AMENDMENT NO. 1 TO CREDIT AGREEMENT

EX-10.1 2 d311609dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

AMENDMENT NO. 1 TO CREDIT AGREEMENT

AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of December 2, 2016 (this “Amendment”), which amends that certain Credit Agreement, dated as of September 23, 2016 (as in effect prior to this Amendment, the “Existing Credit Agreement”) by and among Roper Technologies, Inc., (the “Parent Borrower”), the Foreign Subsidiary Borrowers party thereto from time to time, the Lenders party thereto from time to time (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), and the other agents and parties thereto.

W I T N E S S E T H :

WHEREAS, the Parent Borrower has advised the Administrative Agent and the Lenders that the Parent Borrower (or a Subsidiary thereof) may consummate the Dash Acquisition (as defined below), and in connection therewith the parties hereto now desire to amend the Existing Credit Agreement to make certain modifications.

THEREFORE, the parties hereto agree as follows:

SECTION 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Amended Credit Agreement has the meaning assigned to such term in the Amended Credit Agreement. Each reference in the Existing Credit Agreement to “this Agreement”, “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference, and each reference in any other Loan Document to “the Credit Agreement”, “thereof”, “thereunder”, “therein” or “thereby” or any other similar reference to the Existing Credit Agreement shall, from the Amendment Effective Date (as defined below), refer to the Existing Credit Agreement as amended by this Amendment (the “Amended Credit Agreement”). For the avoidance of doubt, this Amendment shall constitute a “Loan Document” for all purposes under the Amended Credit Agreement and the other Loan Documents.

SECTION 2. Amendments. Effective as of the Amendment Effective Date the Existing Credit Agreement is hereby amended as follows:

(a) Section 1.1 of the Existing Credit Agreement is hereby amended by adding in the correct place alphabetically the following additional definitions:

““Dash Acquisition”: the acquisition by the Parent Borrower (or a Subsidiary of the Parent Borrower) of the company code-named “Dash”, as identified separately by the Parent Borrower to the Administrative Agent and the Lenders.”

““Dash Acquisition Consummation Date”: the date of consummation of the Dash Acquisition.”

““Dash Acquisition Purchase Agreement”: the definitive agreement pursuant to which the Parent Borrower agrees to consummate the Dash Acquisition.”


““Dash Acquisition Purchase Agreement Date”: the date on which the Dash Acquisition Purchase Agreement is executed and delivered by the parties thereto.”

(b) The definition of “Consummation Date” in Section 1.1 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

““Consummation Date”: (a) with respect to a single Acquisition that is designated by the Parent Borrower as a Qualifying Material Acquisition, the date on which such Acquisition is consummated and (b) with respect to a series or group of Acquisitions that is designated by the Parent Borrower as a Qualifying Material Acquisition, the date on which the last Acquisition in such series or group of Acquisitions is consummated.”

(c) Section 7.1(a) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

“7.1 Financial Condition Covenants. (a) Consolidated Total Leverage Ratio. Permit the Consolidated Total Leverage Ratio as at the last day of any Test Period to exceed (in each case subject to adjustment in connection with the delivery of a QMA Notice, as provided below):

(i) with respect to the Test Period ending December 31, 2016, (x) if the Dash Acquisition Consummation Date occurs on or prior to December 31, 2016, 4.25 to 1.0 and (y) otherwise, 3.50 to 1.0;

(ii) if the Dash Acquisition Consummation Date occurs on or prior to March 31, 2017, with respect to the Test Periods ending March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, the level set forth in the table below opposite each such Test Period:

 

Test Period Ending

   Maximum Consolidated
Total Leverage Ratio
 

March 31, 2017

     4.25:1.0   

June 30, 2017

     4.25:1.0   

September 30, 2017

     4.00:1.0   

December 31, 2017

     4.00:1.0   

; and

(iii) with respect to any other Test Period not described in the preceding clause (i) or (ii) (including, for the avoidance of doubt as a result of the Dash Acquisition Consummation Date not occurring on or prior to March 31, 2017), 3.50 to 1.0

 

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; provided that, subject to the limitations set forth in the definition of Qualifying Material Acquisition (including the delivery by the Parent Borrower of a QMA Notice within the required time period set forth in the definition of Qualifying Material Acquisition), such ratio shall be 4.00 to 1.0 for the first Test Period that ends on or subsequent to the applicable Consummation Date (the “Initial Test Period”) and for each of the three consecutive Test Periods immediately following the Initial Test Period (provided, that if such ratio for any Test Period described in the immediately preceding proviso would otherwise be 4.25 to 1.0 pursuant to clause (a)(i) or (a)(ii) above, then such ratio shall remain 4.25 to 1.0 for the applicable Test Period notwithstanding the provisions of the immediately preceding proviso); provided further that not more than two QMA Notices (or, if the Dash Acquisition Consummation Date occurs, not more than one QMA Notice) may be delivered by the Parent Borrower during the term of this Agreement.

