SEC Contract Filing

Filing Date: 2022-05-27

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d334806dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECOND AMENDMENT TO CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This SECOND AMENDMENT to the Credit Agreement referred to below, dated as of May&nbsp;26, 2022 (this &#147;<U>Second Amendment</U>&#148;) by
and among Advanced Drainage Systems, Inc., a Delaware corporation (the &#147;<U>Borrower</U>&#148;), the Subsidiary Guarantors party hereto, the banks and other financial institutions listed on its signature page hereto as a &#147;2022 Incremental
Revolving Lender&#148; (each a &#147;<U>2022 Incremental Revolving Lender</U>&#148; and, collectively, the &#147;<U>2022 Incremental Revolving Lenders</U>&#148;), the other banks and other financial institutions or entities parties hereto
constituting, together with the 2022 Incremental Revolving Lenders, the Required Lenders under the Credit Agreement (after giving effect to the effectiveness of the 2022 Incremental Revolving Commitments) and constituting all the Revolving Lenders
under the Credit Agreement, the Issuing Lenders party hereto, Barclays Bank PLC, as administrative agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;) and PNC Bank, National Association, as administrative agent under the Revolving
Facility (in such capacity, the &#147;<U>Revolving Administrative Agent</U>&#148;). Capitalized terms not otherwise defined in this Second Amendment have the same meanings as specified in the Credit Agreement, as amended by this Second Amendment
(the &#147;<U>Amended Credit Agreement</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RECITALS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower, the several banks and other financial institutions or entities parties from time to time, as lender (the
&#147;<U>Lenders</U>&#148;) and the Issuing Lenders from time to time parties thereto and the Administrative Agent, entered into that certain Credit Agreement, dated as of July&nbsp;31, 2019 (as amended by the First Amendment to Credit Agreement,
dated as of September&nbsp;24, 2019 and as further amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the &#147;<U>Credit Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower has requested that, pursuant to Section&nbsp;4.17 of the Credit Agreement, the 2022 Incremental Revolving Lenders extend
an Incremental Revolving Facility to the Borrower on the Second Amendment Effective Date in the aggregate principal amount of $250,000,000 (the commitment of each such 2022 Incremental Revolving Lender, the &#147;<U>2022 Revolving Incremental
Commitment</U>&#148;) which shall be Incurred in the form of an increase to the Revolving Commitments and shall be identical to and form part of such Revolving Facility. The individual 2022 Revolving Incremental Commitment for each such 2022
Incremental Revolving Lender shall be as set forth in Schedule I attached; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each 2022 Incremental Revolving Lender has agreed, on
the terms and conditions set forth herein, to provide its 2022 Revolving Incremental Commitment and to become, if not already, a Lender for all purposes under the Credit Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Required Lenders (immediately after giving effect to the 2022 Revolving Incremental Commitment) hereby provide notice to the
Administrative Agent and the Borrower pursuant to clause (1)(ii) of the defined term Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Election of the Credit Agreement that the Required Lenders have determined that U.S. dollar-denominated
syndicated credit facilities being executed on or around the date hereof, or that include language similar to that contained in Section&nbsp;4.7 of the Credit Agreement, are being executed or amended to incorporate or adopt a new benchmark interest
rate to replace LIBO Rate and the Required Lenders hereby elect to declare that an Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Election has occurred pursuant to clause (2)(ii) of the defined term Early
<FONT STYLE="white-space:nowrap">Opt-in</FONT> Election of the Credit Agreement; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in accordance with Sections 11.1 and 4.17(b) of the Credit Agreement, the Borrower,
the Administrative Agent, the Lenders constituting at least the Required Lenders and the Issuing Lenders are willing to effect the amendments set forth herein and agree to the terms of the Amended Credit Agreement, in each case, on the terms and
subject to the terms and conditions in this Second Amendment; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New