Plan. 

(b)
In the event of changes to the outstanding shares of Common Stock of the 
Company through reorganization, merger, consolidation, recapitalization, reclassification, stock splits, 
stock 
dividend, spin-off, stock consolidation or otherwise, or in the event of a sale of all or substantially all of the 

 

 

 

5 
assets of the Company, an appropriate and proportionate adjustment shall be made in (i) the number and kind of 
shares available for use under the Plan, (ii) the annual limitations on awards of Common Stock, and (iii) the 
number and kind of shares of Common Stock payable under the formula(s), if any, for the Performance Period 
in which such event occurs. Adjustments or changes under this Section shall be made by the Committee, whose 
determination as to what adjustments or changes shall be made, and the extent thereof, shall be final, binding, 
and conclusive. 
ARTICLE 5 
PAYMENT 
OF AWARDS 

5.1
Employment Requirement. No bonus shall be payable under the Plan to any Participant who is 
not employed by the Company (or an affiliate of the Company) on the date such bonus would otherwise be 
payable unless: 

(a)
The Participant’s employment terminates prior to such date on account of his or 
her death, disability (as determined by the Committee, in its sole discretion), or under such other circumstances 
as the Committee shall, in its sole discretion, determine; 
(b)
The Participant’s employment terminates prior to such date on or after attainment 
of age 60; 

(c)
An amount is payable pursuant to Section 5.4; or 

(d)
The Committee, in its sole discretion, specifically allows the Participant’s bonus 
award to remain payable, in full or in part (as determined by the Committee), if the Participant’s employment 
terminates prior to such date. 
If a Participant’s employment terminates prior to the date a bonus award would otherwise be payable 
under any circumstances other than those described above, no bonus award shall be payable to such Participant. 

5.2
Proration of Bonus. 

(a)
If a Participant is on a leave of absence during a Performance Period, any bonus 
award payable shall be prorated based on active service during the Performance Period, except as provided in 
Section 5.4. 

(b)
If a Participant’s employment terminates under the circumstances set forth in 
Section 5.1(a) or (b), any bonus award payable will be prorated based on active service during the Performance 
Period, except as provided in Section 5.4. 
5.3
Payment Date. Except as provided in this Section 5.3 or in Section 5.4, no Participant may 
receive any payment with respect to a bonus award unless and until the Committee has certified in writing that 
the relevant Performance Goals for a Performance Period have been achieved. Notwithstanding anything herein 
to the contrary, if a Participant terminates employment under the circumstances set forth in Section 5.1(a), (b), 
or (d), the Committee shall have the discretion to provide for payment in respect of a bonus award for a 
Performance Period regardless of whether the Performance Goals for such Performance Period have been 
achieved. After the Committee has certified in writing that the relevant Performance Goals have been achieved, 
bonus awards shall be paid by the Company on the Short-Term Deferral Date, to the Participant or to his 
or her 
estate in the event of death. 

 

 

 

 

 

 

6 
5.4
Change in Control. Notwithstanding any provision of the Plan to the contrary, in the event of a 
Change in Control (as defined in the Quaker Chemical Corporation 2016 Long-Term Performance Incentive 
Plan), each Participant who is employed by the Company on the day before such Change in Control shall be 
paid (a) any bonus with respect to any Performance Period ending prior to such Change in Control (based on 
achievement during such Period) that has not been paid to the Participant, such payment to be made on the 
Short-Term Deferral Date for such Performance Period, and (b) with respect to the Performance Period in 
which such Change in Control occurs, the amount of the bonus that would have been payable had the target 
level of performance been achieved for such Performance Period, such payment to be made on the Short-Term 
Deferral Date for such Performance Period. 

5.5
Section 409A of the Code. Notwithstanding any provision of this Plan to the contrary, if a 
Participant is a specified employee (as defined in Treas. Reg. §1.409A-1(i)), any payment or benefit under this 
Plan that constitutes deferred compensation subject to Section 409A of the Code and for which the payment 
event is separation from service (as defined in Treas. Reg. §1.409A-1(h)) shall not be made or provided to the 
Participant before the date that is six months after the date of the Participant’s separation from service. Any 
payment or benefit that is delayed pursuant to this Section 5.5 shall be made or provided on the first business 
day of the seventh month following the month in which the Participant’s separation from service occurs. With 
respect to any cash payment delayed pursuant to this Section 5.5, the delayed payment shall include interest, at 
the Wall Street Journal Prime Rate published in the Wall 
Street Journal on the date of the Participant’s 
separation from service (or the previous business day if such date is not a business day), for the period from the 
date the payment would have been made but for this Section 5.5 through the date payment is made. The 
provisions of this Section 5.5 shall apply only to the extent required to avoid a Participant’s incurrence of any 
additional tax or interest under Section 409A of the Code. To the extent any 
payment or benefit under the Plan 
constitutes deferred compensation subject to Section 409A of the Code, this Plan is intended to comply with 
Section 409A of the Code and shall be administered, interpreted and construed in accordance therewith to avoid 
the imposition of additional tax under Section 409A of the Code. 

ARTICLE 6 
OTHER TERMS AND CONDITIONS 

6.1
Shareholder Approval. No bonus awards shall be paid in Common Stock unless and until the 
material terms of the Plan are disclosed to and approved by the Company’s shareholders pursuant to the rules of 
the New York 
Stock Exchange. 

6.2
Nontransferability; Unfunded Plan. Except as may be otherwise required by law, bonus awards 
under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, 
encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary. 
Bonuses 
awarded under the Plan shall be payable from the general assets of the Company and no Participant shall have 
any claim with respect to any specific assets of the Company. 

6.3
Rights. No person shall have any legal claim to be granted an award under the Plan and the 
Committee shall have no obligation to treat Participants uniformly. Neither the Plan nor any action taken under 
the Plan shall be construed as giving any employee the right to be retained in the employ of the Company or any 
subsidiary or to maintain any Participant’s compensation at any level. 

6.4
Withholding. 
The Company or any of its subsidiaries may deduct from any award any applicable 
withholding taxes or any amounts owed by the employee to the Company or any of its subsidiaries, or take any 
other actions it deems necessary or appropriate in connection with any applicable withholding requirements. 

 

 

 

 

 

 

 

 

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6.5
Common Stock. No Common Stock will be delivered under the Plan except in compliance with 
all applicable Federal and state laws and regulations including, without limitation, compliance with all Federal 
and state securities laws and with the rules of the New York 
Stock Exchange and of all domestic stock 
exchanges on which the Common Stock may be listed. Any certificate issued to evidence shares of Common 
Stock awarded pursuant to the Plan may bear legends and statements the Committee shall deem advisable to 
assure compliance with Federal and state laws and regulations. No shares of Common Stock shall be delivered 
under the Plan until the Company has obtained consent or approval from regulatory bodies, Federal or state, 
having jurisdiction over such matters as the Committee may deem advisable. In the case of a person or estate 
acquiring the right to an award of Common Stock made pursuant to the Plan as a result of the death of the 
Participant, the Committee may require reasonable evidence as to the ownership of the Common Stock and may 
require consents and releases of taxing authorities that it may deem advisable. 

