THIRD AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
THIS THIRD AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this Amendment) dated effective as of August 26, 2021, is entered into by and between LINDSAY CORPORATION, a Delaware corporation (Borrower), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (Bank).
WHEREAS, Borrower and Bank are parties to that certain Amended and Restated Revolving Credit Agreement dated as of February 18, 2015, as amended by that First Amendment to Amended and Restated Revolving Credit Agreement dated as of February 28, 2017, and as further amended by that Second Amendment to Amended and Restated Revolving Credit Agreement dated as of May 31, 2019 (as so amended, the Credit Agreement), pursuant to which Bank agreed to lend to Borrower an aggregate principal sum of up to $50,000,000.00;
WHEREAS, Borrower and Bank desire to amend the Credit Agreement as set forth herein; and
WHEREAS, capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Bank hereby agree as follows:
1. Deleted Definitions. The following definitions in Section 1.1 of the Credit Agreement are hereby deleted in their entirety: Continue, Continuation, and Continued; Convert, Conversion, and Converted; Daily One Month LIBOR Rate; Daily One Month LIBOR Rate Loan; LIBOR Period; LIBOR Rate; LIBOR Rate Loan; LIBOR Rate Margin; and Type.
2. New Definition. The following definition is hereby added to Section 1.1 of the Credit Agreement, in appropriate alphabetical order:
SOFR Margin means, for any fiscal quarter, the SOFR Margin in effect pursuant to the Pricing Grid, based on the Leverage Ratio set forth in the most recent Compliance Certificate delivered by Borrower.
3. Amended Definitions. The following definitions in Section 1.1 of the Credit Agreement are hereby amended and restated in their entirety to read as follows:
Authorized Individual means any of the following individuals, or any other individual that Borrower may designate from time to time by providing written notice to Bank:
Default Rate means the default rate of interest specified in the Line of Credit Note.
Loan means an extension of credit under the Line of Credit hereunder and Loans shall mean all of the foregoing.
Loan Request has the meaning set forth in Section 2.1(a) of this Agreement.
Maximum Amount means the aggregate principal amount of Fifty Million Dollars ($50,000,000.00), subject to increase in accordance with Section 2.1(a) of this Agreement.