SEC Contract Filing

Filing Date: 2019-10-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101q32019.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="sBC8803AD3113EC4F47261364AB3F5476"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EXECUTION VERSION</font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WAIVER TO CREDIT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WAIVER TO CREDIT AGREEMENT, dated as of September 18, 2019 (this &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Waiver</font><font style="font-family:inherit;font-size:11pt;">&#8221;), by and among ETSY, INC., a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Borrower</font><font style="font-family:inherit;font-size:11pt;">&#8221;), the Lenders party hereto, and CITIBANK, N.A., as the administrative agent (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Administrative Agent</font><font style="font-family:inherit;font-size:11pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">W I T N E S S E T H:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Borrower, the Lenders party thereto from time to time, the Administrative Agent, the other Loan Parties party thereto from time to time and the Issuing Banks party thereto from time to time, have entered into that certain Credit Agreement, dated as of February 25, 2019 (as amended, restated, amended and restated, modified or supplemented from time to time through the date hereof, the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Credit Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;) (capitalized terms not otherwise defined in this Waiver have the same meanings assigned thereto in the Credit Agreement); </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, within five Business Days of the date hereof, the Borrower intends to issue senior unsecured convertible notes in an aggregate principal amount not to exceed $700 million (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Proposed Bond Issuance</font><font style="font-family:inherit;font-size:11pt;">&#8221;) and intends to use a portion of the proceeds thereof to purchase capped call transactions (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Capped Call Transactions</font><font style="font-family:inherit;font-size:11pt;">&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, after giving effect to the Proposed Bond Issuance, the Borrower will not be in compliance with the requirement set forth in </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Section 6.01(s)(i)</font><font style="font-family:inherit;font-size:11pt;">&#32;of the Credit Agreement (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Unsecured Indebtedness Covenant Ratio Requirement</font><font style="font-family:inherit;font-size:11pt;">&#8221;); and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, pursuant to </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Section 9.02(b)</font><font style="font-family:inherit;font-size:11pt;">&#32;of the Credit Agreement, the Borrower has requested that the Administrative Agent and the Lenders party hereto, constituting not less than the Required Lenders, agree to waive the Borrower&#8217;s compliance with the Unsecured Indebtedness Covenant Ratio Requirement in connection with the Proposed Bond Issuance. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of all of which is hereby acknowledged, the parties hereto hereby agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:96px;"><font style="paddin