Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 32

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 32
---
ens for certain taxes or assessments, landlord’s Liens and Liens and charges, in each case (a) not                                                                                                      
 yet due or payable or subject to penalties for non-payment or which we are contesting in good faith by appropriate proceedings and for which adequate reserves have been made in accordance with GAAP and 
 (b) incidental to the conduct of the business or the ownership of our assets or those of a domestic wholly owned subsidiary;                                                                              |

| (9) | Liens incurred in connection with an acquisition of assets or a project financed on a non-recourse basis; |

| (10) | deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal     
 bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; |

| (11) | easements, zoning restrictions,                                                                                                                                         
 rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do 
 not materially detract from the value of the affected property or interfere with the ordinary conduct of our business;                                                  |

| (12) | Liens securing obligations arising under or related to (a) the transfer of cash or other property with     
 respect to any credit or debit card charge, check or other instrument, electronic funds transfer, or other |

S-19

| type of paper-based or electronic payment, transfer, or charge transaction for which a Person acts as a processor, remitter, funds recipient or funds transmitter in the ordinary course of its                                           
 business (each such transaction, a “Settlement”) and (b) any payment or reimbursement obligation in respect of the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash 
 or other property to effect a Settlement (including, for the avoidance of doubt, any agreement with a bank or financial institution providing for short term financing for the purpose of funding any Settlement);                        |

| (13) | Liens securing securitized indebtedness and receivables factoring, discounting, facilities or securitizations; 
 and                                                                                                            |

| (14) | any extensions, renewals or replacements of any Lien referred to in clauses (1) through (13) without                                                                                                                                                  
 increase of the principal of the Indebtedness secured by such Lien (except to the extent of any fees or other costs associated with any such extension, renewal or replacement);