EXECUTION VERSION AMENDMENT NO. 3 AMENDMENT NO. 3, dated as of May 2, 2017 (this “Amendment”), to the Term Loan Agreement, dated as of October 10, 2014 (as amended by that certain Amendment No. 1, dated as of August 26, 2015 and that certain Amendment...
EXECUTION VERSION
AMENDMENT XX. 0
XXXXXXXXX XX. 0, dated as of May 2, 2017 (this “Amendment”), to the
Term Loan Agreement, dated as of October 10, 2014 (as amended by that certain
Amendment No. 1, dated as of August 26, 2015 and that certain Amendment No. 2, dated
as of March 24, 2016, and as the same may be further amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Term Loan
Agreement”), among FMC Corporation, a Delaware corporation (the “Company”),
certain of the Company’s subsidiaries from time to time party thereto as borrowers
(together with the Company, the “Borrowers”), Citibank, N.A., as Administrative
Agent (as such term is defined in the Term Loan Agreement), each lender from time to
time party thereto (collectively, the “Lenders” and individually, a “Lender”) and the other
parties thereto.
WHEREAS, the Company has advised the Lenders that it intends to acquire (either
directly or indirectly through one or more Subsidiaries) certain assets of E. I. du Pont de
Nemours and Company (the “Seller”), and concurrently therewith, the Seller intends to
acquire from the Company (either directly or indirectly through one or more Subsidiaries)
certain assets of the Company (collectively, the “Ag Acquisition”), in each case, pursuant
to the terms of that certain Transaction Agreement, dated as of March 31, 2017, by and
between the Seller and the Company;
WHEREAS, in connection with the Ag Acquisition, the Company has requested
certain changes to the Term Loan Agreement as described herein (the “Proposed
Amendments”);
WHEREAS, Section 9.01 of the Term Loan Agreement provides that the
Company and the Required Lenders may amend the Loan Documents;
WHEREAS, the Lenders party hereto have agreed to approve the Proposed
Amendments; and
WHEREAS, in order to effect the foregoing, the Company and the other parties
hereto desire to amend the Term Loan Agreement, subject to the terms and conditions set
forth herein.
NOW, THEREFORE, in consideration of the premises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
ARTICLE I
Amendment
SECTION 1.01. Defined Terms. Capitalized terms used herein (including in
the recitals hereto) and not otherwise defined herein shall have the meanings assigned to
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such terms in the Term Loan Agreement. The rules of construction specified in Section
1.04 of the Term Loan Agreement also apply to this Amendment.
SECTION 1.02. Amendment of Term Loan Agreement. Effective as of the
Amendment Effective Date (as defined below):
(a) Section 1.01 of the Term Loan Agreement is hereby amended as follows:
(i) The following new defined terms shall be added in their correct
alphabetical order:
“Ag Acquisition” means the acquisition by the U.S. Borrower (either
directly or indirectly through one or more Subsidiaries) of certain assets of Ag
Seller and the concurrent acquisition by Ag Seller (either directly or indirectly
through one or more Subsidiaries) of certain assets of the U.S. Borrower, in
each case, pursuant to the Ag Acquisition Agreement.
“Ag Acquisition Agreement” means that certain Transaction Agreement,
dated as of March 31, 2017, by and between the U.S. Borrower and the Ag
Seller.
“Ag Closing Date” means the date of the consummation of the Ag
Acquisition.
“Ag Seller” means E. I. du Pont de Nemours and Company, a Delaware
corporation.
“Ag Transactions” means the Ag Acquisition, the execution, delivery and
performance of any debt documents (including amendments) entered into in
connection therewith and the borrowings of the loans contemplated thereunder,
the use of the proceeds thereof, the payment of fees and expenses incurred in
connection with the Ag Acquisition and the other transactions contemplated by
or related to the foregoing.
“Ag Seller Acquired Assets” means certain assets of Ag Seller to be
acquired by the Company (either directly or indirectly through one or more
Subsidiaries) from Ag Seller pursuant to the Ag Acquisition Agreement.
(ii) Clause (i) of the defined term “Customary Permitted Liens” is
hereby amended by deleting “tangible” therefrom.
