EXECUTION VERSION

41112.00012

UST TRANCHE A TERM LOAN CREDIT AGREEMENT

dated as of

July 7, 2020

among

YRC WORLDWIDE INC.,

THE OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME

THE LENDERS PARTY HERETO

and

THE BANK OF NEW YORK MELLON

as Administrative Agent and Collateral Agent

______________________________________________________
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TABLE OF CONTENTS

PAGE

ARTICLE 1

DEFINITIONS

Section 1.01. Defined Terms............................................................................................................1

Section 1.02. Other Interpretive Provisions ..................................................................................57

Section 1.03. Certifications............................................................................................................59

Section 1.04. Accounting Terms.....................................................................................................59

Section 1.05. Rounding ..................................................................................................................59

Section 1.06. References to Agreements, Laws, Etc ......................................................................59

Section 1.07. Times of Day ............................................................................................................59

Section 1.08. Timing of Payment or Performance.........................................................................59

Section 1.09. Cumulative Credit Transactions..............................................................................59

Section 1.10. Pro Forma Calculations ..........................................................................................60

Section 1.11. Certain Accounting Matters.....................................................................................61

Section 1.12. Classification of Loans and Borrowings..................................................................61

Section 1.13. Currency Equivalents Generally..............................................................................61

ARTICLE 2

THE CREDITS

Section 2.01. UST Tranche A Term Loan Commitments...............................................................62

Section 2.02. Loans........................................................................................................................62

Section 2.03. Borrowing and Disbursement Procedure ................................................................63

Section 2.04. Evidence of Debt; Repayment of Loans...................................................................64

Section 2.05. Fees..........................................................................................................................64

Section 2.06. Interest on Loans......................................................................................................65

Section 2.07. Default Interest.........................................................................................................65

Section 2.08. [Reserved]................................................................................................................66

Section 2.09. Termination and Reduction of Commitments...........................................................66

Section 2.10. Conversion and Continuation of Borrowings..........................................................66

Section 2.11. Repayment of Term Borrowings...............................................................................67

Section 2.12. Voluntary Prepayment .............................................................................................68

Section 2.13. Mandatory Prepayments..........................................................................................68

Section 2.14. Pro Rata Treatment..................................................................................................71

Section 2.15. Sharing of Setoffs.....................................................................................................71

Section 2.16. Payments..................................................................................................................72

Section 2.17. [Reserved]................................................................................................................73

Section 2.18. Refinancing Amendments.........................................................................................73

Section 2.19. Extensions of Term Loans........................................................................................74

ARTICLE 3

TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

Section 3.01. Taxes ........................................................................................................................76

Section 3.02. Illegality ...................................................................................................................80
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Section 3.03. Increased Cost and Reduced Return; Capital Adequacy; Reserves on 

Eurodollar Loans...................................................................................................80

Section 3.04. Funding Losses.........................................................................................................82

Section 3.05. Matters Applicable to all Requests for Compensation.............................................82

Section 3.06. Replacement of Lenders under Certain Circumstances...........................................84

Section 3.07. Survival ....................................................................................................................85

ARTICLE 4

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

Section 4.01. Effective Date ...........................................................................................................85

Section 4.02. Initial Funding Date.................................................................................................85

Section 4.03. Conditions to each Funding Date after the Initial Funding Date and each 

Disbursement made on or after the Initial Funding Date......................................88

ARTICLE 5

REPRESENTATIONS AND WARRANTIES

Section 5.01. Existence, Qualification and Power; Compliance with Laws..................................89

Section 5.02. Authorization; No Contravention.............................................................................90

Section 5.03. Governmental Authorization; Other Consents.........................................................90

Section 5.04. Binding Effect...........................................................................................................90

Section 5.05. Financial Statements; No Material Adverse Effect..................................................91

Section 5.06. Compliance With Laws ............................................................................................91

Section 5.07. Ownership of Property; Liens..................................................................................91

Section 5.08. Environmental Matters.............................................................................................92

Section 5.09. Taxes ........................................................................................................................93

Section 5.10. ERISA Compliance...................................................................................................93

Section 5.11. Subsidiaries..............................................................................................................93

Section 5.12. Margin Regulations; Investment Company Act .......................................................93

Section 5.13. Disclosure ................................................................................................................94

Section 5.14. Labor Matters...........................................................................................................94

Section 5.15. Insurance..................................................................................................................95

Section 5.16. Solvency....................................................................................................................95

Section 5.17. No Other Borrowed Money Indebtedness................................................................95

Section 5.18. Collateral Documents ..............................................................................................95

Section 5.19. Compliance with Anti-Terrorism and Corruption Laws..........................................97

Section 5.20. Real Property Permits..............................................................................................97

Section 5.21. Treasury Equity........................................................................................................98

Section 5.22. No Transaction Benefits...........................................................................................98

Section 5.23. Statutory Conflicts....................................................................................................98

ARTICLE 6

AFFIRMATIVE COVENANTS

Section 6.01. Financial Statements, Reports, Etc ..........................................................................99

Section 6.02. Certificates; Other Information .............................................................................100

Section 6.03. Notices....................................................................................................................103

Section 6.04. Payment of Taxes ...................................................................................................103
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Section 6.05. Preservation of Existence, Etc ...............................................................................104

Section 6.06. Maintenance of Properties.....................................................................................104

Section 6.07. Maintenance of Insurance......................................................................................104

Section 6.08. Compliance with Laws...........................................................................................105

Section 6.09. Books and Records.................................................................................................105

Section 6.10. Inspection Rights....................................................................................................105

Section 6.11. Additional Collateral; Additional Guarantors.......................................................106

Section 6.12. Compliance with Environmental Laws ..................................................................107

Section 6.13. Further Assurances and Post-Closing Conditions.................................................108

Section 6.14. [Reserved]..............................................................................................................108

Section 6.15. Maintenance of Ratings..........................................................................................108

Section 6.16. Use of Proceeds......................................................................................................108

Section 6.17. Compliance with Regulations ................................................................................109

Section 6.18. Equity Issuance ......................................................................................................109

Section 6.19. Treasury Access .....................................................................................................109

ARTICLE 7

NEGATIVE COVENANTS

Section 7.01. Liens.......................................................................................................................109

Section 7.02. Investments.............................................................................................................114

Section 7.03. Indebtedness...........................................................................................................117

Section 7.04. Fundamental Changes ...........................................................................................121

Section 7.05. Dispositions............................................................................................................122

Section 7.06. Restricted Payments...............................................................................................126

Section 7.07. Change in Nature of Business; Organization Documents .....................................127

Section 7.08. Transactions with Affiliates....................................................................................128

Section 7.09. Burdensome Agreements........................................................................................128

Section 7.10. Financial Covenant................................................................................................129

Section 7.11. Minimum Liquidity.................................................................................................130

Section 7.12. Fiscal Year.............................................................................................................130

Section 7.13. Prepayments, Etc. of Indebtedness.........................................................................130

ARTICLE 8

EVENTS OF DEFAULT AND REMEDIES

Section 8.01. Events of Default....................................................................................................131

Section 8.02. Remedies Upon Event of Default ...........................................................................134

Section 8.03. Exclusion of Immaterial Subsidiaries ....................................................................135

Section 8.04. Application of Funds..............................................................................................135

ARTICLE 9

THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

ARTICLE 10

MISCELLANEOUS

Section 10.01. Notices; Electronic Communications...................................................................141

Section 10.02. Survival of Agreement..........................................................................................144

Section 10.03. Binding Effect.......................................................................................................145
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Section 10.04. Successors and Assigns........................................................................................145

Section 10.05. Expenses; Indemnity.............................................................................................149

Section 10.06. Right of Setoff.......................................................................................................152

Section 10.07. Applicable Law.....................................................................................................153

Section 10.08. Waivers; Amendment ...........................................................................................153

Section 10.09. Interest Rate Limitation........................................................................................155

Section 10.10. Entire Agreement .................................................................................................155

Section 10.11. WAIVER OF JURY TRIAL...................................................................................156

Section 10.12. Severability...........................................................................................................156

Section 10.13. Counterparts; Electronic Signatures ...................................................................156

Section 10.14. Headings ..............................................................................................................156

Section 10.15. Jurisdiction; Consent to Service of Process.........................................................156

Section 10.16. Confidentiality......................................................................................................157

Section 10.17. Lender Action.......................................................................................................158

Section 10.18. USA PATRIOT Act Notice....................................................................................158

Section 10.19. Collateral And Guaranty Matters........................................................................158

Section 10.20. Limitation on Liability..........................................................................................159

Section 10.21. Payments Set Aside ..............................................................................................160

Section 10.22. No Advisory or Fiduciary Responsibility.............................................................160

Section 10.23. Intercreditor Agreements.....................................................................................161

Section 10.24. Alternative Interest Rates.....................................................................................161

Section 10.25. Investment Purpose ..............................................................................................164

ARTICLE 11

GUARANTEE

Section 11.01. The Guarantee......................................................................................................164

Section 11.02. Obligations Unconditional...................................................................................164

Section 11.03. Certain Waivers ...................................................................................................165

Section 11.04. Reinstatement .......................................................................................................166

Section 11.05. Subrogation; Subordination.................................................................................166

Section 11.06. Remedies ..............................................................................................................166

Section 11.07. Instrument for the Payment of Money..................................................................166

Section 11.08. Continuing Guarantee..........................................................................................166

Section 11.09. General Limitation on Guarantee Obligations....................................................167

Section 11.10. Release of Guarantors..........................................................................................167

Section 11.11. Right of Contribution ...........................................................................................167

Section 11.12. Additional Guarantor Waivers and Agreements..................................................168

Section 11.13. Parallel Debt........................................................................................................169

ARTICLE 12

CARES ACT REQUIREMENTS

Section 12.01. CARES Act Compliance .......................................................................................169

Section 12.02. Dividends and Buybacks......................................................................................169

Section 12.03. Maintenance of Employment Levels.....................................................................170

Section 12.04. United States Business .........................................................................................170

Section 12.05. Limitations on Certain Compensation .................................................................170

Section 12.06. Additional Defined Terms....................................................................................171
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SCHEDULES

1.01(a) Excluded Real Property

1.01(b) Guarantors

1.01(c) Mortgaged Properties

1.01(d) Pension Fund Entities

2.01 Lenders and Commitments

4.02(b) Local Counsel Opinions

5.10(b) Multiemployer Plans

5.11 Subsidiaries and Other Equity Interests

5.14 Labor Matters

6.13(a) Post Closing Schedule

7.01(b) Existing Liens

7.02(e) Existing Investments

7.03(b) Existing Indebtedness

7.05(l)(i) Dispositions of Real Property

7.05(l)(ii) Dispositions of Pension Real Property

7.08 Transactions with Affiliates

7.09 Certain Contractual Obligations

EXHIBITS

Exhibit A Form of Administrative Questionnaire

Exhibit B Form of Assignment and Acceptance

Exhibit C Form of Request for Credit Extension

Exhibit D Form of Request for Disbursement

Exhibit E Form of Intercompany Note

Exhibit F Form of Compliance Certificate

Exhibit G-1 Form of United States Tax Compliance Certificate 

(For Non-U.S. Lenders that are not Partnerships)

Exhibit G-2 Form of United States Tax Compliance Certificate

(For Non-U.S. Lenders that are Partnerships)

Exhibit G-3 Form of United States Tax Compliance Certificate

(For Non-U.S. Participants that are not Partnerships)

Exhibit G-4 Form of United States Tax Compliance Certificate

(For Non-U.S. Participants that are Partnerships)

Exhibit H Form of Solvency Certificate

Exhibit I [Reserved]

Exhibit J Form of Term Note

ANNEXES

Annex A Voting Trust Agreement
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Annex B Registration Rights Agreement
UST TRANCHE A TERM LOAN CREDIT AGREEMENT, dated as of July 7, 2020 (this 

“Agreement”), among YRC WORLDWIDE INC., a Delaware corporation (the “Borrower”), the 

Guarantors party hereto from time to time, the Lenders (such term and each other capitalized term 

used but not defined in this introductory statement having the meaning given it in Article 1), and 

THE BANK OF NEW YORK MELLON, as administrative agent (in such capacity, including any 

permitted successor or assign thereto, the “Administrative Agent”) and as collateral agent (in 

such capacity, including any permitted successor or assign thereto, the “Collateral Agent”) for 

the Lenders.

WHEREAS, the Borrower has requested that the Lenders extend credit as is permissible 

under the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 (Mar. 27, 2020), 

as the same may be amended from time to time (the “CARES Act”) to the Borrower, and the 

Lenders are willing to do so on the terms and conditions set forth herein.

WHEREAS, pursuant to Section 4003(h)(1) of the CARES Act, for purposes of the Code, 

the Loans shall be treated for U.S. federal income tax purposes as indebtedness and as having been 

issued for their stated principal amount, and the interest payable pursuant to Section 2.06 shall be 

treated as qualified stated interest for U.S. federal income tax purposes.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of 

which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:

ARTICLE 1

DEFINITIONS

Section 1.01. Defined Terms. As used in this Agreement, the following terms shall have 

the meanings specified below:

“ABL Agent” shall mean, as the context may require, Citizens Business Capital (a division 

of Citizens Asset Finance, Inc., a subsidiary of Citizens, N.A.), in its capacity as administrative 

agent under the ABL Facility Documentation, Citizens Business Capital (a division of Citizens 

Asset Finance, Inc., a subsidiary of Citizens, N.A.), in its capacity as collateral agent under the 

ABL Facility Documentation, such agents collectively or any permitted successor or assignee 

administrative agent or collateral agent under the ABL Facility Documentation.

“ABL Credit Agreement” shall mean that certain asset-based revolving credit agreement 

dated as of February 13, 2014, among the Borrower, YRC Inc., a Delaware corporation, USF 

Reddaway Inc., an Oregon corporation, USF Holland LLC, a Delaware limited liability company 

(as successor to USF Holland, Inc., a Michigan corporation) and New Penn Motor Express, LLC, 

a Delaware limited liability company (as successor to New Penn Motor Express, Inc., a 

Pennsylvania corporation), the other subsidiaries of the Borrower party thereto, the lenders party 

thereto and the ABL Agent, as amended by that certain Amendment No. 1, dated September 23, 

2015, Amendment No. 2, dated June 28, 2016, Amendment No. 3 and Limited Consent, dated 

January 30, 2018, Amendment No. 4, dated February 12, 2019, Amendment No. 5, dated 

September 11, 2019 and Amendment No. 6, dated July 7, 2020, and as the same may be further 

amended, restated, modified, supplemented, extended, renewed, restructured, refunded, replaced 
2

or refinanced from time to time in one or more agreements (in each case with the same or new 

lenders, institutional investors or agents and resulting in a financing that constitutes (or that would 

constitute if incurred as a new financing) a Permitted Refinancing of the ABL Facility 

Indebtedness), including any agreement extending the maturity thereof or otherwise restructuring 

all or any portion of the Indebtedness thereunder or increasing the amount loaned or issued 

thereunder or altering the maturity thereof), in each case as and to the extent permitted by this 

Agreement and, if applicable, the ABL Intercreditor Agreement; provided that any such 

amendment, restatement, modification supplement, extension, renewal, restructuring, refunding, 

replacement or refinancing shall be permitted hereunder only if not less than a majority of its 

aggregate commitments are provided by lenders who are third party commercial banks or other 

financial institutions that customarily provide asset based lending credit facilities and other 

financial institutions consented to by the Administrative Agent (such consent not to be 

unreasonably withheld or delayed).

“ABL Facility” shall mean the asset-based revolving credit facility made available to the 

Borrower and certain of its Subsidiaries pursuant to the ABL Credit Agreement.

“ABL Facility Documentation” shall mean the ABL Credit Agreement and all security 

agreements, guarantees, pledge agreements and other agreements or instruments executed in 

connection therewith and including all “Loan Documents” (as defined in the ABL Credit 

Agreement) or similar term.

“ABL Facility Indebtedness” shall mean Indebtedness of the Borrower or any Restricted 

Subsidiary outstanding under the ABL Facility Documentation, including Bank Product Debt (as 

defined in the ABL Credit Agreement).

“ABL Intercreditor Agreement” shall mean the Amended and Restated ABL 

Intercreditor Agreement dated as of July 7, 2020 among the Administrative Agent and/or 

Collateral Agent, the ABL Agent, the Tranche B-2 Term Agent, the UST Tranche B Term Agent

and the Loan Parties, and as the same may be further amended, restated, modified, supplemented, 

extended, renewed, restructured, waived or replaced from time to time.

“ABL Priority Collateral” shall have the meaning assigned to such term in the ABL 

Intercreditor Agreement.

“ABL Secured Parties” shall have the meaning assigned to such term in the ABL 

Intercreditor Agreement.

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, 

or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to 

the Alternate Base Rate.

“Additional Lender” shall mean, with respect to any Refinancing Amendment or in 

respect of any bank, financial institution or investor not theretofor a Lender that agrees to provide 

an Other Term Loan pursuant thereto, provided that the Administrative Agent shall have consented 

(not to be unreasonably withheld, conditioned or delayed) to such bank, financial institution or 

investor as would be required under Section 10.04(b) for an assignment of Loans to such bank, 

financial institution or investor.
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“Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any 

Interest Period, an interest rate per annum equal to the greater of (a) 1.00% per annum and (b) the 

product of (i) the LIBO Rate in effect for such Interest Period and (ii) Statutory Reserves.

“Administrative Account” means the account opened with the Administrative Agent in 

the name of the United States Department of the Treasury with account number 4314148400, or 

such other account as the Administrative Agent shall advise the Borrower and each Lender from 

time to time.

“Administrative Agent” shall have the meaning assigned to such term in the introductory 

statement to this Agreement, together with its successors and any replacement designated pursuant 

to Article 9 of this Agreement.

“Administrative Agent Fee Letter” means that certain fee letter dated on or around the 

date hereof, by and between Borrower, the Collateral Agent and the Administrative Agent, as 

amended, amended and restated, supplemented, waived, replaced or otherwise modified from time 

to time.

“Administrative Questionnaire” shall mean an Administrative Questionnaire in the form 

of Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent 

and approved by the Borrower (such approval not to be unreasonably withheld, conditioned or 

delayed).

“Affiliate” shall mean, with respect to any Person, another Person that directly, or 

indirectly through one or more intermediaries, Controls or is Controlled by or is under common 

Control with the Person specified; provided, that, with respect to the Borrower and its Subsidiaries, 

in no case shall any Governmental Authority constitute an “Affiliate”. “Control” shall mean the 

possession, directly or indirectly, of the power to direct or cause the direction of the management 

or policies of a Person, whether through the ability to exercise voting power, by contract or 

otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

“Agent Indemnitees” shall have the meaning assigned to such term in Section 10.05(b).

“Agent Responsible Officer” means, when used with respect to an Agent, any vice 

president, assistant vice president, assistant treasurer or trust officer in the corporate trust and 

agency administration of the Agent or any other officer of the Agent customarily performing 

functions similar to those performed by any of the above-designated officers, and, in each case, 

who shall have direct responsibility for the administration of this Agreement and also means, 

with respect to a particular agency matter, any other officer to whom such matter is referred 

because of his or her knowledge of and familiarity with the particular subject.

“Agents” shall have the meaning assigned to such term in Article 9.

“Agreement” shall have the meaning assigned to such term in the introductory statement 

to this Agreement.

“Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greatest of 

(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day 
4

plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if 

such day is not a Business Day, the immediately preceding Business Day) plus 1.00%; provided

that (i) for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate 

published on the Bloomberg “LIBOR01” screen page (or any successor or replacement screen on 

such service) on such day at approximately 11 a.m. (London time) for deposits in Dollars and (ii) 

in no event shall the Alternate Base Rate be less than 2.00% per annum. If the Administrative 

Agent shall have determined (which determination shall be conclusive absent manifest error) that 

it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or 

failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of 

the definition thereof, the Alternate Base Rate shall be determined without regard to clause (b) of 

the preceding sentence until the circumstances giving rise to such inability no longer exist. Any 

change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective 

Rate or the Adjusted LIBO Rate shall be effective on the effective date of such change in the Prime 

Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may be.

“Alternative Interest Rate Election Event” shall have the meaning assigned to such term 

in Section 10.24.

“Applicable Margin” shall mean, with respect to any Loan, a percentage per annum equal 

to (a) 3.50% per annum for Eurodollar Term Loans and (b) 2.50% per annum for ABR Term 

Loans.

“Assignment and Acceptance” shall mean an assignment and acceptance entered into by 

a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in the form of 

Exhibit B or such other form as shall be approved by the Administrative Agent and the Borrower 

(such approval of the Borrower shall not be unreasonably withheld, conditioned or delayed).

“Attorney Costs” shall mean and shall include all reasonable and documented fees, 

expenses and disbursements of any law firm or other external legal counsel.

“Attributable Indebtedness” shall mean, on any date, in respect of any Capitalized Lease 

of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person 

prepared as of such date in accordance with GAAP.

“Audited Financial Statements” shall mean the audited consolidated balance sheets of 

the Borrower and its consolidated subsidiaries for the fiscal years ending December 31, 2019 and 

December 31, 2018 and the related consolidated statements of operations, changes in shareholders’ 

equity and cash flows of the Borrower and its consolidated subsidiaries.

“Availability Period” means the period following the execution and delivery of this 

Agreement by the parties hereto until the Maturity Date.

“Available Tenor” means, as of any date of determination and with respect to the thencurrent Benchmark, as applicable, any tenor for such Benchmark or payment period for interest 

calculated with reference to such Benchmark, as applicable, that is or may be used for determining 

the length of an Interest Period pursuant to this Agreement as of such date and not including, for 

the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of 

“Interest Period” pursuant to Section 10.24(f).
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“Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition 

Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date 

have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” 

means the applicable Benchmark Replacement to the extent that such Benchmark Replacement 

has replaced such prior benchmark rate pursuant to Section 10.24(c).

