First Amendment to Note Purchase Agreement, dated as of November 14, 2017, by and among the Company and the purchasers party thereto
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EX-10.1 3 exhibit101-dst_xx1stxamend.htm EXHIBIT 10.1 Exhibit
Exhibit 10.1
FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of November 14, 2017, is by and among DST SYSTEMS, INC., a Delaware corporation (the “Company”), and the Purchasers (as defined herein) party hereto.
W I T N E S S E T H
WHEREAS, the Company and certain Persons from time to time party thereto (the “Purchasers”) are parties to that certain Note Purchase Agreement dated as of August 9, 2010 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Note Purchase Agreement”);
WHEREAS, on the date hereof, the Company and certain other persons from time to time party thereto intend to enter into that certain Master Note Purchase Agreement dated on the date hereof (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Master Note Purchase Agreement”);
WHEREAS, the Company desires to align certain provisions of the Note Purchase Agreement with the Master Note Purchase Agreement;
WHEREAS, the Company has requested that the Purchasers amend the Note Purchase Agreement to modify certain provisions contained therein; and
WHEREAS, the Required Holders have agreed to amend the Note Purchase Agreement on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and other agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
1.Defined Terms. Capitalized terms used herein (including in the preamble and recitals above) but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.
2. Amendments to the Note Purchase Agreement. Subject to the terms and conditions set forth herein, the Note Purchase Agreement is hereby amended as follows:
(a) Section 9.9 of the Note Purchase Agreement is hereby deleted and replaced with the following:
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Exhibit 10.1
Section 9.9. Significant Subsidiaries. If, on the last day of any fiscal quarter after the date of the Closing, the assets of Subsidiaries which as of such date are not Significant Subsidiaries (each such entity, a “Non-Significant Subsidiary”) represent in the aggregate more than 25% of the Consolidated Total Assets of the Company and its Subsidiaries, then the Company shall designate, by written notice to the holders, one or more Non-Significant Subsidiaries as Significant Subsidiaries in order that the assets of Non-Significant Subsidiaries after such designation, do not in the aggregate represent more than 25% of Consolidated Total Assets but if on any subsequent measurement date such original Non-Significant Subsidiaries constitute 25% or less of such Consolidated Total Assets, such designation shall be reversed.
(b) Section 11(f)(iii) of the Note Purchase Agreement is hereby deleted and replaced with the following:
(iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interest or other than the right of holders of the Company’s New Senior Notes to cause the Company to repurchase such New Senior Notes upon a change of control or a sale of assets in accordance with the terms of such New Senior Notes), (x) the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $40,000,000, or (y) one or more Persons have the right to require the Company or any Subsidiary so to purchase or repay such Indebtedness;
(c) Schedule A of the Note Purchase Agreement is hereby amended by adding the following defined terms in their proper alphabetical order:
“New Senior Notes” means the notes from time to time outstanding under that certain Master Note Purchase Agreement dated November 14, 2017, by and among the Company and any purchaser party thereto, as amended, restated, joined, supplemented or otherwise modified from time to time.
3. Conditions Precedent. This Amendment shall become effective upon the receipt by the Company and each Purchaser (or Chapman and Cutler LLP, as counsel to the Purchasers) of this Amendment duly executed by the Company and the Required Holders.
4. | Representations and Warranties. The Company hereby represents and warrants that: |
(a) it has the requisite corporate power and authority to execute, deliver and perform this Amendment;
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Exhibit 10.1
(b) it is duly authorized to, and has been authorized by all necessary corporate action to, execute, deliver and perform this Amendment;
(c) no Default or Event of Default exists under the Note Purchase Agreement on and as of the date hereof and after giving effect to this Amendment; and
(d) no consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by it of this Amendment.
(e) the execution, delivery and performance by it of this Amendment do not and will not (i) contravene, result in any breach of, or constitute a default under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate in any material respect any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary.
5. | Miscellaneous. |
(a) | This Amendment shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by this Amendment, all terms, conditions and covenants contained in the Note Purchase Agreement and the Notes are hereby ratified and shall be and remain in full force and effect. |
(b) | Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Amendment may refer to the Note Purchase Agreement without making specific reference to this Amendment but nevertheless all such references shall include this Amendment unless the context otherwise requires. |
(c) | The descriptive headings of the various Sections or parts of this Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof. |
(d) | All covenants and other agreements contained in this Amendment by or on behalf of any of the parties hereto bind and inure to the benefit of their respective permitted |
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Exhibit 10.1
successors and permitted assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not.
(e) | THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. |
(f) | This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart. Delivery of an executed counterpart of this Amendment by telecopy or electronic mail by any party hereto shall be effective as such party’s original executed counterpart. |
[SIGNATURE PAGES FOLLOW]
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Exhibit 10.1
IN WITNESS WHEREOF, each of the undersigned has caused this Amendment to be duly executed and delivered as of the date first above written.
DST SYSTEMS, INC. |
By: /s/ Gregg Wm. Givens
Name: Gregg Wm. Givens
Title: Senior Vice President, Chief
Financial Officer and Treasurer
5
Accepted as of the date first written above.
