Document:

utz-amendmentno3to1lxinc

Execution Version  AMENDMENT NO. 3 TO CREDIT AGREEMENT  AMENDMENT NO. 3, dated as of June 22, 2021 (this “Amendment”), to the First Lien  Term Loan Credit Agreement, dated as of November 21, 2017 (as amended by that certain Amendment No.  1 to Credit Agreement, dated as of July 23, 2020, by that certain Amendment No. 2 to Credit Agreement,  dated as of January 20, 2021, and as further amended, restated, supplemented or otherwise modified prior  to the date hereof, the “Credit Agreement”), among UTZ QUALITY FOODS, LLC, a Delaware limited  liability company (the “Borrower”), UTZ BRANDS HOLDINGS, LLC (f/k/a UM-U INTERMEDIATE,  LLC), a Delaware limited liability company (the “Parent”), Bank of America, N.A., as Administrative  Agent and Collateral Agent and each lender from time to time party thereto.  Terms defined in the Credit  Agreement and used herein shall have the meanings given to them in the Credit Agreement unless otherwise  defined herein.  W I T N E S S E T H:  WHEREAS, (a) Section 2.14 of the Credit Agreement provides that the Borrower may  from time to time request Incremental Term Loans with only the consent of the Additional Lenders and the  Administrative Agent (in addition to the Borrower) and (b) the Borrower hereby requests the issuance of  Incremental Term Loans (the “2021-2 Incremental Term Loans”) in the form of an increase to the amount  of Term Loans outstanding on the Third Amendment Effective Date immediately before giving effect to  this Amendment (the “Existing Term Loans”), pursuant to and on the terms set forth herein and in Section  2.14 of the Credit Agreement;  WHEREAS, each Additional Lender identified on Schedule 1 hereto (each, a “2021-2 In- cremental Term Lender”) has agreed, on a several and not joint basis, subject to the terms and conditions  set forth herein and in the Credit Agreement, to provide 2021-2 Incremental Term Loans in the aggregate  principal amount set forth opposite each 2021-2 Incremental Term Lender’s name on Schedule 1 hereto  (the amount set forth opposite each Lender’s name, such Lender’s “2021-2 Incremental Term Commit- ment”), and the total amount of 2021-2 Incremental Term Loans to be made pursuant to this Amendment  shall be $75,000,000;  WHEREAS, each of BofA Securities, Inc. and Goldman Sachs Bank USA will act as joint  lead arrangers and joint bookrunners for the 2021-2 Incremental Term Loans (collectively, the “Lead Ar- rangers”);  NOW, THEREFORE, the parties hereto hereby agree as follows:  ARTICLE I  Incremental Facility Amendment  Section 1.1. (a)  With respect to the 2021-2 Incremental Term Loans, this Amendment  is an Incremental Facility Amendment referred to in Section 2.14(d) of the Credit Agreement and is being  incurred in reliance on the Incremental Incurrence Test. The Borrower and the Additional Lenders hereby  agree that, subject to the satisfaction of the conditions in Article III hereof, on the Third Amendment Ef- fective Date (as defined below), the 2021-2 Incremental Term Commitment of each 2021-2 Incremental  Term Lender shall become effective.  Subject to the satisfaction of the conditions set forth in Article III  hereof, the Incremental Facility Closing Date with respect to this Amendment shall be the Third Amend- ment Effective Date.    

 

-2-  (b) Except as otherwise expressly set forth herein, the 2021-2 Incremental Term Loans  shall have terms that are identical to those of the Existing Term Loans (after giving effect to the amendments  set forth herein). The Borrower shall pay any fees or other amounts payable to or for the account of the  Additional Lenders at the times and in the manner set forth in the Credit Agreement.  (c) For the avoidance of doubt, on and after the Third Amendment Effective Date, (i)  the 2021-2 Incremental Term Loans shall constitute the same Class of Loans or Term Commitments as the  existing Term Loans and Term Commitments under the Credit Agreement; (ii) the 2021-2 Incremental  Term Lenders shall constitute the same Class of Lenders as the existing Term Lenders under the Credit  Agreement and (iii) each reference in the Credit Agreement and in each other Loan Document to “Term  Loans” or “Initial Term Loans” shall be deemed to include the 2021-2 Incremental Term Loans, and each  reference to “Term Lenders” or “Initial Term Lenders” shall be deemed to include the 2021-2 Incremental  Term Lenders.  (d) The Borrower shall use the 2021-2 Incremental Term Loans to repay or prepay a  portion of the loans outstanding under the ABL Credit Agreement (as defined in the Amended Credit Agree- ment) and to pay transaction fees and expenses in connection with the foregoing and this Amendment.  ARTICLE II    Amendments to the Credit Agreement  Section 2.1. Amendments.  Effective as of the Third Amendment Effective Date (as  defined below), in accordance with Section 2.14 of the Credit Agreement, the Credit Agreement is hereby  amended as follows. As of the Third Amendment Effective Date, each reference in the Credit Agreement  (as amended by this Amendment, the “Amended Credit Agreement”) to “this Agreement,” “hereunder,”  “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the “Credit  Agreement” (including, without limitation, by means of words like “thereunder,” “thereof” and words of  like import), shall mean and be a reference to the Amended Credit Agreement, and this Amendment and  the Amended Credit Agreement shall be read together and construed as a single instrument.    (a) The Preliminary Statements of the Credit Agreement are hereby amended by  adding the following clause (4):   “(4) The Borrower has requested that, on the Third Amendment Effective Date,  (a) the Additional Lenders party to Amendment No. 3 make 2021-2 Incremental Term  Loans in an aggregate principal amount of $75,000,000, the proceeds of which shall be  used to repay or prepay a portion of the loans outstanding under the ABL Credit Agreement  and to pay transaction fees and expenses in connection with the foregoing and Amendment  No. 3 and (b) this Agreement be amended as set forth in Amendment No. 3, in each case,  pursuant to Amendment No. 3.”  (b) Section 1.01 of the Credit Agreement is hereby amended by adding the following  new definitions thereto in the proper alphabetical order:  “2021-2 Incremental Term Commitment” means, as to each 2021-2 Incremental  Term Lender, the obligation of such 2021-2 Incremental Term Lender to make an  Incremental Term Loan to the Borrower on the Third Amendment Effective Date, in the  aggregate principal amount set forth on Schedule 1 to Amendment No. 3.  “2021-2 Incremental Term Loans” shall mean the Incremental Term Loans  