“Benchmark Replacement” means, for any Available Tenor, the first alternative set 

forth in the order below that can be determined by the Required Lenders for the applicable 

Benchmark Replacement Date:

(1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement

Adjustment;

(2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark

Replacement Adjustment;

(3) the sum of: (a) the alternate benchmark rate that has been selected by the 

Required Lenders and the Borrower as the replacement for the then-current 

Benchmark for the applicable Corresponding Tenor giving due consideration to 

(i) any selection or recommendation of a replacement benchmark rate or the 

mechanism for determining such a rate by the Relevant Governmental Body or 

(ii) any evolving or then-prevailing market convention for determining a 

benchmark rate as a replacement for the then-current Benchmark for U.S. 

dollar-denominated syndicated credit facilities at such time and (b) the related 

Benchmark Replacement Adjustment;

provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is 

displayed on a screen or other information service that publishes such rate from time to time as 

selected by the Required Lenders in their reasonable discretion and is available to the 

Administrative Agent. If the Benchmark Replacement as determined pursuant to clause (1), (2) or 

(3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the 

Floor for the purposes of this Agreement and the other Loan Documents.

“Benchmark Replacement Adjustment” means, with respect to any replacement of 

the then- current Benchmark with an Unadjusted Benchmark Replacement for any applicable 

Interest Period and Available Tenor for any setting of such Unadjusted Benchmark 

Replacement:

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark 

Replacement,” the first alternative set forth in the order below that can be 

determined by the Required Lenders:

(a) the spread adjustment, or method for calculating or determining such 

spread adjustment, (which may be a positive or negative value or zero) 

as of the Reference Time such Benchmark Replacement is first set for 

such Interest Period that has been selected or recommended by the 

Relevant Governmental Body for the replacement of such Benchmark 

with the applicable Unadjusted Benchmark Replacement for the 

applicable Corresponding Tenor;
6

(b) the spread adjustment (which may be a positive or negative value or zero) 

as of the Reference Time such Benchmark Replacement is first set for 

such Interest Period that would apply to the fallback rate for a derivative 

transaction referencing the ISDA Definitions to be effective upon an index

cessation event with respect to such Benchmark for the applicable 

Corresponding Tenor; and

(2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the 

spread adjustment, or method for calculating or determining such spread 

adjustment, (which may be a positiveor negative value or zero) that has been 

selected by the Required Lenders and the Borrower for the applicable 

Corresponding Tenor giving due consideration to (i) any selection or 

recommendation of a spread adjustment, or method for calculating or determining 

such spread adjustment, for the replacement of such Benchmark with the 

applicable Unadjusted Benchmark Replacement by the Relevant Governmental 

Body on the applicable Benchmark Replacement Date or (ii) any evolving or thenprevailing market convention for determining a spread adjustment, or method for 

calculating or determining such spread adjustment, for the replacement of such 

Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. 

dollar- denominated syndicated credit facilities;

provided that, in the case of clause (1) above, such adjustment is displayed on a screen 

or other information service that publishes such Benchmark Replacement Adjustment 

from time to time as selected by the Required Lenders in their reasonable discretion and 

is available to the Administrative Agent.

“Benchmark Replacement Conforming Changes” means, with respect to any 

Benchmark Replacement, any technical, administrative or operational changes (including 

changes to the definition of “ABR,” the definition of “Business Day,” the definition of “Interest 

Period,” timing and frequency of determining rates and making payments of interest, timing of 

borrowing requests or prepayment, conversion or continuation notices, length of lookback 

periods, the applicability of breakage provisions, and other technical, administrative or 

operational matters) that the Required Lenders decide may be appropriate to reflect the adoption 

and implementation of such Benchmark Replacement and to permit the administration thereof 

by the Administrative Agent in a manner substantially consistent with market practice (or, if the 

Required Lenders decide (or are notified by the Administrative Agent) that adoption of any 

portion of such market practice is not administratively feasible or if the Required Lenders 

determine that no market practice for the administration of such Benchmark Replacement exists, 

in such other manner of administration as the Required Lenders decide is reasonably necessary 

in connection with the administration of this Agreement and the other Loan Documents).

“Benchmark Replacement Date” means the earliest to occur of the following events 

with respect to the then-current Benchmark, as determined by the Required Lenders and 

notified to the Administrative Agent and the Borrower:

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the

later of (a) the date of the public statement or publication of information referenced 

therein and (b) the date on which the administrator of such Benchmark (or the 
7

published component used in the calculation thereof) permanently or indefinitely 

ceases to provide all Available Tenors of such Benchmark (or such component

thereof);

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of 

the public statement or publication of information referenced therein; or

(3) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date 

notice of such Early Opt-in Election is provided to the Lenders by the Administrative 

Agent (acting at the direction of the Required Lenders).

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date 

occurs on the same day as, but earlier than, the Reference Time in respect of any determination, 

the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time 

for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have 

occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of 

the applicable event or events set forth therein with respect to all then-current Available Tenors 

of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Transition Event” means the occurrence of one or more of the 

following events with respect to the then-current Benchmark , as determined by the 

Required Lenders and notified to the Administrative Agent and the Borrower:

(1) a public statement or publication of information by or on behalf of the administrator 

of such Benchmark (or the published component used in the calculation thereof) 

announcing that such administrator has ceased or will cease to provide all Available 

Tenors of such Benchmark (or such component thereof), permanently or 

indefinitely, provided that, at the time of such statement or publication, there is no 

successor administrator that will continue to provide any Available Tenor of such 

Benchmark (or such component thereof);

(2) a public statement or publication of information by the regulatory supervisor for the 

administrator of such Benchmark (or the published component used in the calculation 

thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an 

insolvency official with jurisdiction over the administrator for such Benchmark (or 

such component), a resolution authority with jurisdiction over the administrator for 

such Benchmark (or such component) or a court or an entity with similar insolvency 

or resolution authority over the administrator for such Benchmark (or such 

component), which states that the administrator of such Benchmark (or such 

component) has ceased or will cease to provide all Available Tenors of such 

Benchmark (or such component thereof) permanently or indefinitely, provided that, at 

the time of such statement or publication, there is no successor administrator that will 

continue to provide any Available Tenor of such Benchmark (or such component 

thereof); or

(3) a public statement or publication of information by the regulatory supervisor for the 

administrator of such Benchmark (or the published component used in the 

calculation thereof) announcing that all Available Tenors of such Benchmark (or 

such component thereof) are no longer representative.
8

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred 

with respect to any Benchmark if a public statement or publication of information set forth 

above has occurred with respect to each then-current Available Tenor of such Benchmark (or 

the published component used in the calculation thereof).

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time 

that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred 

if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all 

purposes hereunder and under any Loan Document in accordance with this Agreement and (y) 

ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all 

purposes hereunder and under any Loan Document in accordance with this Agreement.

“Blocked Person” shall mean any Person that is publicly identified on the most current list 

of “Specially Designated Nationals and Blocked Persons” published by the Office of Foreign 

Assets Control of the U.S. Department of the Treasury (“OFAC”).

“Board” shall mean the Board of Governors of the Federal Reserve System of the United 

States of America.

“Borrower” shall have the meaning assigned to such term in the introductory statement to 

this Agreement.

“Borrower Materials” shall have the meaning assigned to such term in Section 10.01.

“Borrowing” shall mean Loans of the same Class and Type made or continued on the same 

date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

“Business Day” shall mean any day other than a Saturday, Sunday or day on which banks 

in New York City are authorized or required by law to close; provided, however, that when used 

in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on 

which banks are not open for dealings in Dollar deposits in the London interbank market.

“Canadian Subsidiary” shall mean any Subsidiary that is organized under the Laws of 

Canada or any state or province thereof.

“Capital Expenditures” shall mean, for any period, the aggregate of (a) all amounts that 

would be reflected as additions to property, plant or equipment on a consolidated statement of cash 

flows of the Borrower and its Restricted Subsidiaries in accordance with GAAP and (b) the value 

of all assets under Capitalized Leases incurred by the Borrower and its Restricted Subsidiaries 

during such period.

“Capitalized Leases” shall mean all leases that have been or are required to be, in 

accordance with GAAP, recorded as capitalized leases; provided that, subject to Section 1.11, for 

all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount 

thereof accounted for as a liability in accordance with GAAP. 

“Cash Collateral Account” shall mean a blocked account at a commercial bank 

reasonably satisfactory to the Required Lenders and the Administrative Agent, in the name of the 
9

Borrower and under the sole dominion and control of the Administrative Agent, and otherwise 

established in a manner reasonably satisfactory to the Administrative Agent.

“Cash Equivalents” shall mean any of the following types of Investments, to the extent 

owned by the Borrower or any Restricted Subsidiary:

(a) Dollars and, to the extent consistent with past practice, Canadian Dollars;

(b) direct obligations of, or obligations the principal of and interest on which are 

unconditionally guaranteed by, the United States of America (or by any agency thereof to the 

extent such obligations are backed by the full faith and credit of the United States of America), in 

each case maturing within one year from the date of issuance thereof;

(c) investments in commercial paper maturing within 270 days from the date of 

issuance thereof and having, at such date of acquisition, rated at least A-2 or P-2 by S&P or 

Moody’s;

(d) investments in demand deposits, certificates of deposit, banker’s acceptances and 

time deposits maturing within one year from the date of acquisition thereof issued or guaranteed 

by or placed with, and money market deposit accounts issued or offered by, the Administrative 

Agent, the ABL Agent, the Tranche B-2 Term Agent, the UST Tranche B Term Agent or any 

domestic office of any commercial bank organized under the laws of the United States of America 

or any State thereof that has a combined capital and surplus and undivided profits of not less than 

$500,000,000 and that issues (or the parent of which issues) commercial paper rated at least “Prime 

1” (or the then equivalent grade) by Moody’s or “A 1” (or the then equivalent grade) by S&P;

(e) fully collateralized repurchase agreements with a term of not more than 30 days for 

securities described in clause (b) above and entered into with a financial institution satisfying the 

criteria of clause (d) above;

(f) investments in “money market funds” within the meaning of Rule 2a-7 of the 

Investment Company Act of 1940, as amended, substantially all of whose assets are invested in 

investments of the type described in clauses (a) through (e) above; and

(g) other short-term investments entered into in accordance with normal investment 

policies and practices of any Foreign Subsidiary consistent with past practices for cash 

management and constituting investments in governmental obligations and investment funds 

analogous to and having a credit risk not greater than investments of the type described in clauses 

(a) through (f) above.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in 

currencies other than set forth in clause (a) above; provided that such amounts are converted into 

currencies listed in clause (a) within ten Business Days following the receipt of such amounts.

“Cash Interest Portion” shall have the meaning assigned to such term in Section 

2.06(d).
10

“Casualty Event” shall mean any event that gives rise to the receipt by the Borrower or 

any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any 

equipment, fixed assets or Real Property (including any improvements thereon) to replace or repair 

such equipment, fixed assets or Real Property or as compensation for such condemnation event.

“CDA First Lien Obligations” shall have the meaning assigned to such term in the 

definition of “Net Proceeds”.

“Change of Control” shall mean:

(a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any 

Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the 

Securities and Exchange Commission thereunder as in effect on the date hereof), in each case other 

than the United States federal government or any other Governmental Authority on behalf thereof 

(or, in each case, any agent, trustee or other Person on behalf thereof, including, for the avoidance 

of doubt, any voting trust and the trustee thereof created to hold the Equity Interests for the benefit 

of the United States federal government or any other Governmental Authority), of Equity Interests 

representing more than 35% of the aggregate ordinary voting power represented by the issued and 

outstanding Equity Interests of the Borrower;

(b) occupation of a majority of the seats (other than vacant seats) on the board of 

directors of the Borrower by Persons who were neither (i) nominated or approved by the board of 

directors of the Borrower nor (ii) appointed by directors so nominated or approved; or

(c) a “change of control” (or similar event) shall occur under (i) the ABL Facility 

Documentation or any Permitted Refinancing thereof, (ii) the Tranche B-2 Term Loan Facility 

Documentation or any Permitted Refinancing thereof, (iii) the UST Tranche B Term Loan Facility 

Documentation or any Permitted Refinancing thereof or (iv) any other Indebtedness for borrowed 

money, with an aggregate principal amount (in the case of this clause (iv)) in excess of the 

Threshold Amount;

provided, that, notwithstanding anything in this definition to the contrary, in no event shall 

the Transactions constitute a Change of Control.

“Charges” shall have the meaning assigned to such term in Section 10.09.

“Class” when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, 

or the Loans comprising such Borrowing, are UST Tranche A Term Loans, Other Term Loans or 

Extended Term Loans, (b) any Commitment, refers to whether such Commitment is a Term Loan 

Commitment, Other Term Loan Commitment (and, in the case of an Other Term Loan 

Commitment, the Class of Term Loans to which such commitment relates), or a commitment in 

respect of Term Loans to be made pursuant to an Extension Offer and (c) any Lender, refers to 

whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or 

Commitments. Other Term Loan Commitments, Other Term Loans and Extended Term Loans 

that have different terms and conditions, and each tranche of Extended Term Loans, shall be 

construed to be in different Classes.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
11

“Collateral” shall mean all the “Collateral” as defined in any Collateral Document and 

shall also include the Mortgaged Properties.

“Collateral Agent” shall have the meaning assigned to such term in the introductory 

statement to this Agreement.

“Collateral and Guarantee Requirement” shall mean, at any time, the requirement that:

(a) on the Effective Date the Administrative Agent and the Collateral Agent shall have 

received each Collateral Document to the extent required to be delivered on the Effective Date 

pursuant to Section 4.02(d), subject to the limitations and exceptions of this Agreement, duly 

executed by each Loan Party that is a party thereto;

(b) in each case subject to the limitations and exceptions set forth in this Agreement 

and the Collateral Documents, the Obligations shall have been secured by: 

(i) a perfected third priority security interest (subject to Liens permitted by Section 

7.01) in all personal property of the Borrower and each Guarantor consisting of all 

accounts receivable, cash and Cash Equivalents, deposit accounts (other than the 

UST Tranche B Priority Accounts (as defined in the ABL Intercreditor Agreement)

and the UST Tranche A Controlled Account) and supporting obligations and books 

and records related to the foregoing and, in each case, proceeds thereof;

(ii) a perfected third priority pledge (subject to Liens permitted by Section 7.01) of all 

Equity Interests directly held by the Borrower or any Guarantor;

(iii) with respect to each Material Real Property, (1) either (x) an amendment to the 

Existing Mortgage encumbering such Material Real Property (each, a “Mortgage 

Amendment”) amending the obligations secured thereby to include the 

Obligations or (y) a separate third priority mortgage, deed of trust or deed to secure 

debt (as applicable) (in each case, subject to Liens permitted by Section 7.01) on 

such Material Real Property pursuant to Mortgages that satisfy the requirements of 

clause (c)(i) below and (2) a perfected third priority security interest (subject to 

Liens permitted by Section 7.01) in all personal property relating to such Material 

Real Property and all fixtures thereon, provided, that, to the extent the opinion 

delivered to the Mortgage Collateral Agent confirms that the filing of the applicable 

Mortgage itself perfects the Mortgage Collateral Agent’s third priority security 

interest in such fixtures, no separate fixture filing shall be required; and

(iv) within one hundred twenty (120) days following the repayment in full of the CDA 

First Lien Obligations (or, if the proviso to this clause (iv) applies, the date the 

Requisite CDA Consent is obtained, as applicable), a third priority mortgage, deed 

of trust or deed to secure debt (as applicable) on each Pension Real Property (such 

mortgage, deed of trust or deed, a “Pension Property Mortgage”) pursuant to 

Mortgages that satisfy the requirements of clause (c)(i) below (subject to Liens 

permitted by Section 7.01) and a perfected third priority security interest (subject 

to Liens permitted by Section 7.01) in all personal property relating to such Pension 

Real Property and all fixtures thereon; provided that to the extent such Pension 
12

Property Mortgage is prohibited under the terms of the Contribution Deferral 

Agreement (as in effect as of the date hereof), the Loan Parties shall use 

commercially reasonable efforts to obtain the necessary consents under the 

Contribution Deferral Agreement to permit such Pension Property Mortgage (the 

“Requisite CDA Consent”) and if after using such commercially reasonable efforts, 

such consent is not obtained, the Loan Parties shall not be required to deliver such 

Pension Property Mortgage until all obligations under the Contribution Deferral 

Agreement to the extent permitted under Section 7.03(u) shall have been paid in 

full; and

(v) a perfected third priority security interest (subject to Liens permitted by Section 

7.01) in substantially all other personal property of the Borrower and each 

Guarantor (other than the UST Tranche A Only Collateral and the UST Tranche B 

Priority Collateral), including the UST Tranche B Joint Collateral (including the 

UST Tranche B Joint Accounts (as defined in the ABL Intercreditor Agreement)), 

investment property, contracts, patents, copyrights, trademarks and other general 

intangibles (subject to a license in favor of the ABL Agent and/or the UST Tranche 

B Term Agent and/or the Tranche B-2 Term Agent, as applicable, to use intellectual 

property, subject to the ABL Intercreditor Agreement), commercial tort claims, 

letter of credit rights, intercompany notes and proceeds of the foregoing; and

(vi) a perfected fourth priority security interest in the UST Tranche B Priority Collateral

(including the UST Tranche B Priority Accounts (as defined in the ABL 

Intercreditor Agreement));

(vii) a perfected first priority security interest in the UST Tranche A Only Collateral

(including the UST Tranche A Controlled Account);

(c) subject to the limitations and exceptions set forth in this Agreement and the 

Collateral Documents, to the extent a security interest in and mortgage lien on any Material Real 

Property (or, solely with respect to clause (b)(iv) above, any Pension Real Property) is required 

under Section 4.02, 6.11 or 6.13 (together with any Material Real Property that is subject to an 

Existing Mortgage, as amended by a Mortgage Amendment or by a Mortgage on the Effective 

Date pursuant to clause (b)(iii) above, each, a “Mortgaged Property”), the Administrative Agent 

and the Collateral Agent shall have received:

(i) counterparts of either a Mortgage Amendment or a Mortgage with respect to such 

Real Property duly executed and delivered by the record owner of such property as 

filed or recorded in all filing or recording offices reasonably necessary or desirable 

in order to continue or create (as applicable) a valid and subsisting perfected Lien 

on the property and/or rights described therein in favor of the Mortgage Collateral 

Agent for the benefit of the Secured Parties, and evidence that all filing and 

recording taxes and fees have been paid or otherwise provided for in a manner 

reasonably satisfactory to the Required Lenders (it being understood that if a 

mortgage tax will be owed on the entire amount of the indebtedness evidenced 

hereby, then the amount secured by the Existing Mortgage as amended by a 

Mortgage Amendment or the Mortgage (as applicable) shall be limited to 120% (or, 
13

in the case of Real Property located in the state of New York, 100%) of the fair 

market value of the property at the time the Mortgage Amendment or Mortgage (as 

applicable) is entered into if such limitation results in such mortgage tax being 

calculated based upon such fair market value);

(ii) if a Mortgage Amendment is delivered with respect to such Real Property, a fully 

paid bringdown and modification endorsement to the existing lender’s title 

insurance policy insuring the Lien of the Existing Mortgage, and if a Mortgage is 

delivered with respect to such Real Property, a fully paid policy of title insurance 

(or marked-up title insurance commitments having the effect of a policy of title 

insurance) issued by the Title Company or another nationally recognized title 

insurance company reasonably acceptable to the Required Lenders in form and in 

an amount reasonably acceptable to the Required Lenders (not to exceed 100% of 

the fair market value of such Material Real Property (or interest therein, as 

applicable) covered thereby), in each case, insuring the Existing Mortgage, as 

amended by the Mortgage Amendment, or the Mortgage (as applicable) to be a 

valid, subsisting Lien on the property described therein, free and clear of all Liens 

other than Liens permitted pursuant to Section 7.01 (such existing policies, as 

endorsed, or such policies (as applicable), “Mortgage Policies”), each of which 

shall (A) to the extent reasonably necessary, include such reinsurance arrangements 

(with provisions for direct access, if reasonably necessary) as shall be reasonably 

acceptable to the Required Lenders, (B) contain a “tie-in” or “cluster” endorsement, 

if available under applicable law (i.e., policies which insure against losses 

regardless of location or allocated value of the insured property up to a stated 

maximum coverage amount), (C) have been supplemented by such endorsements 

(or where such endorsements are not available, customary opinions of special 

counsel, architects or other professionals reasonably acceptable to the Collateral 

Agent and the Required Lenders) as shall be reasonably requested by the Collateral 

Agent or the Required Lenders (including endorsements on matters relating to 

usury, first loss, last dollar, zoning, contiguity, revolving credit (if available after 

the applicable Loan Party uses commercially reasonable efforts), doing business, 

public road access, variable rate, environmental lien, subdivision, mortgage 

recording tax, separate tax lot and so-called comprehensive coverage over 

covenants and restrictions);

(iii) either (1) an American Land Title Association/National Society for Professional 

Surveyors (ALTA/NSPS) form of survey for which all charges have been paid, 

dated a date, containing a certification and otherwise being in form and substance 

reasonably satisfactory to the Collateral Agent (a “Survey”) or (2) such 

documentation (“Other Survey Documentation”) as may be required by the Title 

Company to omit the standard survey exception to coverage under the Mortgage 

Policy with respect to such Material Real Property and issue affirmative 

endorsements reasonably requested by the Collateral Agent at the direction of the 

Required Lenders, including “same as” survey and comprehensive endorsements;

(iv) a customary legal opinion, addressed to the Mortgage Collateral Agent, the 

Collateral Agent and the Secured Parties with respect to the Existing Mortgage, as 
14

amended by the Mortgage Amendment, or the Mortgage (as applicable) on such 

Material Real Property; provided, however, with respect to any Material Real 

Property as of the Effective Date, Borrower shall only be required to deliver a legal 

opinion if such Material Real Property is located in a Required Opinion State; and

(v) in order to comply with the Flood Laws, the following documents: (A) a completed 

standard “life of loan” flood hazard determination form (a “Flood Determination 

Form”); (B) if any of the material improvement(s) to the improved Material Real 

Property is located in a special flood hazard area, a notification thereof to the 

Borrower (“Borrower Notice”) and, if applicable, notification to the Borrower that 

flood insurance coverage under the National Flood Insurance Program (“NFIP”) is 

not available because the community in which the property is located does not 

participate in the NFIP; (C) documentation evidencing the Borrower’s receipt of 

the Borrower Notice (e.g., a countersigned Borrower Notice or return receipt of 

certified U.S. Mail or overnight delivery); and (D) if the Borrower Notice is 

required to be given and flood insurance is available in the community in which 

such Material Real Property is located, a copy of one of the following: the flood 

insurance policy, the Borrower’s application for a flood insurance policy plus proof 

of premium payment, a declaration page confirming that flood insurance has been 

issued or such other evidence of flood insurance reasonably satisfactory to the 

Required Lenders (any of the foregoing being “Evidence of Flood Insurance”); 

(d) after the Effective Date, each Restricted Subsidiary of the Borrower that is not an 

Excluded Subsidiary shall become a Guarantor and signatory to this Agreement pursuant to a 

joinder agreement in accordance with Section 6.11 or 6.13; provided that, notwithstanding the 

foregoing provisions, any Subsidiary of the Borrower that would otherwise constitute an Excluded 

Subsidiary that Guarantees any ABL Facility Indebtedness, any Tranche B-2 Term Loan Facility 

Indebtedness, any UST Tranche B Term Loan Facility Indebtedness, any Junior Financing, 

Permitted Additional Debt, or any Permitted Refinancing of any Indebtedness thereof, or that is a 

borrower under the ABL Facility (or any Permitted Refinancing thereof), the Tranche B-2 Term 

Loan Facility (or any Permitted Refinancing thereof) or the UST Tranche B Term Loan Facility

(or any Permitted Refinancing thereof) shall be a Guarantor hereunder for so long as it Guarantees 

such Indebtedness (or is a borrower with respect thereto).