(b) Section 6.01(a) of the Term Loan Agreement is hereby amended by (i)
adding the following words at the beginning thereof: “Subject to the immediately
succeeding sentence,” and (ii) adding the following at the end thereof:
If the Ag Closing Date occurs, the U.S. Borrower shall maintain, on the last day
of each Fiscal Quarter ending on or following the Ag Closing Date, a Leverage
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Ratio of not more than the applicable level set forth below adjacent to such
Fiscal Quarter:
Fiscal Quarter Ending Maximum Leverage Ratio
On or after the Ag Closing Date
but before the last day of the
first full fiscal quarter after the
Ag Closing Date
4.75:1.00
On the last day of the first full
fiscal quarter after the Ag
Closing Date
4.75:1.00
On the last day of the second
full fiscal quarter after the Ag
Closing Date
4.75:1.00
On the last day of the third full
fiscal quarter after the Ag
Closing Date
4.50:1.00
On the last day of the fourth full
fiscal quarter after the Ag
Closing Date
4.50:1.00
On the last day of the fifth full
fiscal quarter after the Ag
Closing Date
4.50:1.00
On the last day of the sixth full
fiscal quarter after the Ag
Closing Date
4.25:1.00
On the last day of the seventh
full fiscal quarter after the Ag
Closing Date
4.25:1.00
On the last day of the eighth full
fiscal quarter after the Ag
Closing Date
4.00:1.00
On the last day of the ninth full
fiscal quarter after the Ag
Closing Date
4.00:1.00
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Fiscal Quarter Ending Maximum Leverage Ratio
On the last day of the tenth full
fiscal quarter after the Ag
Closing Date and thereafter
3.50:1.00
(a) Section 6.04(a) of the Term Loan Agreement is hereby amended by (i)
deleting “and” at the end of clause (vii) thereof, (ii) renumbering the current clause (viii)
to (ix) and (iii) inserting a new clause (viii) immediately before it:
“(viii) any Liens on the Ag Seller Acquired Assets existing as of the Ag
Closing Date (and any Liens on the proceeds or products of the foregoing);
provided that such Liens were not incurred in contemplation of the Ag
Transactions; and”
(b) Section 6.04(b) of the Term Loan Agreement is hereby amended by adding
the following sentence at the end thereof:
“Notwithstanding the foregoing, nothing in this Section 6.04(b) shall
prohibit the U.S. Borrower and its Subsidiaries from consummating the Ag
Transactions.”
(c) Section 6.04(c) of the Term Loan Agreement is hereby amended by (i)
deleting “.” at the end thereof and (ii) adding the following proviso thereto:
“provided, however, that nothing in this Section 6.04(c) shall prohibit the
U.S. Borrower and its Subsidiaries from consummating the Ag Transactions.”
(d) Section 6.04(d) of the Term Loan Agreement is hereby amended and
restated in its entirety as follows:
“(d) Modification of Constituent Documents. The U.S. Borrower
shall not, nor shall it permit any of its Subsidiaries to, amend its Constituent
Documents, except for changes and amendments that would not reasonably be
expected to have a Material Adverse Effect.”
SECTION 1.03. Effectiveness. Section 1.02 of this Amendment shall
become effective as of the first date (the “Amendment Effective Date”) on which the
following conditions have been satisfied:
(a) The Administrative Agent (or its counsel) shall have received from the
Borrowers and the Required Lenders either (x) counterparts of this Amendment signed on
behalf of such parties or (y) written evidence reasonably satisfactory to the
Administrative Agent (which may include facsimile or other electronic transmissions of
signed signature pages) that such parties have signed counterparts of this Amendment.
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(b) The Administrative Agent shall have received, in immediately available
funds, payment or reimbursement of all costs, fees, out-of-pocket expenses,
compensation and other amounts then due and payable in connection with this
Amendment, including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent.
The Administrative Agent shall notify the Company and the Lenders of the Amendment
Effective Date and such notice shall be conclusive and binding.
ARTICLE II
Miscellaneous
SECTION 2.01. Representations and Warranties. (a) To induce the other
parties hereto to enter into this Amendment, the Company represents and warrants to
each of the Lenders and the Administrative Agent that, as of the Amendment Effective
Date and after giving effect to the transactions and amendments to occur on the
Amendment Effective Date, this Amendment has been duly authorized, executed and
delivered by the Company and constitutes, and the Term Loan Agreement, as amended
hereby on the Amendment Effective Date, will constitute, legal, valid and binding
obligations of the Borrowers, enforceable against each of the Borrowers in accordance
with their terms, except as such enforceability may be limited by bankruptcy, insolvency,
moratorium, reorganization or other similar laws affecting creditors’ rights generally and
by general principles of equity and the implied covenant of good faith and fair dealing.
