Exhibit 10.1
EXECUTION VERSION
FIFTH AMENDMENT dated as of March 13, 2019 (this “Amendment”), to the Credit Agreement (as defined below) among Denali Intermediate Inc., as Holdings (“Holdings”), Dell Inc., as the Company (the “Company”), Dell International L.L.C. as a Borrower (“Dell International”), EMC Corporation as a Borrower (“EMC” and, together with Dell International, the “Borrowers”), the Lenders party hereto, Credit Suisse AG, Cayman Islands Branch, as Term Loan B Administrative Agent and Collateral Agent (the “Term Loan B Administrative Agent”) and JPMorgan Chase Bank, N.A., as Term Loan A/Revolver Administrative Agent (the “Term Loan A/Revolver Administrative Agent” and, together with the Term Loan B Administrative Agent, the “Administrative Agents”).
RECITALS
A. Holdings, the Company, the Borrowers, the Lenders party thereto from time to time and the Administrative Agents, are party to that certain Credit Agreement dated as of September 7, 2016 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement” and the Credit Agreement as amended by this Amendment, the “Amended Credit Agreement”).
B. The Credit Agreement permits the Borrowers to (i) obtain Credit Agreement Refinancing Indebtedness from any Lender or Additional Lender in respect of all or any portion of the Term Loans outstanding under the Credit Agreement in the form of Other Term Loans and Other Term Commitments pursuant to a Refinancing Amendment among the Company, the Borrowers, Holdings, each Administrative Agent and each Lender and/or Additional Lender that agrees to provide all or any portion of the Credit Agreement Refinancing Indebtedness being incurred pursuant thereto and (ii) obtain Incremental Facilities from any Lender or Additional Lender pursuant to an Incremental Facility Amendment among the Company, the Borrowers, each Lender and/or Additional Lender agreeing to provide such Incremental Facilities and the applicable Administrative Agent.
C. On the Fifth Amendment Effective Date (as defined below), the Borrowers intend to (i) incur new term loans pursuant to Sections 2.21 and 9.02 of the Credit Agreement in an aggregate principal amount of up to $4,116,250,000.00 plus any Additional Amount (as defined below) (any such resulting term loans, the “Refinancing Term A-6 Loans”), (ii) use the proceeds of the RefinancingTerm A-6 Loans to refinance up to $4,116,250,000.00 of the TermA-2 Loans outstanding immediately prior to the Fifth Amendment Effective Date, together with accrued interest thereon and fees and expenses incurred in connection with the foregoing (the amount of such interest, fees and expenses, the “Additional Amount”), in accordance with Sections 2.11, 2.18(c) and 2.21 of the Credit Agreement, (iii) immediately following the incurrence of Refinancing TermA-6 Loans described in clause (i), and the use of the proceeds thereof described in clause (ii), incur additional term loans pursuant to Sections 2.20 and 9.02 of the Credit Agreement in an aggregate principal amount of up to $794,681,705.24 (any such resulting term loans, the “Additional TermA-6 Loans”), which shall, together with the Refinancing TermA-6 Loans, form a single Class of Term Loans under the Credit Agreement (collectively, the “Term A-6 Loans”) and (iv) use the proceeds of the Additional TermA-6 Loans on and after the Fifth Amendment Effective Date for general corporate purposes, including the repayment of indebtedness. Each Lender holding TermA-2 Loans immediately prior to the Fifth Amendment Effective Date is referred to herein as an “Existing TermA-2 Lender.”