Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 33

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 33
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 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 the Principal Property subject to 
 the sale and leaseback transaction extended, renewed, refinanced, replaced, amended or modified;                                                                                                                                                       |

| (2) | such transaction was for the sale and leasing back to us or any of our wholly owned subsidiaries of any 
 Principal Property by one of our wholly owned subsidiaries;                                             |

| (3) | such transaction involves a lease for not more than three years (or which may be terminated by us or our 
 subsidiary within a period of not more than three years);                                                |

| (4) | we would be entitled to incur Indebtedness secured by a Lien with respect to such sale and leaseback                                                  
 transaction without equally and ratably securing the notes pursuant to the first paragraph of the “—Limitation on Liens” covenant described above; or |

| (5) | we or any of our domestic wholly owned subsidiaries applies an amount equal to the net proceeds from the sale                                                                                                                                          
 of such Principal Property to the purchase of other property or assets used or useful in our business (including the purchase or development of other Principal Property) or to the retirement of Indebtedness that is pari passu with the notes