(b) Each of the representations and warranties made by each party to each Loan
Document in or pursuant to this Amendment or any other Loan Document, or contained
in any certificate or financial statement (other than estimates and projections which are
(x) identified as such and (y) contained in any financial statement) furnished at any time
under or in connection with this Amendment or any other Loan Document shall be true
and correct in all material respects on and as of the Amendment Effective Date as if made
on and as of such date (except to the extent that such representations and warranties relate
to a particular date, in which case such representations and warranties shall be true and
correct in all material respects on and as of such date), provided that any representation
and warranty qualified by materiality, “Material Adverse Effect” or similar language
shall be true and correct (after giving effect to any qualification therein) in all respects,
both before and after giving effect to this Amendment.
(c) Both immediately prior to and after giving effect to this Amendment and
the transactions contemplated hereby on the relevant date, no Default or Event of Default
has occurred and is continuing on the Amendment Effective Date.
SECTION 2.02. Effect of Amendment. (a) Except as expressly set forth
herein, this Amendment shall not by implication or otherwise limit, impair, constitute a
waiver of, or otherwise affect the rights and remedies of, the Administrative Agent, the
Lenders, any other Agent and any of their respective Affiliates under the Term Loan
Agreement or any other Loan Document, and shall not alter, modify, amend or in any
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way affect any of the terms, conditions, obligations, covenants or agreements contained
in the Term Loan Agreement or any other Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Nothing herein shall be
deemed to establish a precedent for purposes of interpreting the provisions of the Term
Loan Agreement or entitle any Borrower to a consent to, or a waiver, amendment,
modification or other change of, any of the terms, conditions, obligations, covenants or
agreements contained in the Term Loan Agreement or any other Loan Document in
similar or different circumstances. This Amendment shall apply to and be effective only
with respect to the provisions of the Term Loan Agreement and the other Loan
Documents specifically referred to herein.
(b) On and after the Amendment Effective Date, each reference in the Term
Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like
import, and each reference to the Term Loan Agreement, “thereunder”, “thereof”,
“therein” or words of like import in any other Loan Document, shall be deemed a
reference to the Term Loan Agreement, as amended hereby. This Amendment shall
constitute a “Loan Document” for all purposes of the Term Loan Agreement and the
other Loan Documents.
SECTION 2.03. Governing Law. THIS AMENDMENT SHALL BE
GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK. The other provisions of Article IX of the Term
Loan Agreement shall apply to this Amendment to the same extent as if fully set forth
herein.
SECTION 2.04. Headings. The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning hereof.
[SIGNATURE PAGES FOLLOW]
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their officers as of the date first above written.
The U.S. Borrower
FMC CORPORATION
By: /s/ Xxxxxx X. Xxxxxxxx
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President and Treasurer
The Euro Borrowers
FMC FINANCE B.V.
By: /s/ Xxxxxx X. Xxxxxxxx
Name: Xxxxxx X. Xxxxxxxx
Title: Authorized Signatory, as
Attorney-in-Fact
FMC CHEMICALS NETHERLANDS
B.V.
By: /s/ Xxxxxx X. Xxxxxxxx
Name: Xxxxxx X. Xxxxxxxx
Title: Authorized Signatory, as
Attorney-in-Fact
FMC LUXEMBOURG HOLDINGS S.À
X.X.
By: /s/ Xxxxxx X. Xxxxxxxx
Name: Xxxxxx X. Xxxxxxxx
Title: Authorized Signatory, as
Attorney-in-Fact
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
FMC LUXEMBOURG S.À X.X.