Notwithstanding the foregoing provisions of this definition or anything in this Agreement 

or any other Loan Document to the contrary:

(A) the foregoing definition shall not require, unless otherwise stated in this clause (A), 

the creation or perfection of pledges of, security interests in, Mortgages on, the obtaining of title 

insurance with respect to or the taking of any other actions with respect to: (i) any fee owned Real 

Property that is not Material Real Property (other than Pension Property Mortgages solely to the 

extent required to be delivered pursuant to clause (b)(iv) of this definition) and any Leasehold 

Property (it being understood there shall be no requirement to obtain any landlord waivers, 

estoppels or collateral access letters), (ii) motor vehicles (other than tractors, trucks, trailers and 

other rolling stock) consisting of an employee or light vehicle and other assets subject to 

certificates of title with an individual fair market value of less than $40,000, provided that the 

aggregate fair market value of all assets excluded from the Collateral and Guarantee Requirement 
15

pursuant to this sub-clause (ii) of this clause (A), together with the aggregate book value of all 

assets excluded from the Collateral and Guarantee Requirement pursuant to sub-clause (xiv) of 

this clause (A), shall not exceed $5,000,000 in the aggregate at any time outstanding, (iii) letter of 

credit rights (other than to the extent consisting of supporting obligations that can be perfected 

solely by the filing of a UCC financing statement) of an amount less than $5,000,000 and 

commercial tort claims where the amount of damages claimed by the applicable Loan Party is less 

than $5,000,000, (iv) any governmental licenses or state or local franchises, charters and 

authorizations, to the extent security interests in such licenses, franchises, charters or 

authorizations are prohibited or restricted thereby (except to the extent such prohibition or 

restriction is rendered ineffective under the UCC or other applicable law), (v) Collateral in which 

pledges or security interests are prohibited or restricted by applicable law or require the consent of 

any governmental authority or third party, which consent has not been obtained, (vi) Margin Stock, 

(vii) Equity Interests in a bona fide joint venture formed after the Effective Date with any Person 

that is not an Affiliate of any Loan Party (but only to the extent that the organizational documents 

of such Subsidiaries or agreements with other equity holders prohibit or restrict the pledge thereof 

without the consent of the other equity holders under restrictions that are enforceable under the 

UCC or other applicable law and such consent has not been obtained), (viii) Equity Interests of (or 

held as assets by) Immaterial Subsidiaries, or captive insurance Subsidiaries, (ix) any lease, license 

or agreement or any property to the extent a grant of a security interest therein would violate or 

invalidate such lease, license or agreement or similar arrangement or create a right of termination 

in favor of any other party thereto after giving effect to the applicable anti-assignment provisions 

of the UCC or other applicable law, other than proceeds and receivables thereof, the assignment 

of which is deemed effective under the UCC or other applicable law, notwithstanding such 

prohibition, (x) any assets or rights subject to a purchase money security interest, Capitalized Lease 

or similar arrangement, other than in each case, the UST Tranche B Priority Collateral and UST 

Tranche B Joint Collateral, (xi) the UST Tranche B Only Collateral, (xii) any assets to the extent 

a security interest in such assets could result in adverse Tax consequences as reasonably 

determined by the Borrower, in consultation with the Required Lenders, (xiii) any intent-to-use 

trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” 

with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the 

grant of a security interest therein would impair the validity or enforceability of such intent-to-use 

trademark application under applicable Federal law, (xiv) any equipment or other collateral with 

a net book value in an aggregate amount not to exceed $5,000,000 for all such equipment or other 

collateral (other than to the extent consisting of supporting obligations that can be perfected solely 

by the filing of a UCC financing statement); provided that the aggregate fair market value of all 

assets excluded from the Collateral and Guarantee Requirement pursuant to this sub-clause (xiv), 

together with the aggregate net book value of all assets excluded from the Collateral and Guarantee 

Requirement pursuant to sub-clause (ii) of this clause (A), shall not exceed $5,000,000 in the 

aggregate at any time outstanding, and (xv) other assets not specifically included in the Collateral 

in circumstances where the cost of obtaining a security interest in such assets exceeds the practical 

benefit to the Lenders afforded thereby as reasonably determined by the Required Lenders in 

consultation with the Borrower.

(B) (i) the foregoing definition shall not require perfection by “control” except with 

respect to (1) Equity Interests or Indebtedness represented or evidenced by certificates or 

instruments and (2) deposit accounts and security accounts (which are required to be subject to 

Control Agreements pursuant to Section 3.04 of the Security Agreement, including the UST
16

Tranche A Controlled Account), other than Excluded Accounts; (ii) perfection by possession or 

control shall not be required with respect to (x) any intercompany notes in an aggregate principal 

amount not to exceed $5,000,000 and (y) any other notes or other evidence of Indebtedness in an 

aggregate principal amount not to exceed $5,000,000; (iii) except in the case of (A) Canadian 

Subsidiaries, (B) Dutch Subsidiaries and (C) other Foreign Subsidiaries that are not Excluded 

Foreign Subsidiaries, no actions in any non-U.S. jurisdiction or required by the laws of any nonU.S. jurisdiction shall be required in order to create any security interests in assets located or titled 

outside of the United States (including the Equity Interests of any Foreign Subsidiary) or to perfect 

such security interests (it being understood that there shall be no security agreements or pledge 

agreements governed under the laws of any non-U.S. jurisdiction); and (iv) except to the extent 

that perfection and priority may be achieved (w) by the filing of a financing statement under the 

Uniform Commercial Code with respect to the Borrower or a Guarantor, (x) with respect to Real 

Property and the recordation of Mortgages in respect thereof, as contemplated by clauses (b)(iii) 

and (c) above, (y) with respect to Equity Interests or Indebtedness, by the delivery of certificates 

or instruments representing or evidencing such Equity Interests or Indebtedness along with 

appropriate undated instruments of transfer executed in blank or (z) by notation of liens on 

certificate of title, the Loan Documents shall not contain any requirements as to perfection or 

priority with respect to any assets or property described in clause (A) above and this clause (B);

(C) the Collateral Agent, acting at the direction of the Required Lenders, may grant 

extensions of time for the creation or perfection of security interests in, and Mortgages (or 

Mortgage Amendments, if applicable) on, or obtaining of title insurance policies (or title 

endorsements, if applicable) or taking of other actions with respect to, particular assets (including 

extensions beyond the Effective Date) or any other compliance with the requirements of this 

definition (or any similar requirements set forth herein or in any other Loan Documents) where 

the Required Lenders reasonably determines, in consultation with the Borrower, that such creation 

or perfection of security interests or Mortgages, or such obtaining of title insurance policies (or 

endorsements) or taking of other actions, or any other compliance with the requirements of this 

definition cannot be accomplished without undue delay, burden or expense by the time or times at 

which such act would otherwise be required by this Agreement or any Collateral Documents;

provided that the Collateral Agent shall have received on or prior to the Effective Date (or within 

the time period described in Schedule 6.13, if applicable), (i) UCC financing statements as filed

under the UCC in the jurisdiction of incorporation or organization of each Loan Party, (ii) any 

certificates or instruments representing or evidencing Equity Interests of each direct wholly owned 

Subsidiary of the Borrower or any Guarantor, in each case accompanied by undated instruments 

of transfer and stock powers endorsed in blank and (iii) Mortgages (or Mortgage Amendments)

and Mortgage Policies (or endorsements to existing title insurance policies) for each Material Real 

Property; and

(D) Liens required to be granted from time to time pursuant to the Collateral and 

Guarantee Requirement shall be subject to the exceptions and limitations set forth in this 

Agreement and the Collateral Documents.

“Collateral Documents” shall mean, collectively, the Security Agreement, the Mortgage 

Collateral Agency Agreement, each of the Mortgages, collateral assignments, security agreements, 

pledge agreements, intellectual property security agreements, Control Agreements or other similar 

agreements delivered to the Administrative Agent or the Collateral Agent pursuant to Section 4.02, 
17

Section 6.11 or Section 6.13, each of the other agreements, instruments or documents that creates 

or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties, 

the ABL Intercreditor Agreement and any Junior Lien Intercreditor Agreement.

“Commitment” shall mean, with respect to any Lender, such Lender’s Term Loan 

Commitment (including pursuant to any Refinancing Amendment or Extension Amendment).

“Common stock” means the common stock, par value $0.01 per share, of Borrower. 

“Communications” shall have the meaning assigned to such term in Section 10.01.

“Compliance Certificate” shall mean a certificate substantially in the form of Exhibit F.

“Consolidated EBITDA” shall mean, for any period, the Consolidated Net Income for 

such period, plus:

(a) without duplication and to the extent deducted (and not added back or excluded) in 

arriving at such Consolidated Net Income (other than clauses (viii) or (xi)), the sum of the 

following amounts for such period with respect to Borrower and its Restricted Subsidiaries:

(i) total interest expense determined in accordance with GAAP and, to the 

extent not reflected in such total interest expense, any expenses or losses on hedging 

obligations or other derivative instruments entered into for the purpose of hedging interest 

rate risk, net of interest income and gains on such hedging obligations or other derivative 

obligations, letter of credit fees, costs of surety bonds in connection with financing 

activities and any bank fees and financing fees (including commitment, underwriting, 

funding, “rollover” and similar fees and commissions, discounts, yields and other fees, 

charges and amounts incurred in connection with the issuance or incurrence of

Indebtedness and all commissions, discounts and other fees and charges owed with respect 

to letters of credit and bankers’ acceptance financing and net costs under Swap Contracts 

entered into for the purpose of hedging interest or commodity rate risk) and annual agency, 

unused line, facility or similar fees paid under definitive documentation related to 

Indebtedness (whether amortized or immediately expensed),

(ii) provision for taxes based on income, profits or capital gains of the Borrower 

and the Restricted Subsidiaries, including, without limitation, federal, state, local, franchise 

and similar taxes and foreign withholding taxes paid or accrued during such period,

(iii) depreciation and amortization,

(iv) extraordinary, unusual or non-recurring charges, expenses or losses,

provided that the aggregate amount added to “Consolidated EBITDA” pursuant to this 

clause (a)(iv) in any period, together with the aggregate amount added to Consolidated 

EBITDA pursuant to clause (a)(vi) of the definition of “Consolidated EBITDA”, shall not 

exceed in the aggregate 10.0% of Consolidated EBITDA for such period (as calculated 

prior to giving effect to any such adjustments),
18

(v) non-cash expenses, charges and losses (including reserves, impairment 

charges or asset write-offs, write-offs of deferred financing fees, losses from investments 

recorded using the equity method, purchase accounting adjustments and stock-based 

awards compensation expense), in each case other than (A) any non-cash charge 

representing amortization of a prepaid cash item that was paid and not expensed in a prior 

period and (B) any non-cash charge relating to write-offs, write-downs or reserves with 

respect to accounts receivable in the normal course or inventory; provided that if any of 

the non-cash charges referred to in this clause (v) represents an accrual or reserve for 

potential cash items in any future period, (1) the Borrower may determine not to add back 

such non-cash charge in the current period and (2) to the extent the Borrower does decide 

to add back such non-cash charge, the cash payment in respect thereof in such future period 

shall be subtracted from Consolidated EBITDA in such future period to the extent paid,

(vi) restructuring costs and charges, integration costs, retention, recruiting, 

relocation and signing bonuses and expenses, and severance costs (including, for the 

avoidance of doubt, any bonuses payable in connection with the IBT Transactions); 

provided that the aggregate amount added to “Consolidated EBITDA” pursuant to this 

clause (a)(vi) in any period, together with the aggregate amount added to Consolidated 

EBITDA pursuant to clause (a)(iv) of the definition of “Consolidated EBITDA”, shall not 

exceed in the aggregate 10.0% of Consolidated EBITDA for such period (as calculated 

prior to giving effect to any such adjustments),

(vii) Transaction Expenses, and any fees, costs and expenses in connection with 

any amendment, negotiation, modification, restatement, waiver, forbearance or other 

transaction in connection with the Transactions provided that the aggregate amount added 

to “Consolidated EBITDA” pursuant to this clause (a)(vii) with respect to the 

Transactions shall not exceed $20,000,000,

(viii) pro forma cost savings for acquisitions (including the commencement of 

activities constituting such business), material dispositions (including the termination or 

discontinuance of activities constituting such business) of business entities or properties or 

assets, constituting a division or line of business of any business entity, division or line of 

business that is the subject of any such acquisition or disposition and operational changes 

and operational initiatives (collectively, “Cost Savings”), scheduled to be executed and 

realized (in the good faith determination of a Senior Financial Officer of the Borrower) in 

connection with any such transaction permitted hereunder, net of the amount of actual Cost 

Savings realized from such actions during such period; provided that (A) such Cost Savings 

are factually supportable and specifically identified, (B) such Cost Savings are scheduled 

to be executed and realized within twelve (12) months after the consummation of such 

transaction, (C) the Administrative Agent and the Required Lenders shall have received a 

certificate of a Senior Financial Officer of the Borrower, certifying the foregoing 

requirements and accompanied by a reasonably detailed statement or schedule of such Cost 

Savings; (D) the actions responsible for any expected Cost Savings are actually taken 

within twelve (12) months of the consummation of the relevant transaction, (E) any 

projected Cost Savings in respect of actions which are not actually taken within such twelve 

(12)-month period or have not been realized within such (12)-month period may no longer 

be added back in calculating Consolidated EBITDA pursuant to this clause (viii) for the 
19

applicable periods, (F) such Cost Savings are not duplicative of any other adjustments to 

Consolidated EBITDA pursuant to this definition and (G) the aggregate amount added to 

Consolidated EBITDA pursuant to this clause (a)(viii) in any period, together with the 

aggregate amount of all adjustments pursuant to Section 1.10(c), shall not exceed in the 

aggregate 5.0% of Consolidated EBITDA for such period (as calculated prior to giving 

effect to any such adjustments),

(ix) [reserved],

(x) other transaction specific accruals, costs, charges, fees and expenses 

(including legal, tax, structuring and other costs and expenses) related to the Transactions, 

acquisitions, investments, restricted payments, dispositions or issuances, amendments, 

waivers or modifications of debt or equity (whether or not consummated) reasonably 

expected to be permitted under this Agreement or the consummation of which would result 

in the repayment in full of the Obligations (other than unasserted contingent indemnity and 

reimbursement obligations) (it being understood and agreed that this clause (a)(x) shall not 

permit adjustments of the type specified in clauses (a)(iv), (vi) or (viii)),

(xi) to the extent not already included in Consolidated Net Income, proceeds of 

business interruption insurance (other than business interruption insurance relating to 

COVID 19 (or any related virus) or any related events) received or reasonably expected to 

be received within 365 days after the end of such period; provided that any such expected 

proceeds that are not actually received in such 365 day period shall be deducted from 

Consolidated EBITDA in the fiscal quarter immediately following such 365 day period,

(xii) charges, losses or expenses to the extent indemnified or insured or 

reimbursed or reasonably expected to be indemnified, insured or reimbursed by a third 

party within 365 days after the end of such period; provided that any such expected 

amounts that are not actually received in such 365 day period shall be deducted from 

Consolidated EBITDA in the fiscal quarter immediately following such 365 day period,

(xiii) the amount of any minority interest expense attributable to minority 

interests of third parties in the positive income of any non-wholly owned Restricted 

Subsidiary,

(xiv) any net loss from disposed, abandoned or discontinued operations,

(xv) the amount of loss on sale of Securitization Assets and related assets to the 

Securitization Subsidiary in connection with a Qualified Securitization Financing,

(xvi) net realized losses under any Swap Contract or embedded derivatives that 

require similar accounting treatment and the application of Accounting Standard 

Codification Topic 815 and related pronouncements,

(xvii) the cumulative effect of a change in accounting principles,
20

(xviii) realized non-cash foreign exchange losses resulting from the impact of 

foreign currency changes on the valuation of assets or liabilities on the balance sheet of the 

Borrower and its Restricted Subsidiaries,

(xix) any losses attributable to Dispositions of Real Property,

less (b) without duplication and to the extent included in arriving at such Consolidated Net Income, 

(i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual 

or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period) and 

all other non-cash items of income for such period, (ii) any gains and income from investments 

recorded using the equity method, (iii) extraordinary, unusual or non-recurring gains, (iv) noncash gains representing adjustments to pension assets, (v) any gains attributable to Dispositions of 

Real Property and (vi) any gains arising out of transactions of the types described in clauses 

(a)(xii), (xiii), (xiv), (xv) and (xvi) above; provided that, for the avoidance of doubt, any gain 

representing the reversal of any non-cash charge referred to in clause (a)(v)(B) above for a prior 

period shall be added (together with, without duplication, any amounts received in respect thereof 

to the extent not increasing Consolidated Net Income) to Consolidated EBITDA in any subsequent 

period to such extent so reversed (or received).

Notwithstanding the foregoing, Consolidated Net Income and Consolidated EBITDA shall be 

calculated to exclude any amounts otherwise increasing or included in Consolidated Net Income 

and/or Consolidated EBITDA relating to (x) business interruption insurance relating to COVID 19 

(or any related virus) or any related events or (y) any assistance programs provided by 

Governmental Agencies (or the equivalent). 

“Consolidated Net Income” shall mean, with reference to any period, the net income (or 

loss) of the Borrower and its Subsidiaries for such period determined on a consolidated basis in 

accordance with GAAP on a consolidated basis (without duplication) for such period (without 

deduction for minority interests); provided that in determining Consolidated Net Income, (a) the 

net income of any other Person which is not a Subsidiary of the Borrower or is accounted for by 

the Borrower by the equity method of accounting shall be included only to the extent of the 

payment of cash dividends or cash distributions by such other Person to the Borrower or a 

Guarantor that could be made during such period; provided, however, that for purposes of 

calculating the Cumulative Credit for purposes of Section 7.06(e)(y), such income shall only be 

included (directly or indirectly) to the extent such cash dividends or other cash distributions are 

actually received from such other Person by the Borrower or a Guarantor, (b) the net income of 

any Subsidiary of the Borrower shall be excluded to the extent that the declaration or payment of 

cash dividends or similar cash distributions by that Subsidiary of that net income is not at the date 

of determination permitted by operation of its charter or any agreement, instrument or law 

applicable to such Subsidiary (other than (i) restrictions that have been waived or otherwise 

released, (ii) restrictions pursuant to the Loan Documents, the ABL Facility Documentation, the 

Tranche B-2 Term Loan Facility Documentation or the UST Tranche B Term Loan Facility 

Documentation or the Treasury Equity Documents and (iii) restrictions arising pursuant to an 

agreement or instrument if the encumbrances and restrictions contained in any such agreement or 

instrument taken as a whole are not materially less favorable to the Secured Parties than the 

encumbrances and restrictions contained in the Loan Documents (as determined by the Borrower 

in good faith)), and (c) the income or loss of any Person accrued prior to the date it becomes a 
21

Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary or the date that 

such Person’s assets are acquired by the Borrower or any Subsidiary shall be excluded.

“Consolidated Total Assets” shall mean the total assets of the Borrower and its Restricted 

Subsidiaries, determined on a consolidated basis in accordance with GAAP, as shown on the 

consolidated balance sheet of the Borrower for the most recently completed fiscal quarter for which 

financial statements have been delivered pursuant to Section 6.01(a) or (b).

“Consolidated Total Debt” shall mean, as of any date of determination, the aggregate 

principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries (on a 

consolidated basis) outstanding on such date, in an amount that would be reflected on a balance 

sheet prepared as of such date on a consolidated basis in accordance with GAAP as long as such 

amount is no less than the aggregate face amount of such Indebtedness on such date, consisting of 

Indebtedness for borrowed money, Attributable Indebtedness or purchase money Indebtedness, 

debt obligations evidenced by bonds, debentures, promissory notes, loan agreements or similar 

instruments, and all Guarantees of any of the foregoing; provided that (i) Consolidated Total Debt 

shall not include Indebtedness in respect of letters of credit, bankers’ acceptances and other similar 

contingent obligations, except to the extent of unreimbursed amounts thereunder, and (ii) 

Consolidated Total Debt shall not include obligations under Swap Contracts permitted hereunder.

“Contractual Obligation” shall mean, as to any Person, any provision of any security 

issued by such Person or of any agreement, instrument or other undertaking to which such Person 

is a party or by which it or any of its property is bound.

“Contribution Deferral Agreement” means that certain Second Amended and Restated 

Contribution Deferral Agreement, dated as of January 31, 2014, by and between YRC Inc., USF 

Holland LLC (f/k/a USF Holland Inc.), New Penn Motor Express LLC (f/k/a New Penn Motor 

Express, Inc.), USF Reddaway Inc., certain other of the Subsidiaries of the Borrower, the Trustees 

for the Central States, Southeast and Southwest Areas Pension Fund, the Pension Fund Entities 

and each other pension fund from time to time party thereto and Wilmington Trust Company, all 

as the same may be amended, amended and restated, restated, supplemented or otherwise modified 

in accordance with the terms hereof.

“Control” shall have the meaning specified in the definition of “Affiliate”.