6.6
Recoupment Policy. A Participant’s 
right to receive payment of a bonus under the Plan, to retain 
the bonus and, in the case of a non-cash bonus, to retain the profit or gain the Participant realized in connection 
with such a bonus shall be subject to any recoupment or “clawback” policy adopted by the Company. 

ARTICLE 7 
ADMINISTRATION 

7.1
The Committee. Until changed by the Board, the Compensation/Management Development 
Committee of the Board shall constitute the Committee hereunder. All actions taken under the terms of the Plan 
with respect to any employee who is subject to the reporting requirements of Section 16(a) of the Exchange Act 
shall be taken by a Committee consisting solely of two or more members of the Board who qualify as “non-
employee directors” (as that term is used for purposes of Section 16 of the Exchange Act). 

7.2
Committee’s Authority. 
The Committee shall have full power and authority to administer and 
interpret the provisions of the Plan and to adopt such rules, regulations, agreements, guidelines, and instruments 
for the administration of the Plan and for the conduct of its business as the Committee deems necessary or 
advisable. 

7.3
Delegation of Authority. The Committee shall have full power to delegate to any officer or 
employee of the Company the authority to administer and interpret the procedural aspects of the Plan, subject to 
the Plan’s terms, including adopting and enforcing rules to decide procedural and administrative issues. 

7.4
Reliance. The Committee may rely on opinions, reports or statements of officers or employees of 
the Company or any subsidiary thereof and of Company counsel (inside or retained counsel), public 
accountants, and other 
professional or expert persons. 

7.5
Liability; Indemnification. No member of the Committee shall be liable for any action taken or 
omitted to be taken or for any determination made by him or her in good faith with respect to the Plan, and the 
Company shall indemnify and hold harmless each member of the Committee against any cost or expense 
(including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the 
Committee) arising out of any act or omission in connection with the administration or interpretation of the 
Plan, unless arising out of such person’s own fraud or bad faith. 
7.6
Governing Law. The place of administration of the Plan shall be in the Commonwealth of 
Pennsylvania, and the validity, construction, interpretation, administration, and effect of the Plan and 
of its rules 
and regulations, and rights relating to the Plan, shall be determined solely in accordance with the laws of the 
Commonwealth of Pennsylvania (without reference to principles of conflicts of laws) to the extent Federal law 
is not applicable. 

 

 

 

8 
ARTICLE 8 
TERM OF PLAN, AMENDMENT AND TERMINATION 

8.1
Further Shareholder Approval. The Plan shall terminate as of the date of the first meeting of the 
shareholders of the Company that occurs in 2032, unless the material terms of the Plan are disclosed to and 
approved by shareholders on or before the date of such shareholders meeting. 
8.2
Amendment, Suspension and Termination. The Plan may be suspended, terminated, or 
reinstated, in whole or in part, at any time by the Board. The Board may from time to time make such 
amendments to the Plan as it may deem advisable. 
Notwithstanding the foregoing, no amendment to the Plan 
shall be made without the approval of the Company’s shareholders if it (i) increases the number of shares of 
Common Stock made available under the Plan, (ii) expands the class of persons eligible for a bonus under the 
Plan, (iii) materially extends the term of the Plan, or (iv) otherwise requires shareholder approval under the 
rules of the exchange or market on which Common Stock is listed or traded. 

8.3
Effect of Termination/Amendment. 
Termination or amendment of the Plan shall not, without the 
consent of the Participant, diminish a Participant’s rights with respect to any bonus program in effect with 
respect to the Performance Period in which such amendment or termination occurs except to the extent that such 
amendment or termination is determined by the Committee to be necessary or appropriate under applicable law.exhibit1046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 
EXHIBIT 10.46 
Execution Version 
AMENDMENT NO. 2 TO CREDIT AGREEMENT (LIBOR 
TRANSITION) 
THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (LIBOR TRANSITION) 
(this 
“Agreement”) 
is 
made 
and 
entered 
into 
as 
of 
December 
10, 
2021 
by 
and 
among 
QUAKER 
CHEMICAL 
CORPORATION
, a Pennsylvania corporation (the “Company”) and 
BANK OF AMERICA, N.A.
, as Administrative 
Agent (in such capacity, the “Administrative Agent”). 
RECITALS 
WHEREAS, 
the 
Company, 
certain 
Subsidiaries 
of 
the 
Company 
party 
thereto, 
each 
guarantor 
party 
thereto, 
each 
lender 
party 
thereto 
(collectively, 
the 
“Lenders” 
and 
individually, 
a 
“Lender”), 
and 
Bank 
of 
America, 
N.A., 
as 
Administrative 
Agent, 
have 
entered 
into 
that 
certain 
Credit 
Agreement 
dated 
as 
of 
August 
1, 
2019 
(as 
amended, 
modified, extended, restated, replaced, or supplemented from time to 
time, the “Credit Agreement”); 
WHEREAS, 
certain 
loans 
and/or 
other 
extensions 
of 
credit 
(the 
“Loans”) 
under 
the 
Credit 
Agreement 
denominated 
in 
Sterling, 
Yen, 
and 
Euros 
(collectively, 
the 
“Impacted 
Currencies”) 
incur 
or 
are 
permitted 
to 
incur 
interest, fees, 
commissions or other 
amounts based 
on the 
London Interbank Offered 
Rate as 
administered by the 
ICE 
Benchmark Administration (“LIBOR”) in accordance with the 
terms of the Credit Agreement; and 
WHEREAS, 
applicable 
parties 
under 
the 
Credit 
Agreement 
have 
determined 
in 
accordance 
with 
the 
Credit 
Agreement that 
LIBOR for 
the 
Impacted Currencies 
should be 
replaced with 
a successor 
rate in 
accordance with 
the 
Credit 
Agreement 
and, 
in 
connection 
therewith, 
the 
Administrative 
Agent 
has 
determined 
that 
certain 
conforming 
changes are necessary or advisable. 
NOW, 
THEREFORE, 
in 
consideration 
of 
the 
premises 
and 
the 
mutual 
covenants 
contained 
herein, 
and 
for 
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto 
agree as follows: 
1.
Defined 
Terms. 
Capitalized 
terms 
used 
herein 
but 
not 
otherwise 
defined 
herein 
(including 
on 
any 
Appendix attached hereto) shall have the meanings provided to such terms in the Credit Agreement, as amended by this 
Agreement. 
2.
Agreement. 
Notwithstanding 
any 
provision 
of 
the 
Credit 
Agreement 
or 
any 
other 
document 
related 
thereto (the “Loan Documents”) to 
the contrary, 
the parties hereto hereby agree 
that the terms set 
forth on Appendix A 
shall apply to the Impacted Currencies. For the avoidance of doubt, (a) to the extent provisions in the Credit Agreement 
apply to 
the Impacted 
Currencies and such 
provisions are not 
specifically addressed by 
Appendix A, the 
provisions in 
the Credit 
Agreement shall continue 
to apply to 
the Impacted 
Currencies and (b) 
to the 
extent provisions in 
the Credit 
Agreement apply to Dollar- 
denominated extensions of credit, the 
provisions in the Credit 
Agreement shall continue to 
apply to such Dollar-denominated extensions of credit and shall not be impacted 
by this Agreement. 
3.
Conflict with 
Loan Documents. 
In the 
event of 
any conflict 
between the 
terms of 
this Agreement 
and 
the terms of the Credit Agreement or the other Loan Documents, the terms hereof 
shall control. 