By: /s/ Xxxxxx X. Xxxxxxxx
Name: Xxxxxx X. Xxxxxxxx
Title: Authorized Signatory, as
Attorney-in-Fact
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
CITIBANK, N.A.,
as Administrative Agent and Lender
By: /s/ Xxxxxxx Xxxxxxxxx
Name: Xxxxxxx Xxxxxxxxx
Title: Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
BANK OF AMERICA, N.A., as Lender
By: /s/ Xxxxxxxx Xxxxxx
Name: Xxxxxxxx Xxxxxx
Title: Assistant Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
BNP Paribas, as Lender
By: /s/ Xxxxxx Xxxxxx-Bouvet
Name: Xxxxxx Xxxxxx-Bouvet
Title: Vice President
By: /s/ Gregoire Xxxxxxxx
Name: Xxxxxxxx Xxxxxxxx
Title: Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD, as Lender
By: /s/ Xxxxxxx Xxxx
Name: Xxxxxxx Xxxx
Title: Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
DNB Capital LLC
By: /s/ Xxxxxxxx Xxxxx
Name: Xxxxxxxx Xxxxx
Title: First Vice President
DNB Capital LLC
By: /s/ Xxxxxxxxx Xxxxxxx
Name: Xxxxxxxxx Xxxxxxx
Title: First Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
JPMORGAN CHASE BANK, N.A., as Lender
By: /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: Executive Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Sumitomo Mitsui Banking Corporation, as
Lender
By: /s/ Xxxxx X. Xxxxxxxxx
Name: Xxxxx X. Xxxxxxxxx
Title: Managing Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
U.S. BANK NATIONAL ASSOCIATION, as
Lender
By: /s/ Xxxx Xxxx
Name: Xxxx Xxxx
Title: Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
TD Bank, N.A., as Lender
By: /s/ Xxxxx Xxxxx
Name: Xxxxx Xxxxx
Title: Senior Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
CoBank, ACB, as Lender
By: /s/ Xxxxxx Xxxxxxxx
Name: Xxxxxx Xxxxxxxx
Title: Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Australia and New Zealand Banking Group
Limited, as Lender
By: /s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Bank of China, New York Branch, as
Lender
By: /s/ Xxxxxxx Xxxx
Name: Xxxxxxx Xxxx
Title: Managing Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Branch Banking and Trust Company, as
Lender
By: /s/ Xxxxxx X. Xxxxxxxx
Name: Xxxxxx X. Xxxxxxxx
Title: Banking Officer
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Citizens Bank of Pennsylvania, as Lender
By: /s/ Xxxxxx X. Xxxxxxxxx
Name: Xxxxxx X. Xxxxxxxxx
Title: Senior Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
KBC Bank N.V., New York, as Lender
By: /s/ Xxxxxx Xxxxxxx
Name: Xxxxxx Xxxxxxx
Title: Director
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: Managing Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Lloyds Bank plc, as Lender
By: /s/ Xxxxx Xxxxx
Name: Xxxxx Xxxxx
Title: Senior Vice President
Transaction Execution
Category A
P003
By: /s/ Xxxxxxx Xxxxxx
Name: Xxxxxxx Xxxxxx
Title: Vice President
Banking Operations
Category A
P012
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
THE BANK OF NEW YORK MELLON,
as Lender
By: /s/ Xxxxxxxxxxx Xxxxx
Name: Xxxxxxxxxxx Xxxxx
Title: Senior Associate
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Xxxxx Fargo Bank, National Association, as
Lender
By: /s/ Xxxxxx Xxxxx
Name: Xxxxxx Xxxxx
Title: Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
PNC BANK, National Association, as Lender
By: /s/ Xxxxxx XxXxxxxx
Name: Xxxxxx XxXxxxxx
Title: Senior Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
COÖPERATIVE RABOBANK U.A., NEW
YORK BRANCH, as Lender
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Managing Director
By: /s/ Xxxx Xxxxx
Name: Xxxx Xxxxx
Title: Executive Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
SunTrust Bank, as Lender
By: /s/ Xxxxx Xxxxxxx
Name: Xxxxx Xxxxxxx
Title: Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Santander Bank, N.A., as Lender
By: /s/ Xxxxxx Xxxxxxx
Name: Xxxxxx Xxxxxxx
Title: Executive Director
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Nordea Bank AB (publ), New York Branch,
as Lender
By: /s/ Xxxx Xxxxx
Name: Xxxx Xxxxx
Title: Senior Vice President
By: /s/ Xxxxxx Rathkjen
Name: Xxxxxx Rathkjen
Title: Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
Bayerische Landesbank, New York Branch, as
Lender
By: /s/ Xxxxxxx XxXxxxx
Name: Xxxxxxx XxXxxxx
Title: Senior Director
By: /s/ Xxxx Xxxxxxxx
Name: Xxxx Xxxxxxxx
Title: Vice President
[Signature Page to Amendment No. 3 to
Term Loan Agreement]
FARM CREDIT BANK OF TEXAS,
as Lender
By: /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: Vice President