“Control Agreement” means an agreement, in form and substance reasonably satisfactory 

to the Required Lenders, which provides for the Collateral Agent to have “control” (for purposes 

of this definition, as defined in Section 9 104 of the UCC of the State of New York or Section 8-

106 of the UCC of the State of New York, as applicable) of Cash Collateral Accounts, Deposit 

Accounts or Securities Accounts, as applicable.

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either 

a tenor (including overnight) or an interest payment period having approximately the same length 

(disregarding business day adjustment) as such Available Tenor.

“Credit Agreement Refinancing Indebtedness” shall mean Permitted Additional Debt 

or Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or 

otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in 
22

exchange for, or to extend, renew, replace, restructure or refinance, in whole or part, existing Term 

Loans (including any successive Credit Agreement Refinancing Indebtedness) (“Refinanced 

Debt”); provided that (i) such extending, renewing, replacing, restructuring or refinancing 

Indebtedness is in an original aggregate principal amount (or accreted value, if applicable) not 

greater than the aggregate principal amount (or accreted value, if applicable) of the Refinanced 

Debt, except by an amount equal to accrued but unpaid interest, premiums and fees payable by the 

terms of such Indebtedness and reasonable fees, expenses, original issue discount and upfront fees 

incurred in connection with such exchange, modification, refinancing, refunding, renewal, 

restructuring, replacement or extension, (ii) such Refinanced Debt shall be repaid, defeased or 

satisfied and discharged with 100% of the Net Proceeds of the applicable Credit Agreement 

Refinancing Indebtedness and all accrued, due and payable interest, fees and premiums (if any) in 

connection therewith shall be paid promptly upon receipt of the proceeds of such Credit Agreement 

Refinancing Indebtedness, (iii) such Indebtedness does not have an earlier maturity and has a 

Weighted Average Life to Maturity equal to or greater than the Refinanced Debt; and (iv) and, in 

the case of any high yield notes constituting Credit Agreement Refinancing Indebtedness, such 

Indebtedness will not have mandatory prepayment provisions (other than related to customary 

asset sale and change of control and similar offers and AHYDO “catch up” payments) that would 

result in mandatory prepayment of such Indebtedness prior to the Refinanced Debt.

“Credit Extension” shall mean a Borrowing.

“Cumulative Credit” shall mean, at any date, an amount, not less than zero in the 

aggregate, determined on a cumulative basis equal to, without duplication:

(a) the Cumulative Retained Excess Cash Flow Amount at such time, plus

(b) the cumulative amount of cash and Cash Equivalent proceeds from the sale of 

Equity Interests of the Borrower or of any direct or indirect parent of the Borrower after 

September 11, 2019 to the extent Not Otherwise Applied, plus

(c) the aggregate amount of Declined Proceeds at such time that have been retained by 

the Borrower in accordance with Section 2.13(d), plus

(d) to the extent not already included in the Cumulative Retained Excess Cash Flow 

Amount, an amount equal to any returns in cash and Cash Equivalents (including dividends, 

interest, distributions, returns of principal, profits on sale, repayments, income and similar 

amounts) actually received by the Borrower or any Restricted Subsidiary after the Effective Date 

in respect of any Investments made pursuant to Section 7.02(p)(y), and provided in each case that 

such amount does not exceed the amount of the original Investment made pursuant to Section 

7.02(p)(y); minus

(e) any amount of the Cumulative Credit used to make Investments pursuant to Section 

7.02(p)(y) after September 11, 2019 and prior to such time, minus

(f) any amount of the Cumulative Credit used to pay dividends or make distributions 

or other Restricted Payments pursuant to Section 7.06(d)(ii) or Section 7.06(e)(y) after September 

11, 2019 and prior to such time, minus
23

(g) any amount of the Cumulative Credit used to make payments or distributions in 

respect of Permitted Additional Debt or Junior Financing (or any Permitted Refinancing thereof) 

pursuant to Section 7.13(a)(vi) after September 11, 2019 and prior to such time.

Notwithstanding anything to the contrary in this Agreement, during the Specified Period, the 

Cumulative Credit shall be unavailable for use under this Agreement and shall be disregarded in 

any calculation of or reference to any other term or provision herein.

“Cumulative Retained Excess Cash Flow Amount” shall mean “Cumulative Retained 

Excess Cash Flow Amount” as defined in the Tranche B-2 Term Loan Credit Agreement.

“Custodial Administration Agreement” shall mean the Amended and Restated Custodial 

Administration Agreement, dated as of the Effective Date, by and among the Borrower, the 

Subsidiaries from time to time parties thereto, VINtek, Inc., as custodial administrator, the 

Collateral Agent, as administrative and collateral agent for the benefit of the Secured Parties, the 

ABL Agent, as administrative and collateral agent for the benefit of the ABL Secured Parties, the 

Tranche B-2 Term Agent, as administrative and collateral agent for the benefit of the Tranche B2 Secured Parties, the UST Tranche B Term Agent, as administrative and collateral agent for the 

benefit of the UST Tranche B Secured Parties and the Collateral Agent, as collateral agent for the 

benefit of the Secured Parties, the Tranche B-2 Secured Parties, the UST Tranche B Secured 

Parties and the ABL Secured Parties.

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate 

(which will include a lookback) being established by the Required Lenders in accordance with the 

conventions for this rate selected or recommended by the Relevant Governmental Body for 

determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent 

decides that any such convention is not administratively feasible for the Administrative Agent, 

then the Required Lenders shall establish another convention in their reasonable discretion.

“Debtor Relief Laws” shall mean the Bankruptcy Code of the United States and all other 

liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, 

rearrangement, receivership, insolvency, reorganization or similar debtor relief Laws of the United 

States or other applicable jurisdictions from time to time in effect and affecting the rights of 

creditors generally.

“Declined Proceeds” shall have the meaning assigned to such term in Section 2.13(d).

“Default” shall mean any event or condition that constitutes an Event of Default or that, 

with the giving of any notice, the passage of any grace period, or both, without cure or waiver 

hereunder, would be an Event of Default.

“Deposit Account” means a demand, time, savings, passbook or like account with a bank, 

savings and loan association, credit union or like organization, other than an account evidenced by 

a negotiable certificate of deposit.

“Disposition” or “Dispose” shall mean the sale, transfer, license, lease or other disposition 

(including any sale and leaseback transaction and any sale or issuance of Equity Interests in a 

Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or 
24

other disposal, with or without recourse, of any notes or accounts receivable or any rights and 

claims associated therewith.

“Disqualified Equity Interests” shall mean any Equity Interest that, by its terms (or by 

the terms of any security or other Equity Interests into which it is convertible or for which it is

exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily 

redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation 

or otherwise, (b) is redeemable at the option of the holder thereof (other than solely for Qualified 

Equity Interests), in whole or in part (except as a result of a change of control or asset sale so long 

as any rights of the holders thereof upon the occurrence of a change of control or asset sale event 

shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued 

and payable and the termination of the Commitments), (c) provides for scheduled payments of 

dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any 

other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the 

date that is ninety-one (91) days after the then Latest Maturity Date; provided that if such Equity 

Interests are issued pursuant to, or in accordance with a plan for the benefit of employees of the 

Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity 

Interests shall not constitute Disqualified Equity Interests solely because they may be required to 

be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable 

statutory or regulatory obligations or as a result of such employee’s termination, death or disability.

“Disqualified Lenders” shall mean (i) each of those banks, financial institutions and other 

entities identified in writing prior to the Effective Date by the Borrower to the Administrative 

Agent and the Required Lenders, (ii) competitors of the Borrower or the Guarantors identified in 

writing from time to time by the Borrower to the Administrative Agent, and (iii) any known 

affiliates of the Persons identified pursuant to clause (i) or (ii); provided that a “competitor” or an 

affiliate of a competitor or an entity referenced in clause (i) shall not include any bona fide debt 

fund or investment vehicle (other than a Person which is excluded pursuant to clause (i) above) 

that is primarily engaged in making, purchasing, holding or otherwise investing in commercial 

loans and similar extensions of credit in the ordinary course of business and whose managers are 

not involved with any equity or equity-like investments or other investments with an equity 

component or characteristic managed by any Person described in clause (i) or (ii) above.

“Dollars” or “$” shall mean lawful money of the United States of America.

“Domestic Subsidiary” shall mean any Subsidiary that is organized under the Laws of the 

United States, any state thereof or the District of Columbia.

“Dutch Subsidiary” shall mean any Subsidiary that is organized under the Laws of the 

Netherlands or any state or province thereof.

“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the 

occurrence of:

(1) a notification by the Required Lenders to (or the request by the Borrower to the 

Administrative Agent to notify) each of the other parties hereto that at least five 

currently outstanding U.S. dollar-denominated syndicated credit facilities at such 
25

time contain (as a result of amendment or as originally executed) a SOFR-based 

rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a 

benchmark rate (and such syndicated credit facilities are identified in such notice 

and are publicly available for review), and

(2) the joint election by the Required Lenders and the Borrower to trigger a fallback 

fromUSD LIBOR and the provision by the Administrative Agent, acting at the 

direction of the Required Lenders, of written notice of such election to the 

Lenders.

“Effective Date” means the date on which the conditions specified in Section 4.01 are 

satisfied (or waived in accordance with Article 9), which date is July 7, 2020.

“Eligible Assignee” shall mean (i) a Lender, (ii) an Affiliate of a Lender, (iii) a Related 

Fund of a Lender, and (iv) any other Person (other than a natural person) approved by the 

Administrative Agent and, unless an Event of Default under Section 8.01(a), 8.01(f) or 8.01(g) has 

occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld, 

conditioned or delayed and the Borrower’s approval being deemed to have been given in the event 

that the Borrower does not object in writing to an assignment within three (3) Business Days after 

receipt of written notice of such assignment); provided that, notwithstanding the foregoing, (A) 

“Eligible Assignee” shall not include the Borrower or any other Controlled Affiliate of the 

Borrower and (B) no Borrower consent shall be required if any Lender is required to assign all or 

any portion of its Loans by any Governmental Authority. “Eligible Assignee” shall not include 

any Disqualified Lender without the prior written consent of the Borrower (which may be withheld 

in the Borrower’s sole discretion). Notwithstanding the foregoing or anything else to the contrary 

in this Agreement, each of the parties hereto acknowledges and agrees that the Administrative 

Agent (in its capacity as such) (x) shall not have any responsibility or obligation to determine 

whether any Lender or any potential assignee Lender is a Disqualified Lender and (y) shall not 

have any liability with respect to any assignment or participation made to a Disqualified Lender. 

“Environmental Laws” shall mean all federal, state, local and foreign laws (including 

common law), treaties, regulations, rules, ordinances, codes, decrees, judgments, directives, orders 

(including consent orders), and agreements in each case, relating to protection of the environment, 

natural resources, human health and safety (with respect to exposure to hazardous or toxic 

substances or wastes) or the presence, Release of, or exposure to, hazardous or toxic substances or 

wastes, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, 

recycling or handling of, or the arrangement for such activities with respect to, hazardous or toxic 

substances or wastes.

“Environmental Liability” shall mean all liabilities, obligations, damages, losses, claims, 

actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including 

administrative oversight costs, capital and operating costs, injunctive relief, costs associated with 

financial assurance, permitting or closure requirements, natural resource damages and 

investigation or remediation costs), whether contingent or otherwise, arising out of or relating to 

(a) compliance or non-compliance with any Environmental Law, (b) the generation, use, handling, 

transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any 

Hazardous Materials, (d) the Release of any Hazardous Materials or (e) any contract, agreement 
26

or other consensual arrangement pursuant to which liability is assumed or imposed with respect to 

any of the foregoing.

“Environmental Permit” means any permit, approval, identification number, license or 

other authorization required under any Environmental Law.

“Equity Interests” shall mean, with respect to any Person, all of the shares, interests, 

rights, participations or other equivalents (however designated) of capital stock of (or other 

ownership or profit interests or units in) such Person and all of the warrants, options or other rights 

for the purchase, acquisition or exchange from such Person of any of the foregoing (including 

through convertible securities) but excluding in each case any debt security that is convertible into, 

or exchanged for, Equity Interests.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended 

from time to time.

“ERISA Affiliate” shall mean any Person, any trade or business (whether or not 

incorporated) that, together with a Loan Party or any Restricted Subsidiary, is or, within the six 

year period immediately preceding February 13, 2014, was treated as a single employer under 

Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 

412 of the Code, is treated as a single employer under Section 414 of the Code.

“ERISA Event” shall mean (a) a Reportable Event; (b) the failure to satisfy the minimum 

funding standard with respect to a Plan within the meaning of Sections 412 or 430 of the Code or 

Sections 302 or 303 of ERISA, whether or not waived (unless such failure is corrected by the final 

due date for the plan year for which such failure occurred), (c) a determination that a Plan is, or is 

expected to be, in “at risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) 

of the Code); (d) the receipt by a Loan Party, any Restricted Subsidiary or any of their respective 

ERISA Affiliates of notice pursuant to Section 305(b)(3)(D) of ERISA that a Multiemployer Plan 

is or will be in “endangered status” or “critical status” (as defined in Section 305(b) of ERISA), or 

is, or is expected to be, “insolvent” (within the meaning of Section 4245 of ERISA); (e) the filing 

pursuant to Section 431 of the Code or Section 304 of ERISA of an application for the extension 

of any amortization period; (f) the failure to timely make a contribution required to be made with 

respect to any Plan or Multiemployer Plan; (g) the filing of a notice to terminate any Plan if such 

termination would require material additional contributions in order to be considered a standard 

termination within the meaning of Section 4041(b) of ERISA; (h) the filing under Section 4041(c) 

of ERISA of a notice of intent to terminate any Plan or the termination of any Plan under Section 

4041(c) of ERISA; (i) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA 

of an application for a waiver of the minimum funding standard with respect to any Plan; (j) the 

incurrence by a Loan Party, any Restricted Subsidiary or any of their respective ERISA Affiliates 

of any liability under Title IV of ERISA with respect to the termination of any Plan; (k) the receipt 

by a Loan Party, any Restricted Subsidiary or any of their respective ERISA Affiliates from the 

PBGC or a plan administrator of any notice of an intention to terminate any Plan or Plans or to 

appoint a trustee to administer any Plan under Section 4042 of ERISA; (l) the receipt by a Loan 

Party, any Restricted Subsidiary or any of their respective ERISA Affiliates of any notice, or the 

receipt by any Multiemployer Plan from a Loan Party, any Restricted Subsidiary or any of their 

respective ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability; (m) 
27

the occurrence of any event or condition that would reasonably be expected to result in the 

termination of a Plan or the appointment of a trustee to administer a Plan; (o) the occurrence of a 

nonexempt prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 

of the Code) with respect to any Plan which could result in liability to a Loan Party or any 

Restricted Subsidiary or with respect to which a Loan Party or any Restricted Subsidiary is a 

“disqualified person” (as defined in Section 4975 of the Code) or a “party in interest” (as defined 

in Section 3(14) of ERISA); (p) the incurrence of any liability with respect to any Plan or 

Multiemployer Plan under Title IV of ERISA (other than premiums due and not delinquent under 

Section 4007 of ERISA); or (q) engagement in any transaction that could be subject to Sections 

4069 or 4212(c) of ERISA.

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such 

Loan, or the Loans comprising such Borrowing, are bearing interest at a rate (other than the 

Alternate Base Rate) determined by reference to the Adjusted LIBO Rate.

“Event of Default” shall have the meaning assigned to such term in Article 8.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Excluded Account” means (i) any Deposit Account specifically and exclusively used for 

payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Loan 

Parties’ salaried employees, (ii) any petty cash account to the extent the balance therein does not 

exceed (x) $1,000,000 in the aggregate for more than five (5) Business Days, and/or (y) $5,000,000 

in the aggregate for more than one (1) Business Day, (iii) any zero-balance account, (iv) any 

account specifically and exclusively used to maintain cash collateral required pursuant to the ABL 

Credit Agreement, (v) any escrow account, (vi) the UST Tranche A Controlled Account and (vii) 

the UST Tranche B Controlled Account.

“Excluded CDA Proceeds” shall have the meaning assigned to such term in the definition 

of “Net Proceeds”.

“Excluded Foreign Subsidiary” shall mean any Foreign Subsidiary (other than any 

Canadian Subsidiary or Dutch Subsidiary) of the Borrower that does not individually have total 

assets or revenues (for the period of four fiscal quarters most recently ended) that exceed 3.0% of 

the Borrower’s total assets or revenues as of the end of each fiscal quarter (in the case of revenues, 

for the period of four fiscal quarters ending on such date); provided that the aggregate amount of 

assets or revenues (for the period of four fiscal quarters most recently ended) of such Subsidiaries 

shall not at any time exceed 7.0% of the Borrower’s total assets or revenues as of the end of each 

fiscal quarter (in the case of revenues, for the period of four fiscal quarters ending on such date); 

provided further that if, as of the date the financial statements for any fiscal quarter of the Borrower 

are delivered or required to be delivered hereunder, the consolidated assets or revenues of all 

Excluded Foreign Subsidiaries shall have, as of the last day of such fiscal quarter, exceeded the 

limits set forth above, then within sixty (60) days (or such later date as agreed by the 

Administrative Agent and the Required Lenders in their reasonable discretion) after the date such 

financial statements are so delivered (or so required to be delivered), the Borrower shall cause one 

or more Foreign Subsidiaries to comply with Section 6.11 such that, as a result thereof, the 

consolidated assets and revenues of all Excluded Foreign Subsidiaries do not exceed such limits. 
28

For the avoidance of doubt, no Canadian Subsidiary or Dutch Subsidiary shall constitute an 

Excluded Foreign Subsidiary.

“Excluded Property” shall have the meaning assigned to such term in the Security 

Agreement.

“Excluded Real Property” shall mean (a) any Real Property set forth on Schedule 1.01(a) 

and (b) any Pension Real Property.

“Excluded Subsidiary” shall mean (a) any bona fide joint venture formed after the 

Effective Date with any Person that is not an Affiliate of any Loan Party, (b) any Immaterial 

Subsidiary, (c) any Subsidiary that is prohibited by applicable Law whether or not existing on the 

Effective Date or Contractual Obligations existing on the Effective Date (or, in the case of any 

newly acquired Subsidiary, in existence at the time of acquisition but not entered into in 

contemplation thereof) from Guaranteeing the Obligations or if Guaranteeing the Obligations 

would require governmental (including regulatory) consent, approval, license or authorization 

(unless such contractual obligation is waived or otherwise removed or such consent, approval, 

license or authorization has been obtained), (d) any other Subsidiary with respect to which, in the 

reasonable judgment of the Administrative Agent (at the direction of the Required Lenders), in 

consultation with the Borrower, the burden or cost or other consequences (other than adverse tax 

consequences) of providing a Guarantee of the Obligations shall be excessive in view of the 

benefits to be obtained by the Lenders therefrom, (e) any other Subsidiary with respect to which, 

in the reasonable judgment of the Borrower, the tax consequences of providing a Guarantee could 

be adverse in consultation the Administrative Agent (provided that the Borrower shall give notice 

of such determination to the Required Lenders and, at the request of the Required Lenders, shall 

consult with the Required Lenders), (f) any Excluded Foreign Subsidiary of the Borrower, and (g) 

any Securitization Subsidiary, captive insurance company or non-profit Subsidiary; provided that 

no Person shall be an Excluded Subsidiary to the extent it guarantees or pledges any of its assets 

to secure, directly or indirectly, any other Indebtedness of any Loan Party in excess of the 

Threshold Amount; provided, further, that in the event that any Excluded Subsidiary guarantees 

or otherwise becomes an obligor under any Indebtedness, the aggregate principal amount of which 

exceeds the Threshold Amount, then such Excluded Subsidiary shall, notwithstanding the 

foregoing, no longer constitute an Excluded Subsidiary, and shall become a Loan Party hereunder. 

If any Guarantor becomes an Excluded Subsidiary pursuant to clause (a) of the definition of 

Excluded Subsidiary, such Guarantor shall only be permitted to be released from its Guarantee so 

long as the fair market value of any and all Investments then held by the Loan Parties in such 

Person are permitted as an Investment under Section 7.02(c)(iii) and Section 7.02(p) at the time 

such Person becomes an Excluded Subsidiary pursuant to clause (a) of the definition of “Excluded 

Subsidiary”.

“Existing Mortgage” shall mean, with respect to each Material Real Property as of the

Effective Date, either Mortgage in favor of the Collateral Agent securing the obligations under 

the Tranche B-2 Term Credit Agreement or the ABL Credit Agreement (as applicable).

“Extended Term Loans” shall have the meaning assigned to such term in Section 2.19(a).

“Extension” shall have the meaning assigned to such term in Section 2.19(a).
29

“Extension Amendment” shall have the meaning assigned to such term in Section 2.19(c).

“Extension Offer” shall have the meaning assigned to such term in Section 2.19(a).

“Facility” shall mean the UST Tranche A Term Loans, the Extended Term Loans or the 

Other Term Loans, as the context may require.

“FATCA” shall mean Sections 1471 through 1474 of the Code, as in effect on the Effective 

Date (or any amended or successor version that is substantively comparable and not materially 

more onerous to comply with), any current or future regulations or official interpretations thereof, 

any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or 

regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, 

treaty or convention among Governmental Authorities entered into in connection with the 

implementation of the foregoing.

“Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates 

on overnight Federal funds transactions with members of the Federal Reserve System, as published 

on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate 

is not so published for any day that is a Business Day, the average of the quotations for the day for 

such transactions received by the Administrative Agent from three Federal funds brokers of 

recognized standing selected by it.

“Fees” shall have the meaning assigned to such term in Section 2.05.

“Flood Laws” shall mean the National Flood Insurance Reform Act of 1994 and related 

legislation (including the regulations of the Board).

“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of 

the execution of this Agreement, the modification, amendment or renewal of this Agreement or 

otherwise) with respect to USD LIBOR.

“Foreign Disposition” shall have the meaning set forth in Section 2.13(f).

“Foreign Subsidiary” shall mean any direct or indirect Subsidiary of the Borrower which 

is not a Domestic Subsidiary.

“Funding Date” shall have the meaning set forth in Section 2.01.