 

-3-  provided to the Borrower on the Third Amendment Effective Date pursuant to Section  2.14 and Amendment No. 3.  “2021-2 Incremental Term Lender” means, at any time, each Lender holding a  2021-2 Incremental Term Loan at such time.  “Amendment No. 3” means that certain amendment to this Agreement, dated as  of the Third Amendment Effective Date, by and among the Borrower, the Parent, the  other Loan Parties party thereto, Bank of America, N.A., as Administrative Agent and  each Additional Lender and any other Lender party thereto.  “Third Amendment Effective Date” means June 22, 2021.   (c) The following definitions in Section 1.01 of the Credit Agreement are hereby  amended and restated in their entirety to read as follows:  “Initial Term Lender” means, at any time, any Lender that has an Initial Term  Commitment or an Initial Term Loan at such time. For the avoidance of doubt, (i) from  and after the Second Amendment Effective Date, each 2021 New Term Lender shall  constitute an Initial Term Lender and (ii) from and after the Third Amendment Effective  Date, each 2021-2 Incremental Term Lender shall constitute an Initial Term Lender, in  each case, for all purposes hereunder.  “Initial Term Loan” means a Loan made pursuant to Section 2.01. For the  avoidance of doubt, (i) from and after the Second Amendment Effective Date, 2021 New  Term Loans shall constitute Initial Term Loans and (ii) from and after the Third  Amendment Effective Date, 2021-2 Incremental Term Loans shall constitute Initial Term  Loans, in each case, for all purposes hereunder.  “Lead Arrangers” means (i) as of the Closing Date, Bank of America, N.A. (or any  other registered broker-dealer wholly-owned by Bank of America Corporation to which all  or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment  banking, commercial lending services or related businesses may be transferred), Goldman  Sachs Bank USA, Manufacturers and Traders Trust Company and PNC Capital Markets  LLC, in their capacities as Joint Lead Arrangers and Joint Bookrunners under this  Agreement (ii) as of the Second Amendment Effective Date, BofA Securities, Inc.,  Goldman Sachs Bank USA and Credit Suisse Loan Funding LLC, in their capacities as  Joint Lead Arrangers and Joint Bookrunners under Amendment No. 2 and (iii) as of the  Third Amendment Effective Date, BofA Securities, Inc. and Goldman Sachs Bank USA,  in their capacities as Joint Lead Arrangers and Joint Bookrunners under Amendment No.  3.   “Lender” has the meaning specified in the introductory paragraph to this  Agreement, any 2021 New Term Lender, any 2021-2 Incremental Term Lender and their  respective successors and assigns as permitted hereunder, each of which is referred to  herein as a “Lender”.  “Maturity Date” means (a) with respect to the 2021 New Term Loans and the 2021- 2 Incremental Term Loans, the seventh anniversary of the Second Amendment Effective  Date, (b) with respect to any Extended Term Loan, the maturity date applicable to such  Extended Term Loan in accordance with the terms hereof or (c) with respect to any  

 

-4-  Incremental Term Loan, the maturity date applicable to such Incremental Term Loan in  accordance with the terms hereof; provided that if any such day is not a Business Day, the  Maturity Date shall be the Business Day immediately preceding such day.  “Term Commitments” means an Initial Term Commitment, a 2021 Refinancing  Term Commitment, a 2021 Incremental Term Commitment, a 2021-2 Incremental Term  Commitment, a commitment in respect of any other Incremental Term Loans, or a  commitment in respect of any Extended Term Loans or any combination thereof, as the  context may require.  “Term Loans” means the Initial Term Loans, the 2021 New Term Loans, the 2021  Refinancing Term Loans, the 2021 Incremental Term Loans, the 2021-2 Incremental Term  Loans, any other Incremental Term Loans and the Extended Term Loans.  