 

 

 

 

 

 

 

 

 

2 
4.
Representations 
and 
Warranties. 
The Company represents and warrants to the Administrative 
Agent and the Lenders, as of the date hereof, as follows: 
(a)
the execution, delivery and performance by the Company of this Agreement have been 
duly 
authorized 
by 
all 
necessary 
corporate 
or 
other 
organizational 
action 
and 
do 
not 
and 
will 
not 
(i) 
require 
any 
consent 
or 
approval 
or 
other 
action 
by, 
or 
notice 
to, 
or 
filing 
with, 
any 
Governmental 
Authority 
or 
any 
other 
Person 
in 
connection 
with 
the 
execution, 
delivery 
or 
performance 
by, 
or 
enforcement 
against, 
the 
Company 
of 
this 
Agreement 
except 
as 
may 
have 
been 
obtained, 
or 
(ii) 
contravene 
the 
terms 
of 
the 
Company’s 
Organization 
Documents; 
(b) 
conflict 
with 
or 
result 
in 
any 
breach or contravention of, or the creation of any Lien under, 
or require any payment to be made under 
(i) 
any 
Contractual 
Obligation 
to 
which 
the 
Company 
is 
a 
party 
or 
affecting 
the 
Company 
or 
the 
properties of the 
Company or (ii) 
any order, 
injunction, writ or 
decree of any 
Governmental Authority 
or any arbitral award to which the Company or its property is subject; or 
(c) violate any Law; 
(b)
this 
Agreement 
has 
been 
duly 
executed 
and 
delivered 
by 
the 
Company, 
and 
this 
Agreement, the 
Credit Agreement 
and each 
other Loan 
Document (in 
each case, 
as amended 
hereby) 
constitutes a 
legal, valid 
and binding 
obligation of 
the Company, 
enforceable against 
the Company 
in 
accordance with 
its terms, 
except to 
the extent 
that such 
enforceability may 
be limited 
by bankruptcy, 
receivership, moratorium, conservationship, or 
other laws of 
general application affecting the 
rights of 
creditors generally or by general principles of equity; 
(c)
the representations and warranties of the Company contained in Article V of the Credit 
Agreement 
and 
in 
each 
other 
Loan 
Document 
are 
true 
and 
correct 
in 
all 
material 
respects 
(or, 
with 
respect to representations and warranties modified by materiality standards or Material 
Adverse Effect, 
in 
all 
respects) 
on 
and 
as 
of 
the 
date 
hereof, 
except 
to 
the 
extent 
that 
such 
representations 
and 
warranties 
specifically 
refer 
to 
an 
earlier 
date, 
in 
which 
case 
they 
shall 
be 
true 
and 
correct 
in 
all 
material respects 
(or, 
with respect 
to representations 
and warranties 
modified by 
materiality standards 
or 
Material 
Adverse 
Effect, 
in 
all 
respects) 
as 
of 
such 
earlier 
date, 
and 
the 
representations 
and 
warranties contained in Sections 
5.05(a) and (b) shall 
be deemed to 
refer to the most 
recent statements 
furnished pursuant to Sections 6.01(a) and (b), respectively; 
(d)
immediately before and after the effectiveness of this Agreement on the Effective 
Date, no Default or Event of Default has occurred and is 
continuing. 
5.
Conditions 
Precedent. 
This 
Agreement 
shall 
become 
effective 
upon 
receipt 
by 
the 
Administrative 
Agent of counterparts of this Agreement, properly executed by the Company 
and the Administrative Agent. 
6.
Payment of Expenses. The Company agrees to pay, 
in accordance with and subject to the limitations in 
Section 
10.04 
of 
the 
Credit 
Agreement, 
all 
reasonable 
and 
documented 
out-of-pocket 
expenses 
incurred 
by 
the 
Administrative Agent 
and its 
Affiliates in 
connection with 
the 
preparation, execution, 
delivery, 
administration of 
this 
Agreement and the other instruments and documents to be delivered hereunder. 
7.
Miscellaneous. 

3 
(a)
The 
Loan 
Documents, 
and 
the 
obligations 
of 
the 
Company 
under 
the 
Loan 
Documents, 
are 
hereby ratified and confirmed and shall remain in full force and effect according to their terms. This Agreement 
is a Loan Document. 
(b)
The 
Company 
(i) 
acknowledges and 
consents 
to 
all 
of 
the 
terms 
and 
conditions 
of 
this 
Agreement, (ii) affirms all of 
its obligations under the Loan Documents, 
(iii) agrees that this Agreement and 
all 
documents executed 
in 
connection herewith 
do not 
operate to reduce or discharge 
its obligations under the Loan 
Documents, 
(iv) agrees that the Collateral 
Documents 
continue to be in full force and effect and are not impaired 
or 
adversely affected 
in 
any 
manner 
whatsoever, (v) 
confirms its 
grant 
of 
security interests 
pursuant 
to 
the 
Collateral 
Documents 
to which it is 
a party as Collateral 
for the Obligations, 
and (vi) acknowledges 
that all Liens 
granted (or purported to be granted) pursuant to the 
Collateral Documents 
remain and continue in full force and 
effect in respect 
of, and 
to secure, 
the 
Obligations. 
(c)
This Agreement 
may be 
in the 
form of 
an electronic 
record (in 
“.pdf” form 
or otherwise) 
and 
may 
be 
executed 
using 
electronic 
signatures, which 
shall 
be 
considered as 
originals 
and 
shall 
have the 
same 
legal 
effect, 
validity 
and 
enforceability 
as 
a 
paper 
record. 
This 
Agreement 
may 
be 
executed 
in 
as 
many 
counterparts 
as 
necessary 
or 
convenient, 
including 
both 
paper 
and 
electronic 
counterparts, 
but 
all 
such 
counterparts shall 
be one 
and the 
same 
Agreement. For 
the avoidance 
of doubt, 
the authorization 
under this 
paragraph may include, without limitation, use or acceptance by the Administrative Agent of a manually signed 
Agreement 
which 
has 
been 
converted 
into 
electronic 
form 
(such 
as 
scanned 
into 
“.pdf” 
format), 
or 
an 
electronically signed Agreement converted into another format, 
for transmission, delivery and/or retention. 
(d)
Any 
provision 
of 
this 
Agreement 
held 
to 
be 
illegal, 
invalid 
or 
unenforceable 
in 
any 
jurisdiction, 
shall, 
as 
to 
such 
jurisdiction, 
be 
ineffective 
to 
the 
extent 
of 
such 
illegality, 
invalidity 
or 
unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof and 
the 
illegality, 
invalidity 
or 
unenforceability 
of 
a 
particular 
provision 
in 
a 
particular 
jurisdiction 
shall 
not 
invalidate or render unenforceable such provision in any other jurisdiction. 
(e)
The terms 
of the 
Credit Agreement 
with respect 
to governing 
law, 
submission to 
jurisdiction, 
waiver of venue and waiver of 
jury trial are incorporated herein by 
reference, 
mutatis mutandis
, and the parties 
hereto agree to such terms. 
[remainder of page intentionally left blank] 