Notwithstanding anything to the contrary in this Agreement, until the earlier of (a) the Dash Acquisition Consummation Date and (b) five Business Days after the date following the Dash Acquisition Purchase Agreement Date on which the Dash Acquisition Purchase Agreement is terminated (and, for the avoidance of doubt, without any requirement to deliver a QMA Notice with respect to the Dash Acquisition), any Indebtedness incurred by the Parent Borrower on or after the Dash Acquisition Purchase Agreement Date the proceeds of which are to be used to finance the Dash Acquisition shall be disregarded for purposes of determining compliance with this Section 7.1(a) to the extent that, and so long as, the cash proceeds of such Indebtedness are either held in escrow on customary terms or are held by the Parent Borrower in an account at the Administrative Agent or a Lender as unrestricted cash or cash equivalents.”

SECTION 3. Representations of Parent Borrower. The Parent Borrower represents and warrants that (i) the representations and warranties of the Parent Borrower set forth in Section 4 of the Amended Credit Agreement are true and correct in all material respects on and as of the Amendment Effective Date (including, for the avoidance of doubt, as such representations and warranties relate to this Amendment as a Loan Document) except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date) and (ii) no Event of Default or Default has occurred and is continuing.

SECTION 4. Effectiveness of Amendments. This Amendment shall become effective on the date of execution hereof by the Administrative Agent, such Lenders constituting the Required Lenders and the Parent Borrower (the date of satisfaction of such conditions precedent, the “Amendment Effective Date”).

SECTION 5. Certain Consequences of Effectiveness. 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 Lenders, the Administrative Agent or any other party under the Existing Credit Agreement or any other Loan Document, and shall not

 

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alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

SECTION 6. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

SECTION 7. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery by electronic means (including facsimile or “pdf”) of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart hereof.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

   

ROPER TECHNOLOGIES, INC.,

as Parent Borrower

    By:   /s/ John K. Stipancich
        Name:   John K. Stipancich
        Title:  

Vice President, General Counsel

and Corporate Secretary


   

JPMORGAN CHASE BANK, N.A.,

as a Lender and as Administrative Agent

    By:   /s/ Antje B. Focke
        Name:   Antje B. Focke
        Title:   Executive Director


   

Comerica Bank,

as a Lender

    By:   /s/ Gerald R. Finney, Jr.
        Name:   Gerald R. Finney, Jr.
        Title:   Vice President


   

CITIZENS BANK OF PENNSYLVANIA,

as a Lender

    By:   /s/ Victor Notaro
        Name:   Victor Notaro
        Title:   Senior Vice President


   

The Bank of Tokyo-Mitsubishi UFJ, Ltd.,

as a Lender

    By:   /s/ Ravneet Mumick
        Name:   Ravneet Mumick
        Title:   Director


   

SunTrust Bank,

as a Lender

    By:   /s/ David A. Ernst
        Name:   David A. Ernst
        Title:   Vice President


   

Royal Bank of Canada,

as a Lender

    By:   /s/ Alexandre Charron
        Name:   Alexandre Charron
        Title:  

Vice President

National Client Group – Finance

RBC Royal Bank


   

HSBC Bank USA NA,

as a Lender

    By:   /s/ Rafael S De Paoli
        Name:   Rafael S De Paoli
        Title:   Director


   

Lloyds Bank plc,

as a Lender By:

      /s/ Erin Walsh
        Name:   Erin Walsh
        Title:  

Assistant Vice President

Transaction Execution

Category A

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      /s/ Joel Slomko
        Name:   Joel Slomko
        Title:  

Assistant Vice President

Transaction Execution

Category A

S088


   

Seaside National Bank & Trust,

as a Lender

    By:   /s/ Thomas N. Grant
        Name:   Thomas N. Grant
        Title:  

Senior Vice President &

Chief Credit Officer


   

UniCredit Bank AG, New York Branch,

as a Lender

    By:   /s/ Ken Hamilton
        Name:   Ken Hamilton
        Title:   Managing Director
   
    By:   /s/ Peter Daugavietis
        Name:   Peter Daugavietis
        Title:   Associate Director


   

MIZUHO BANK, LTD.,

as a Lender

    By:   /s/ Donna DeMagistris
        Name:   Donna DeMagistris
        Title:   Authorized Signatory


   

Wells Fargo Bank N.A.,

as a Lender

    By:   /s/ Kay Reedy
        Name:   Kay Reedy
        Title:   Managing Director


   

Regions Bank,

as a Lender

    By:   /s/ Lara White
        Name:   Lara White
        Title:   Managing Director


   

PNC Bank, National Association,

as a Lender

    By:   /s/ C.J. Mintrone
        Name:   C.J. Mintrone
        Title:   Senior Vice President


   

Bank of America, N.A.,

as a Lender

    By:   /s/ Max Oligario
        Name:   Max Oligario
        Title:   Senior Vice President


   

TD Bank, N.A.,

as a Lender

    By:   /s/ Bernadette Collins
        Name:   Bernadette Collins
        Title:   Senior Vice President


   

U.S. BANK, NATIONAL ASSOCIATION,

as a Lender

    By:   /s/ Kara P. Van Duzee
        Name:   Kara P. Van Duzee
        Title:   Vice President


   

Branch Banking and Trust Company,

as a Lender

    By:   /s/ Charles Graeub, III
        Name:   Charles Graeub, III
        Title:   Vice President