EX-99.H OTH MAT CONT 10 a_amndcmtdmod2.htm a_amndcmtdmod2.htm
EXECUTION VERSION 

 

AMENDMENT NO. 3 TO CREDIT AGREEMENT 

 

AMENDMENT NO. 3 (this “Amendment”), dated as of September 20, 2018, to the Credit Agreement, dated as of September 24, 2015, among each trust listed on Schedule A hereto, the Banks and other lending institutions party thereto, and State Street Bank and Trust Company, as Agent, as amended, supplemented or otherwise modified by Joinder Agreement No. 1, dated as of August 29, 2016, Amendment No. 1, dated as of September 22, 2016, the notice letter, dated February 22, 2017, the notice letter, dated April 19, 2017, and Amendment No. 2, dated as of September 21, 2017 (as the same has been or may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

Recitals 

 

I. Each term that is defined in the Credit Agreement and not herein defined has the meaning ascribed thereto by the Credit Agreement when used herein.

II. On or before the date hereof, (i) the Company Borrower known as Putnam U.S. Government Income Trust changed its name to Putnam Mortgage Securities Fund (such Company Borrower, “PMSF”), and (ii) the Company Borrower known as Putnam Multi-Cap Growth Fund changed its name to Putnam Sustainable Leaders Fund.

III. On or before the date hereof, (i) the Company Borrower known as Putnam American Government Income Fund (“PAGI”) merged into PMSF, and (ii) the Company Borrower known as Putnam Investors Fund (“PIF”) merged into Putnam Funds Trust, and all of PIF’s assets and liabilities were assigned to, and assumed by, Putnam Multi-Cap Core Fund, a series of Putnam Funds Trust. As a result of the foregoing, each of PAGI and PIF ceased to be a “Company” and a “Company Borrower” for all purposes of the Loan Documents and are collectively referred to herein as the “Merged Company Borrowers”.

IV. On or before the date hereof (i) all of the assets and liabilities of Putnam Absolute Return 500 Fund, a series of Putnam Funds Trust (“PAR 500”) were assigned to and assumed by Putnam Absolute Return 700 Fund, a series of Putnam Funds Trust, and (ii) all of the assets and liabilities of Putnam Capital Opportunities Fund, a series of Putnam Investment Funds (“PCO”) were assigned to and assumed by Putnam Small Cap Growth Fund, a series of Putnam Funds Trust. As a result of the foregoing, each of PAR 500 and PCO ceased to be a “Fund” for all purposes of the Loan Documents, and they are collectively referred to herein as the “Merged Funds”; each of the Series Borrowers of which a Merged Fund was the Related Fund are collectively referred to herein as the “Merged Series Borrowers”.

V. As of May 18, 2018, Putnam Low Volatility Equity Fund, a series of Putnam Funds Trust (“PLVE”) was liquidated and ceased to be a “Fund” for all purposes of the Loan Documents. The Series Borrower of which PLVE was the Related Fund is referred to herein as the “Dissolved Borrower”. The Merged Company Borrowers, the Merged Series Borrowers, and the Dissolved Borrower are collectively referred to herein as “Departing Borrowers”; and each Borrower, other than a Departing Borrower, is referred to herein as an “Amendment Borrower”.

USA01\12044197.8\C043487\0386507


VI. In addition to the foregoing, on or before the date hereof, each Fund listed on Schedule B changed its name as set forth on Schedule B.

VII. The Borrowers desire to amend the Credit Agreement and the Banks have agreed thereto, in each case upon the terms and conditions herein contained.

Agreements 

 

Accordingly, in consideration of the Recitals and the covenants, conditions and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

1. The defined term “Termination Date” contained in Section 1.01 of the Credit Agreement is hereby amended by replacing the date “September 20, 2018” with the date “September 19, 2019”.

2. Schedule 2 to the Credit Agreement is hereby amended and restated in its entirety in the form of Schedule 2 hereto.

3. Paragraphs 1 and 2 of this Amendment shall not be effective until the earliest date upon which each of the following conditions shall be satisfied (the “Amendment Effective Date”):

(a) the Agent shall have received from each Amendment Borrower and each Bank either (i) a counterpart of this Amendment executed on behalf of the such party or (ii) written evidence satisfactory to the Agent (which may include facsimile or electronic mail transmission (in printable format) of a signed signature page of this Amendment) that the each such party has executed a counterpart of this Amendment;

