Sixth Incremental Assumption Agreement dated September 26, 2018, by and among the DXC Technology Company and the incremental lenders party thereto and consented to, with respect to the New Lender (as defined therein) only, by the Swing Line Banks (as defined in the Revolving Credit Agreement) party thereto and consented to, with respect to the New Lender only, and accepted by Citibank, as administrative agent
Exhibit 10.4
SIXTH INCREMENTAL ASSUMPTION AGREEMENT
SIXTH INCREMENTAL ASSUMPTION AGREEMENT, dated as of September 26, 2018 (this Agreement), by and among DXC Technology Company (as successor to Computer Sciences Corporation), a Nevada corporation (the Company), and the incremental lenders party hereto (in such capacity, collectively, the Incremental Lenders and each, individually, an Incremental Lender) and consented to, with respect to the New Lender (as defined below) only, by the Swing Line Banks party hereto and consented to, with respect to the New Lender only, and accepted by Citibank, N.A., as administrative agent (the Agent) for the Lenders party to the Credit Agreement referred to below.
W I T N E S S E T H:
WHEREAS, the Company, each lender from time to time party thereto (the Lenders), the Designated Subsidiaries from time to time party thereto and the Agent are parties to that certain Amended and Restated Credit Agreement dated as of October 11, 2013, as amended by Amendment No. 1 to the Credit Agreement dated as of April 21, 2016, Amendment No. 2 to the Credit Agreement dated as of June 21, 2016 and Waiver and Amendment No. 3 to the Amended and Restated Credit Agreement dated as of February 17, 2017 and as supplemented by Incremental Assumption Agreement dated as of June 15, 2016, Second Incremental Assumption Agreement dated as of July 25, 2016, Third Incremental Assumption Agreement dated as of December 30, 2016, Assumption Agreement and Joinder dated as of April 3, 2017, Fourth Incremental Assumption Agreement dated as of April 3, 2017 and Fifth Incremental Assumption Agreement dated as of September 27, 2017 (as further amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the Credit Agreement) (capitalized terms not otherwise defined in this Agreement have the same meanings assigned thereto in the Credit Agreement); and
WHEREAS, the Company has, by notice to the Agent delivered pursuant to Section 2.20 of the Credit Agreement, requested incremental commitments (the Incremental Commitments) in an aggregate principal amount of $190,000,000.
WHEREAS, on August 21, 2018, the Company has, by notice to the Agent delivered pursuant to Section 2.16 of the Credit Agreement, requested that the Commitment Termination Date be extended for a period of one year from the Commitment Termination Date now in effect (such extension, the Extension).
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of all of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1. Incremental Lenders and the Incremental Commitments. Pursuant to Section 2.20 of the Credit Agreement and subject to the satisfaction or waiver of the conditions to effectiveness of this Agreement set forth in Section 4 of this Agreement:
(a) Each Incremental Lender severally agrees to provide Incremental Commitments in the principal amount for such Incremental Lender set forth on Schedule A hereto. The aggregate principal amount of the Incremental Commitments being provided by all of the Incremental Lenders pursuant to this Agreement is $190,000,000.
(b) The Incremental Commitments set forth on Schedule A hereto shall have terms identical to the terms of the Tranche A Commitments outstanding under the Credit Agreement on the
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Effective Date that have a Commitment Termination Date of January 15, 2023 (including, without limitation, with respect to the maturity date, pricing, mandatory prepayments and voluntary prepayments) and shall otherwise be subject to the provisions of the Credit Agreement and the other Loan Documents. On and after the Effective Date, each reference to (x) a Tranche A Commitment or Tranche A Commitments or (y) a Tranche A Advance or Tranche A Advances in the Credit Agreement or herein shall be deemed to include the Incremental Commitments and any Incremental Advances made in respect of the Incremental Commitments established pursuant to this Agreement and all other related terms will have correlative meanings.
(c) Each Incremental Lender hereby notifies the Company and the Agent of its willingness extend the Commitment Termination Date with respect to its Incremental Commitment for a period of one year and such Commitment Termination Date with respect to its Incremental Commitment will be extended on the date of the effectiveness of the Extension as provided in Section 2.16 of the Credit Agreement.
(d) Each of the parties hereto hereby agrees that the Agent may take any and all action as may be reasonably necessary, including the effecting of notional assignments between the Incremental Lenders and the other Tranche A Lenders of outstanding Tranche A Advances to ensure that, after giving effect to this Agreement, all Incremental Advances, when originally made, are included in each Borrowing of outstanding Advances under the Tranche A Facility on a pro rata basis.
SECTION 2. Amendment to the Credit Agreement.
(a) From and after the Effective Date, Schedule I to the Credit Agreement is hereby replaced in its entirety with Schedule I hereto.