 

 

4 
Each of the parties hereto has caused a counterpart of this Agreement 
to be duly executed and delivered as of the 
date first above written. 
BORROWER:
QUAKER CHEMICAL CORPORATION,
a Pennsylvania corporation 
By: /s/ LINGLING STEWART 

Name: LingLing Stewart 
Title: Global Treasurer 

 

 

5 
ADMINISTRATIVE
AGENT:
BANK
OF
AMERICA,
N.A.,
as Administrative Agent 
By: /s/ ELIZABETH URIBE 

Name: Elizabeth 
Uribe 

Title: Assistant Vice President 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6 
Appendix A 
TERMS APPLICABLE TO AFFECTED ALTERNATIVE 
CURRENCY LOANS 
1.
Defined Terms. 
The following terms shall have the meanings set forth below: 
“Administrative 
Agent’s 
Office” 
means, 
with 
respect 
to 
any 
currency, 
the 
Administrative 
Agent’s 
address and, 
as appropriate, 
account specified 
in the 
Credit Agreement 
with respect 
to such 
currency, 
or such 
other 
address 
or 
account 
with 
respect 
to 
such 
currency 
as 
the 
Administrative 
Agent 
may 
from 
time 
to 
time 
notify the Company and the Lenders. 
“Affected Alternative Currency” 
means each of the following currencies: Sterling, Yen, and Euros. 
“Affected Alternative Currency Daily Rate” means, for any day, 
with respect to any extension of credit 
under the Credit Agreement 
denominated in Sterling, the 
rate per annum equal 
to SONIA determined pursuant 
to the definition thereof plus the SONIA Adjustment; 
provided, 
that, 
if 
any 
Affected 
Alternative 
Currency 
Daily 
Rate 
shall 
be 
less 
than 
zero, 
such 
rate 
shall 
be 
deemed zero for purposes of this Agreement. Any change 
in an Affected Alternative Currency Daily Rate shall 
be effective from and including the date of such change without further notice. 
“Affected Alternative 
Currency Daily 
Rate Loan” 
means a 
Loan that 
bears interest 
at a 
rate based 
on 
the 
definition 
of 
“Affected 
Alternative 
Currency 
Daily 
Rate.” 
All 
Affected 
Alternative 
Currency 
Daily 
Rate 
Loans must be denominated in an Affected Alternative Currency. 
“Affected Alternative Currency Loan” means an Affected Alternative Currency Daily 
Rate Loan or an 
Affected Alternative Currency Term Rate Loan, as applicable. 
“Affected 
Alternative 
Currency 
Term 
Rate” 
means, 
for 
any 
Interest 
Period, 
with 
respect 
to 
any 
extension of credit under the Credit Agreement: 
(a)
denominated 
in 
Euros, 
the 
rate 
per 
annum 
equal 
to 
the 
Euro 
Interbank 
Offered 
Rate 
(“EURIBOR”), 
as 
published 
on 
the 
applicable 
Reuters 
screen 
page 
(or 
such 
other 
commercially 
available 
source 
providing 
such 
quotations 
as 
may 
be 
designated 
by 
the 
Administrative 
Agent 
from 
time to time) on the 
day that is two TARGET 
Days preceding the first day of 
such Interest Period with 
a term equivalent to such Interest Period; and
(b)
denominated 
in 
Yen, 
the 
rate 
per 
annum 
equal 
to 
the 
Tokyo 
Interbank 
Offer 
Rate 
(“TIBOR”), as 
published on the 
applicable Reuters screen 
page (or such 
other commercially available 
source providing such quotations as may be designated by the Administrative Agent from time to time) 
on the day 
that is two 
Business Days preceding the 
first day of 
such Interest Period (or 
such other day 
as is generally treated as the rate fixing day by market practice in such interbank market, as 
determined 
by the 
Administrative Agent; 
provided that, 
to the 
extent such 
market practice 
is not 
administratively 
feasible for 
the Administrative 
Agent, then 
such date 
shall be 
such other 
day as 
otherwise reasonably 
determined by the Administrative Agent) with a term equivalent to such Interest 
Period;

 

 

 

 

 

 

 

 

 

 

 