“GAAP” shall mean generally accepted accounting principles in the United States of 

America, as in effect from time to time, subject to Section 1.11; provided, however, that if the 

Borrower notifies the Administrative Agent that the Borrower requests an amendment to any 

provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP 

or in the application thereof on the operation of such provision (or if the Administrative Agent 

notifies the Borrower that the Required Lenders request an amendment to any provision hereof for 

such purpose), regardless of whether any such notice is given before or after such change in GAAP 

or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in 

effect and applied immediately before such change shall have become effective until such notice 

shall have been withdrawn or such provision amended in accordance herewith.
30

“Governmental Authority” shall mean any nation or government, any state or other 

political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, 

administrative tribunal, central bank or other entity exercising executive, legislative, judicial, 

taxing, regulatory or administrative powers or functions of or pertaining to government (including, 

without limitation, the Treasury).

“Granting Lender” shall have the meaning assigned to such term in Section 10.04(i).

“Guarantee” shall mean, as to any Person, without duplication, (a) any obligation, 

contingent or otherwise, of such Person guaranteeing or having the economic effect of 

guaranteeing any Indebtedness or other monetary obligation payable or performable by another 

Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any 

obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for 

the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or 

services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or 

performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other 

financial statement condition or liquidity or level of income or cash flow of the primary obligor so 

as to enable the primary obligor to pay such Indebtedness, or (iv) entered into for the purpose of 

assuring in any other manner the obligee in respect of such Indebtedness of the payment or 

performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), 

or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, 

whether or not such Indebtedness is assumed by such Person (or any right, contingent or otherwise, 

of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” 

shall not include (i) endorsements for collection or deposit, in either case in the ordinary course of 

business, (ii) customary and reasonable indemnity obligations in effect on the Effective Date or 

entered into in connection with any acquisition or disposition of assets permitted under this 

Agreement (other than such obligations with respect to Indebtedness) or (iii) product warranties. 

The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable 

amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is 

made or, if not stated or determinable, the maximum reasonably anticipated liability in respect 

thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb 

has a corresponding meaning.

“Guaranteed Obligations” shall have the meaning specified in Section 11.01.

“Guarantors” shall mean (i) each Domestic Subsidiary of the Borrower as of the Effective 

Date (other than an Excluded Subsidiary), (ii) each Canadian Subsidiary and Dutch Subsidiary of 

the Borrower that issues a Guarantee of the Obligations after the Effective Date pursuant to 

Schedule 6.13(a) and (iii) each Subsidiary that issues a Guarantee of the Obligations after the 

Effective Date pursuant to Section 6.11 (which Section 6.11, for the avoidance of doubt, does not 

require that any Excluded Subsidiary provide such a Guarantee) or otherwise. For avoidance of 

doubt, the Borrower may cause any Restricted Subsidiary that is not (and is not required to be) a 

Guarantor to Guarantee the Obligations by causing such Restricted Subsidiary to execute a joinder 

to this Agreement in form and substance reasonably satisfactory to the Administrative Agent, and 

any such Restricted Subsidiary shall be treated as a Guarantor hereunder for all purposes (each 

such Subsidiary, an “Electing Guarantor”) and may also cause the Guaranty of any such Electing 

Guarantor, and any Liens securing such Guaranty, to be released upon providing written notice to 
31

the Administrative Agent and the Collateral Agent that such Electing Guarantor shall be treated as 

an Excluded Subsidiary to the extent consistent with the definition of Excluded Subsidiary. The 

Guarantors as of the Effective Date are (A) set forth on Schedule 1.01(b) and (B) not Electing 

Guarantors.

“Guaranty” shall mean, collectively, the guaranty of the Obligations by the Guarantors 

pursuant to this Agreement.

“Hazardous Materials” shall mean (a) any petroleum products, distillates or byproducts 

and all other hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, 

polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances and (b) 

any chemical, material, substance or waste that is prohibited, limited or regulated by or pursuant 

to any Environmental Law.

“IBT” shall mean the International Brotherhood of Teamsters.

“IBT Agreement” shall mean that certain National Master Freight Agreement, effective 

April 1, 2019, among the IBT, YRC Inc. (formerly, Yellow Transportation, Inc. and Roadway 

Express, Inc.), USF Holland LLC and New Penn Motor Express LLC, as amended, restated, 

modified, supplemented, extended, renewed or replaced from time to time.

“IBT Extension Agreement” shall mean that certain Extension of the Agreement for the 

Restructuring of the YRC Worldwide Inc. Operating Companies, by and among YRC Inc., USF 

Holland, Inc., New Penn Motor Express, Inc., USF Reddaway and the Teamsters National Freight 

Industry Negotiating Committee of the IBT.

“IBT Transactions” shall mean the modification and extension through March 31, 2024 

or any date thereafter, including pursuant to a subsequent modification, extension, approval and 

ratification, of the IBT Agreement, and the approval and ratification of the IBT Extension 

Agreement by the members of the IBT in accordance in all material respects with all applicable 

laws, rules, regulations and other requirements relating thereto.

“Immaterial Subsidiary” shall mean any Subsidiary of the Borrower that does not 

individually have total assets or revenues (for the period of four fiscal quarters most recently 

ended) that exceed 1.0% of the Borrower’s total assets or revenues as of the end of each fiscal 

quarter (in the case of revenues, for the period of four fiscal quarters ending on such date); provided

that the aggregate amount of assets or revenues (for the period of four fiscal quarters most recently 

ended) of such Subsidiaries shall not at any time exceed 2.5% of the Borrower’s total assets or 

revenues as of the end of each fiscal quarter (in the case of revenues, for the period of four fiscal 

quarters ending on such date); provided further that if, as of the date the financial statements for 

any fiscal quarter of the Borrower are delivered or required to be delivered hereunder, the 

consolidated assets or revenues of all Restricted Subsidiaries so designated by the Borrower as 

“Immaterial Subsidiaries” shall have, as of the last day of such fiscal quarter, exceeded the limits 

set forth above, then within 10 Business Days (or such later date as agreed by the Administrative 

Agent and the Required Lenders in their reasonable discretion) after the date such financial 

statements are so delivered (or so required to be delivered), the Borrower shall redesignate one or 

more Immaterial Subsidiaries, in each case in a written notice to the Required Lenders and 
32

Administrative Agent, such that, as a result thereof, the consolidated assets and revenues of all 

Restricted Subsidiaries that are still designated as “Immaterial Subsidiaries” do not exceed such 

limits. Upon any such Restricted Subsidiary ceasing to be an Immaterial Subsidiary pursuant to 

the preceding sentence, such Restricted Subsidiary, to the extent not otherwise qualifying as an 

Excluded Subsidiary, shall comply with Section 6.11, to the extent applicable.

“Indebtedness” shall mean, as to any Person at a particular time, without duplication and 

without reference to what constitutes indebtedness or a liability in accordance with GAAP, all of 

the following:

(a) all obligations of such Person for borrowed money and all obligations of such 

Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

(b) the maximum amount (after giving effect to any prior drawings or reductions which 

may have been reimbursed) of all outstanding letters of credit (including standby and commercial), 

bankers’ acceptances, bank guaranties, surety bonds, performance bonds and similar instruments 

issued or created by or for the account of such Person;

(c) net obligations of such Person under any Swap Contract;

(d) all obligations of such Person to pay the deferred purchase price of property or 

services;

(e) indebtedness (excluding prepaid interest thereon) described in clauses (a) through 

(d) and (f) through (h) secured by a Lien on property owned or being purchased by such Person 

(including indebtedness arising under conditional sales or other title retention agreements and 

mortgage, industrial revenue bond, industrial development bond and similar financings), whether 

or not such indebtedness shall have been assumed by such Person or is limited in recourse;

(f) all Attributable Indebtedness;

(g) all obligations of such Person to purchase, redeem, retire or otherwise acquire for 

value any Disqualified Equity Interests (but solely to the extent required to occur on or prior to the 

Latest Maturity Date (other than as a result of a change of control, asset sale or similar event)); 

and

(h) to the extent not otherwise included above, all Guarantees of such Person in respect 

of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person (i) shall include the Indebtedness 

of any partnership or joint venture (other than a joint venture that is itself a corporation or limited 

liability company) in which such Person is a general partner or joint venturer, except to the extent 

such Person’s liability for such Indebtedness is otherwise expressly contractually limited and only 

to the extent such Indebtedness would be included in the calculation of Consolidated Total Debt 

and (ii) shall exclude (A) trade accounts payable in the ordinary course of business, (B) any earnout obligation until such earn-out obligation has become due and payable, (C) any current and 

undeferred pension contributions or health and welfare contributions due from such Person and/or 

its applicable Subsidiaries to any Pension Fund Entity, (D) liabilities accrued in the ordinary 
33

course, (E) deferred revenues, liabilities associated with customer prepayments and deposits and 

any such obligations incurred under ERISA, and other accrued obligations (including transfer 

pricing), in each case incurred in the ordinary course of business, (F) operating leases, (G) 

customary obligations under employment agreements and deferred compensation and (H) deferred 

tax liabilities. The amount of any net obligation under any Swap Contract on any date shall be 

deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness 

of any Person for purposes of clause (e) that is limited in recourse to the property encumbered 

thereby shall be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such 

Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by 

such Person in good faith.

“Indemnified Taxes” shall have the meaning assigned to such term in Section 3.01(a).

“Indemnitee” shall have the meaning assigned to such term in Section 10.05(b).

“Information” shall have the meaning assigned to such term in Section 10.16.

“Initial Funding Date” means the date on which the conditions specified in Section 4.02

are satisfied (or waived in accordance with Article 9).

“Intellectual Property Security Agreement” shall have the meaning assigned to such 

term “Grant of Security Interest” in the Security Agreement.

“Intercompany Note” shall mean (i) for existing promissory notes as of the Effective 

Date, each promissory note (or amended and restated promissory note) with subordination 

language reasonably acceptable to the Required Lenders and (ii) for promissory notes issued after 

the Effective Date, a promissory note substantially in the form of Exhibit E.

“Intercreditor Agreement” shall include all permitted intercreditor agreements

(including the ABL Intercreditor Agreement and any Junior Lien Intercreditor Agreement).

“Interest Payment Date” shall mean (a) with respect to any ABR Loan, the last Business 

Day of each March, June, September and December, and (b) with respect to any Eurodollar Loan, 

the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in 

the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, 

each day that would have been an Interest Payment Date had successive Interest Periods of three 

months’ duration been applicable to such Borrowing.

“Interest Period” shall mean, with respect to any Eurodollar Borrowing, the period 

commencing on the date of such Borrowing and ending on the numerically corresponding day (or, 

if there is no numerically corresponding day, on the last Business Day) in the calendar month that 

is 1, 2, 3 or 6 (or, if agreed by all applicable Lenders, 12) months thereafter (or any shorter period 

agreed by all applicable Lenders), as the Borrower may elect; provided, however, that (a) if any 

Interest Period would end on a day other than a Business Day, such Interest Period shall be 

extended to the next succeeding Business Day unless such next succeeding Business Day would 

fall in the next calendar month, in which case such Interest Period shall end on the next preceding 

Business Day, (b) any Interest Period that begins on the last Business Day of a calendar month (or 

on a day for which there is no numerically corresponding day in the calendar month at the end of 
34

such Interest Period) shall end on the last Business Day of the calendar month at the end of such 

Interest Period and (c) no Interest Period for any Loan shall extend beyond the maturity date of 

such Loan. Interest shall accrue from and including the first day of an Interest Period to but 

excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing initially 

shall be the date on which such Borrowing is made and thereafter shall be the effective date of the 

most recent conversion or continuation of such Borrowing.

“Internally Generated Cash” shall mean cash resulting from operations of the Borrower 

and the Restricted Subsidiaries and not constituting (x) proceeds of the issuance of (or 

contributions in respect of) Equity Interests, (y) proceeds of Dispositions (other than in the 

ordinary course of business) and Casualty Events or (z) proceeds of the incurrence of Indebtedness.

“Investment” shall mean, as to any Person, any direct or indirect acquisition or investment 

by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or 

debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee 

or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity 

participation or interest in, another Person, including any partnership or joint venture interest in 

such other Person, or (c) the purchase or other acquisition (in one transaction or a series of related 

transactions) of all or substantially all of the property and assets or business of another Person or 

assets constituting a business unit, line of business or division of such Person. For purposes of 

covenant compliance, (i) the amount of any Investment shall equal (A) the amount actually 

invested, without adjustment for subsequent increases or decreases in the value of such Investment 

minus, except for purposes of calculating the Cumulative Credit, (B) the aggregate amount of 

dividends, distributions or other payments received in cash in respect of such Investment 

(including by way of a sale or other disposition of such Investment) but not in excess of the original 

amount invested and (ii) the fair market value of any and all Investments (which for the avoidance 

of doubt shall include all debt, equity and other items described in the foregoing provisions of this 

definition) held by any Loan Party in any Guarantor that becomes an Excluded Subsidiary pursuant 

to clause (a) of the definition of “Excluded Subsidiary” shall be deemed to be an Investment 

incurred on the date such Guarantor becomes an Excluded Subsidiary pursuant to clause (a) of the 

definition of “Excluded Subsidiary”.

“ISDA Definitions” means the 2006 ISDA Definitions published by the International 

Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented 

from time to time, or any successor definitional booklet for interest rate derivatives published from 

time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

“Junior Financing” shall mean any unsecured Indebtedness incurred by the Borrower or 

a Guarantor in the form of one or more series of unsecured notes or loans having an outstanding 

aggregate principal amount of not less than the Threshold Amount and any Subordinated 

Indebtedness (for greater certainty, not including the ABL Facility Indebtedness, the UST Tranche 

B Facility Indebtedness and the Tranche B-2 Term Loan Facility Indebtedness).

“Junior Financing Documentation” shall mean any documentation governing any Junior 

Financing.
35

“Junior Lien Intercreditor Agreement” shall mean a “junior lien” intercreditor 

agreement among the Collateral Agent and one or more Junior Lien Representatives for holders of 

Permitted Junior Priority Additional Debt, in form and substance reasonably satisfactory to the 

Required Lenders and the Borrower.

“Junior Lien Representative” shall mean, with respect to any series of Permitted Junior

Priority Additional Debt, the trustee, administrative agent, collateral agent, security agent or 

similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, 

incurred or otherwise obtained, as the case may be, and each of their successors in such capacities. 

“Latest Maturity Date” shall mean, at any date of determination, the latest maturity or 

expiration date applicable to any Loan hereunder at such time, including the latest maturity or 

expiration date of any UST Tranche A Term Loan, any Other Term Loan or any Extended Term 

Loan, in each case as extended in accordance with this Agreement from time to time.

“Laws” shall mean, collectively, all international, foreign, federal, state and local laws 

(including common law), statutes, treaties, rules, guidelines, regulations, ordinances, codes and 

administrative or judicial precedents or authorities, including the interpretation or administration 

thereof by any Governmental Authority charged with the enforcement, interpretation or 

administration thereof, and all applicable administrative orders, directed duties, requests, licenses, 

authorizations and permits of, requirements, and agreements with, any Governmental Authority.

“Leasehold Property” shall mean any leasehold interest of any Loan Party as lessee under 

any lease of Real Property.

“Lender” shall mean each lender from time to time party hereto. For avoidance of doubt, 

each Additional Lender is a Lender to the extent any such Person has executed and delivered a 

Refinancing Amendment, as the case may be, and to the extent such Refinancing Amendment shall 

have become effective in accordance with the terms hereof and thereof. As of the Effective Date, 

Schedule 2.01 sets forth the name of each Lender.

“Lender Indemnitees” shall have the meaning assigned to such term in Section 10.05(b).

“LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest 

Period, the rate per annum determined by the Administrative Agent by reference to the Bloomberg 

“LIBOR01” screen page (or any successor or replacement screen on such service) at approximately 

11:00 a.m. (London time) on the date that is two Business Days prior to the commencement of 

such Interest Period for deposits in Dollars for a period equal to such Interest Period; provided

that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of 

this definition, and except as set forth in Section 10.24, the “LIBO Rate” shall be the LIBO Rate 

for the immediately preceding Interest Period.

“Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, collateral 

assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, 

priority or other security interest or preferential arrangement of any kind or nature whatsoever 

(including any conditional sale or other title retention agreement, any easement, right of way or 

other encumbrance on title to Real Property, and any Capitalized Lease or financing lease having 

substantially the same economic effect as any of the foregoing).
36

“Liquidity” shall mean, as of any date of determination, the sum of (A) unrestricted cash 

and Cash Equivalents of the Loan Parties as of such date and (B) the aggregate amount of 

“Availability” under the ABL Credit Agreement (as such term is defined in the ABL Credit 

Agreement as in effect as of the date hereof and without giving effect to proviso in such definition) 

so long the conditions for utilizing have been satisfied other than with respect to the delivery of a 

borrowing request or similar funding notice, which the Borrower is permitted to deliver. Liquidity 

shall not include cash and Cash Equivalents held in the UST Tranche A Controlled Account or the 

UST Tranche B Controlled Account.

“Liquidity Test Period” shall mean the period commencing on the Effective Date and 

ending on the first date after for which Consolidated EBITDA for a Test Period ending on the last 

day of a fiscal quarter ending on or after September 30, 2020 is greater than $200,000,000 and the 

Borrower shall have delivered a Compliance Certificate to the Administrative Agent showing such 

calculation in reasonable detail.

“Loan” shall mean any Term Loan.

“Loan Documents” shall mean this Agreement (including, without limitation, any 

amendments to this Agreement), the Collateral Documents, the Custodial Administration 

Agreement, the Administrative Agent Fee Letter, each Refinancing Amendment, each Extension 

Offer and each amendment of any Loan Document in connection therewith, and the Term Notes, 

if any, executed and delivered pursuant to Section 2.04(e). 

“Loan Parties” shall mean, collectively, the Borrower and each Guarantor.

“Margin Stock” shall have the meaning assigned to such term in Regulation U.

“Master Agreement” shall have the meaning specified in the definition of “Swap 

Contract”.

“Material Adverse Effect” shall mean a (a) material adverse effect on the business, 

operations, assets, liabilities (actual or contingent), operating results or financial condition of the 

Borrower and its Restricted Subsidiaries, taken as a whole; (b) material adverse effect on the ability 

of the Loan Parties (taken as a whole) to fully and timely perform their payment obligations under 

the Loan Documents to which the Borrower or any of the Loan Parties is a party; or (c) material 

adverse effect on the rights and remedies available to the Lenders, the Administrative Agent or the 

Collateral Agent under any Loan Document (other than due to the action or inaction of any Agent 

or any Lender); provided, that with respect to the foregoing clause (a), the impacts of COVID 19 

on the business, operations, assets, liabilities (actual or contingent), operating results or financial 

condition of the Borrower and its Restricted Subsidiaries, taken as a whole, will be disregarded.

“Material Real Property” shall mean each Real Property that is (i) owned in fee by a 

Loan Party, (ii) located in the United States and (iii) not an Excluded Real Property.

“Maturity Date” shall mean, (i) with respect to the UST Tranche A Term Loans, 

September 30, 2024, (ii) with respect to any tranche of Extended Term Loans, the final maturity 

date as specified in the applicable Extension Offer accepted by the respective Lender or Lenders 

and (iii) with respect to any Other Term Loans, the final maturity date as specified in the applicable 
37

Refinancing Amendment; provided that if any such day is not a Business Day, the applicable 

Maturity Date shall be the Business Day immediately succeeding such day.

“Maximum Rate” shall have the meaning assigned to such term in Section 10.09.

“Minimum Extension Condition” shall have the meaning assigned to such term in 

Section 2.19(b).

“MNPI” shall mean material information concerning the Borrower, Subsidiary or 

Controlled Affiliate of any of the foregoing or their securities that has not been disseminated in a 

manner making it available to investors generally, within the meaning of Regulation FD under the 

Securities Act and the Exchange Act. For purposes of this definition, “material information” 

means information concerning the Borrower, the Subsidiaries or any Controlled Affiliate of any 

of the foregoing or any of their securities that could reasonably be expected to be material for 

purposes of the United States Federal and State securities laws and, where applicable, foreign 

securities laws.

“Moody’s” shall mean Moody’s Investors Service, Inc., or any successor thereto.

“Mortgage Collateral Agency Agreement” shall mean the Mortgage Collateral Agency 

Agreement, dated as of the date of the Mortgages, among the Collateral Agent, as mortgage 

collateral agent, the Collateral Agent, as UST Tranche A term loan representative, the UST

Tranche B Term Agent, as UST Tranche B term loan representative and the Borrower and the 

other Loan Parties party thereto, as each of the same may be further amended, restated, modified, 

supplemented, extended, renewed, restructured or replaced.

“Mortgage Collateral Agent” shall mean The Bank of New York Mellon, as mortgage 

collateral agent pursuant to the Mortgage Collateral Agency Agreement.

“Mortgage Policies” shall have the meaning specified in the definition of “Collateral and 

Guarantee Requirement.”

“Mortgaged Property” shall have the meaning specified in the definition of “Collateral 

and Guarantee Requirement.” The Mortgaged Properties as of the Effective Date are set forth on 

Schedule 1.01(c).

“Mortgages” shall mean, collectively, the mortgages, deeds of trust, trust deeds, hypothecs 

deeds to secure debt and similar instruments (including any Existing Mortgage, as amended by a 

Mortgage Amendment) by the Loan Parties in favor or for the benefit of the Mortgage Collateral 

Agent on behalf of the Secured Parties (as defined in the Mortgage Collateral Agency Agreement) 

creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably 

satisfactory to the Required Lenders, Collateral Agent and the Borrower, and any other mortgages 

executed and delivered pursuant to Section 4.02, 6.11 or 6.13.

“Multiemployer Plan” shall mean any multiemployer plan as defined in Section 

4001(a)(3) of ERISA subject to the provisions of Title IV of ERISA to which a Loan Party, any 

Restricted Subsidiary or any of their respective ERISA Affiliates is an “employer” as defined in 

Section 3(5) of ERISA.
38

“Net Equity Proceeds” shall mean 50% of the cash proceeds from the issuance or sale 

by the Borrower (or contributions in respect) of any Equity Interests issued after the Effective 

Date, net of all taxes paid or reasonably estimated to be payable as a result thereof and fees 

(including investment banking fees and discounts), commissions, costs and other expenses, in 

each case incurred in connection with such issuance or sale, provided, that, if the amount of any 

estimated taxes exceeds the amount of taxes actually required to be paid in cash, the aggregate 

amount of such excess shall constitute Net Proceeds at the time such taxes are actually paid.

