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8-K - 8-K - SYNNEX CORPsnx-8k_20201016.htm
EX-10.3 - EX-10.3 - SYNNEX CORPsnx-ex103_9.htm
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EXHIBIT 10.2

EXECUTION VERSION

TWELFTH AMENDMENT TO CREDIT AGREEMENT

THIS TWELFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of October 16, 2020, to the Existing Credit Agreement referenced below is by and among SYNNEX CORPORATION, a Delaware corporation (the “Borrower”), the Guarantors identified on the signature pages hereto, the Lenders identified on the signature pages hereto and BANK OF AMERICA, N.A., in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”), an L/C Issuer and the Swing Line Lender.

W I T N E S S E T H

WHEREAS, credit facilities have been extended to the Borrower pursuant to the Credit Agreement (as amended, modified, supplemented, increased and extended from time to time prior to the date hereof, the “Existing Credit Agreement”) dated as of November 27, 2013 by and among the Borrower, the Guarantors party thereto, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer and the other L/C Issuers from time to time party thereto; and

WHEREAS, the Borrower has requested certain modifications to the Existing Credit Agreement and the Required Lenders have agreed to the requested modifications on the terms and conditions set forth herein.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Defined Terms. As used herein, “Spin-Off Outside Date” means the earlier to occur of (a) February 28, 2021 and (b) the date of delivery of a notice by the Borrower to the Administrative Agent that the Borrower has determined to abandon the Spin-Off.  Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Amended Credit Agreement.

2.Amendments to Existing Credit Agreement.  Effective upon satisfaction of the conditions precedent set forth in Section 4 below, the Existing Credit Agreement (excluding the Schedules and Exhibits thereto) is hereby amended and restated in its entirety as set forth in Annex A attached hereto (the “Amended Credit Agreement”).  As so amended, the Existing Credit Agreement shall continue in full force and effect.

3.Concentrix Release. In accordance with Sections 10.10(a)(ii) and (c) of the Amended Credit Agreement, the Administrative Agent and each Lender party hereto hereby agrees and acknowledges that upon the occurrence of the Release Date (defined below), without further action by any person and notwithstanding anything to the contrary in any Loan Document, (a) Concentrix and each of its Subsidiaries shall be irrevocably released as a Guarantor under the Amended Credit Agreement, (b) any Liens granted to or held by the Administrative Agent under any Loan Document on the Collateral provided by Concentrix and its Subsidiaries shall be irrevocably released and (c) any Liens granted to or held by the Administrative Agent under any Loan Document in the Equity Interests of Concentrix and its Subsidiaries (such Equity Interests, together with the Collateral provided by Concentrix and its Subsidiaries, the “Released Collateral”) shall be irrevocably released (collectively, the “Concentrix Release”).  The Lenders party hereto hereby authorize the Administrative Agent to, and the Administrative Agent hereby agrees to, execute and deliver to the Borrower, any and all documents or instruments reasonably requested by the Borrower to further evidence or effectuate the releases contemplated by this Amendment.  Upon the occurrence of the Release Date, the Administrative Agent hereby (i) authorizes the Borrower (or any

 


 

designee of the Borrower, including Concentrix and the attorneys or other agents of the Borrower or Concentrix) to file the UCC-3 termination statements in the forms attached hereto as Exhibit A in the applicable jurisdictions, and (ii) authorizes the Borrower (or any designee of the Borrower, including Concentrix and the attorneys or other agents of the Borrower or Concentrix) to file the intellectual property security releases in the forms attached hereto as Exhibit B at the United States Patent and Trademark Office or the United States Copyright Office, as applicable, (iii) agrees to use commercially reasonable efforts to deliver to the Borrower (or any designee of the Borrower, including Concentrix and the attorneys or other agents of the Borrower or Concentrix) all original instruments evidencing pledged debt and all equity certificates and any other similar Collateral with respect to Concentrix and its Subsidiaries previously delivered in physical form by the Borrower to the Administrative Agent, copies of which are attached hereto as Exhibit C, in each case to evidence the release of the Administrative Agent’s Liens on the Released Collateral.  The release set forth in this Section 3 (A) is applicable only to Concentrix and its Subsidiaries and the Released Collateral and shall not affect, modify or diminish any obligations of any other Loan Party under the Amended Credit Agreement or the other Loan Documents and (B) shall not be deemed to be a modification to the Loan Documents except as set forth herein.  It is hereby acknowledged and agreed that, as of the Release Date, any Obligations of Concentrix and its Subsidiaries that remain outstanding on the Release Date shall remain the joint and several obligations of the Loan Parties (other than Concentrix and its Subsidiaries) and the Loan Parties (other than Concentrix and its Subsidiaries) hereby expressly assume such Obligations.