7 
provided, that, if any Affected Alternative Currency Term Rate shall be less than zero, such rate shall be deemed 
zero for purposes of this Agreement. 
“Affected Alternative 
Currency Term 
Rate Loan” 
means a 
Loan that 
bears interest 
at a 
rate based 
on 
the 
definition 
of 
“Affected 
Alternative 
Currency 
Term 
Rate.” 
All 
Affected 
Alternative 
Currency 
Term 
Rate 
Loans must be denominated in an Affected Alternative Currency. 
“Applicable 
Rate” 
means 
the 
Applicable 
Rate, 
Applicable 
Margin 
or 
any 
similar 
or 
analogous 
definition in the Credit Agreement. 
“Base Rate” 
means the 
Base Rate, 
Alternative Base Rate, 
ABR or any 
similar or analogous 
definition 
in the Credit Agreement. 
“Base Rate Loans” 
means a Loan that bears interest at a rate based on the Base Rate. 
“Basic ESTR” means, in relation to any 
day, ESTR for 
that day, 
and if that rate is less 
than zero, Basic 
ESTR shall be deemed to be zero. 
“Borrowing” means a 
Committed Borrowing, Borrowing, or 
any similar or 
analogous definition in the 
Credit Agreement. 
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks 
are authorized 
to close 
under the 
laws of, 
or are 
in fact 
closed in, 
the state 
where the 
Administrative Agent’s 
Office is located; provided that 
(a)
if such 
day relates 
to any 
interest rate 
settings as 
to an 
Affected Alternative 
Currency 
Loan denominated 
in Euro, 
any fundings, 
disbursements, settlements and 
payments in 
Euro in 
respect 
of 
any 
such 
Affected 
Alternative 
Currency 
Loan, 
or 
any 
other 
dealings 
in 
Euro 
to 
be 
carried 
out 
pursuant 
to 
this 
Agreement 
in 
respect 
of 
any 
such 
Affected 
Alternative 
Currency 
Loan, 
means 
a 
Business Day that is also a TARGET 
Day; 
(b)
if such 
day relates 
to any 
interest rate 
settings as 
to an 
Affected Alternative 
Currency 
Loan denominated in (i) Sterling, means a day other than a day banks are closed for general business in 
London 
because 
such 
day 
is 
a 
Saturday, 
Sunday 
or 
a 
legal 
holiday 
under 
the 
laws 
of 
the 
United 
Kingdom; and 
(ii) Yen, 
means a 
day other 
than when 
banks are 
closed for 
general business 
in Japan; 
and 
(c)
if 
such 
day 
relates 
to 
any 
fundings, 
disbursements, 
settlements 
and 
payments 
in 
a 
currency 
other 
than 
Euro 
in 
respect 
of 
an 
Affected 
Alternative 
Currency 
Loan 
denominated 
in 
a 
currency 
other 
than 
Euro, 
or 
any 
other 
dealings 
in 
any 
currency 
other 
than 
Euro 
to 
be 
carried 
out 
pursuant to this 
Agreement in respect of 
any such Affected 
Alternative Currency Loan (other 
than any 
interest rate 
settings), means 
any such 
day on 
which banks 
are open 
for foreign 
exchange business 
in 
the principal financial center of the country of such currency. 
“Committed 
Loan 
Notice” 
means 
a 
Committed 
Loan 
Notice, 
Loan 
Notice, 
Borrowing 
Notice, 
Continuation/Conversion Notice, or any similar or analogous definition in the Credit Agreement, and such term 
shall be deemed to include the Committed Loan Notice attached hereto 
as Exhibit A. 

 

 

 

 

 

 

 

 

 

 

8 
“Conforming Changes” 
means, with respect to the use, administration of or any conventions associated 
with SONIA, EURIBOR, TIBOR or any proposed Successor Rate for any currency, any conforming changes to 
the 
definitions of 
“SONIA”, “EURIBOR”, 
“TIBOR”, “Interest 
Period”, timing 
and frequency 
of 
determining 
rates and making payments of 
interest and other technical, administrative 
or operational matters (including, for 
the 
avoidance 
of 
doubt, 
the 
definition 
of 
“Business 
Day”, 
timing 
of 
borrowing 
requests 
or 
prepayment, 
conversion or 
continuation notices and 
length of 
lookback periods) as 
may be 
appropriate, in the 
discretion of 
the Administrative Agent and in 
consultation with the Company, 
to reflect the adoption 
and implementation of 
such 
applicable 
rate(s) 
and 
to 
permit 
the 
administration 
thereof 
by 
the 
Administrative 
Agent 
in 
a 
manner 
substantially consistent with market practice for 
such currency (or, 
if the Administrative Agent determines that 
adoption of 
any portion 
of such 
market practice 
is not 
administratively feasible 
or that 
no market 
practice for 
the 
administration 
of 
such 
rate 
for 
such 
currency 
exists, 
in 
such 
other 
manner 
of 
administration 
as 
the 
Administrative Agent determines in consultation with the Company is 
reasonably necessary in connection with 
the administration of this Agreement and any other Loan Document). 
“Dollar” and “$” mean lawful money of the United States. 
“Dollar Equivalent” 
means the Dollar Equivalent or any similar or analogous definition 
in the Credit 
Agreement. 
“Eurocurrency Rate” means Eurocurrency Rate, LIBOR, Adjusted LIBOR 
Rate, LIBOR Rate or any 
similar or analogous definition in the Credit Agreement. 
“Eurocurrency Rate Loans” 
means a Loan that bears interest at a rate based on the Eurocurrency Rate. 
“Euro Swing Line Rate” means Basic ESTR 
“ESTR” means, in relation to any day: 
(a)
the 
Euro 
short-term 
rate 
administered 
by 
the 
European 
Central 
Bank 
(or 
any 
other 
person which takes 
over the administration of 
that rate) displayed (before 
any correction, recalculation 
or republication 
by the 
administrator) on 
page “EUROSTR=” 
of the 
Thomson Reuters 
screen (or 
any 
replacement Thomson Reuters page which displays that rate); 
or 
(b)
if the 
rate otherwise 
to be 
determined by 
clause (a) 
is not 
available for 
ESTR for 
any 
day 
the 
applicable 
ESTR 
shall 
the 
equal 
the 
rate 
notified 
to 
the 
Administrative Agent 
by 
the 
Swing 
Line Lender as 
soon as practicable, 
and in any 
event before interest is 
due to be 
paid in respect 
of that 
Swing Line 
Loan, to 
be that 
which expresses 
as 
a percentage 
rate per 
annum the 
cost to 
the relevant 
Swing 
Line 
Lender 
of 
funding 
its 
participation in 
that 
Swing 
Line 
Loan 
for 
that 
day 
from 
whatever 
source it may reasonably select; 
provided that if 
any day during 
an Interest Period 
for a Euro 
Swing Line Rate 
Loan is not 
a TARGET 
Day, ESTR on that day will be ESTR applicable on the immediately preceding TARGET Day. 
“Interest Payment Date” 
means, (a) as to any Affected Alternative Currency Daily Rate Loan, the last 
Business Day of each calendar month and the applicable maturity date 
set forth in 

 

 

 

 

 

 

 

 

 

 