 

-5-  (d) Section 2.01 of the Credit Agreement is hereby amended and restated in its en- tirety to read as follows:     “The Term Borrowings.  Subject to the terms and conditions set forth herein, in  Amendment No. 2 and Amendment No. 3, (a) each 2021 New Term Lender severally  agrees to make to the Borrower a single loan in Dollars in a principal amount equal to such  2021 New Term Lender’s 2021 Refinancing Term Commitment and 2021 Incremental  Term Commitment, as applicable, on the Second Amendment Effective Date and (b) each  2021-2 Incremental Term Lenders severally agrees to make to the Borrower a single loan  in Dollars in a principal amount equal to such 2021-2 Incremental Term Lender’s 2021-2  Incremental Term Commitment on the Third Amendment Effective Date. Amounts  borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. 2021 New  Term Loans or 2021-2 Incremental Term Loans, as applicable, may be Base Rate Loans or  Eurocurrency Rate Loans, as further provided herein.”     (e) Section 2.06(b) of the Credit Agreement is hereby amended by adding the fol- lowing sentence to the end thereof:  “The 2021-2 Incremental Term Commitment of each 2021-2 Incremental Term  Lender party to Amendment No. 3 shall be automatically and permanently reduced to $0  upon the making of such 2021-2 Incremental Term Lender’s Term Loans pursuant to  Section 2.01 on the Third Amendment Effective Date”     (f) Section 2.07 of the Credit Agreement is hereby amended and restated in its en- tirety to read as follows:  “Repayment of Loans. The Borrower shall repay to the Administrative Agent for  the ratable account of the Initial Term Lenders holding Initial Term Loans in Dollars (i)  prior to the Third Amendment Effective Date, on the last Business Day of each March,  June, September and December, commencing with the first such date to occur after the  Second Amendment Effective Date, an aggregate principal amount equal to 0.25% of the  aggregate principal amount of the 2021 New Term Loans funded on the Second  Amendment Effective Date (ii) commencing on and after the Third Amendment Effective  Date, on the last Business Day of each March, June, September and December,  commencing with the first such date to occur after the Third Amendment Effective Date,  an aggregate principal amount equal to $1,987,696.92 and (iii) on the Maturity Date, the  aggregate principal amount of all 2021 New Term Loans, 2021-2 Incremental Term Loans  and any other Term Loans outstanding on such date; provided that payments required by  clause (i) above shall be reduced as a result of the application of prepayments in accordance  with Section 2.05. In the event any Incremental Term Loans or Extended Term Loans are  made, such Incremental Term Loans or Extended Term Loans, as applicable, shall be  repaid by the Borrower in the amounts and on the dates set forth in the definitive  documentation with respect thereto and on the applicable Maturity Date thereof.     ARTICLE III    Conditions to Effectiveness  Section 3.1. Effective Date.  This Amendment shall become effective on the date (the  “Third Amendment Effective Date”) on which:  

 

-6-  (a) The Administrative Agent shall have received:   (i) counterparts of this Amendment duly executed and delivered by the Borrower, the  Parent and, with respect to Section 5.5, the Subsidiary Guarantors, the Administrative Agent and  each Additional Lender;    (ii) a legal opinion from (i) Sidley Austin LLP, counsel to the Loan Parties; (ii) Cozen  O’Connor, Pennsylvania counsel to the Loan Parties; and (iii) Perkins Coie LLP, Washington coun- sel to the Loan Parties, in each case, in form and substance reasonably satisfactory to the Adminis- trative Agent;  (iii) a Request for Credit Extension in accordance with the requirements of the Credit  Agreement;  (iv) such certificates, copies of, or certifications that there have been no amendments  or modifications since the Second Amendment Effective Date to, the Organization Documents of  the Loan Parties, resolutions or other action and incumbency certificates and/or certificates of Re- sponsible Officers of each Loan Party as the Administrative Agent may reasonably require evi- dencing the identity, authority and capacity of each Responsible Officer thereof authorized to act  as a Responsible Officer in connection with this Amendment and the other Loan Documents to  which such Loan Party is a party or is to be a party on the date hereof;   (v) a certificate signed by a Responsible Officer of the Borrower certifying that the  condition set forth in Sections 3.1(b) hereto has been satisfied;   (vi) at least three Business Days prior to the date hereof, all documentation and other  information (x) about the Borrower and the other Loan Parties party hereto as has been reasonably  requested in writing at least five Business Days prior to the date hereof by the Administrative Agent  and/or the Lenders party hereto that they reasonably determine is required by regulatory authorities  under applicable “know your customer” and anti-money laundering rules and regulations, including  without limitation the USA PATRIOT Act and (y) with respect to the Borrower, as required by  regulatory authorities under the Beneficial Ownership Regulation.  (b) At the time of and immediately after giving effect to this Amendment and any  2021-2 Incremental Term Loans made pursuant thereto on the Third Amendment Effective Date, no Default  exists, or would result from the borrowing of 2021-2 Incremental Term Loans or from the application of  proceeds therefrom.  (c) The representations and warranties in Article IV of this Amendment shall be true  and correct in all material respects.  (d) The Borrower shall have paid all fees and reasonable out-of-pocket costs and ex- penses of the Administrative Agent and the Additional Lenders (including the reasonable expenses of Davis  Polk & Wardwell LLP, counsel to the Administrative Agent and the Lead Arrangers) for which invoices  have been presented at least three (3) Business Days prior to the Third Amendment Effective Date, and any  compensation contemplated by the Amended and Restated Engagement Letter, dated as of June 15, 2021,  among the Borrower, BofA Securities, Inc. and Goldman Sachs Bank USA or any other letter agreements  or otherwise.  Section 3.2. Notification.  This Amendment constitutes notice to the Administrative  Agent as required by Sections 2.14(a) and 2.14(d) of the Credit Agreement.  Promptly following the Third  