4.Condition Precedent to Effectiveness.  This Amendment shall be and become effective upon receipt by the Administrative Agent of executed counterparts of this Amendment, properly executed by a Responsible Officer of each Loan Party and the Required Lenders.  The date on which the foregoing condition is satisfied is referred to herein as the “Twelfth Amendment Effective Date”.

5.Conditions Precedent to Release Date.  The Concentrix Release shall be and become effective as of the date when each of the following conditions set forth in this Section 5 have been satisfied (the “Release Date”):

(a)Distribution.  The Administrative Agent shall have received satisfactory evidence that the Distribution shall have been (or shall be, substantially concurrently with the Concentrix Funding Date) consummated.

(b)Concentrix Prepayment.  The Administrative Agent shall have received satisfactory evidence that the Concentrix Prepayment shall have been (or shall be, substantially concurrently with the Concentrix Funding Date) made.

(c)Concentrix Funding Date.  The Concentrix Funding Date shall have occurred in accordance with the terms of the Concentrix Credit Agreement.

(d)Spin-Off Outside Date.  The Spin-Off Outside Date shall not have occurred.

(e)Attorney Costs.  The Borrower shall have paid (or caused to have been paid) all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) that are required to have been reimbursed or paid to the extent invoiced on or prior to the Release Date (or such later date as agreed by the Borrower).

6.Amendment is a “Loan Document”. This Amendment is a Loan Document and all references to a “Loan Document” in the Amended Credit Agreement and the other Loan Documents (including, without limitation, all such references in the representations and warranties in the Amended Credit Agreement and the other Loan Documents) shall be deemed to include this Amendment.

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7.Representations and Warranties; No Default. Each Loan Party represents and warrants to the Administrative Agent and each Lender that after giving effect to this Amendment (a) the representations and warranties of each Loan Party contained in Article VI of the Amended Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, (b) no Default exists on the date hereof and (c) the information included in any Beneficial Ownership Certification delivered to the Administrative Agent or any Lender on or prior to the Twelfth Amendment Effective Date, if applicable, is true and correct in all respects.

8.Reaffirmation of Obligations. Each Loan Party (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents and (c) agrees that this Amendment and all documents, agreements and instruments executed in connection with this Amendment do not operate to reduce or discharge such Loan Party’s obligations under the Loan Documents.

9.Reaffirmation of Security Interests. Each Loan Party (a) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (b) agrees that this Amendment and all documents, agreements and instruments executed in connection with this Amendment do not in any manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

10.No Other Changes. Except as modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force and effect.

11.Acknowledgement of Additional Provisions.  Each party hereto acknowledges and agrees to the provisions set forth in Sections 6.23, 11.17, 11.23 and 11.25 of the Amended Credit Agreement.

12.Counterparts; Delivery. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.  Subject to Section 11.17 of the Amended Credit Agreement, this Amendment may be in the form of an Electronic Record and may be executed using Electronic Signatures (including facsimile and .pdf) and shall be considered an original and shall have the same legal effect, validity and enforceability as a paper record.

13.Governing Law. This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with, the laws of the State of New York.

14.Submission to Jurisdiction, Waiver of Venue; Waiver of Jury Trial.  The terms of Sections 11.14 and 11.15 of the Amended Credit Agreement with respect to submission to jurisdiction, waiver of venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.

[SIGNATURE PAGES FOLLOW]

 

3


 

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

 

 

BORROWER:

 

 

SYNNEX CORPORATION, a Delaware corporation,

GUARANTORS:

 

SYNNEX FINANCE HYBRID II, LLC, a California limited liability company

 

 

LASTING HOLDINGS CORPORATION, a California corporation

 

 

HYVE SOLUTIONS CORPORATION, a California corporation

 

 

HYVE SOLUTIONS US GLOBAL HOLDING CORPORATION, a Delaware corporation

 

 

COMPUTERLAND CORPORATION, a California corporation

 

 

CONCENTRIX CORPORATION (f/k/a CONCENTRIX GLOBAL HOLDINGS, INC.), a Delaware corporation

 

 

CONCENTRIX SOLUTIONS CORPORATION (f/k/a CONCENTRIX CORPORATION), a New York corporation

 

 

LICENSE ONLINE, INC., a California corporation

 

 

WG-US HOLDCO, INC., a Delaware corporation

 

 

WESTCON GROUP, INC., a Delaware corporation

 

 

Westcon Group North America, Inc., a New York corporation

 

 

 

 

By:

 

/s/ Simon Y. Leung_____________________________

 

