Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 30

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 30
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 Control includes a phrase relating to the direct or indirect sale, transfer, conveyance or other disposition of “all or substantially all” of our assets and those of our subsidiaries, taken as a whole. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of notes to require us to repurchase the notes as a result of a sale, transfer, conveyance or other disposition of less than all of our assets and the assets of our subsidiaries, taken as a whole, to another person or group may be uncertain. Certain Covenants Limitation on Liens We will not, and will not permit any of our domestic wholly owned subsidiaries to, create or assume any mortgage, pledge, security interest, lien, charge or encumbrance of any kind (each, a “Lien”) on (a) any Principal Property or (b) any capital stock of any of our domestic wholly owned subsidiaries (together, “Property”), whether now owned or hereafter acquired, in order to secure any Indebtedness, without effectively providing that the notes shall be secured by a Lien ranking equal to and ratably with (or, at our option, senior to) such secured Indebtedness until such time as such Indebtedness is no longer secured by such Lien, except:

| (1) | Liens existing on the date of the initial issuance of the notes (other than any additional notes) or that we or                                                                               
 any of our domestic wholly owned subsidiaries have agreed to pursuant to the terms of agreements existing on the date of the initial issuance of the notes (other than any additional notes); |

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| (2) | Liens created or incurred after the date of the initial issuance of the notes (other than any additional notes) 
 created in favor of the holders of the notes;                                                                   |

| (3) | Liens in favor of us or one of our subsidiaries; |

| (4) | (a) Liens given to secure (or to secure Indebtedness incurred or guaranteed by us or any of our domestic wholly                                                                                                                                       
 owned subsidiaries for the purpose of financing) the payment of all or any portion of the purchase price for the acquisition (including acquisition through merger or consolidation or the acquisition of a Person directly or indirectly owning such 
 property) of any Property, including capital lease or purchase money transactions in connection with any such