SECTION 3. Representations and Warranties. By its execution of this Agreement, the Company hereby represents and warrants to the Incremental Lenders that:
(a) the representations and warranties set forth in Article IV of the Credit Agreement are correct in all material respects (except those representations and warranties qualified by materiality, which shall be true and correct) on and as of the Effective Date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case it was correct in all material respects (except those representations and warranties qualified by materiality, which shall be true and correct) as of such earlier date; and
(b) on and as of the Effective Date, no Event of Default or Potential Event of Default shall have occurred and be continuing or would result from the effectiveness of the Incremental Commitments.
SECTION 4. Conditions of Effectiveness of the Incremental Commitments. This Agreement shall become effective on the date (the Effective Date) when (unless otherwise agreed among the Incremental Lenders and the Company, and consented to by the Agent (such consent not to be unreasonably withheld or delayed)) the Agent shall have received:
(a) an executed counterpart of this Agreement from the Company, the Agent, each Swing Line Bank and each Incremental Lender;
(b) copies of the resolutions of the Board of Directors of the Company, approving this Agreement, certified as of the Effective Date by the Secretary or an Assistant Secretary of the Company;
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(c) a favorable opinion of William L. Deckelman, Jr., Esq., General Counsel of the Company, dated as of the Effective Date;
(d) a certificate of an authorized officer of the Company, dated the Effective Date, stating that the representations and warranties of the Company contained in Section 3 of this Agreement are correct;
(e) a notice from the Company requesting the Incremental Commitments and satisfying the requirements set forth in Section 2.20(a) of the Credit Agreement; and
(f) upon the request of any Incremental Lender, in the case of any Borrower that qualifies as a legal entity customer under 31 C.F.R. § 1010.230, a duly executed and completed certification regarding beneficial ownership as required by 31 C.F.R. § 1010.230 in relation to such Borrower.
SECTION 5. Acknowledgment of New Lender. Bayerische Landesbank, New York Branch (the New Lender) (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be a Lender under Section 9.07(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 9.07(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of its Incremental Commitments, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by its Incremental Commitments and either it, or the Person exercising discretion in making its decision to provide its Incremental Commitments, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received, or has been accorded the opportunity to receive, copies of the most recent financial statements delivered pursuant to Section 5.01(b) thereof and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Agreement and to provide its Incremental Commitments and (vi) it has, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and to provide its Incremental Commitments; and (b) agrees that (i) it will, independently and without reliance on the Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
SECTION 6. Reference to and Effect on the Credit Agreement and the other Loan Documents.
(a) On and after the Effective Date, each reference in the Credit Agreement to (i) this Agreement, hereunder, hereof or words of like import referring to the Credit Agreement, and each reference in any other Loan Document to the Credit Agreement, thereunder, thereof or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Agreement and (ii) each Incremental Lender (x) shall become a Lender for all purposes of the Credit Agreement and the other Loan Documents and (y) shall have a Tranche A Commitment under the Credit Agreement.
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(b) The Credit Agreement and each of the other Loan Documents, as specifically amended by this Agreement, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
(c) The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.
(d) On and after the Effective Date, this Agreement is subject to the provisions of Section 9.01 of the Credit Agreement and constitutes a Loan Document.
SECTION 7. Costs and Expenses. The Company agrees to pay promptly on demand all reasonable costs and out-of-pocket expenses of the Agent (in its capacity as such) in connection with the preparation, execution, delivery and administration, modification and amendment of this Agreement (including, without limitation, the reasonable fees and out-of-pocket expenses of a single counsel for the Agent with respect thereto and with respect to advising the Agent as to its rights and responsibilities hereunder) in accordance with the terms of Section 9.04 of the Credit Agreement.
SECTION 8. Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 9. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.
SECTION 10. Headings. Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first written above.
