Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 34

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 34
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(2) our and our domestic wholly owned subsidiaries’ Attributable Debt in respect of sale and leaseback transactions entered into after the date of initial issuance of the notes offered hereby pursuant to the second paragraph of
“—Limitation on Sale and Leaseback Transactions” above.

“Attributable Debt” means, with respect to any sale and
leaseback transaction, at the time of determination, the lesser of (1) the fair market value of such Principal Property as determined in good faith by our board of directors, and (2) the total obligation (discounted to the present value at
the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance, repairs, insurance,
water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction.

“Consolidated Net Worth” means, as of any date of determination, stockholder’s equity as reflected on our most recent
consolidated balance sheet prepared in accordance with GAAP.

“GAAP” means accounting principles generally accepted in the
United States of America, which are in effect as of the date of application thereof.

“Indebtedness” of any specified Person
means, without duplication, indebtedness of such Person for borrowed money (including, without limitation, indebtedness for borrowed money evidenced by notes, bonds, debentures or similar instruments). For the avoidance of doubt,
(1) obligations in respect of hedging transactions and cash management obligations, (2) accrued payables and trade credit and (3) obligations in respect of taxes shall not be Indebtedness.

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint- stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof.

“Principal Property”
means (1) our principal corporate offices located in Rochester, New York, or any replacement thereof, and (2) any single parcel of real property or any permanent improvement thereon owned by us or any of our domestic wholly owned
subsidiaries having a book value, as of the date of determination, in excess of 3% of Consolidated Net Worth. Principal Property does not include any property that our board of directors has determined not to be of material importance to the
business conducted by our subsidiaries