Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 32

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 32
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 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); provided, however, that any such Liens are limited to all or part of 
 substantially the same Property which secured the Liens extended, renewed or replaced.                                                                                                                                                                |

Notwithstanding the foregoing, we or any of our domestic wholly owned subsidiaries may, without equally and ratably securing the notes, create or incur Liens which would otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto and to the retirement of any Indebtedness that is being retired substantially concurrently, Aggregate Debt does not exceed the greater of (1) 15% of our Consolidated Net Worth on a consolidated basis calculated as of the date of the creation or incurrence of the Lien and (2) $620.0 million. Limitation on Sale and Leaseback Transactions We will not, and will not permit any of our domestic wholly owned subsidiaries to, enter into any sale and leaseback transaction for the sale and leasing back of any Principal Property, whether now owned or hereafter acquired, unless:

| (1) | such transaction was entered into prior to the date of the initial issuance of the notes (other than any                                                                                                                                               
 additional notes) or any extension, renewal, refinancing, replacement, amendment or modification of such transaction so long as the affected Principal Property is substantially the same as or similar in nature to