 

Name:

 

Simon Y. Leung

 

 

Title:

 

Senior Vice President, General Counsel and Corporate Secretary

 

 

 

 

 


SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

 

CONCENTRIX CVG CUSTOMER MANAGEMENT GROUP INC. (f/k/a CONVERGYS CUSTOMER MANAGEMENT GROUP INC.), an Ohio corporation

 

 

CONVERGYS CUSTOMER MANAGEMENT INTERNATIONAL INC., an Ohio corporation

 

 

CONCENTRIX CVG CUSTOMER MANAGEMENT DELAWARE LLC (f/k/a CONVERGYS CUSTOMER MANAGEMENT DELAWARE LLC), a Delaware limited liability company

 

 

CONVERGYS CUSTOMER MANAGEMENT GROUP CANADA HOLDING INC., a Delaware corporation

CONCENTRIX CVG CORPORATION, a Delaware corporation

CONCENTRIX CORPORATION (f/k/a CONCENTRIX GLOBAL HOLDINGS, INC.), a Delaware corporation

CONCENTRIX SOLUTIONS CORPORATION (f/k/a CONCENTRIX CORPORATION), a New York corporation

 

 

 

 

 

By:

 

 

 

/s/ Steven Linley Richie

 

 

Name:

 

Steven Linley Richie

 

Title:

 

Corporate Secretary, Executive Vice President, HR and Legal


 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

ADMINISTRATIVE

 

 

AGENT:

 

BANK OF AMERICA, N.A.,

 

 

as Administrative Agent

 

 

 

 

By:

 

/s/ Linda Mackey

 

Name:

 

Linda Mackey

 

 

Title:

 

Vice President

 

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

LENDERS:

 

BANK OF AMERICA, N.A.,

 

 

as a Lender, an L/C Issuer and the Swing Line Lender

 

 

 

 

By:

 

/s/ Molly Daniello

 

Name:

 

Molly Daniello

 

 

Title:

 

Director

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

BANK OF CHINA, LOS ANGELES BRANCH,

 

 

as a Lender

 

 

 

 

By:

 

 

 

Name:

 

 

 

Title:

 

 

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

BMO HARRIS BANK, N.A.,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Jeff Larue

 

Name:

 

Jeff LaRue

 

 

Title:

 

Vice President

 

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

BNP PARIBAS,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Gregory Paul

 

Name:

 

Gregory Paul

 

Title:

 

Managing Director

 

 

 

By:

 

/s/ Yudesh Sohan

 

Name:

 

Yudesh Sohan

 

Title:

 

Director

 

 

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

FIFTH THIRD BANK,

 

 

as a Lender

 

 

 

 

By:

 

/s/ James Beltz

 

Name:

 

James Beltz

 

 

Title:

 

Vice President

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

HSBC BANK USA, N.A.,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Aleem Shamji

 

Name:

 

Aleem Shamji

 

Title:

 

Director

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

KEYBANK NATIONAL ASSOCIATION,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Thomas A. Crandell

 

Name:

 

Thomas A. Crandell

 

 

Title:

 

Senior Vice President

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

MUFG BANK, LTD.,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Matthew Antioco

 

Name:

 

Matthew Antioco

 

 

Title:

 

Director

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

SUMITOMO MITSUI BANKING CORPORATION,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Kazutaka Takeuchi

 

Name:

 

Kazutaka Takeuchi

 

Title:

 

Executive Director

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

THE BANK OF NOVA SCOTIA,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Khrystyna Manko

 

Name:

 

Khrystyna Manko

 

Title:

 

Director

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

TD BANK, N.A.,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Matt Waszmer

 

Name:

 

Matt Waszmer

 

Title:

 

Senior Vice President

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

TORONTO DOMINION NEW YORK LLC,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Michael Borowiecki

 

Name:

 

Michael Borowiecki

 

 

Title:

 

Authorized Signatory

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

TRUIST BANK (formerly known as Branch Banking and Trust Company),

 

 

as a Lender

 

 

 

 

By:

 

/s/ Alfonso Brigham

 

Name:

 

Alfonso Brigham

 

Title:

 

Vice President

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

U.S. BANK NATIONAL ASSOCIATION,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Richard J. Ameny, Jr.

 

Name:

 

Richard J. Ameny, Jr.

 

Title:

 

Vice President

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT


 

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

 

as a Lender

 

 

 

 

By:

 

/s/ Harjot Sandhu

 

Name:

 

Harjot Sandhu

 

Title:

 

Senior Vice President

 

 

SYNNEX  CORPORATION

TWELFTH AMENDMENT TO CREDIT AGREEMENT