 

-7-  Amendment Effective Date, the Administrative Agent shall notify the Borrower and the Lenders of the  Third Amendment Effective Date.    ARTICLE IV    Representation and Warranties  Section 4.1. The Loan Parties hereby represent and warrant as of the Third Amend- ment Effective Date that this Amendment has been, or when executed and delivered will be, duly executed  and delivered by the Loan Parties.  The execution, delivery and performance by the Loan Parties of this  Amendment, and the consummation of the transactions herein contemplated, (a) have been duly author- ized by all necessary corporate or other organizational action and (b) do not and will not (i) contravene  the terms of the Loan Parties’ Organization Documents, (ii) conflict with or result in any breach or con- travention of, or require any payment to be made under (A) any Contractual Obligation exceeding the  Threshold Amount to which such Loan Party is a party or affecting such Loan Party or the properties of  the Borrower or any of its Subsidiaries or (B) any material order, injunction, writ or decree of any Gov- ernmental Authority or any arbitral award to which such Loan Party or its property is subject, (iii) result  in the creation of any Lien (other than under the Loan Documents and Liens subject to the Applicable  Intercreditor Agreement) or (iv) violate any material Law; except (in the case of clauses (b)(ii) and (b)(iv)),  to the extent that such conflict, breach, contravention, payment or violation could not, individually or in  the aggregate, reasonably be expected to have a Material Adverse Effect.  Section 4.2. No approval, consent, exemption, authorization, or other action by, or  notice to, or filing with, any Governmental Authority or any other Person is necessary or required in  connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this  Amendment, except for (i)  the approvals, consents, exemptions, authorizations, actions, notices and fil- ings which have been duly obtained, taken, given or made and are in full force and effect and (ii) those  approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to  obtain or make could not, individually or in the aggregate, reasonably be expected to have a Material  Adverse Effect.  Section 4.3. This Amendment and each other Loan Document (as amended hereby,  as applicable) have been duly executed and delivered by each Loan Party that is party hereto or thereto,  as applicable. This Amendment and each other Loan Document (as amended hereby, as applicable) con- stitutes a legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party that  is party hereto or thereto, as applicable, in accordance with its terms, except as such enforceability may  be limited by Debtor Relief Laws and by general principles of equity.  Section 4.4. Immediately after giving effect to this Amendment (and the incurrence  of the 2021-2 Incremental Term Loans), the representations and warranties of each Loan Party set forth  in Article V of the Credit Agreement and the Loan Documents are true and correct in all material respects  on and as of the Third Amendment Effective Date; provided that, to the extent that such representations  and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as  of such earlier date; provided further that any representation and warranty that is qualified as to “materi- ality,” “Material Adverse Effect” or similar language are true and correct (after giving effect to any qual- ification therein) in all respects on and as of the Third Amendment Effective Date or such earlier date, as  the case may be.  Section 4.5. At the time of and immediately after giving effect to this Amendment  (and the incurrence of the 2021-2 Incremental Term Loans), no Default or Event of Default has occurred  and is continuing.  

 