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
By: | /s/ Brian E. Lemons |
Vice President | |
We acknowledge that we hold $16,550,000 5.06% Series C Senior Note due August 9, 2018.
We acknowledge that we hold $6,000,000 5.42% Series D Senior Note due August 9, 2020.
We acknowledge that we hold $15,000,000 5.42% Series D Senior Note due August 9, 2020.
GIBRALTAR LIFE INSURANCE CO., LTD.
By: | Prudential Investment Management Japan, Co., Ltd., as Investment Manager |
By: | PGIM, Inc., as Sub-Adviser |
By: | /s/ Brian E. Lemons |
Vice President | |
We acknowledge that we hold $20,000,000 5.06% Series C Senior Note due August 9, 2018.
We acknowledge that we hold $10,000,000 5.42% Series D Senior Note due August 9, 2020.
We acknowledge that we hold $5,000,000 5.42% Series D Senior Notes due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
Accepted as of the date first written above.
PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
By: | PGIM, Inc., as investment manager |
By: | /s/ Brian E. Lemons |
Vice President | |
We acknowledge that we hold $13,450,000 5.06% Series C Senior Note due August 9, 2018.
UNIVERSAL PRUDENTIAL ARIZONA REINSURANCE COMPANY
By: | PGIM, Inc., as investment manager |
By: | /s/ Brian E. Lemons |
Vice President | |
We acknowledge that we hold $5,000,000 5.42% Series D Senior Note due August 9, 2020.
ZURICH AMERICAN INSURANCE COMPANY
By: | Prudential Private Placement Investors, L.P., (as Investment Advisor) |
By: | Prudential Private Placement Investors, Inc., (as General Partner) |
By: | /s/ Brian E. Lemons |
Vice President | |
We acknowledge that we hold $7,500,000 5.42% Series D Senior Note due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
FARMERS NEW WORLD LIFE INSURANCE COMPANY
By: | Prudential Private Placement Investors, L.P., (as Investment Advisor) |
By: | Prudential Private Placement Investors, Inc., (as General Partner) |
By: | /s/ Brian E. Lemons |
Vice President | |
We acknowledge that we hold $7,500,000 5.42% Series D Senior Note due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
Accepted as of the date first written above.
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By: | Babson Capital Management LLC as Investment Adviser |
By: | /s/ John B. Wheeler |
Name: | John B. Wheeler |
Title: | Managing Director |
We acknowledge that we hold $26,700,000 5.42% Series D Senior Note due August 9, 2020.
C.M. LIFE INSURANCE COMPANY
By: | Babson Capital Management LLC as Investment Adviser |
By: | /s/ John B. Wheeler |
Name: | John B. Wheeler |
Title: | Managing Director |
We acknowledge that we hold $3,300,000 5.42% Series D Senior Note due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
Accepted as of the date first written above.
ATHENE ANNUITY AND LIFE COMPANY
(f/k/a Aviva Life and Annuity Company)
By: | Athene Asset Management, L.P., its investment adviser |
By: AAM GP Ltd., its general partner
By: | /s/ Roger D. Fors |
Name: | Roger D. Fors |
Title: | Senior Vice President, Fixed Income |
We acknowledge that we hold $15,000,000 5.06% Series C Senior Note due August 9, 2018.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
Accepted as of the date first written above.
AXA EQUITABLE LIFE INSURANCE COMPANY
By: | /s/ Amy Judd |
Name: | Amy Judd |
Title: | Investment Officer |
We acknowledge that we hold $19,000,000 5.42% Series D Senior Note due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
Accepted as of the date first written above.
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
By: | Allianz Global Investors U.S. LLC |
As the authorized signatory and investment manager
By: | /s/ Charles J. Dudley |
Name: | Charles J. Dudley |
Title: | Managing Director |
We acknowledge that we hold $20,000,000 5.42% Series D Senior Note due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
Accepted as of the date first written above.
CMFG LIFE INSURANCE COMPANY
(F/K/A CUNA MUTUAL INSURANCE SOCIETY)
By: | MEMBERS Capital Advisors, Inc. acting as Investment Advisor |
By: | /s/ Jason Micks |
Name: | Jason Micks |
Title: | Director II, Investments |
We acknowledge that we hold $10,000,000 5.42% Series D Senior Note due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
Accepted as of the date first written above.
AMERICAN NATIONAL INSURANCE COMPANY
By: | /s/ Anne M. LeMire |
Name: | Anne M. LeMire |
Title: | Senior Vice PResident |
We acknowledge that we hold $20,000,000 5.42% Series D Senior Note due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
Accepted as of the date first written above.
THE OHIO NATIONAL LIFE INSURANCE COMPANY
By: | /s/ Gary R. Rodmaker |
Name: | Gary R. Rodmaker |
Title: | Vice President |
We acknowledge that we hold $3,000,000 5.42% Series D Senior Note due August 9, 2020.
OHIO NATIONAL LIFE ASSURANCE CORPORATION
By: | /s/ Gary R. Rodmaker |
Name: | Gary R. Rodmaker |
Title: | Vice President |
We acknowledge that we hold $2,000,000 5.42% Series D Senior Note due August 9, 2020.
DST Systems, Inc.
First Amendment to Note Purchase Agreement