9 
the 
Credit Agreement 
and (b) 
as 
to 
any Affected 
Alternative Currency 
Term 
Rate Loan, 
the 
last day 
of 
each 
Interest 
Period 
applicable 
to 
such 
Loan; 
provided, 
however, 
that 
if 
any 
Interest 
Period 
for 
an 
Affected 
Alternative Currency 
Term 
Rate Loan 
exceeds three 
months, the 
respective dates 
that fall 
every three 
months 
after the beginning of such Interest Period shall be Interest Payment Dates. 
“Interest 
Period” 
means 
as 
to 
each 
Affected 
Alternative 
Currency 
Term 
Rate 
Loan, 
the 
period 
commencing on 
the date 
such Affected 
Alternative Currency 
Term 
Rate Loan 
is disbursed 
or converted 
to or 
continued as an Affected Alternative Currency Term Rate Loan and ending on the date one, three or six months 
thereafter 
(in 
each 
case, 
subject 
to 
availability 
for 
the 
interest 
rate 
applicable 
to 
the 
relevant 
currency), 
as 
selected 
by 
the 
Company 
in 
its 
Committed 
Loan 
Notice, 
or 
such 
other 
period 
that 
is 
twelve 
months 
or 
less 
requested by the Company and consented to by all the Lenders; provided 
that: 
(a)
any Interest Period 
that would otherwise 
end on a 
day that is 
not a Business 
Day shall 
be 
extended 
to 
the 
next 
succeeding 
Business 
Day 
unless, 
in 
the 
case 
of 
an 
Affected 
Alternative 
Currency 
Term 
Rate 
Loan, 
such 
Business 
Day 
falls 
in 
another 
calendar 
month, 
in 
which 
case 
such 
Interest Period shall end on the next preceding Business Day; 
(b)
any 
Interest 
Period 
pertaining 
to 
an 
Affected 
Alternative 
Currency 
Term 
Rate 
Loan 
that begins on the last Business Day of a calendar month (or on a day for which there is no numerically 
corresponding 
day 
in 
the 
calendar 
month 
at 
the 
end 
of 
such 
Interest 
Period) 
shall 
end 
on 
the 
last 
Business Day of the calendar month at the end of such Interest Period; and 
(c)
no 
Interest 
Period 
shall 
extend 
beyond 
the 
applicable 
maturity 
date 
set 
forth 
in 
the 
Credit Agreement. 
“Required Lenders” 
means the 
Required Lenders, 
Requisite Lenders, 
Majority Lenders 
or any 
similar 
or analogous definition in the Credit Agreement. 
“Revaluation 
Date” 
means, 
with 
respect 
to 
any 
Loan, 
each 
of 
the 
following: 
(a) 
each 
date 
of 
a 
Borrowing 
of 
an 
Affected 
Alternative 
Currency 
Loan, 
(b) 
with 
respect 
to 
an 
Affected 
Alternative 
Currency 
Daily 
Rate 
Loan, 
each 
Interest 
Payment 
Date, 
(c) 
each 
date 
of 
a 
continuation 
of 
an 
Affected 
Alternative 
Currency Term 
Rate Loan pursuant 
to the 
terms of 
the Credit 
Agreement, and (d) 
such additional 
dates as 
the 
Administrative Agent shall determine or the Required Lenders shall require. 
“SONIA” 
means, 
with 
respect 
to 
any 
applicable 
determination 
date, 
the 
Sterling 
Overnight 
Index 
Average 
Reference 
Rate 
published 
on 
the 
fifth 
Business 
Day 
preceding 
such 
date 
on 
the 
applicable 
Reuters 
screen page 
(or such 
other commercially 
available source 
providing such 
quotations as 
may be 
designated by 
the 
Administrative 
Agent 
from 
time 
to 
time); 
provided 
however 
that 
if 
such 
determination 
date 
is 
not 
a 
Business Day, SONIA means such rate that applied on the first Business Day immediately prior thereto. 
“SONIA Adjustment” means, with respect to SONIA, 0.0326% per annum. 
“Successor Rate” means the Successor Rate, LIBOR Successor Rate 
or any similar or analogous 
definition in the Credit Agreement. 

 

 

 

 

 

 

 

 

 

 

10 
“TARGET2” 
means 
the 
Trans-European 
Automated 
Real-time 
Gross 
Settlement 
Express 
Transfer 
payment system which utilizes a single shared platform and which was 
launched on November 19, 2007. 
“TARGET 
Day” 
means 
any 
day 
on 
which 
TARGET2 
(or, 
if 
such 
payment 
system 
ceases 
to 
be 
operative, 
such 
other 
payment 
system, 
if 
any, 
determined 
by 
the 
Administrative 
Agent 
to 
be 
a 
suitable 
replacement) is open for the settlement of payments in Euro. 
“Type” 
means, with respect to a Loan, its character as a Base Rate Loan, a Eurocurrency Rate Loan, an 
Affected Alternative Currency Daily Rate Loan or an Affected Alternative Currency Term Rate Loan. 
2.
Terms 
Applicable 
to 
Affected 
Alternative Currency 
Loans. 
From and after the 
Amendment 
Effective Date, the parties hereto agree as follows: 
(a)
Alternative 
Currencies. 
(i) 
No 
Affected 
Alternative 
Currency 
shall 
be 
considered 
a 
currency 
for 
which there 
is 
a 
published LIBOR 
rate, 
and 
(ii) 
any request 
for 
a 
new 
Loan denominated 
in 
an 
Affected 
Alternative Currency, 
or to 
continue an 
existing Loan denominated 
in an 
Affected Alternative 
Currency, 
shall 
be deemed 
to be 
a request 
for a 
new Loan 
bearing interest 
at the 
Affected Alternative 
Currency Daily Rate 
or 
Affected Alternative Currency Term 
Rate, as applicable; provided, 
that, to the extent any 
Loan bearing interest 
at 
the 
Eurocurrency Rate 
is 
outstanding on 
the 
Amendment Effective 
Date, such 
Loan shall 
continue to 
bear 
interest at 
the 
Eurocurrency Rate 
until the 
end 
of the 
current 
Interest Period 
or payment 
period applicable 
to 
such Loan unless, 
in the case 
of a Loan 
that bears interest 
at a daily 
floating rate, such 
daily floating rate is 
no 
longer 
representative 
or 
being 
made 
available, 
in 
which 
case 
such 
Loan 
shall 
bear 
interest 
at 
the 
applicable 
Affected Alternative Currency Rate immediately upon the effectiveness of this Agreement. 
(b)
References to 
Eurocurrency Rate 
and 
Eurocurrency Rate 
Loans in 
the 
Credit Agreement 
and 
Loan Documents. 
(i)
References to the Eurocurrency Rate and Eurocurrency Rate Loans in provisions of the 
Credit Agreement and 
the other Loan 
Documents that are not 
specifically addressed herein (other 
than 
the definitions of Eurocurrency Rate and Eurocurrency Rate Loan) shall be deemed to include Affected 
Alternative 
Currency 
Daily 
Rates, 
Affected 
Alternative 
Currency 
Term 
Rates, 
and 
Affected 
Alternative Currency Loans, as applicable. 
(ii)
For purposes of any requirement for 
the Company to compensate Lenders for losses 
in 
the 
Credit 
Agreement 
resulting 
from 
any 
continuation, 
conversion, 
payment 
or 
prepayment 
of 
any 
Affected Alternative Currency 
Loan on a 
day other than 
the last day 
of any Interest 
Period (as defined 
in the 
Credit Agreement), 
references to 
the Interest 
Period (as 
defined in 
the Credit 
Agreement) shall 
be deemed to include any relevant interest payment date 
or payment period for an Affected Alternative 
Currency Loan. 
(c)
Interest Rates. The 
Administrative Agent does not 
warrant, nor accept 
responsibility, 
nor shall 
the Administrative 
Agent have 
any liability 
with respect 
to the 
administration, submission or 
any other 
matter 
related 
to 
the 
rates 
in 
the 
definition 
of 
“Affected 
Alternative 
Currency 
Daily 
Rate”, 
“Affected 
Alternative 
Currency 
Term 
Rate”, “ESTR”, 
“Basic ESTR” 
or 
with 
respect 
to 
any 
rate 
(including, 
for 
the 
avoidance 
of 
doubt, the 
selection of 
such 