(b) the Agent shall have received from each Amendment Borrower a manually signed certificate from the Clerk, Secretary or Assistant Secretary (or other officer acceptable to the Agent) of such Amendment Borrower, dated the Amendment Effective Date, in all respects satisfactory to the Agent, (i) certifying as to the incumbency of authorized persons of each Amendment Borrower executing this Amendment, (ii) attaching true, complete and correct copies of the resolutions duly adopted by such Amendment Borrower’s Managing Body approving this Amendment and the transactions contemplated hereby, all of which are in full force and effect on the Amendment Effective Date, and (iii) certifying that such Borrower’s Charter Documents have not been amended, supplemented or otherwise modified since September 21, 2017 or, if so, attaching true, complete and correct copies of each such amendment, supplement or modification;

(c) the Agent shall have received one or more opinions of counsel to the Amendment Borrowers covering such matters related to the transactions contemplated hereby as the Agent may request, in form and substance satisfactory to the Agent;

USA01\12044197.8\C043487\0386507


(d) the Agent shall have received a copy of a Federal Reserve Form FR U-1 for each Bank, duly executed and delivered by each Amendment Borrower, in form and substance acceptable to the Agent;

(e) on and as of the Amendment Effective Date, there shall be no principal, interest, fees or other amount owing (whether or not then due) by the Departing Borrowers under the Loan Documents;

(f) the Agent shall have received such information as the Agent, at the request of any Bank, shall have requested in order to comply with “know-your-customer” and other anti-terrorism, anti-money laundering and similar rules and regulations and related policies; and

(g) the Agent shall have received (i) all reasonable out-of-pocket costs and expenses of the Agent (including the reasonable fees and disbursements of counsel to the Agent) incurred in connection with the preparation, negotiation, execution and delivery of this Amendment on or prior to the Amendment Effective Date, and (ii) an upfront fee in the amount of $127,000.

4. Each Amendment Borrower (a) reaffirms and admits the validity and enforceability of each Loan Document to which it is a party and all of its obligations thereunder and agrees and admits that (i) it has no defense to any such obligation, and (ii) it shall not exercise any setoff or offset to any such obligation, and (b)(1) represents and warrants that, as of the Amendment Effective Date, no Default has occurred and is continuing, and (2) the representations and warranties by such Amendment Borrower contained in the Credit Agreement and the other Loan Documents to which it is or is becoming a party are true on and as of the Amendment Effective Date with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

5. In all other respects, the Loan Documents shall remain in full force and effect, and no amendment, supplement or other modification in respect of any term or condition of any Loan Document shall be deemed to be an amendment, supplement or other modification in respect of any other term or condition contained in any Loan Document.

6. This Amendment may be executed in any number of counterparts, all of which when taken together shall constitute a single contract. It shall not be necessary in making proof of this Amendment to produce or account for more than one counterpart executed and delivered (including by facsimile, or by e-mail transmission of a signed signature page of this Amendment) by the party to be charged.

7. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF MASSACHUSETTS, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

[the remainder of this page has been intentionally left blank] 

 

USA01\12044197.8\C043487\0386507


IN WITNESS WHEREOF, each party hereto has caused this Amendment No. 3 to be executed on its behalf by its duly authorized representative(s) as of the date first above written.

EACH TRUST LISTED AS A COMPANY ON 
SCHEDULE 2 HERETO 
 
By:       /s/Jonathan Horwitz   
Name:     Jonathan Horwitz   
Title:        Executive Vice President   

 

Putnam Funds Amendment No. 3 Signature Page 

 


STATE STREET BANK AND TRUST 
COMPANY, as Agent and as a Bank 
 
By:   /s/ Janet B. Nolin 
Name: Janet Nolin 
Title: Vice President 

 

Putnam Funds Amendment No. 3 Signature Page 

 


  Schedule A 
 
  List of Companies (Prior to Giving Effect to Amendment No. 3) 
 
1.  Putnam American Government Income Fund 
2.  Putnam Asset Allocation Funds 
3.  Putnam California Tax Exempt Income Fund 
4.  Putnam Convertible Securities Fund 
5.  Putnam Diversified Income Trust 
6.  Putnam Equity Income Fund 
7.  Putnam Europe Equity Fund 
8.  Putnam Funds Trust 
9.  Putnam Global Equity Fund 
10.  Putnam Global Health Care Fund 
11.  Putnam Global Income Trust 
12.  Putnam Global Natural Resources Fund 
13.  Putnam Global Utilities Fund 
14.  Putnam High Yield Fund 
15.  Putnam Income Fund 
16.  Putnam International Equity Fund 
17.  Putnam Investment Funds 
18.  Putnam Investors Fund 
19.  Putnam Massachusetts Tax Exempt Income Fund
20.  Putnam Minnesota Tax Exempt Income Fund 
21.  Putnam Money Market Fund 
22.  Putnam Multi-Cap Growth Fund 
23.  Putnam New Jersey Tax Exempt Income Fund 
24.  Putnam New York Tax Exempt Income Fund 
25.  Putnam Ohio Tax Exempt Income Fund 
26.  Putnam Pennsylvania Tax Exempt Income Fund 
27.  Putnam Tax Exempt Income Fund 
28.  Putnam Tax-Free Income Trust 
29.  Putnam U.S. Government Income Trust 
30.  Putnam Variable Trust 
31.  George Putnam Balanced Fund 