DXC TECHNOLOGY COMPANY, as the Company | ||||
By: | /s/ H.C. Charles Diao
| |||
Name: H.C. Charles Diao | ||||
Title: Senior Vice President, Finance and Corporate Development |
[Signature Page to DXC Sixth Incremental Assumption Agreement]
KBC BANK N.V., as an Incremental Lender | ||||
By: | /s/ Francis X. Payne | |||
Name: Francis X. Payne | ||||
Title: Managing Director |
By: | /s/ Jana Sevcikova | |||
Name: Jana Sevcikova | ||||
Title: Director, Corporate Banking, Central European Desk |
FIFTH THIRD BANK, as an Incremental Lender | ||||
By: | /s/ Will Batchelor | |||
Name: Will Batchelor | ||||
Title: Vice President |
BAYERISCHE LANDESBANK, NEW YORK BRANCH, as the Incremental Lender | ||||
By: | /s/ Varbin Staykoff | |||
Name: Varbin Staykoff | ||||
Title: Senior Director |
By: | /s/ Elke Videgain | |||
Name: Elke Videgain | ||||
Title: Vice President |
[Signature Page to DXC Sixth Incremental Assumption Agreement]
Consented to (with respect to the New Lender only) and accepted by:
CITIBANK, N.A., as Agent and a Swing Line Bank | ||||||
By: | /s/ Carolyn Kee
| |||||
Name: Carolyn Kee | ||||||
Title: Vice President |
[Signature Page to DXC Sixth Incremental Assumption Agreement]
Consented to (with respect to the New Lender only) by:
BANK OF AMERICA, N.A., as a Swing Line Bank | ||
By: | /s/ Arti Dighe | |
Name: Arti Dighe | ||
Title: Vice President |
Lloyds Bank Corporate Markets plc, as a Swing Line Bank | ||
By: | /s/ Kamala Basdeo | |
Name: Kamala Basdeo | ||
Title: Assistant Manager, Transaction Execution |
By: | /s/ Tina Wong | |||
Name: Tina Wong | ||||
Title: Assistant Manager, Transaction Execution |
MUFG BANK, LTD. (FORMERLY KNOWN AS THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.), as a Swing Line Bank | ||||
By: | /s/ Lillian Kim | |||
Name: Lillian Kim | ||||
Title: Director |
[Signature Page to DXC Sixth Incremental Assumption Agreement]
ROYAL BANK OF CANADA., as a Swing Line Bank | ||
By: | /s/ Theodore Brown | |
Name: Theodore Brown | ||
Title: Authorized Signatory |
MIZUHO BANK, LTD., as a Swing Line Bank | ||
By: | /s/ Donna DeMagistris | |
Name: Donna DeMagistris | ||
Title: Authorized Signatory |
JPMORGAN CHASE BANK, N.A., as a Swing Line Bank | ||
By: | /s/ Peter B. Thauer | |
Name: Peter B. Thauer | ||
Title: Managing Director |
[Signature Page to DXC Sixth Incremental Assumption Agreement]
SCHEDULE A
INCREMENTAL COMMITMENTS
Name of Incremental Lender | Incremental Commitments | |||||
KBC Bank N.V. | US$60,000,000.00 | |||||
Fifth Third Bank | US$60,000,000.00 | |||||
Bayerische Landesbank, New York Branch | US$70,000,000.00 | |||||
Total
| US$190,000,000.00 |
Schedule I
LENDERS COMMITMENTS
Lender | Tranche A Commitment | Tranche B Commitment | Swing Line Commitment | |||||||||
Citibank, N.A. | US$210,000,000.00 | US$55,000,000.00 | US$200,000,000.00 | |||||||||
Bank of America, N.A. | US$210,000,000.00 | US$55,000,000.00 | US$100,000,000.00 | |||||||||
Lloyds Bank Corporate Markets plc | US$245,000,000.00 | US$20,000,000.00 | US$100,000,000.00 | |||||||||
Mizuho Bank, Ltd. | US$218,333,333.34 | US$46,666,666.66 | US$100,000,000.00 | |||||||||
MUFG Bank, Ltd. (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.) | US$210,000,000.00 | US$55,000,000.00 | US$100,000,000.00 | |||||||||
Royal Bank of Canada | US$265,000,000.00 | US$100,000,000.00 | ||||||||||
Barclays Bank PLC | US$140,000,000.00 | US$35,000,000.00 | ||||||||||
Commerzbank AG, New York Branch | US$155,000,000.00 | US$20,000,000.00 | ||||||||||
PNC Bank, National Association | US$160,000,000.00 | US$15,000,000.00 | ||||||||||
Sumitomo Mitsui Banking Corporation | US$175,000,000.00 | |||||||||||
The Royal Bank of Scotland plc | US$158,666,666.66 | US$16,333,333.34 | ||||||||||
The Bank of Nova Scotia | US$140,000,000.00 | |||||||||||
Danske Bank A/S | US$125,000,000.00 | |||||||||||
Goldman Sachs Bank USA | US$125,000,000.00 | |||||||||||
JPMorgan Chase Bank, N.A. | US$98,000,000.00 | US$27,000,000.00 | US$100,000,000.00 | |||||||||
TD Bank, N.A. | US$125,000,000.00 | |||||||||||
Wells Fargo Bank, National Association | US$90,000,000.00 | US$35,000,000.00 | ||||||||||
Bayerische Landesbank, New York Branch | US$70,000,000.00 | |||||||||||
BNP Paribas | US$70,000,000.00 | |||||||||||
Commonwealth Bank of Australia | US$70,000,000.00 | |||||||||||
DBS Bank Ltd. | US$70,000,000.00 | |||||||||||
Fifth Third Bank | US$70,000,000.00 | |||||||||||
ING Bank N.V., Dublin Branch | US$70,000,000.00 | |||||||||||
KBC Bank N.V. | US$70,000,000.00 | |||||||||||
Standard Chartered Bank | US$55,000,000.00 | US$15,000,000.00 | ||||||||||
The Bank of New York Mellon | US$70,000,000.00 | |||||||||||
U.S. Bank, National Association | US$70,000,000.00 | |||||||||||
Capital One | US$35,000,000.00 | |||||||||||
Scotiabank Europe plc | US$35,000,000.00 | |||||||||||
Total Commitments: | US$3,430,000,000.00 | US$570,000,000.00 | US$800,000,000.00 | |||||||||