-8-  Section 4.6. At the time of and immediately after giving effect to this Amendment  and any 2021-2 Incremental Term Loans made pursuant hereto on the Third Amendment Effective Date,  the Parent, the Borrower and its Subsidiaries (on a consolidated basis) are Solvent.  ARTICLE V    Miscellaneous  Section 5.1. Counterparts.  This Amendment may be executed in any number of coun- terparts and by different parties hereto on separate counterparts, each of which when so executed and  delivered shall be deemed to be an original, but all of which when taken together shall constitute a single  instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or  other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. This  Amendment may be in the form of an electronic record and may be executed using electronic signatures  (including, without limitation, facsimile and a “pdf”) and shall be considered an original, and shall have  the same legal effect, validity and enforceability as a paper record. This Amendment may be executed in  as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all  such counterparts are one and the same Amendment. For the avoidance of doubt, the authorization under  this paragraph may include, without limitation, use or acceptance by Bank of America of a manually  signed paper communication which has been converted into electronic form (such as scanned into “pdf”  format), or an electronically signed communication converted into another format, for transmission, de- livery and/or retention. For the avoidance of doubt, the foregoing also applies to any amendment, exten- sion or renewal of this Amendment.  Section 5.2. Applicable Law.  THIS AMENDMENT AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED  AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  Section 5.3. Waiver of Right to Trial by Jury.  SECTION 10.15 OF THE CREDIT  AGREEMENT IS INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS.  Section 5.4. Headings.  The headings of this Amendment are for purposes of refer- ence only and shall not limit or otherwise affect the meaning hereof.  Section 5.5. Acknowledgement and Reaffirmation of Guarantors.  The Guarantors  acknowledge and agree that this Amendment and all documents executed in connection herewith do not  operate to reduce or discharge the Guarantors’ obligations under the Loan Documents.  Each Guarantor  hereby ratifies and confirms its obligations under the Loan Documents, including the Collateral and Guar- antee Requirement and including, without limitation, its guarantee of the Obligations (including the 2021- 2 Incremental Term Loans) and its grant of the security interest in the Collateral (as defined in the Collat- eral Documents) to secure the Obligations (including the 2021-2 Incremental Term Loans).   Section 5.6. Costs and Expenses.  Subject to the limitations set forth in Section 10.04  of the Credit Agreement, the Borrower agrees to pay all reasonable and documented out of pocket costs  and expenses of the Administrative Agent in connection with the preparation, execution and delivery of  this Amendment (including, without limitation, the reasonable fees and out of pocket expenses of one  counsel for the Administrative Agent with respect thereto).  Section 5.7. Effect of Amendment.  On and after the Third Amendment Effective  Date, each reference to the Credit Agreement in any Loan Document (including to any Exhibit or Schedule  

 

-9-  attached thereto) shall be deemed to be a reference to the Credit Agreement as amended by this Amend- ment.  As of the Third Amendment Effective Date, each reference in the Credit Agreement to “this Agree- ment,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan  Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder,”  “thereof” and words of like import), shall mean and be a reference to the Credit Agreement, as amended  by this Amendment, and this Amendment and the Credit Agreement shall be read together and construed  as a single instrument.  Each reference to (a) a “Lender”, “Lenders”, “Term Lender”, “Initial Term  Lender”, “Secured Party” or any similar term in the Credit Agreement or the other Loan Documents shall  be deemed to include the 2021-2 Incremental Term Lenders and (b) a “Loan”, “Loans”, “Term Loans”,  “Initial Term Loans” or any similar term in the Credit Agreement or other Loan Documents shall be  deemed to include the 2021-2 Incremental Term Loans.  Except as expressly set forth in this Amendment,  nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modi- fication or other change of, any of the terms, conditions, obligations, covenants or agreements contained  in the Credit Agreement as in effect immediately prior to the Third Amendment Effective Date or any  other Loan Document in similar or different circumstances.  Except as expressly amended hereby or spe- cifically waived above, (i) all of the terms and provisions of the Credit Agreement and all other Loan  Documents are and shall remain in full force and effect and are hereby ratified and confirmed, and (ii)  nothing contained herein shall be construed as a substitution or novation of the obligations outstanding  under the Credit Agreement or any other Loan Document, which obligations shall remain in full force and  effect, except in each case as amended, restated, replaced and superseded hereby or by any instruments  executed in connection herewith or therewith.  Except as provided in Article II of this Amendment, with  respect to the 2021-2 Incremental Term Loans, this Amendment shall become effective when it is executed  by the Parent, the Borrower and, with respect to Section 5.5, the Subsidiary Guarantors, the Administrative  Agent and each 2021-2 Incremental Term Lender.  This Amendment shall constitute a “Loan Document”  for all purposes of the Credit Agreement and the other Loan Documents.      [Remainder of this page intentionally left blank]    

 

[Signature Page to Amendment No. 3 to Credit Agreement]  IN WITNESS WHEREOF, the parties hereto have caused this  Amendment to be executed and delivered by their respective duly authorized officers as  of the date first above written.  UTZ QUALITY FOODS, LLC, as the  Borrower  By:    Name:    Title:  UTZ BRANDS HOLDINGS, LLC (f/k/a  UM-U INTERMEDIATE, LLC), as the  Parent  By:    Name:    Title:  Dylan Lissette Dylan Lissette Chief Executive Officer Chief Executive Officer 

 

[Signature Page to Amendment No. 3 to Credit Agreement]  And with respect to Section 5.5 of this Amendment,  UTZ BRANDS HOLDINGS, LLC (f/k/a  UM-U INTERMEDIATE, LLC),  as a Guarantor  By:   Name:    Title:   UTZ QUALITY FOODS, LLC,  as a Guarantor  By:   Name:    Title:   UTZTRAN, L.L.C. ,  as a Guarantor  By:   Name:    Title:   GH POP HOLDINGS LLC,  as a Guarantor  By:   Name:    Title:   GOOD HEALTH NATURAL PRODUCTS LLC,  as a Guarantor  By:   Name:    Title:   Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer 