 

Putnam Funds Amendment No. 3 Signature Page 

 


Schedule B 
 
Name Change Funds
 
New Name  Previous Name 
Putnam Short Duration Bond Fund  Putnam Absolute Return 100 Fund 
Putnam Fixed Income Absolute Return Fund  Putnam Absolute Return 300 Fund 
Putnam Multi-Asset Absolute Return Fund  Putnam Absolute Return 700 Fund 
Putnam Sustainable Future Fund  Putnam Multi-Cap Value Fund 
Putnam VT Multi-Asset Absolute Return Fund  Putnam VT Absolute Return 500 Fund 
Putnam VT Mortgage Securities Fund  Putnam VT American Government Income Fund 
Putnam VT Small Cap Growth Fund  Putnam VT Capital Opportunities Fund 
Putnam VT Multi-Cap Core Fund  Putnam VT Investors Fund 
Putnam VT Sustainable Leaders Fund  Putnam VT Multi-Cap Growth Fund 
Putnam VT Sustainable Future Fund  Putnam VT Multi-Cap Value Fund 

 

Putnam Funds Amendment No. 3 Signature Page 

 


  Schedule 2   
 
List of Companies, Funds and Fiscal Year End Dates 
 
 
Company  Fund  Fiscal Year End Date 
  Putnam Dynamic Asset  September 30 
  Allocation Balanced Fund   
Putnam Asset  Putnam Dynamic Asset  September 30 
Allocation Funds Allocation Conservative   
Fund   
  Putnam Dynamic Asset  September 30 
  Allocation Growth Fund   
Putnam California  Putnam California Tax Exempt  September 30 
Tax Exempt Income Fund  
Income Fund    
Putnam Convertible  Putnam Convertible Securities  October 31 
Securities Fund  Fund   
Putnam Diversified  Putnam Diversified Income  September 30 
Income Trust  Trust   
Putnam Equity  Putnam Equity Income Fund November 30 
Income Fund     
Putnam Europe  Putnam Europe Equity Fund June 30 
Equity Fund     
  Putnam Short Duration Bond  October 31 
  Fund, f/k/a Putnam Absolute   
  Return 100 Fund   
  Putnam Fixed Income  October 31 
  Absolute Return Fund, f/k/a   
  Putnam Absolute Return 300   
  Fund   
  Putnam Multi-Asset Absolute  October 31 
  Return Fund, f/k/a Putnam   
  Absolute Return 700 Fund   
  Putnam Dynamic Asset  May 31 
  Allocation Equity Fund   
Putnam Funds Trust  Putnam Capital Spectrum  April 30 
  Fund   
  Putnam Dynamic Risk  May 31 
  Allocation Fund   
  Putnam Emerging Markets  August 31 
  Equity Fund   
  Putnam Emerging Markets  November 30 
  Income Fund   
  Putnam Equity Spectrum Fund  April 30 
  Putnam Floating Rate Income  February 28 
  Fund   
  Putnam Global Consumer  August 31 
  Fund   

 

USA01\12044197.8\C043487\0386507


Company  Fund  Fiscal Year End Date 
  Putnam Global Financials  August 31 
  Fund   
  Putnam Global Industrials  August 31 
  Fund   
  Putnam Global Technology  August 31 
  Fund   
  Putnam Global  August 31 
  Telecommunications Fund   
  Putnam Intermediate-Term  November 30 
  Municipal Income Fund   
  Putnam International Value  June 30 
  Fund   
  Putnam Mortgage  May 31 
  Opportunities Fund   
  Putnam Multi-Cap Core Fund  April 30 
  Putnam Short Duration Income  July 31 
  Fund   
  Putnam Short-Term Municipal  November 30 
  Income Fund   
  Putnam Small Cap Growth  June 30 
  Fund   
Putnam Global  Putnam Global Equity Fund October 31 
Equity Fund     
Putnam Global  Putnam Global Health Care  August 31 
Health Care Fund  Fund   
Putnam Global  Putnam Global Income Trust October 31 
Income Trust     
Putnam Global  Putnam Global Natural August 31 
Natural Resources  Resources Fund  
Fund     
Putnam Global  Putnam Global Utilities Fund August 31 
Utilities Fund     
Putnam High Yield  Putnam High Yield Fund November 30 
Fund     
Putnam Income  Putnam Income Fund October 31 
Fund     
Putnam International  Putnam International Equity  June 30 
Equity Fund  Fund   
  Putnam Government Money  September 30 
  Market Fund   
  Putnam Growth Opportunities  July 31 
Putnam Investment  Fund   
Funds  Putnam International Capital  August 31 
  Opportunities Fund   
  Putnam International Growth  September 30 
  Fund   