“Net Proceeds” shall mean:

(a) 100% of the cash proceeds actually received by the Borrower or any Restricted 

Subsidiaries (including any cash payments received by way of deferred payment of principal 

pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise 

and including casualty insurance settlements and condemnation and similar awards, but in each 

case only as and when received) from any Disposition or Casualty Event, net of the following: 

(i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, 

title insurance premiums, and related search and recording charges, transfer taxes, deed or 

mortgage recording taxes, 

(ii) other than with respect to a Pension Real Property Event, required debt 

payments and required payments (including principal amount, premium or penalty, if any, 

interest, fees and expenses and other amounts) of other obligations that are secured by the 

applicable asset or property (other than pursuant to the Loan Documents, the ABL Facility 

Documentation (other than in respect of ABL Priority Collateral and Term Priority 

Collateral), the Tranche B-2 Term Loan Facility Documentation (other than in respect of 

ABL Priority Collateral and Term Priority Collateral), the UST Tranche B Term Loan 

Facility Documentation, (other than in respect of the UST Tranche B Priority Collateral, 

the UST Tranche B Joint Collateral and the UST Tranche B Only Collateral) or any 

Permitted Junior Priority Additional Debt), 

(iii) in the case of a Disposition or a Casualty Event with respect to any Pension 

Real Property (a “Pension Real Property Event”), to the extent the Contribution Deferral 

Agreement (as in effect as of the date hereof) requires the repayment or prepayment with 

the Net Proceeds of such Pension Real Property Event of any Specified Pension Fund 

Obligations which are secured on a first lien basis by such Pension Real Property (such 

obligations, “CDA First Lien Obligations”), the Net Proceeds of such Pension Real 

Property Event shall be reduced by an amount equal to the amount of such Specified 

Pension Fund Obligations that are so repaid or prepaid with such proceeds and have not 

been declined by the holders thereof,

(iv) in the case of any Disposition or Casualty Event by a non-wholly owned 

Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without 

regard to this clause (iv)) attributable to minority interests and not available for distribution 

to or for the account of the Borrower or a wholly owned Restricted Subsidiary as a result 

thereof, 
39

(v) taxes paid or reasonably estimated to be payable as a result thereof 

(provided, that if the amount of any such estimated taxes exceeds the amount of taxes 

actually required to be paid in cash in respect of such Disposition or Casualty Event, the 

aggregate amount of such excess shall constitute Net Proceeds at the time such taxes are 

actually paid), 

(vi) the amount of any reasonable reserve established in accordance with GAAP 

against any adjustment to the sale price or any liabilities (other than any taxes deducted 

pursuant to clause (i) or (v) above) (x) related to any of the applicable assets and (y) 

retained by the Borrower or any of the Restricted Subsidiaries with respect to the assets 

subject to the Disposition or Casualty Event including, without limitation, liabilities related 

to environmental matters or against any indemnification obligations (however, the amount 

of any subsequent reduction of such reserve (other than in connection with a payment in 

respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or 

Casualty Event occurring on the date of such reduction), and

(vii) any funded escrow established pursuant to the documents evidencing any 

such sale or disposition to secure any indemnification obligations or adjustments to the 

purchase price associated with any such sale or disposition;

provided, that if no Event of Default exists such proceeds, other than Real Property 

Disposition Proceeds, may be applied by the Borrower or any Restricted Subsidiary to acquire, 

maintain, develop, construct, improve, upgrade or repair assets useful in the business of the 

Borrower or its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition 

permitted hereunder of all or substantially all the assets of, or all the Equity Interests (other than 

directors’ qualifying shares) in, a Person or division or line of business of a Person (or any 

subsequent investment made in a Person, division or line of business previously acquired) that in 

each case become Collateral (or, in the case of the acquisition of the Equity Interests of a Person, 

such Person becomes a Loan Party under the Loan Documents), in each case within 270 days of 

such receipt, and such portion of such proceeds shall not constitute Net Proceeds except to the 

extent not, within 270 days of such receipt, so used or contractually committed with a third party 

to be so used (it being understood that if any portion of such proceeds are not so used within such 

270 day period but within such 270 day period are contractually committed with a third party to 

be used, then upon the termination of such contract or if such Net Proceeds are not so used within 

the later of such 270 day period and 180 days from the entry into such contractual commitment, 

such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry 

without giving effect to this proviso; it being understood that such proceeds shall constitute Net 

Proceeds if there is a Specified Default at the time of a proposed reinvestment unless such proposed 

reinvestment is made pursuant to a binding commitment with a third party entered into at a time 

when no Specified Default was continuing); provided, further that, (i) except with respect to (I) 

Real Property Disposition Proceeds and (II) at any time during the Specified Period, any other Net 

Proceeds, no proceeds realized in a single transaction or series of related transactions shall 

constitute Net Proceeds unless the aggregate net proceeds exceeds $7,500,000 in any fiscal year, 

commencing upon the expiration of the Specified Period (and thereafter only net cash proceeds in 

excess of such amount shall constitute Net Proceeds under this clause (a)), (ii) notwithstanding 

anything to the contrary in this Agreement, during the Specified Rolling Stock Prepayment Period, 

all Net Proceeds from any Disposition of Rolling Stock in excess of the Specified Rolling Stock 
40

Reinvestment Threshold in any fiscal year shall be applied (x) with respect to any Rolling Stock

constituting UST Tranche B Priority Collateral to prepay the UST Tranche B Term Loan Facility 

in accordance with the UST Tranche B Term Loan Credit Agreement, (y) with respect to any 

Rolling Stock constituting UST Tranche B Joint Collateral 67% to prepay the UST Tranche B 

Term Loan Facility in accordance with the UST Tranche B Term Loan Credit Agreement and 33% 

to prepay the Tranche B-2 Term Loan Facility in accordance with the Tranche B-2 Term Loan 

Credit Agreement and (z) with respect to any Rolling Stock constituting Non-UST Tranche B 

Term Priority Collateral to prepay the Tranche B-2 Term Loan Facility in accordance with the 

Tranche B-2 Term Loan Credit Agreement, in each case of clauses (x), (y) and (z) above, without

giving effect to any thresholds (other than such Specified Rolling Stock Reinvestment Threshold) 

or reinvestment rights, (iii) pending reinvestment in accordance with this proviso, (A) proceeds 

from the Disposition of Rolling Stock constituting (x) Non-UST Tranche B Term Priority 

Collateral shall, not later than the date that is five (5) Business Days after the end of the calendar 

month in which such Disposition is made, be deposited and maintained in a Non-UST Tranche B 

Priority Account (as defined in the ABL Intercreditor Agreement), (y) UST Tranche B Priority 

Collateral shall, not later than the date that is five (5) Business Days after the end of the calendar 

month in which such Disposition is made, be deposited and maintained in a UST Tranche B 

Priority Account (as defined in the ABL Intercreditor Agreement) and (z) UST Tranche B Joint 

Collateral shall, not later than the date that is five (5) Business Days after the end of the calendar 

month in which such Disposition is made, be deposited and maintained in a UST Tranche B Joint 

Account (as defined in the ABL Intercreditor Agreement) and (iv) the Borrower shall not, nor shall 

it permit any Restricted Subsidiary to, Dispose of Rolling Stock that does not constitute UST 

Tranche B Priority Collateral or UST Tranche B Joint Collateral with an aggregate fair market 

value in any fiscal year in excess of $5,000,000 without the prior consent of the Required Lenders.

(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower 

or any of the Restricted Subsidiaries of any Indebtedness, net of all taxes paid or reasonably 

estimated to be payable as a result thereof and fees (including investment banking fees and 

discounts), commissions, costs and other expenses, in each case incurred in connection with such 

issuance or sale, provided, that if the amount of any estimated taxes exceeds the amount of taxes 

actually required to be paid in cash, the aggregate amount of such excess shall constitute Net 

Proceeds at the time such taxes are actually paid.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs 

and expenses payable to the Borrower or the Restricted Subsidiaries shall be disregarded.

“Non-Consenting Lender” has the meaning set forth in Section 3.06(b).

“Non-UST Tranche B Term Priority Collateral” shall have the meaning assigned to 

such term in the ABL Intercreditor Agreement.

“Not Otherwise Applied” shall mean, with reference to any amount of net proceeds of 

any transaction or event, that such amount (a) was not required to be applied to prepay the Loans 

pursuant to Section 2.13(a) and (b) was not previously applied in determining the permissibility of 

a transaction under the Loan Documents where such permissibility was (or may have been) 

pursuant to Section 7.02(p)(y), Section 7.03(ee), Section 7.06(e)(y) or 7.13(a)(vi).
41

“Obligations” shall mean all advances to, and debts, liabilities, obligations, covenants and 

duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, 

whether direct or indirect (including those acquired by assumption), absolute or contingent, due or 

to become due, now existing or hereafter arising and including interest and fees that accrue after 

the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws 

naming such Person as the debtor in such proceeding (or would accrue but for the operation of 

applicable Debtor Relief Laws), regardless of whether such interest and fees are allowed or 

allowable claims in such proceeding. Without limiting the generality of the foregoing, the 

Obligations of the Loan Parties under the Loan Documents include (a) the obligation (including 

guarantee obligations) to pay principal, interest, reimbursement obligations, charges, expenses, 

fees, Attorney Costs, indemnities and other amounts payable by any Loan Party to the Agents, the 

Lenders or other Persons under any Loan Document and (b) the obligation of any Loan Party to 

reimburse any amount in respect of any of the foregoing that any Agent or Lender, in its sole 

discretion, may elect to pay or advance on behalf of such Loan Party.

“OFAC” shall have the meaning assigned to such term in the definition of “Blocked 

Person”.

“Organization Documents” shall mean (a) with respect to any corporation, the certificate 

or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents 

with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the 

certificate or articles of formation or organization and operating agreement; and (c) with respect 

to any partnership, joint venture, trust or other form of business entity, the partnership, joint 

venture or other applicable agreement of formation or organization and any agreement, instrument, 

filing or notice with respect thereto filed in connection with its formation or organization with the 

applicable Governmental Authority in the jurisdiction of its formation or organization and, if 

applicable, any certificate or articles of formation or organization of such entity.

“Other Survey Documentation” shall have the meaning specified in the definition of 

“Collateral and Guarantee Requirement”.

“Other Taxes” shall have the meaning assigned to such term in Section 3.01(b).

“Other Term Loan Commitments” shall mean one or more Classes of term loan 

commitments hereunder that result from a Refinancing Amendment entered into after the Effective 

Date.

“Other Term Loans” shall mean one or more Classes of Term Loans that result from a 

Refinancing Amendment entered into after the Effective Date.

“Participant Register” shall have the meaning assigned to such term in Section 10.04(f).

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in 

ERISA and any successor entity performing similar functions.

“Pension Fund Entities” shall mean those entities identified on Schedule 1.01(d) hereto.
42

“Pension Contribution Cap” means, as of any date of determination, (i) for any such date 

of determination occurring from and after September 11, 2019 and on or prior to September 11, 

2020, $150,000,000, (ii) for any such date of determination occurring after September 11, 2020

but on or prior to September 11, 2021, $153,000,000, (iii) for any such date of determination 

occurring after September 11, 2021 but on or prior to September 11, 2022, $156,060,000, (iv) for 

any such date of determination occurring after September 11, 2022 but on or prior to September 

11, 2023, $159,181,200 and (v) for any such date of determination occurring thereafter, 

$162,364,824.

“Pension Real Property” shall mean any Real Property for so long as such Real Property 

secures the obligations of the Borrower under the Contribution Deferral Agreement on a first lien 

basis on the Effective Date, as set forth on Schedule 1.01(a).

“Pension Real Property Event” shall have the meaning assigned to such term in the 

definition of “Net Proceeds”.

“Perfection Certificate” shall mean a certificate substantially in the form of Exhibit II to 

the Security Agreement or any other form reasonably approved by the Collateral Agent and the 

Borrower, as the same shall be supplemented from time to time.

“Permits” shall mean all necessary certificates, licenses, permits, franchises, trade names, 

certificates of occupancy, consents and other approvals required under applicable Laws for the 

operation of any Real Property.

“Permitted Acquisition” shall have the meaning assigned to such term in Section 7.02(h).

“Permitted Acquisition Provisions” shall have the meaning assigned to such term in 

Section 2.17(c).

“Permitted Additional Debt” shall mean Indebtedness incurred by the Borrower or any 

Guarantor, which Indebtedness may be (x) in the form of one or more series of notes or in the form 

of bank loans and, in either case, secured by the Collateral on a junior basis to the Obligations 

(“Permitted Junior Priority Additional Debt”) or (y) in the form of one or more series of notes 

or in the form of bank loans and unsecured; provided that (i) such Indebtedness is not at any time 

guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors, (ii) the other terms and 

conditions of such Indebtedness (excluding pricing, fees, rate floors and optional prepayment or 

redemption terms), if different from the Term Loans, are customary market terms for Indebtedness 

of such type but in no event shall such terms and conditions (taken as a whole) be materially more 

restrictive to the Borrower and its Subsidiaries than the terms and conditions hereof (provided, that 

the financial maintenance covenant on the then outstanding Term Loans shall be amended to 

provide the Lenders the benefit of any financial maintenance covenant of such Permitted 

Additional Debt that is in addition to or more restrictive in any material manner than the financial 

maintenance covenant on the then outstanding Term Loans) (provided that a certificate of a

Responsible Officer of the Borrower delivered to the Administrative Agent at least five Business 

Days prior to the incurrence of such Indebtedness (or such shorter period as the Administrative 

Agent with the consent of the Required Lenders may agree in their sole discretion), together with 

a reasonably detailed description of the material terms and conditions of such Indebtedness or 
43

drafts of the documentation relating thereto, stating that the Borrower has determined in good faith 

that such terms and conditions satisfy the requirement of this clause (ii) shall be conclusive 

evidence that such terms and conditions satisfy such requirement unless the Administrative Agent 

or the Required Lenders notify the Borrower within such five Business Day period (or such shorter 

period as the Administrative Agent with the consent of the Required Lenders may agree in its sole 

discretion) that the Required Lenders disagree with such determination (including a reasonable 

description of the basis upon which the Required Lenders disagree)), (iii) [reserved], (iv) no 

Default shall exist immediately prior to or after giving effect to such incurrence and (v) if such 

Indebtedness is Permitted Additional Debt that is secured, a Junior Representative acting on behalf 

of the holders of such Indebtedness shall have become party to or otherwise subject to the 

provisions of the Junior Lien Intercreditor Agreement. Permitted Additional Debt will include any 

Registered Equivalent Notes issued in exchange therefor.

“Permitted Junior Priority Additional Debt” shall have the meaning assigned to such 

term in the definition of “Permitted Additional Debt”.

“Permitted Refinancing” shall mean, with respect to any Person, any modification,

refinancing, refunding, renewal, replacement or extension of any Indebtedness of such Person;

provided that (a) the original aggregate principal amount (or accreted value, if applicable) does not 

exceed the aggregate principal amount (or accreted value, if applicable) of the Indebtedness so 

modified, refinanced, refunded, renewed, replaced or extended except (i) by an amount equal to 

accrued but unpaid interest, premiums and fees payable by the terms of such Indebtedness and 

reasonable fees, expenses, original issue discount and upfront fees incurred in connection with 

such modification, refinancing, refunding, renewal, replacement or extension and (ii) by an amount 

equal to any existing available commitments unutilized thereunder, (b) other than with respect to 

a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(e), the 

Indebtedness resulting from such modification, refinancing, refunding, renewal, replacement or 

extension has a final maturity date equal to or later than the final maturity date of, and has a 

Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity 

of, the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended, (c) 

other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant 

to Section 7.03(e), at the time thereof, no Event of Default shall have occurred and be continuing, 

(d) if such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is 

Indebtedness permitted pursuant to Section 7.03(b), 7.03(p) or 7.03(q), or is otherwise a Junior 

Financing, (i) to the extent such Indebtedness being modified, refinanced, refunded, renewed, 

replaced or extended is subordinated in right of payment or in lien priority to the Obligations, the 

Indebtedness resulting from such modification, refinancing, refunding, renewal, replacement or 

extension is subordinated in right of payment or in lien priority, as applicable, to the Obligations 

on terms (taken as a whole) (x) at least as favorable to the Lenders as those contained in the 

documentation governing the Indebtedness being modified, refinanced, refunded, renewed, 

replaced or extended (provided that a certificate of a Responsible Officer of the Borrower delivered 

to the Administrative Agent at least five Business Days prior to the incurrence of such 

Indebtedness (or such shorter period as the Administrative Agent with the consent of the Required 

Lenders may agree in its sole discretion), together with a reasonably detailed description of the 

material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, 

stating that the Borrower has determined in good faith that such terms and conditions satisfy the 

foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the 
44

foregoing requirement unless the Administrative Agent or the Required Lenders notify the 

Borrower within such five Business Day period that the Required Lenders disagree with such 

determination (including a reasonable description of the basis upon which the Required Lenders 

disagree)) or (y) otherwise reasonably acceptable to the Required Lenders)), and (ii) the obligors 

(including any guarantors) in respect of the Indebtedness resulting from such modification, 

refinancing, refunding, renewal, replacement or extension shall not include any Person other than 

the obligors (including any guarantors) of the Indebtedness being modified, refinanced, refunded, 

renewed, replaced or extended unless otherwise permitted hereby, (e) in the case of any Permitted 

Refinancing in respect of the ABL Facility, such Permitted Refinancing is a revolving working 

capital facility and is secured only by all or any portion of the collateral securing the ABL Facility 

(but not by any other assets) pursuant to one or more security agreements subject, in the case of 

assets constituting (or required to constitute) Collateral, to the ABL Intercreditor Agreement, (f) 

in the case of any Credit Agreement Refinancing Indebtedness, the Permitted Refinancing shall 

constitute Credit Agreement Refinancing Indebtedness and (g) to the extent such Indebtedness 

being modified, refinanced, refunded, renewed, replaced or extended is unsecured, the 

Indebtedness resulting from such modification, refinancing, refunding, renewal, replacement or 

extension must be unsecured. When used with respect to any specified Indebtedness, “Permitted 

Refinancing” shall mean the Indebtedness incurred to effectuate a Permitted Refinancing of such 

specified Indebtedness.

“Permitted Repricing Amendment” shall have the meaning set forth in Section 10.08(b).

“Person” shall mean any natural person, corporation, limited liability company, trust, joint 

venture, association, company, partnership, Governmental Authority or other entity.

“PIK Interest” shall have the meaning assigned to such term in Section 2.06(d).

“Plan” shall mean any employee pension benefit plan within the meaning of Section 3(2) 

of ERISA (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or 

Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA and in respect of which a 

Loan Party, any Restricted Subsidiary or any of their respective ERISA Affiliates is, or if such 

plan were terminated would under Section 4069 of ERISA be deemed to be, or within the six year 

period immediately preceding the date hereof was, a “contributing sponsor” as defined in Section 

4001(a)(13) of ERISA or an “employer” as defined in Section 3(5) of ERISA.

“Platform” shall have the meaning assigned to such term in Section 10.01.

“Prime Rate” shall mean, as of any day, the rate last quoted by The Wall Street Journal as 

the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the 

highest per annum interest rate published by the Federal Reserve Board in Federal Reserve 

Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such 

rate is no longer quoted therein, any similar rate quoted therein (as reasonably determined by the 

Required Lenders) or any similar release by the Federal Reserve Board (as reasonably determined 

by the Required Lenders).
45

“Pro Forma Basis” shall mean, with respect to compliance with any test or covenant or 

calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio 

(including in connection with Specified Transactions) in accordance with Section 1.10.

“Pro Rata Share” shall mean, with respect to each Lender at any time a fraction (expressed 

as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of 

the Commitments (or, if Commitments have been terminated, the principal amount of the Loans) 

under the applicable Facility or Facilities of such Lender at such time and the denominator of 

which is the amount of the aggregate Commitments (or, if the Commitments have been terminated, 

the principal amount of the Loans) under the applicable Facility or Facilities at such time.

“Projections” shall have the meaning set forth in Section 6.01(c).

“Public Lender” shall have the meaning assigned to such term in Section 10.01.

“Qualified Equity Interests” shall mean any Equity Interests that are not Disqualified 

Equity Interests.

“Qualified Securitization Financing” means any Securitization Facility of a 

Securitization Subsidiary that meets the following conditions: (i) the Borrower shall have 

determined in good faith that such Securitization Facility (including financing terms, covenants, 

termination events and other provisions) is in the aggregate economically fair and reasonable to 

the Borrower and its Restricted Subsidiaries party to the Securitization Facility; (ii) all sales of 

Securitization Assets and related assets by the Borrower or any Restricted Subsidiary to the 

Securitization Subsidiary or any other Person are made at fair market value (as determined in good 

faith by the Borrower); (iii) the financing terms, covenants, termination events and other provisions 

thereof shall be on market terms (as determined in good faith by the Borrower) and may include 

Standard Securitization Undertakings; and (iv) the obligations under such Securitization Facility 

are non-recourse (except for customary representations, warranties, covenants and indemnities 

made in connection with such facilities) to the Borrower or any of its Restricted Subsidiaries (other 

than a Securitization Subsidiary).

“Real Property” shall mean, collectively, all right, title and interest (including any 

leasehold, mineral or other estate) in and to any and all parcels of or interests in real property 

owned or leased by any Person, whether by lease, license or other means, together with, in each 

case, all easements, hereditaments and appurtenances relating thereto, all improvements and 

appurtenant fixtures and equipment, all general intangibles and contract rights and other property 

and rights incidental to the ownership, lease or operation thereof.

“Real Property Disposition Proceeds” shall mean any Net Proceeds realized from a 

Disposition of, or Sale and Leaseback Transaction with respect to, any Real Property, including, 

for the avoidance of doubt, any Pension Real Property (in each case, consummated on or after the 

Effective Date), other than, in each case, leases of Real Property entered into in the ordinary course 

of business (excluding Sale and Leaseback Transactions).