 

[Signature Page to Amendment No. 3 to Credit Agreement]  CONDOR SNACK FOODS, LLC,  as a Guarantor  By:   Name:    Title:   SNIKIDDY, LLC,  as a Guarantor  By:   Name:    Title:   SRS LEASING - GRAMERCY GP, LLC,  as a Guarantor  By:   Name:    Title:   SRS LEASING - GRAMERCY, LP,  as a Guarantor  By: SRS LEASING - GRAMERCY GP LLC  Its: General Partner  By:   Name:    Title:   GOLDEN FLAKE SNACK FOODS, INC. , as a Guarantor  By:   Name: Title:   Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Dylan Lissette Chief Executive Officer 

 

[Signature Page to Amendment No. 3 to Credit Agreement]  HERON HOLDING CORPORATION,  as a Guarantor  By:   Name:    Title:   INVENTURE - GA, INC.,  as a Guarantor  By:   Name:    Title:   INVENTURE FOODS, INC.,  as a Guarantor  By:   Name:    Title:   KENNEDY ENDEAVORS, LLC,  as a Guarantor  By:   Name:    Title:   LA COMETA PROPERTIES, INC.,  as a Guarantor  By:   Name:    Title:   TEJAS PB DISTRIBUTING, INC.,  as a Guarantor  By:   Name:    Title:   Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer 

 

[Signature Page to Amendment No. 3 to Credit Agreement]  KITCHEN COOKED, INC.,  as a Guarantor  By:   Name:    Title:   FLAMINGO HOLDINGS, LLC,  as a Guarantor  By:   Name:    Title:   TRUCO HOLDCO INC.,  as a Guarantor  By:   Name:    Title:   MERIDIAN DISTRIBUTION COMPANY, as a Guarantor  By:   Name:    Title:   MERIDIAN BRANDS, INC.,  as a Guarantor  By:   Name:    Title:   TRUCO GP, INC.,  as a Guarantor  By:   Name:    Title:   Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Dylan Lissette Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer President 

 

[Signature Page to Amendment No. 3 to Credit Agreement]  TRUCO ENTERPRISES, LP,  as a Guarantor  By:   Name:    Title:    Dylan Lissette Chief Executive Officer 

 

 

 

[Signature Page to Amendment No. 3 to Credit Agreement]  BANK OF AMERICA, N.A.,  as 2021-2 Incremental Term Lender  By:     Name: Aashish Dhakad   Title: Managing Director     

 

    Schedule 1  2021-2 Incremental Term Commitments  Additional Lender Percentage 2021 Incremental Term Commitment  Bank of America, N.A 100% $75,000,000  Total 100% $75,000,000Document

Exhibit 10.8

Execution Version

AMENDMENT NO. 3 TO FIRST LIEN CREDIT AGREEMENT

This AMENDMENT NO. 3 TO FIRST LIEN CREDIT AGREEMENT, dated as of April 27, 2021 (this “Amendment”), is entered into by and among Convey Health Solutions, Inc., a Delaware corporation (the “Borrower”), Ares Capital Corporation, as administrative agent and collateral agent (in such capacities, including any successor thereto, the “Administrative Agent”), the Term Lenders party hereto and the Revolving Lenders party hereto.
WHEREAS, the Borrower, Convey Health Parent, Inc., a Delaware corporation (“Holdings”), the Administrative Agent, Truist Bank (f/k/a SunTrust Bank), as Priority Revolving Agent, and the lenders from time to time party thereto are party to that certain First Lien Credit Agreement dated as of September 4, 2019 (as amended by that certain Amendment No. 1 to First Lien Credit Agreement dated as of April 8, 2020 and by that certain Amendment No. 2 to First Lien Credit Agreement dated as of February 12, 2021 and as further amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”, and the Credit Agreement as amended by this Amendment, the “Amended Credit Agreement”; capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Amended Credit Agreement);
WHEREAS, the Borrower has requested that the Required Lenders and the Required Facility Lenders under the Priority Revolving Facility amend certain provisions of the Credit Agreement;
WHEREAS, the parties hereto desire to amend and modify the Credit Agreement in accordance with and subject to the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto hereby agree as follows:
SECTION 1.Amendments to Credit Agreement.  Section 6.01(1) of the Credit Agreement is, effective as of the Amendment No. 3 Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, hereby amended by adding the words “, within one hundred sixty-five (165) days after the end of the fiscal year of the Borrower ending December 31, 2020” after the words “within one hundred fifty (150) days after the end of the fiscal year of the Borrower ending December 31, 2019” appearing therein. The parties hereto hereby agree that each reference to Section 6.01 or Section 6.01(1) of the Credit Agreement in the Credit Agreement and each other Loan Document shall refer to Section 6.01 or Section 6.01(1) as amended by this Amendment:
SECTION 2.Reference to and Effect on the Loan Documents.  On and after the Amendment No. 3 Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” 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 Amended Credit Agreement.
(b)On and after the Amendment No. 3 Effective Date, the Credit Agreement, as specifically amended by this Amendment, and the other Loan Documents are, and shall continue to be, in full force and effect, and are hereby in all respects ratified and confirmed.
(c)From and after the Amendment No. 3 Effective Date, this Amendment shall be deemed a Loan Document for all purposes under the Amended Credit Agreement and the other Loan Documents.
(d)The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Amendment No. 3 Effective Date.
SECTION 3.Conditions of Effectiveness.  The amendments to the Credit Agreement contained in Section 1 hereof shall become effective as of the first date (the “Amendment No. 3 Effective Date”) on which the Administrative Agent shall have received counterparts of this Amendment executed by the Borrower, the Administrative Agent, each Term Lender consenting to this Amendment (the “Consenting Term Lenders”, such Consenting Term Lenders constituting Required Lenders) and each Revolving Lender consenting to this Amendment (the “Consenting Revolving Lenders”, such Consenting Revolving Lenders constituting Required Facility Lenders under the Priority Revolving Facility).
SECTION 4.Representations and Warranties.
(1)    The Borrower hereby represents and warrants to the Administrative Agent, the Term Lenders and the Revolving Lenders as of the Amendment No. 3 Effective Date that:
(a)The execution, delivery and performance by the Borrower of this Amendment has been duly authorized by all necessary corporate or other organizational action;
(b)None of the execution, delivery or performance by the Borrower of this Amendment will (i) contravene the terms of any of the Borrower’s Organizational Documents, (ii) result in any breach or contravention of, or the creation of any Lien upon any of the property or assets of the Borrower or any of the Restricted Subsidiaries (other than as permitted by Section 7.01 of the Credit Agreement) under (A) any material Contractual Obligation evidencing Indebtedness having an aggregate principal amount in excess of the Threshold Amount to which such Loan Party is a party or affecting such Loan Party or the properties of such Loan Party or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject; or (iii) violate any applicable Law; except with respect to any breach, contravention or violation (but not creation of Liens) referred to in the preceding clauses (ii) and (iii), to the extent that such breach, 
2