 

USA01\12044197.8\C043487\0386507


Company  Fund  Fiscal Year End Date 
  Putnam Sustainable Future  April 30 
  Fund, f/k/a Putnam Multi-   
  Cap Value Fund   
  Putnam PanAgora Managed  August 31 
  Futures Strategy   
  Putnam PanAgora Market  August 31 
  Neutral Fund   
  Putnam PanAgora Risk Parity  August 31 
  Fund   
  Putnam Research Fund  July 31 
  Putnam Small Cap Value Fund  February 28 
Putnam  Putnam Massachusetts Tax May 31 
Massachusetts Tax  Exempt Income Fund  
Exempt Income   
Fund     
Putnam Minnesota  Putnam Minnesota Tax May 31 
Tax Exempt  Exempt Income Fund  
Income Fund     
Putnam Money  Putnam Money Market Fund September 30 
Market Fund     
Putnam Sustainable  Putnam Sustainable Leaders June 30 
Leaders Fund,  Fund, f/k/a Putnam Multi-  
f/k/a Putnam  Cap Growth Fund  
Multi-Cap Growth   
Fund     
Putnam New Jersey  Putnam New Jersey Tax May 31 
Tax Exempt  Exempt Income Fund  
Income Fund     
Putnam New York  Putnam New York Tax November 30 
Tax Exempt  Exempt Income Fund  
Income Fund     
Putnam Ohio Tax  Putnam Ohio Tax Exempt May 31 
Exempt Income  Income Fund  
Fund     
Putnam  Putnam Pennsylvania Tax May 31 
Pennsylvania Tax  Exempt Income Fund  
Exempt Income   
Fund     
Putnam Tax Exempt  Putnam Tax Exempt Income  September 30 
Income Fund  Fund   
  Putnam AMT-Free Municipal  July 31 
Putnam Tax-Free  Fund   
Income Trust  Putnam Tax-Free High Yield  July 31 
  Fund   

 

USA01\12044197.8\C043487\0386507


Company  Fund  Fiscal Year End Date 
Putnam Mortgage  Putnam Mortgage Securities September 30 
Securities Fund,  Fund, f/k/a Putnam U.S.  
f/k/a Putnam U.S.  Government Income Trust  
Government   
Income Trust     
  Putnam VT Multi-Asset  December 31 
  Absolute Return Fund, f/k/a   
  Putnam VT Absolute Return   
  500 Fund   
  Putnam VT Mortgage  December 31 
  Securities Fund, f/k/a   
  Putnam VT American   
  Government Income Fund   
  Putnam VT Small Cap Growth  December 31 
  Fund, f/k/a Putnam VT   
  Capital Opportunities Fund   
  Putnam VT Diversified  December 31 
  Income Fund   
  Putnam VT Equity Income  December 31 
  Fund   
  Putnam VT Global Asset  December 31 
  Allocation Fund   
  Putnam VT Global Equity  December 31 
  Fund   
  Putnam VT Global Health  December 31 
Putnam Variable  Care Fund   
Trust  Putnam VT Global Utilities  December 31 
  Fund   
  Putnam VT Growth  December 31 
  Opportunities Fund   
  Putnam VT High Yield Fund  December 31 
  Putnam VT Income Fund  December 31 
  Putnam VT International  December 31 
  Equity Fund   
  Putnam VT International  December 31 
  Growth Fund   
  Putnam VT International  December 31 
  Value Fund   
  Putnam VT Multi-Cap Core  December 31 
  Fund, f/k/a Putnam VT   
  Investors Fund   
  Putnam VT Government  December 31 
  Money Market Fund   
  Putnam VT Sustainable  December 31 
  Leaders Fund, f/k/a Putnam   
  VT Multi-Cap Growth Fund   

 

USA01\12044197.8\C043487\0386507


Company  Fund  Fiscal Year End Date 
  Putnam VT Sustainable Future  December 31 
  Fund, f/k/a Putnam VT   
  Multi-Cap Value Fund   
  Putnam VT Research Fund  December 31 
  Putnam VT Small Cap Value  December 31 
  Fund   
  Putnam VT George Putnam  December 31 
  Balanced Fund   
George Putnam  George Putnam Balanced Fund July 31 
Balanced Fund     

 

USA01\12044197.8\C043487\0386507