 

 

 

 

 

 

 

 

11 
rate and any related spread or other adjustment) that is an alternative or 
replacement for or successor to any such 
rate or the effect of any of the foregoing, or of any Conforming Changes. 
(d)
Revaluation 
Dates. 
The Administrative 
Agent shall 
determine the 
Dollar Equivalent 
amounts 
of 
Borrowings 
and 
Loans 
denominated 
in 
Alternative 
Currencies. 
Such 
Dollar 
Equivalent 
shall 
become 
effective 
as 
of 
such 
Revaluation 
Date 
and 
shall 
be 
the 
Dollar 
Equivalent 
of 
such 
amounts 
until 
the 
next 
Revaluation Date to occur. 
(e)
Borrowings 
and 
Continuations 
of 
Affected 
Alternative 
Currency 
Loans. 
In 
addition 
to 
any 
other borrowing requirements set forth in the Credit Agreement: 
(i)
Affected 
Alternative 
Currency 
Loans. 
Each 
Borrowing 
of 
Affected 
Alternative 
Currency Loans, 
and each 
continuation of 
an Affected 
Alternative Currency 
Term 
Rate Loan 
shall be 
made upon the Company’s 
irrevocable notice to the Administrative Agent, 
which may be given by 
(A) 
telephone 
or 
(B) 
a 
Committed 
Loan 
Notice; 
provided 
that 
any 
telephonic 
notice 
must 
be 
confirmed 
immediately 
by 
delivery 
to 
the 
Administrative 
Agent 
of 
a 
Committed 
Loan 
Notice. 
Each 
such 
Committed 
Loan 
Notice 
must 
be 
received 
by 
the 
Administrative 
Agent 
not 
later 
than 
11:00 
a.m. 
(Eastern time) 
three Business 
Days (or 
five Business 
Days in 
the case 
of 
a Special 
Notice Currency) 
prior 
to 
the 
requested 
date 
of 
any 
Borrowing 
or, 
in 
the 
case 
of 
Affected 
Alternative 
Currency 
Term 
Rate 
Loans, 
any 
continuation; 
provided, 
however, 
that 
if 
the 
Company 
wishes 
to 
request 
Affected 
Alternative Currency Term 
Rate Loans having an Interest Period 
other than one, three or six months 
in 
duration as provided in the definition of “Interest Period,” the applicable notice must be received 
by the 
Administrative 
Agent 
not 
later 
than 
11:00 
a.m. 
(Eastern 
time) 
five 
Business 
Days 
(or 
six 
Business 
Days 
in 
the 
case 
of 
a 
Special 
Notice 
Currency) 
prior 
to 
the 
requested 
date 
of 
such 
Borrowing 
or 
continuation of Affected 
Alternative Currency Term 
Rate Loans, whereupon the 
Administrative Agent 
shall give 
prompt notice 
to the 
Lenders of 
such request 
and determine 
whether the 
requested Interest 
Period 
is 
acceptable to 
all of 
them. 
Not 
later 
than 
11:00 
a.m. 
(Eastern time), 
four 
Business 
Days 
(or 
five 
Business 
Days 
in 
the 
case 
of 
a 
Special 
Notice 
Currency) 
prior 
to 
the 
requested 
date 
of 
such 
Borrowing 
or 
continuation 
of 
Affected 
Alternative 
Currency 
Term 
Rate 
Loans, 
the 
Administrative 
Agent 
shall 
notify 
the 
Company 
(which 
notice 
may 
be 
by 
telephone) 
whether 
or 
not 
the 
requested 
Interest 
Period 
has 
been 
consented 
to 
by 
all 
the 
Lenders. 
Each 
Borrowing 
of 
or 
continuation 
of 
Affected 
Alternative 
Currency 
Loans 
shall 
be 
in 
a 
principal 
amount 
of 
the 
Dollar 
Equivalent 
of 

$5,000,000 
or 
a 
whole 
multiple 
of 
the 
Dollar 
Equivalent 
of 
$1,000,000 in 
excess thereof. 
Each Committed 
Loan Notice 
shall specify 
(i) whether 
the Company 
is 
requesting a 
Borrowing or 
a continuation 
of Affected 
Alternative Currency 
Term 
Rate Loans, 
(ii) the 
requested date 
of the 
Borrowing or 
continuation, as the 
case may 
be (which 
shall be 
a Business 
Day), 
(iii) the currency and principal amount of Loans to be borrowed or continued, (iv) the Type of Loans to 
be borrowed, (v) 
if applicable, the 
duration of the 
Interest Period with 
respect thereto. If 
the Company 
fails to specify 
a currency in 
a Loan Notice 
requesting a Borrowing, 
then the Loans 
so requested shall 
be made in 
Dollars. If the 
Company fails to 
specify a Type 
of Loan in 
a Committed Loan 
Notice or if 
such Company 
fails to 
give a 
timely notice 
requesting a 
continuation, then 
the applicable 
Loans shall 
be made as Base Rate Loans denominated in Dollars; provided, 
however, that in the case of a 
failure to 
timely request a 
continuation of 
Affected Alternative Currency 
Term 
Rate Loans, such 
Loans shall be 
continued as Affected Alternative Currency Term Rate Loans in their original currency with an Interest 
Period 
of 
one 
(1) 
month. 
If 
the 
Company 
requests 
a 
Borrowing 
of 
or 
continuation 
of 
Affected 
Alternative Currency 
Term 
Rate Loans 
in any 
such Committed 

 

 

 

 

 

 

 

 

 