contravention or violation would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;
(c)This Amendment has been duly executed and delivered by the Borrower. This Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws, by general principles of equity and by principles of good faith and fair dealing;
(d)Each Loan Party and each of its respective Restricted Subsidiaries that is a Material Subsidiary is a Person duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization (to the extent such concept exists in such jurisdiction);
(e)The representations and warranties of the Borrower and Holdings contained in Article V of the Amended Credit Agreement or any other Loan Document shall be true and correct in all material respects on and as of the Amendment No. 3 Effective Date (provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date and any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates); and
(f)Immediately after giving effect to this Amendment, no Event of Default shall exist.
SECTION 5.Execution in Counterparts; Effectiveness.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment shall become effective when it shall have been executed by the Borrower, the Administrative Agent, the Required Lenders and the Required Facility Lenders under the Priority Revolving Facility. Section 10.13 of the Amended Credit Agreement is incorporated herein by reference, mutatis mutandis. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging (including in .pdf format) means shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in this Amendment shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof 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.
SECTION 6.GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE 
3

STATE OF NEW YORK. Clauses (2) and (3) of Section 10.16 of the Amended Credit Agreement are incorporated herein by reference, mutatis mutandis.
SECTION 7.WAIVER OF RIGHT OF TRIAL BY JURY.  EACH PARTY TO THIS AMENDMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
4

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective authorized officers as of the date first above written.
CONVEY HEALTH SOLUTIONS, INC.
By:    /s/ Timothy Fairbanks    
Name:  Timothy Fairbanks
Title:  Chief Financial Officer

[Amendment No. 3 to First Lien Credit Agreement]

ARES CAPITAL CORPORATION, as Administrative Agent
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES CAPITAL CORPORATION, as a Term Lender
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
CADEX CREDIT FINANCING, LLC, as 
a Term Lender
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES CENTRE STREET 
PARTNERSHIP, L.P., as a Term Lender
By: Ares Centre Street GP, Inc., as general partner
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES JASPER FUND HOLDINGS, 
LLC, as a Term Lender
By: Ares Capital Management LLC, as 
servicer 
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

ARES ND CSF HOLDINGS LLC, as 
a Term Lender
By: Ares Capital Management LLC, as 
servicer 
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES CSIDF HOLDINGS, LLC, as 
a Term Lender
By: Ares Capital Management LLC, as 
servicer 
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES SENIOR DIRECT LENDING MASTER FUND DESIGNATED ACTIVITY COMPANY, as a Term Lender
By: Ares Capital Management LLC, its 
investment manager 
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES SENIOR DIRECT LENDING PARALLEL FUND (L), L.P., as a Term Lender
By: Ares Capital Management LLC, its 
investment manager 
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

ARES SENIOR DIRECT LENDING PARALLEL FUND (U), L.P., as a Term Lender
By: Ares Capital Management LLC, its 
investment manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES SDL HOLDINGS (U), INC., as a Term Lender
By: Ares Capital Management LLC, its 
investment manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES SFERS HOLDINGS LLC, as a 
Term Lender
By: Ares Capital Management LLC, its 
servicer
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
CHIMNEY TOPS LOAN FUND, LLC, as
a Term Lender
By: Ares Capital Management LLC, its 
Account Manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

