SEC Contract Filing

Filing Date: 2024-02-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tupex101forbearanceagree.htm
<DESCRIPTION>EX-10.1 FORBEARNCE AGREEMENT
<TEXT>
<HTML>
<HEAD><!-- Document generated by Workiva Inc -->
<TITLE>tupex101forbearanceagree</TITLE>
</HEAD>
<BODY bgcolor="white">
<DIV align="center">
<DIV style="margin-left:1em;width:1055;"><!-- tupex101forbearanceagree001.jpg -->
<DIV style="padding-top:2em;">
<IMG src="tupex101forbearanceagree001.jpg" title="slide1" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white">EXHIBIT 10.1 EXECUTION VERSION FORBEARANCE AGREEMENT This FORBEARANCE AGREEMENT (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, this &#8220;Agreement&#8221;), dated as of February 13, 2024, is by and among TUPPERWARE BRANDS CORPORATION, a Delaware corporation (the &#8220;Parent Borrower&#8221;), TUPPERWARE PRODUCTS AG, a stock corporation (Aktiengesellschaft) organized in and under the laws of Switzerland and registered with the commercial register of the Canton of Lucerne under no. CHE-106.835.699 (the &#8220;Swiss Subsidiary Borrower&#8221; and, together with the Parent Borrower, collectively, the &#8220;Borrowers&#8221;), the Subsidiary Guarantors party hereto (together with the Borrowers, collectively, the &#8220;Loan Parties&#8221;), each of the Consenting Lenders (as defined below), each of the Holders (as defined below) party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (the &#8220;Administrative Agent&#8221;). W I T N E S S E T H: WHEREAS, the Borrowers, the Lenders, and the Administrative Agent have entered into that certain Credit Agreement, dated as of November 23, 2021 (as amended by that certain First Amendment to Credit Agreement dated as of August 1, 2022, as amended by that certain Second Amendment to Credit Agreement dated as of December 21, 2022, as amended by that certain Third Amendment to Credit Agreement dated as of February 22, 2023, as amended by that certain Fourth Amendment to Credit Agreement and Limited Waiver of Borrowing Conditions dated as of May 5, 2023, as amended by that certain Debt Restructuring Agreement dated as of August 2, 2023, as amended by that certain Fifth Amendment to Credit Agreement dated as of October 5, 2023, as amended by that certain Sixth Amendment to Credit Agreement dated as of December 22, 2023, and as further amended, restated, supplemented or otherwise modified from time to time, the &#8220;Credit Agreement&#8221;); WHEREAS, the Borrowers have informed the Administrative Agent and the Lenders that certain Defaults and Events of Default have occurred and are continuing, or may occur, as identified on Schedule A hereto (the &#8220;Specified Defaults&#8221;); WHEREAS, the Borrowers have requested that (i) the Lenders agree to forbear from exercising their rights and remedies and from directing the Administrative Agent to exercise any of its rights and remedies and (ii) the Administrative Agent agree to forbear from unilaterally exercising any right or remedy, in each case, arising under the Loan Documents and applicable law as a result of the occurrence of the Specified Defaults; and WHEREAS, the Lenders party hereto (the &#8220;Consenting Lenders&#8221;) and the Administrative Agent have agreed to do so during the Forbearance Period (as defined below), subject to the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: SECTION 1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to such terms in the Credit Agreement. The following terms used herein shall have the following meanings: &#8220;Forbearance Period&#8221; means the period from the Effective Date to (but excluding) the date on which any Forbearance Termination Event has occurred. </FONT></DIV>
<P><HR noshade><P>
<DIV style="page-break-before:always;">&nbsp;</DIV>
</DIV>
<!-- tupex101forbearanceagree002.jpg -->
<DIV style="padding-top:2em;">
<IMG src="tupex101forbearanceagree002.jpg" title="slide2" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white">2 &#8220;Forbearance Termination Event&#8221; means the earliest to occur of any of the following: (a) the date and time on which the Administrative Agent (at the direction of Lenders constituting Required Lenders) elects to terminate the Forbearance Period by written notice to the Parent Borrower upon the occurrence and during the continuance of (i) any Event of Default under any Loan Document other than the Specified Defaults; (ii) any breach by any Loan Party of any covenant, term, condition or other provision of this Agreement, including without limitation Section 4 of this Agreement; or (iii) any failure of any representation or warranty made by any Loan Party under this Agreement to be true and complete in any material respect as of the date when made; and (b) June 30, 2024 at 11:59 p.m. Eastern time. SECTION 2. Forbearance. (a) Subject to the terms and conditions set forth herein, (i) each Consenting Lender hereby agrees that it shall, during the Forbearance Period, forbear from exercising its rights and remedies and from directing the Administrative Agent to exercise any of the rights and remedies available to the Administrative Agent and the Lenders and (ii) the Administrative Agent hereby agrees that it shall, during the Forbearance Period, forbear from unilaterally exercising its rights and remedies, in each case, arising under the Loan Documents and applicable law, but only to the extent that such rights and remedies arise exclusively as a result of the existence of the Specified Defaults. (b) Subject to the terms of the Loan Documents and applicable law, at any time upon or after the occurrence of any Forbearance Termination Event, any Consenting Lender shall be e