Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 30

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 30
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 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 acquisition, or all or any portion of the cost of refurbishment, improvement, expansion, renovation, development or construction of any 
 Property; provided that with respect to this clause (a), the Liens shall be given prior to, at the time of or within 24 months after such acquisition, or completion of such refurbishment, improvement, expansion, renovation, development or        
 construction, or the full operation of such Property, whichever is latest, and shall attach solely to such Property (including any refurbishments, improvements, expansions, renovations, development or construction thereof or then or thereafter   
 placed thereon) and any proceeds thereof; and (b) Liens existing on all or any portion of any Property at the time of acquisition thereof (including acquisition through merger or consolidation or the acquisition of a Person then directly or      
 indirectly owning such property) whether or not such existing Liens were 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 the    
 purchase price of such Property;                                                                                                                                                                                                                      |

| (5) | Liens on any Property in favor of the United States of America or any state thereof, or in favor of any other                                                                                                                                          
 country, or any political subdivision, department, agency or instrumentality thereof to secure progress or