AC AMERICAN FIXED INCOME IV, 
L.P., as a Term Lender
By: Ares Capital Management LLC, its 
investment manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
FEDERAL INSURANCE COMPANY, as a Term Lender
By: Ares Capital Management LLC, its 
investment manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
GREAT AMERICAN INSURANCE COMPANY, as a Term Lender
By: Ares Capital Management LLC, its 
investment manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
GREAT AMERICAN LIFE 
INSURANCE COMPANY, as a Term 
Lender
By: Ares Capital Management LLC, its 
investment manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

BOWHEAD IMC LP, as a Term Lender
By: Ares Capital Management LLC, its 
investment manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
AN CREDIT STRATEGIES FUND, L.P., 
as a Term Lender
By: Ares Capital Management LLC, its 
investment manager
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES DIVERSIFIED CREDIT STRATEGIES FUND (S), L.P., as a Term Lender
By: Ares Capital Management LLC, its investment manager
By: Ares Capital Management LLC, its sub-advisor
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ADF I HOLDINGS LLC, as a Term 
Lender
By: Ares Capital Management LLC, as 
servicer
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

SDL FINANCE 1 LP, as a Term Lender
By: Ares Capital Management LLC, as 
servicer
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
SDL FINANCE 2 LP, as a Term Lender
By: Ares Capital Management LLC, as 
servicer
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
SWISS REINSURANCE AMERICA CORPORATION, as a Term Lender
By: Ares Capital Management LLC, its investment manager
By:    /s/    
Name:  Scott Lem
Title:  Authorized Signatory
DIVERSIFIED LOAN FUND – 
PRIVATE DEBT A S.A R.L, as a Term 
Lender
By: Ares Management Limited, its portfolio manager
By: Ares Capital Management LLC, its subadvisor
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

SA REAL ASSETS 20 LIMITED, as a 
Term Lender
By: Ares Management LLC, its investment manager 
By: Ares Capital Management LLC, as subadvisor
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
ARES SENIOR DIRECT LENDING PARALLEL FUND (U) B, L.P., as a Term Lender
By: Ares Capital Management LLC, its investment manager 
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
IVY HILL MIDDLE MARKET CREDIT FUND XVI, LTD., as a Term Lender
By:    
Name:  
Title:  
IVY HILL MIDDLE MARKET CREDIT FUND XVII, LTD., as a Term Lender
By:    
Name:  
Title:  
ARES CAPITAL CP FUNDING LLC, as a Term Lender
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory
[Amendment No. 3 to First Lien Credit Agreement]

ARES CREDIT STRATEGIES INSURANCE DEDICATED FUND 
SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P., as a Term Lender
By: Ares Management LLC, its investment subadvisor
By: Ares Capital Management LLC, as subadvisor
By:    /s/ Scott Lem    
Name:  Scott Lem
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

IVY HILL MIDDLE MARKET CREDIT FUND XVI, LTD., 
By: Ivy Hill Asset Management, L.P., as Portfolio Manager, as a Term Lender 
By:    /s/ Kevin Braddish    
Name:  Kevin Braddish
Title:  President
IVY HILL MIDDLE MARKET CREDIT FUND XVII, LTD., 
By: Ivy Hill Asset Management, L.P., as its Sole Member, as a Term Lender 
By:    /s/ Kevin Braddish    
Name:  Kevin Braddish
Title:  President

[Amendment No. 3 to First Lien Credit Agreement]

NEW MOUNTAIN FINANCE 
HOLDINGS, L.L.C., as a Term Lender
By:    /s/ James W. Stone    
Name:  James W. Stone
Title:  Authorized Signatory
NEW MOUNTAIN GUARDIAN III SPV
L.L.C., as a Term Lender
By:    /s/ James W. Stone    
Name:  James W. Stone
Title:  Authorized Signatory
NMF SLF I SPV, L.L.C.
By: New Mountain Finance Advisers 
BDC, L.L.C., 
its Manager, as a Term Lender
By:    /s/ James W. Stone    
Name:  James W. Stone
Title:  Authorized Signatory
NEW MOUNTAIN FINANCE SBIC, L.P., as a Term Lender
By:    /s/ James W. Stone    
Name:  James W. Stone
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

PSP INVESTMENTS CREDIT USA 
LLC, as a Term Lender
By:    /s/ Ian Palmer    
Name:  Ian Palmer
Title:  Authorized Signatory
By:    /s/ Charlotte E. Muellers    
Name:  Charlotte E. Muellers
Title:  Authorized Signatory

[Amendment No. 3 to First Lien Credit Agreement]

TRUIST BANK, as a Priority Revolving Agent, Issuing Bank and Swing Line Lender 
By:    /s/ James W. Ford    
Name:  James W. Ford 
Title:  Managing Director

[Amendment No. 3 to First Lien Credit Agreement]

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