“Receivables Assets” shall mean (a) any accounts receivable owed to the Borrower or a 

Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all 

collateral securing such accounts receivable, all contracts and contract rights, in each case, of the 
46

type which would constitute ABL Priority Collateral, guarantees or other obligations in respect of 

such accounts receivable, all records with respect to such accounts receivable and any other assets 

customarily transferred together with accounts receivable in connection with a non-recourse 

accounts receivable factoring arrangement, except for Standard Securitization Undertakings, 

assigned or otherwise transferred or pledged by the Borrower in connection with a Receivables 

Facility.

“Receivables Facility” shall mean an arrangement between the Borrower or a Restricted 

Subsidiary and another Person pursuant to which (a) the Borrower or such Restricted Subsidiary, 

as applicable, sells (directly or indirectly) in the ordinary course of business to such Person 

accounts receivable owing by customers, together with Receivables Assets related thereto, (b) the 

obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are nonrecourse (except for Securitization Purchase Obligations) to the Borrower and such Restricted 

Subsidiary and (c) the financing terms, covenants, termination events and other provisions thereof 

shall be on market terms (as determined in good faith by the Borrower) and may include Standard 

Securitization Undertakings.

“Reference Time” with respect to any setting of the then-current Benchmark means (1) if 

such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking 

days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time 

determined by the Required Lenders in their reasonable discretion and notified to the 

Administrative Agent.

“Refinanced Debt” shall have the meaning specified in the definition of “Credit 

Agreement Refinancing Indebtedness”.

“Refinancing Amendment” shall mean an amendment to this Agreement executed by 

each of (a) the Borrower, (b) the Administrative Agent, (c) each Additional Lender that will make 

an Other Term Loan pursuant to such Refinancing Amendment and (d) each existing Lender that 

agrees to provide any portion of the Credit Agreement Refinancing Indebtedness being incurred 

pursuant thereto, in accordance with Section 2.18.

“Register” shall have the meaning assigned to such term in Section 10.04(d).

“Registered Equivalent Notes” shall mean, with respect to any notes originally issued in 

a Rule 144A or other private placement transaction under the Securities Act of 1933, substantially 

identical notes (having the same Guarantees) issued in a dollar-for-dollar exchange therefor 

pursuant to an exchange offer registered with the SEC.

“Regulation T” shall mean Regulation T of the Board as from time to time in effect and 

all official rulings and interpretations thereunder or thereof.

“Regulation U” shall mean Regulation U of the Board as from time to time in effect and 

all official rulings and interpretations thereunder or thereof.

“Rejection Notice” shall have the meaning assigned to such term in Section 2.13(d).
47

“Related Fund” shall mean, with respect to any Lender that is a fund or commingled 

investment vehicle that invests in loans, any other fund that invests in loans and is managed or 

advised by the same investment advisor/manager as such Lender or by an Affiliate of such 

investment advisor/manager.

“Related Parties” shall mean, with respect to any specified Person, such Person’s 

Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such 

Person and such Person’s Affiliates.

“Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring, 

deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or 

from, within or upon any vessel, vehicle, building, structure, facility or fixture.

“Relevant Governmental Body” means the Federal Reserve Board or the Federal Reserve 

Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board 

or the Federal Reserve Bank of New York, or any successor thereto.

“Reportable Event” shall mean any of the events set forth in Section 4043(c) of ERISA 

or the regulations issued thereunder, other than events for which the thirty (30) day notice period 

has been waived with respect to a Plan.

“Request for Credit Extension” shall mean a request by the Borrower in accordance with 

the terms of Section 2.03(a) or Section 2.10, as applicable, and substantially in the form of Exhibit 

C, or such other form as shall be approved by the Administrative Agent.

“Request for Disbursement” shall mean a request by the Borrower in accordance with the 

terms of Section 2.03(b) and substantially in the form of Exhibit D, or such other form as shall be 

approved by the Administrative Agent.

“Required Class Lenders” shall mean, as of any date of determination, Lenders of a Class 

having more than 50% of the sum of the outstanding Loans and unused Commitments of the 

applicable Class.

“Required Lenders” shall mean, at any time, Lenders having Loans and unused Term 

Loan Commitments representing more than 50% of the sum of all Loans outstanding and unused 

Term Loan Commitments at such time.

“Required Opinion State” shall mean each of the following states: Pennsylvania, 

California, Ohio, New York, Illinois, New Jersey, Texas, Michigan, Tennessee, North Carolina, 

Oregon, Georgia, Maryland, Indiana, Missouri, Wisconsin, South Carolina, Nevada, Minnesota 

and Utah.

“Responsible Officer” shall mean the chief executive officer, president, vice president, 

chief financial officer, treasurer, assistant treasurer, director of treasury or other similar officer of 

a Loan Party and, as to any document delivered on the Effective Date, any secretary or assistant 

secretary of such Loan Party; provided that with respect to the Borrower, “Responsible Officer” 

shall mean only the chief executive officer and chief financial officer. Any document delivered 

hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed 
48

by the recipient of such document to have been authorized by all necessary corporate, partnership 

and/or other action on the part of such Loan Party and such Responsible Officer shall be 

conclusively presumed by the recipient of such document to have acted on behalf of such Loan 

Party.

“Restricted Payment” shall mean any dividend or other distribution (whether in cash, 

securities or other property) with respect to any Equity Interest of the Borrower or any Restricted 

Subsidiary, or any payment (whether in cash, securities or other property), including any sinking 

fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, 

acquisition, cancellation or termination of any such Equity Interest of the Borrower or any 

Restricted Subsidiary, or on account of any return of capital to the Borrower’s or a Restricted 

Subsidiary’s stockholders, partners or members (or the equivalent Persons thereof).

“Restricted Subsidiary” shall mean each Subsidiary of the Borrower. 

“Rolling Stock” shall mean any vehicles, tractors, trucks, trailers, tank trailer and other 

trailers, or similar vehicles and trailers, railroad cars, locomotives, stacktrains and other rolling 

stock and accessories used on such railroad cars, locomotives or other rolling stock (including 

superstructures and racks).

“S&P” shall mean Standard & Poor’s Ratings Service, or any successor thereto.

“Sale and Leaseback Transaction” shall mean any arrangement, directly or indirectly, 

whereby a seller or transferor shall sell or otherwise transfer any real or personal property and then 

or thereafter lease, or repurchase under an extended purchase contract, conditional sales or other 

title retention agreement, the same property.

“Scheduled Property” shall have the meaning assigned to such term in Section 7.05(l).

“SEC” shall mean the Securities and Exchange Commission or any Governmental 

Authority that is the successor thereto.

“Secured Parties” shall have the meaning assigned to such term in the Security 

Agreement.

“Securities Account” as defined in the UCC.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Securitization Asset” shall mean (a) any accounts receivable or related assets and the 

collections and proceeds thereof, in each case subject to a Securitization Facility and (b) all 

collateral securing such receivable or asset, all contracts and contract rights in each case, of the 

type which would constitute ABL Priority Collateral, guaranties or other obligations in respect of 

such receivable or asset, lockbox accounts, books and records with respect to such account or asset 

and any other assets customarily transferred (or in respect of which security interests are 

customarily granted) together with accounts or assets in a securitization financing and which in 

the case of clause (a) and (b) above are sold, conveyed, assigned or otherwise transferred or 

pledged by any Loan Party in connection with a Qualified Securitization Financing.
49

“Securitization Facility” shall mean any transaction or series of securitization financings 

that may be entered into by the Borrower or any of its Restricted Subsidiaries pursuant to which 

the Borrower or any of its Restricted Subsidiaries may sell, convey or otherwise transfer, or may 

grant a security interest in, Securitization Assets to either (a) any Person that is not a Restricted

Subsidiary or (b) any other Subsidiary of the Borrower (that in turn sells such Securitization Assets 

to a Securitization Subsidiary) or a Securitization Subsidiary that in turn sells such Securitization 

Assets to a Person that is not a Restricted Subsidiary, or may grant a security interest in, any 

Securitization Assets of the Borrower or any of its Subsidiaries; provided that, it is understood and 

agreed that the ABL Facility is deemed a Securitization Facility.

“Securitization Fees” shall mean distributions or payments made directly or by means of 

discounts with respect to any Securitization Asset or participation interest therein issued or sold in 

connection with, and other fees and expenses (including fees and expenses of legal counsel) paid 

to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization 

Financing or a Receivables Facility.

“Securitization Purchase Obligation” shall mean any obligation of the Borrower or a 

Restricted Subsidiary in respect of Securitization Assets or Receivables Assets in a Qualified 

Securitization Financing or a Receivables Facility to purchase Securitization Assets arising as a 

result of a breach of a representation, warranty or covenant or otherwise, including, without 

limitation, as a result of a receivable or portion thereof becoming subject to any asserted defense, 

dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take 

action by or any other event relating to such party.

“Securitization Subsidiary” shall mean any Subsidiary of the Borrower in each case 

formed for the purpose of and that solely engages in one or more Qualified Securitization 

Financings and other activities reasonably related thereto or another Person formed for the 

purposes of engaging in a Qualified Securitization Financing in which the Borrower or any 

Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of 

the Borrower transfers Securitization Assets and related assets.

“Security Agreement” shall mean, except as the context may otherwise require, both (a) 

the Security Agreement dated on or around the Effective Date among the Borrower, the Guarantors 

party thereto and the Collateral Agent and (b) the Security and Collateral Agency Agreement, 

dated on or around the Effective Date, among the Collateral Agent, as collateral agent and term 

loan representative, the ABL Agent, as ABL representative, the Tranche B-2 Term Agent, as 

Tranche B-2 term loan representative, the UST Tranche B Term Agent, as UST Tranche B term 

loan representative and the Borrower and the other Loan Parties party thereto, as each of the same 

may be further amended, restated, modified, supplemented, extended, renewed, restructured or 

replaced.

“Security Agreement Supplement” shall have the meaning specified in the Security 

Agreement.

“Senior Financial Officer” of any Person shall mean the chief financial officer, principal 

accounting officer, treasurer, controller or other similar officer of such Person.
50

“Single-Employer Plans” shall mean the Roadway LLC Pension Plan, the Yellow 

Corporation Pension Plan and the YRC Retiree Pension Plan or any other Plans sponsored or 

maintained by the Borrower or any Restricted Subsidiary.

“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured 

overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR 

Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately 

succeeding Business Day.

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor 

administrator of the secured overnight financing rate).

“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of 

New York, currently at http://www.newyorkfed.org, or any successor source for the secured 

overnight financing rate identified as such by the SOFR Administrator from time to time.

“Specified Default” shall mean an Event of Default under Section 8.01(a), (f) or (g).

“Specified Pension Fund Obligations” shall mean the payment obligations due from the 

Borrower and/or its applicable Subsidiaries to the Pension Fund Entities under the terms and 

conditions of the Contribution Deferral Agreement.

“Specified Period” shall mean the period commencing on the Effective Date and ending 

on the first date after for which Consolidated EBITDA for a Test Period ending on the last day of 

a fiscal quarter ending on or after June 30, 2022 is greater than $200,000,000 and the Borrower 

shall have delivered a Compliance Certificate to the Administrative Agent and the Lenders 

showing such calculation in reasonable detail.

“Specified Rolling Stock Prepayment Period” means the period commencing on the 

Effective Date and ending on the first date after for which Consolidated EBITDA for a Test 

Period ending on the last day of a fiscal quarter ending on or after September 30, 2020 is greater 

than $200,000,000 and the Borrower shall have delivered a Compliance Certificate to the 

Administrative Agent and the Lenders showing such calculation in reasonable detail.

“Specified Rolling Stock Reinvestment Threshold” means, with respect to Dispositions 

of Rolling Stock in any fiscal year, the first $500,000 of Net Proceeds received by the Borrower

and its Subsidiaries with respect to such Dispositions in such fiscal year to the extent such Net 

Proceeds are reinvested in accordance with the proviso to clause (a) of the definition of “Net 

Proceeds”.

“Specified Transaction” shall mean any Investment that results in a Person becoming a 

Restricted Subsidiary, any Permitted Acquisition, any Disposition that results in a Restricted 

Subsidiary ceasing to be a Subsidiary of the Borrower, any Investment constituting an acquisition 

of assets constituting a business unit, line of business or division of another Person or any 

Disposition of a business unit, line of business or division of the Borrower or a Restricted 

Subsidiary, in each case consummated after the Effective Date and whether by merger, 

consolidation, amalgamation or otherwise, and any incurrence or repayment of Indebtedness or 
51

Restricted Payment, in each case, that by the terms of this Agreement requires a financial ratio or 

test to be calculated on a “Pro Forma Basis”.

“SPV” shall have the meaning assigned to such term in Section 10.04(i).

“Standard Securitization Undertakings” shall mean representations, warranties, 

covenants, guarantees and indemnities entered into by the Borrower or any Subsidiary of the 

Borrower which the Borrower has determined in good faith to be customary in a Securitization 

Facility, it being understood that any Securitization Purchase Obligation shall be deemed to be a 

Standard Securitization Undertaking or, in the case of a Receivables Facility, a non-credit related 

recourse accounts receivable factoring arrangement.

“Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of 

which is the number one and the denominator of which is the number one minus the aggregate of 

the maximum reserve percentages (including any marginal, special, emergency or supplemental 

reserves) expressed as a decimal established by the Board and any other banking authority, 

domestic or foreign, to which the Administrative Agent or any Lender (including any branch, 

Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities 

(as defined in Regulation D of the Board). Eurodollar Loans shall be deemed to constitute 

Eurocurrency Liabilities (as defined in Regulation D of the Board) and to be subject to such reserve 

requirements without benefit of or credit for proration, exemptions or offsets that may be available 

from time to time to any Lender under such Regulation D. Statutory Reserves shall be adjusted 

automatically on and as of the effective date of any change in any reserve percentage.

“Subordinated Indebtedness” shall mean any Indebtedness that is, or is required to be, 

subordinated in right of payment to the Obligations (for greater certainty, not including the ABL 

Facility Indebtedness, the UST Tranche B Facility Indebtedness and the Tranche B-2 Term Loan 

Facility Indebtedness).

“Subsidiary” of a Person shall mean a corporation, partnership, joint venture, limited 

liability company or other business entity of which (i) a majority of the shares of securities or other 

interests having ordinary voting power for the election of directors or other governing body (other 

than securities or interests having such power only by reason of the happening of a contingency) 

are at the time beneficially owned or (ii) the management of which is otherwise Controlled, directly 

or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise 

specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary 

or Subsidiaries of the Borrower.

“Successor Borrower” shall have the meaning specified in Section 7.04(d).

“Survey” shall have the meaning assigned to such term in the definition of “Collateral and 

Guarantee Requirement”.

“Swap Contract” shall mean (a) any and all rate swap transactions, basis swaps, credit 

derivative transactions, forward rate transactions, commodity swaps, commodity options, forward 

commodity contracts, equity or equity index swaps or options, bond or bond price or bond index 

swaps or options or forward bond or forward bond price or forward bond index transactions, 

interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, 
52

collar transactions, currency swap transactions, cross-currency rate swap transactions, currency 

options, spot contracts, or any other similar transactions or any combination of any of the foregoing 

(including any options to enter into any of the foregoing), whether or not any such transaction is 

governed by or subject to any master agreement, and (b) any and all transactions of any kind, and 

the related confirmations, which are subject to the terms and conditions of, or governed by, any 

form of master agreement published by the International Swaps and Derivatives Association, Inc., 

any International Foreign Exchange Master Agreement, or any other master agreement (any such 

master agreement, together with any related schedules, a “Master Agreement”), including any 

such obligations or liabilities under any Master Agreement.

“Swap Termination Value” shall mean, in respect of any one or more Swap Contracts, 

after taking into account the effect of any legally enforceable netting agreement relating to such 

Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out 

and termination value(s) determined in accordance therewith, such termination value(s), and 

(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the markto-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or 

other readily available quotations provided by any recognized dealer in such Swap Contracts 

(which may include a Lender or any Affiliate of a Lender).

“Taxes” shall have the meaning assigned to such term in Section 3.01(a).

“Term Borrowing” shall mean a Borrowing comprised of Term Loans.

“Term Lender” shall mean a Lender with a Term Loan Commitment or an outstanding 

Term Loan.

“Term Loan Commitment” shall mean the UST Tranche A Term Loan Commitment.

“Term Loans” shall mean the UST Tranche A Term Loans, Extended Term Loans and 

Other Term Loans.

“Term Note” shall mean a promissory note of the Borrower payable to any Term Lender 

or its registered assigns, in substantially the form of Exhibit J hereto, evidencing the aggregate 

Indebtedness of the Borrower to such Term Lender resulting from the Term Loans made by such 

Term Lender.

“Term Priority Collateral” shall have the meaning assigned to such term in the ABL 

Intercreditor Agreement.

“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable 

Reference Time, the forward-looking term rate based on SOFR that has been selected or 

recommended by the Relevant Governmental Body.

“Test Period” shall mean, for any date of determination under this Agreement, the most 

recent period as of such date of four consecutive fiscal quarters of the Borrower for which financial 

statements have been delivered (or were required to have been delivered) pursuant to Section 

6.01(a) or 6.01(b), as applicable, or, prior to the first such requirement, the four fiscal quarter 

period ended March 31, 2020.
53

“Threshold Amount” shall mean $30,000,000.

“Title Company” shall mean Chicago Title Insurance Company.

“Total Leverage Ratio” shall mean, as of any date, the ratio of (a) Consolidated Total 

Debt as of such date to (b) Consolidated EBITDA for the Test Period applicable as of such date.

“tranche” shall have the meaning assigned to such term in Section 2.19(a).

“Tranche B-2 Secured Parties” shall have the meaning assigned to such term in the ABL 

Intercreditor Agreement. 

“Tranche B-2 Term Agent” shall mean, as the context may require, Alter Domus Products 

Corp. (formerly known as Cortland Products Corp.), in its capacity as administrative agent under 

the Tranche B-2 Term Loan Facility Documentation, Alter Domus Products Corp. (formerly 

known as Cortland Products Corp.), in its capacity as collateral agent under the Tranche B-2 Term 

Loan Facility Documentation, such agents collectively or any permitted successor or assignee 

administrative agent or collateral agent under the Tranche B-2 Term Loan Facility Documentation.

“Tranche B-2 Term Loan Credit Agreement” shall mean that certain Amended and 

Restated Credit Agreement dated as of September 11, 2019, among the Borrower, the guarantors 

party thereto from time to time, the lenders party thereto and Alter Domus Products Corp. 

(formerly known as Cortland Products Corp.), as administrative agent and collateral agent, as 

amended by that certain Amendment No. 1 dated April 7, 2020 and Amendment No. 2 dated July 

7, 2020, and as the same may be further amended, restated, modified, supplemented, extended, 

renewed, restructured, refunded, replaced or refinanced from time to time in one or more 

agreements (in each case with the same or new lenders, institutional investors or agents and 

resulting in a financing that constitutes (or that would constitute if incurred as a new financing) a 

Permitted Refinancing of the Tranche B-2 Term Loan Facility Indebtedness), including any 

agreement extending the maturity thereof or otherwise restructuring all or any portion of the 

Indebtedness thereunder or increasing the amount loaned or issued thereunder or altering the 

maturity thereof), in each case as and to the extent permitted by this Agreement and, if applicable, 

the ABL Intercreditor Agreement and any Junior Lien Intercreditor Agreement.

“Tranche B-2 Term Loan Facility” shall mean the term loans made available to the 

Borrower pursuant to the Tranche B-2 Term Loan Credit Agreement.

“Tranche B-2 Term Loan Facility Documentation” shall mean the Tranche B-2 Term 

Loan Credit Agreement and all security agreements, guarantees, pledge agreements and other 

agreements or instruments executed in connection therewith.

“Tranche B-2 Term Loan Facility Indebtedness” shall mean Indebtedness of the 

Borrower or any Restricted Subsidiary outstanding under the Tranche B-2 Term Loan Facility 

Documentation.

“Transaction Benefit” means any (i) entitlement to any change in control or transactionrelated bonus, severance pay, termination benefits or any other similar employment or severance 

pay or benefit, (ii) acceleration of the time of payment or vesting, or increase in the amount of, any 
54

cash or equity incentive or other compensation or benefits, or (iii) increase, enhancement or 

funding of any benefits or amounts payable under any employee compensation or benefit 

arrangement (including any employee benefit plan within the meaning of Section 3(3) of ERISA), 

in each case for or to the benefit of any current or former employee, director or other service 

provider of the Borrower or any Restricted Subsidiary.

“Transaction Expenses” shall mean any costs, fees or expenses incurred or paid by the 

Borrower or any of its Subsidiaries in connection with the Transactions, this Agreement and the 

other Loan Documents.

“Transactions” shall mean, collectively, (a) the negotiation, execution and delivery by the 

Loan Parties of the Loan Documents to which they are a party and the making of the Borrowings 

hereunder on each Funding Date, (b) the execution and delivery by the Borrower and the 

Subsidiaries party thereto of an amendment to the ABL Facility Documentation, an amendment to 

the Tranche B-2 Term Loan Facility Documentation, in each case in connection with the matters 

described in clause (a) and effecting certain other amendments in connection therewith or 

herewith, (c) the execution and delivery by the Loan Parties of the UST Tranche B Term Loan 

Facility Documentation to which they are a party, (d) the Treasury Equity Issuance and the 

negotiation, execution and delivery of the Treasury Equity Documents and (e) the payment of the 

Transaction Expenses.

“Transferred Guarantor” shall have the meaning specified in the Section 11.10.

“Treasury” means the United States Department of the Treasury.

“Treasury Equity” means the 15,943,753 shares of Common Stock of the Borrower 

issued and delivered pursuant to this Agreement, directly or indirectly, to the United States 

federal government or any Governmental Authority on behalf thereof (including, in each case, 

any agent, trust or Person on behalf thereof, including, for the avoidance of doubt, any voting 

trust and the trustee thereof created to hold the Treasury Equity for the benefit of the United 

States federal government or any other Governmental Authority).

“Treasury Equity Documents” means (i) the Share Issuance Agreement, dated as of 

June 30, 2020, between the Borrower and the Treasury, (ii) the Voting Trust Agreement, by and 

among the Borrower, Treasury and the trustee thereunder to be entered into on or before the 

Treasury Equity Issuance and having substantially the terms set forth in Annex A attached hereto

and (iii) the Registration Rights Agreement, by and between the Borrower and Treasury to be 

entered into on or before the Treasury Equity Issuance and having substantially the terms set 

forth in Annex B attached hereto.