12 
Loan 
Notice, 
but 
fails 
to 
specify 
an 
Interest 
Period, 
it 
will 
be 
deemed 
to 
have 
specified 
an 
Interest 
Period of 
one month. 
Except as 
otherwise specified 
in the 
Credit Agreement, 
no Affected 
Alternative 
Currency Loan may be 
converted into or continued 
as a Loan 
denominated in a different 
currency, but 
instead 
must 
be 
repaid 
in 
the 
original 
currency 
of 
such 
Affected 
Alternative 
Currency 
Loan 
and 
reborrowed in the other currency. 
(ii)
Conforming 
Changes. 
With 
respect 
to 
any 
Affected 
Alternative 
Currency 
Rate 
the 
Administrative 
Agent 
will 
have 
the 
right 
to 
make 
Conforming 
Changes 
from 
time 
to 
time 
and, 
notwithstanding 
anything 
to 
the 
contrary 
herein, 
in 
the 
Credit 
Agreement 
or 
in 
any 
other 
Loan 
Document, 
any 
amendments 
implementing 
such 
Conforming 
Changes 
will 
become 
effective 
without 
any further 
action or 
consent of any 
other party to 
this Agreement, 
the Credit 
Agreement or any 
other 
Loan 
Document; 
provided, 
that, 
with 
respect 
to 
any 
such 
amendment 
effected, 
the 
Administrative 
Agent shall 
post each 
such amendment 
implementing such 
Conforming Changes 
to the 
Company and 
the Lenders reasonably promptly after such amendment becomes 
effective. 
(iii)
Committed 
Loan 
Notice. 
For 
purposes 
of 
a 
Borrowing 
of 
Affected 
Alternative 
Currency 
Loans, 
or 
a 
continuation 
of 
any 
Affected 
Alternative 
Currency 
Term 
Rate 
Loan, 
the 
Company shall use the Committed Loan Notice attached hereto as Exhibit 
A. 
(f)
Interest. 
(i)
Subject to 
the provisions 
of the 
Credit Agreement 
with respect 
to default 
interest, (x) 
each 
Affected 
Alternative Currency 
Daily 
Rate 
Loan 
shall 
bear 
interest 
on 
the 
outstanding 
principal 
amount 
thereof 
from 
the 
applicable 
borrowing 
date 
at 
a 
rate 
per 
annum 
equal 
to 
the 
Affected 
Alternative Currency 
Daily Rate 
plus the 
Applicable Rate; 
(y) each Affected Alternative Currency Term 
Rate Loan shall bear interest on the outstanding principal 
amount thereof for each 
Interest Period at a 
rate per annum equal to 
the Affected Alternative Currency 
Term 
Rate 
for 
such 
Interest 
Period 
plus 
the 
Applicable 
Rate; 
and 
(z) 
each 
Swing 
Line 
Loan 
denominated 
in 
Euros 
shall 
bear 
interest 
on 
the 
outstanding 
principal 
amount 
thereof 
from 
the 
applicable borrowing 
date at 
a rate 
per annum 
equal to 
the Euro 
Swing Line 
Rate plus 
the Applicable 
Rate. 
(ii)
Interest 
on 
each 
Affected 
Alternative 
Currency 
Loan 
and 
each 
Swing 
Line 
Loan 
denominated 
in 
Euros 
shall 
be 
due 
and 
payable 
in 
arrears 
on 
each 
Interest 
Payment 
Date 
applicable 
thereto and 
at such 
other times 
as may 
be specified 
the Credit 
Agreement. Interest 
hereunder shall 
be 
due and 
payable in 
accordance with 
the terms 
hereof before 
and after 
judgment, and 
before and 
after 
the commencement of any proceeding under any debtor relief law. 
(g)
Computations. All 
computations of 
interest for 
Affected Alternative 
Currency Loans 
shall be 
made on the 
basis of a 
year of 365 
or 366 days, 
as the case 
may be, and 
actual days elapsed, 
or, in 
the case of 
interest 
in 
respect 
of 
Affected 
Alternative 
Currency 
Loans 
as 
to 
which 
market 
practice 
differs 
from 
the 
foregoing, 
in 
accordance 
with 
such 
market 
practice. 
Interest 
shall 
accrue 
on 
each 
Affected 
Alternative 
Currency Loans for the day on which the Affected Alternative Currency Loans is made, and shall not accrue on 
an Affected Alternative 
Currency Loans, or any 
portion thereof, for 
the day on 
which the Affected 
Alternative 
Currency Loans or such portion is paid, provided that any Affected Alternative Currency Loan that is repaid on 
the same day on which it is made shall, subject to the terms 
of the Credit Agreement, bear interest for 

 

13 
one day. Each determination by the Administrative Agent of an interest rate or fee hereunder 
shall be 
conclusive and binding for all purposes, absent manifest error. 
(h)
Successor 
Rates. 
The 
provisions 
in 
the 
Credit 
Agreement 
addressing 
the 
replacement 
of 
a 
current 
Successor 
Rate 
for 
a 
currency 
shall 
be 
deemed 
to 
apply 
to 
Affected 
Alternative 
Currency 
Loans 
and 
SONIA, 
TIBOR and EURIBOR, 
as applicable, 
and the 
related defined terms 
shall be 
deemed to include 
Sterling, Japanese 
Yen 
and Euros and SONIA, TIBOR and EURIBOR, as applicable. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14 
Exhibit A 
FORM OF COMMITTED LOAN NOTICE 
(Affected Alternative Currency Loans) 
Date: 
, 

1
To: 
Bank of America, N.A., as Administrative Agent 
Ladies and 
Gentlemen: 
Reference 
is 
made 
to 
that 
certain 
Credit 
Agreement, 
dated 
as 
of 
August 
1, 
2019 
(as 
amended, 
restated, 
extended, 
supplemented or 
otherwise modified 
in 
writing from 
time to 
time, the 
“Credit 
Agreement;” the 
terms defined 
therein 
being 
used 
herein 
as 
therein 
defined), 
among 
Quaker 
Chemical 
Corporation, 
a 
Pennsylvania 
corporation 
(the 
“Company”), certain Subsidiaries of the Company party thereto as Designated Borrowers, each guarantor party thereto, 
each lender party thereto, and Bank of America, N.A., as Administrative 
Agent. 
The undersigned hereby requests (select one)
2
: 
[Revolving Credit Facility] 
Indicate: 
Borrowing, 
Conversion or 
Continuation 
Indicate: 
Borrower 
Name 
Indicate: 
Requested 
Amount 
Indicate: 
Currency 
Indicate: 
Affected 
Alternative 
Currency Daily 
Rate Loan or 
Affected 
Alternative 
Currency Term 
Rate Loan 
For Affected 
Alternative 
Currency Term 
Rate Loans 
Indicate: 
Interest Period 
(e.g., 1, 3 or 6 
month interest 
period) 
[Euro Term 
Facility] 
1
 
Note to Borrower. 
All requests submitted under a single Committed Loan Notice must be effective 
on the same date. If multiple 
effective dates are needed, multiple Committed Loan Notices will need 
to be prepared and signed. 
2
 
Note to Borrower. For 
multiple borrowings, conversions and/or continuations for a particular 
facility, fill out a new row for each 
borrowing/conversion 
and/or continuation. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15 
Indicate: 
Borrowing, 
Conversion or 
Continuation 
Indicate: 
Borrower 
Name 
Indicate: 
Requested 
Amount 
Indicate: 
Currency 
Indicate: 
Affected 
Alternative 
Currency Daily 
Rate Loan or 
Affected 
Alternative 
Currency Term 
Rate Loan 
For Affected 
Alternative 
Currency Term 
Rate Loans 
Indicate: 
Interest Period 
(e.g., 1, 3 or 6 
month interest 
period) 
The Borrowing, if any, requested herein complies with the requirements set forth in the Credit Agreement. 
QUAKER CHEMICAL CORPORATION 
By: 
Name: 
[Type Signatory Name] 
Title: [Type 
Signatory Title]

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