“Treasury Equity Issuance” means the issuance and delivery of the Treasury Equity to 

a voting trust having substantially the terms set forth in Annex A attached hereto (the “Voting 

Trust”) created to hold the Treasury Equity for the benefit of Treasury in connection with the 

Transactions, and which Treasury Equity shall be (i) issued in book entry form, registered in the 

name of the Voting Trust or as directed by the Treasury and (ii) equal to 42% of the Borrower’s 

Common Stock outstanding immediately prior to such issuance, including any shares of 

Common Stock issuable upon conversion, exchange or exercise of any outstanding security 
55

convertible, exchangeable or exercisable into shares of Common Stock (including any warrants, 

rights or options to purchase or other arrangements or rights to acquire shares of Common Stock)

(“fully diluted Common Stock outstanding”) and 29.58% of fully diluted Common Stock 

outstanding on a pro forma basis reflecting the Treasury Equity Issuance.

“Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference 

to which interest on such Loan or on the Loans comprising such Borrowing is determined. For 

purposes hereof, the term “Rate” shall mean the Adjusted LIBO Rate and the Alternate Base Rate.

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement 

excluding the related Benchmark Replacement Adjustment.

“Unaudited Financial Statements” shall mean the unaudited consolidated balance sheets 

and related statements of operations and cash flows of the Borrower and its consolidated 

Subsidiaries as at the end of and for the fiscal quarter ended March 31, 2020.

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as 

the same may from time to time be in effect in the State of New York or the Uniform Commercial 

Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply 

to any item or items of Collateral.

“United States” and “U.S.” mean the United States of America.

“United States Tax Compliance Certificate” shall have the meaning assigned to such 

term in Section 3.01(d).

“USA PATRIOT Act” shall mean The Uniting and Strengthening America by Providing 

Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 

No. 107-56 (signed into law October 26, 2001)).

“USD LIBOR” means the London interbank offered rate for U.S. dollars.

“UST Tranche A Controlled Account” shall mean a blocked account at a commercial 

bank reasonably satisfactory to the Required Lenders and the Administrative Agent in the name of 

the Borrower and under the sole dominion and control of the Administrative Agent, and otherwise 

established in a manner reasonably satisfactory to the Administrative Agent and the Required 

Lenders. It is understood and agreed that any amounts on deposit in the UST Tranche A Controlled 

Account not disbursed and used in accordance with the terms of this Agreement shall be returned 

to Treasury.

“UST Tranche A Only Collateral” shall mean the UST Tranche A Controlled Account 

and all Money (as defined in the UCC) and all cash, checks, other negotiable instruments, funds 

and other evidences of loan proceeds properly held therein.

“UST Tranche A Term Lender” shall mean a Lender with a UST Tranche A Term Loan 

Commitment or an outstanding UST Tranche A Term Loan.
56

“UST Tranche A Term Loan Commitment” shall mean, with respect to each Lender, 

the commitment, if any, of such Lender to make a UST Tranche A Term Loan hereunder, 

expressed as an amount representing the maximum principal amount of the UST Tranche A Term 

Loan to be made by such Lender hereunder. The initial aggregate amount of the UST Tranche A

Term Loan Commitments as of the Effective Date is $300,000,000; provided that the Lenders and 

the Borrower may agree to increase the aggregate amount of the UST Tranche A Term Loan 

Commitments and correspondingly decrease the aggregate amount of the UST Tranche B Term 

Loan Facility by an equal amount.

“UST Tranche A Term Loans” shall mean the term loans made by the Lenders from time 

to time to the Borrower pursuant to Section 2.01(b). For the avoidance of doubt, a Term Loan 

shall no longer be a “UST Tranche A Term Loan” when it shall have become an “Extended Term 

Loan”.

“UST Tranche B Controlled Account” shall have the meaning assigned to such term in 

the UST Tranche B Term Loan Credit Agreement.

“UST Tranche B Joint Collateral” shall have the meaning assigned to such term in the 

ABL Intercreditor Agreement.

“UST Tranche B Only Collateral” shall mean the UST Tranche B Controlled Account 

and all Money (as defined in the UCC) and all cash, checks, other negotiable instruments, funds 

and other evidences of loan proceeds properly held therein.

“UST Tranche B Priority Collateral” shall have the meaning assigned to such term in 

the ABL Intercreditor Agreement.

“UST Tranche B Secured Parties” shall have the meaning assigned to such term in the 

ABL Intercreditor Agreement. 

“UST Tranche B Term Agent” shall mean, as the context may require, The Bank of New 

York Mellon, in its capacity as administrative agent under the UST Tranche B Term Loan Facility 

Documentation, The Bank of New York Mellon, in its capacity as collateral agent under the UST 

Tranche B Term Loan Facility Documentation, such agents collectively or any permitted successor 

or assignee administrative agent or collateral agent under the UST Tranche B Term Loan Facility 

Documentation.

“UST Tranche B Term Loan Credit Agreement” shall mean that certain UST Tranche 

B Term Loan Credit Agreement dated as of July 7, 2020, among the Borrower, the guarantors 

party thereto from time to time, the lenders party thereto from time to time, and The Bank of New 

York Mellon, as administrative agent and collateral agent, and as the same may be further 

amended, restated, modified, supplemented, extended, renewed, restructured, refunded, replaced 

or refinanced from time to time in one or more agreements (in each case with the same or new 

lenders, institutional investors or agents and resulting in a financing that constitutes (or that would 

constitute if incurred as a new financing) a Permitted Refinancing of the UST Tranche B Term 

Loan Facility Indebtedness), including any agreement extending the maturity thereof or otherwise 

restructuring all or any portion of the Indebtedness thereunder or increasing the amount loaned or 

issued thereunder or altering the maturity thereof), in each case as and to the extent permitted by 
57

this Agreement and, if applicable, the ABL Intercreditor Agreement and any Junior Lien 

Intercreditor Agreement.

“UST Tranche B Term Loan Facility” shall mean the commitments and term loans made 

available to the Borrower pursuant to the UST Tranche B Term Loan Credit Agreement.

“UST Tranche B Term Loan Facility Documentation” shall mean the UST Tranche B

Term Loan Credit Agreement and all security agreements, guarantees, pledge agreements and 

other agreements or instruments executed in connection therewith and including all “Loan 

Documents” (as defined in the UST Tranche B Term Loan Credit Agreement) or similar term.

“UST Tranche B Term Loan Facility Indebtedness” shall mean Indebtedness of the 

Borrower or any Restricted Subsidiary outstanding under or secured by the UST Tranche B Term 

Loan Facility Documentation.

“Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at 

any date, the number of years obtained by dividing: (i) the sum of the products obtained by 

multiplying (a) the amount of each then remaining scheduled installment, sinking fund, serial 

maturity or other required scheduled payments of principal, including payment at final scheduled 

maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that 

will elapse between such date and the making of such payment; by (ii) the then outstanding 

principal amount of such Indebtedness; provided, that for purposes of determining the Weighted 

Average Life to Maturity of any Refinanced Debt or any Indebtedness that is being modified,

refinanced, refunded, renewed, replaced, restructured or extended (the “Applicable 

Indebtedness”), the effects of any amortization of or prepayments made on such Applicable 

Indebtedness prior to the date of the applicable modification, refinancing, restructuring, refunding, 

renewal, replacement or extension shall be disregarded.

“wholly owned” shall mean, with respect to a Subsidiary of a Person, a Subsidiary of such 

Person all of the outstanding Equity Interests of which (other than (x) director’s qualifying shares 

and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned by 

such Person and/or by one or more wholly owned Subsidiaries of such Person.

“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a 

complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I 

of Subtitle E of Title IV of ERISA.

Section 1.02. Other Interpretive Provisions. With reference to this Agreement and each 

other Loan Document, unless otherwise specified herein or in such other Loan Document:

(a) The meanings of defined terms are equally applicable to the singular and plural 

forms of the defined terms.

(b) (i) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar 

import when used in any Loan Document shall refer to such Loan Document as a whole and not 

to any particular provision thereof.
58

(ii) Article, Section, Exhibit and Schedule references are to the Loan Document in 

which such reference appears.

(iii) The term “including” is by way of example and not limitation.

(c) The term “documents” includes any and all instruments, documents, agreements, 

certificates, notices, reports, financial statements and other writings, however evidenced, whether 

in physical or electronic form.

(d) In the computation of periods of time from a specified date to a later specified date, 

the word “from” means “from and including”; the words “to” and “until” each mean “to but 

excluding”; and the word “through” means “to and including.”

(e) The words “asset” and “property” shall be construed to have the same meaning and 

effect and to refer to any and all tangible and intangible assets and properties, including cash, 

securities, accounts and contract rights.

(f) All references to “knowledge” or “awareness” of any Loan Party or a Restricted 

Subsidiary thereof means the actual knowledge of a Responsible Officer of a Loan Party or such 

Restricted Subsidiary.

(g) Section headings herein and in the other Loan Documents are included for 

convenience of reference only and shall not affect the interpretation of this Agreement or any other 

Loan Document.

(h) The word “or” is not exclusive.

(i) For purposes of determining compliance with any one of Sections 7.01, 7.02, 7.03, 

7.05, 7.06, 7.08, 7.09 and 7.13, in the event that any Lien, Investment, Indebtedness, Disposition, 

Restricted Payment, affiliate transaction, Contractual Obligation or prepayment of Indebtedness 

meets the criteria of more than one of the categories of transactions permitted pursuant to any 

clause of such Section, such transaction (or portion thereof) at any time shall be permitted under 

one or more of such clauses as determined by the Borrower (and the Borrower shall be entitled to 

redesignate use of any such clauses from time to time) in its sole discretion at such time; provided

that the Borrower shall not be permitted to subsequently reclassify any Lien, Investment, 

Indebtedness, Disposition, Restricted Payment, affiliate transaction, Contractual Obligation or 

prepayment of Indebtedness as having been incurred under a Non-Fixed Basket if such Lien, 

Investment, Indebtedness, Disposition, Restricted Payment, affiliate transaction, Contractual 

Obligation or prepayment of Indebtedness was originally incurred under a Fixed Basket or any 

other Basket that is not a Non-Fixed Basket. For all purposes hereunder, (x) “Fixed Basket” shall 

mean any Basket that is subject to a fixed-dollar limit and (y) “Non-Fixed Basket” shall mean any 

Basket that is subject to compliance with a financial ratio or test (including Total Net Leverage 

Ratio) or based on a percentage of Consolidated EBITDA or total assets.

(j) The usage of the term “written” includes electronic messages, including e-mail.

(k) Any reference herein or in any other Loan Document to (i) a transfer, assignment, 

sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a 
59

limited liability company, or an allocation of assets to a series of a limited liability company, as 

if it were a transfer, assignment, sale or transfer, or similar term, as applicable, to a separate 

Person, and (ii) a merger, consolidation, amalgamation or consolidation, or similar term, shall be 

deemed to apply to the unwinding of such a division or allocation, as if it were a merger, 

consolidation, amalgamation or consolidation or similar term, as applicable, with a separate 

Person.

Section 1.03. Certifications. All certifications to be made hereunder by an officer or 

representative of a Loan Party shall be made by such a Person in his or her capacity solely as an 

officer or representative of such Loan Party, on such Loan Party’s behalf and not in such Person’s 

individual capacity.

Section 1.04. Accounting Terms. All accounting terms not specifically or completely 

defined herein shall be construed in conformity with, and all financial data (including financial 

ratios and other financial calculations) required to be submitted pursuant to this Agreement shall 

be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein or 

therein.

Section 1.05. Rounding. Any financial ratios required to be maintained by the Borrower 

pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted 

under this Agreement) shall be calculated by dividing the appropriate component by the other 

component, carrying the result to one place more than the number of places by which such ratio is 

expressed herein and rounding the result up or down to the nearest number (with a rounding-up if 

there is no nearest number).

Section 1.06. References to Agreements, Laws, Etc. Unless otherwise expressly provided 

herein, (a) references to Organization Documents, agreements (including the Loan Documents) 

and other contractual instruments shall be deemed to include all subsequent amendments, 

restatements, extensions, supplements, replacements, extensions, renewals, refinancings, 

restructurings and other modifications thereto, but only to the extent that such amendments, 

restatements, extensions, supplements, replacements, extensions, renewals, refinancings, 

restructurings and other modifications are not prohibited by hereby; and (b) references to any Law 

shall include all statutory and regulatory provisions consolidating, amending, replacing, 

supplementing or interpreting such Law.

Section 1.07. Times of Day. Unless otherwise specified, all references herein to times of 

day shall be references to Eastern time (daylight or standard, as applicable).

Section 1.08. Timing of Payment or Performance. Except as otherwise expressly provided 

herein, when the payment of any obligation or the performance of any covenant, duty or obligation 

is stated to be due or performance required on a day which is not a Business Day, the date of such 

payment (other than as described in the definition of Interest Period) or performance shall extend 

to the immediately succeeding Business Day.

Section 1.09. Cumulative Credit Transactions. If more than one action occurs on any 

given date the permissibility of the taking of which is determined hereunder by reference to the 

amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility 
60

of the taking of each such action shall be determined independently and in no event may any two 

or more such actions be treated as occurring simultaneously.

Section 1.10. Pro Forma Calculations.

(a) Notwithstanding anything to the contrary herein, the Total Leverage Ratio shall be 

calculated in the manner prescribed by this Section 1.10.

(b) For purposes of calculating the Total Leverage Ratio, Specified Transactions (and 

the incurrence or repayment of any Indebtedness in connection therewith) that have been made (i) 

during the applicable Test Period or (ii) subsequent to such Test Period and prior to or 

simultaneously with the event for which the calculation of any such ratio is made shall be 

calculated on a pro forma basis assuming that all such Specified Transactions (and any increase or 

decrease in Consolidated EBITDA and the component financial definitions used therein 

attributable to any Specified Transaction) had occurred on the first day of the applicable Test 

Period. If since the beginning of any applicable Test Period any Person that subsequently became 

a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or 

any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any 

Specified Transaction that would have required adjustment pursuant to this Section 1.10, then the 

Total Leverage Ratio shall be calculated to give pro forma effect thereto in accordance with this 

Section 1.10.

(c) Whenever pro forma effect is to be given to a Specified Transaction, the pro forma

calculations shall be made in good faith by a Senior Financial Officer of the Borrower and may 

include, for the avoidance of doubt, Cost Savings to the extent permitted by, and subject to the 

requirements of, clause (a)(viii) of the definition of “Consolidated EBITDA”. Notwithstanding 

the foregoing, all pro forma adjustments under this clause (c) shall not, taken together with those 

added pursuant to clause (a)(viii) of the definition of “Consolidated EBITDA”, increase pro forma

Consolidated EBITDA by more than 5% for any Test Period (calculated prior to giving effect to 

any addback pursuant to this clause (c) or clause (a)(viii) of the definition of “Consolidated 

EBITDA”).

(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by 

assumption or guarantees) or repays (including by redemption, repayment, retirement or 

extinguishment) any Indebtedness included in the calculations of the Total Leverage Ratio (other 

than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of 

business for working capital purposes and not incurred in reliance on Section 7.03(t)), (i) during 

the applicable Test Period or (ii) subsequent to the end of the applicable Test Period and prior to 

or simultaneously with the event for which the calculation of any such ratio is made, then the Total 

Leverage Ratio shall be calculated giving pro forma effect to such incurrence or repayment of 

Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable 

Test Period of the Total Leverage Ratio. Interest on a Capitalized Lease shall be deemed to accrue 

at an interest rate reasonably determined by a responsible financial or accounting officer of the 

Borrower to be the rate of interest implicit in such Capitalized Lease in accordance with GAAP. 

Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor 

of a prime or similar rate, a London interbank offered rate, or other rate, shall be determined to 
61

have been based upon the rate actually chosen, or if none, then based upon such optional rate 

chosen as the Borrower or Restricted Subsidiary may designate.

(e) Whenever any provision of this Agreement requires the Borrower to have a Total 

Leverage Ratio on a Pro Forma Basis in connection with any action to be taken by the Borrower 

hereunder, the Borrower shall deliver to the Administrative Agent a certificate of each Responsible 

Officer of the Borrower setting forth in reasonable detail the calculations demonstrating such 

compliance or such Total Leverage Ratio.

Section 1.11. Certain Accounting Matters. Notwithstanding any other provision 

contained herein or in any other Loan Document, all terms of an accounting or financial nature 

used herein shall be construed, and all computations of amounts and ratios referred to herein shall 

be made, (a) without giving effect to any election under Statement of Financial Accounting 

Standards 159 or Accounting Standards Codification 825-10-25 (or any other Accounting 

Standards Codification or Financial Accounting Standard having a similar result or effect) to value 

any Indebtedness or other liabilities of the Borrower or any of its Restricted Subsidiaries at “fair 

value”, as defined therein; and (b) without giving effect to any treatment of Indebtedness in respect 

of convertible debt instruments under Accounting Standards Codification 470-20 and/or Statement 

of Financial Accounting Standards 150 (or any other Accounting Standards Codification or 

Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in 

a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be 

valued at the full stated principal amount thereof. Furthermore, unless the Borrower elects 

otherwise, notwithstanding any other provision contained herein or in any other Loan Document, 

for all purposes under this Agreement and the other Loan Documents, including negative 

covenants, financials covenants and component definitions, operating leases and Capitalized 

Leases will be deemed to be treated in a manner consistent with their current treatment under 

GAAP as in effect on December 31, 2018, notwithstanding any modifications or interpretive 

changes thereto that may occur thereafter. For the avoidance of doubt, the principal amount of 

any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any 

date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower 

dated such date prepared in accordance with GAAP, except as expressly set forth in clauses (a) 

and (b) of this Section 1.11.

Section 1.12. Classification of Loans and Borrowings. For purposes of this Agreement, 

Loans may be classified and referred to by Class (e.g., a “UST Tranche A Term Loan”) or by Type 

(e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Term Loan”). Borrowings 

also may be classified and referred to by Class (e.g., a “Term Borrowing”) or by Type (e.g., a 

“Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Term Borrowing”).

Section 1.13. Currency Equivalents Generally.

(a) For purposes of determining compliance with Sections 7.01, 7.02, 7.03, 7.05, 7.06, 

7.08, 7.09 and 7.13 with respect to any amount of Indebtedness, Lien, Asset Sale, Restricted 

Payment, Capital Expenditure, affiliate transaction, Contractual Obligation, prepayment of 

Indebtedness or Investment in a currency other than Dollars, no Default or Event of Default shall 

be deemed to have occurred solely as a result of changes in rates of currency exchange occurring 

after the time such Indebtedness or Investment is incurred (so long as such Indebtedness or 
62

Investment, at the time incurred, made or acquired, was permitted hereunder) and once incurred 

or made, the amount of such Indebtedness, Lien, Asset Sale, Restricted Payment, Capital 

Expenditure, affiliate transaction, Contractual Obligation, prepayment of Indebtedness or 

Investment, shall be always deemed to be at the Dollar amount on such date, regardless of later 

changes in currency exchange rates.

(b) For purposes of determining the Total Leverage Ratio, amounts denominated in a 

currency other than Dollars will be converted to Dollars at the currency exchange rates used in 

preparing the Borrower’s financial statements corresponding to the Test Period with respect to the 

applicable date of determination and will, in the case of Indebtedness, reflect the currency 

translation effects, determined in accordance with GAAP, of Swap Contracts permitted hereunder 

for currency exchange risks with respect to the applicable currency in effect on the date of 

determination of the Dollar equivalent of such Indebtedness.

ARTICLE 2

THE CREDITS

Section 2.01. UST Tranche A Term Loan Commitments. 

(a) [Reserved].

(b) Subject to the terms and conditions and relying upon the representations and 

warranties set forth herein, each UST Tranche A Term Lender agrees, severally and not jointly, 

to provide all or a portion of the UST Tranche A Term Loans to the Borrower from time to time 

during the Availability Period (each such date of funding, a “Funding Date”). The aggregate

principal amount of the UST Tranche A Term Loans funded by each UST Tranche A Term 

Lender shall not to exceed its UST Tranche A Term Loan Commitment. Amounts repaid or 

prepaid in respect of the UST Tranche A Term Loan may not be reborrowed. All proceeds of the 

UST Tranche A Term Loan shall be deposited by the Administrative Agent into the UST 

Tranche A Controlled Account and shall only be disbursed therefrom upon instruction from the 

Required Lenders to the Administrative Agent following the satisfaction (or waiver pursuant to 

Article 9) of the conditions set forth in Section 4.03.

Section 2.02. Loans.

(a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the 

Lenders ratably in accordance with their applicable Commitments; provided, however, that in no 

event shall the Borrower request more than two Borrowings in any calendar month; provided 

further, however that the failure of any Lender to make any Loan shall not in itself relieve any 

other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall 

be responsible for the failure of any other Lender to make any Loan required to be made by such 

other Lender). The Loans comprising any Borrowing shall be in an aggregate principal amount 

that is (i) an integral multiple of $1,000,000 and not less than $25,000,000 (except, with respect to 

any Other Term Loans, to the extent otherwise provided in the applicable Refinancing 

Amendment) or (ii) equal to the remaining available balance of the applicable Commitments.

(b) Subject to Section 3.02 each Borrowing shall be comprised entirely of Eurodollar 

Loans. Borrowings of more than one Type may be outstanding at the same time; provided that the 
63

total number of such additional Interest Periods does not exceed 10 at any one time. For purposes 

of the foregoing, Borrowings having different Interest Periods, regardless of whether they 

commence on the same date, shall be considered separate Borrowings.

(c) Each Lender shall make each UST Tranche A Term Loan required to be made by 

it hereunder on each Funding Date by wire transfer of immediately available funds to the 

Administrative Account not later than 12:00 p.m., New York City time on such date, and upon 

receipt of all requested funds the Administrative Agent shall promptly credit the amounts so 

received to the UST Tranche A Controlled Account.

Section 2.03. Borrowing and Disbursement Procedure. (a) In order to request a 

Borrowing, the Borrower shall notify the Administrative Agent of such request in writing not later 

than 12:00 p.m., New York City time, (i) with respect to the Initial Funding Date, one (1) Business 

Day prior to such Borrowing and (ii) for any Borrowing following the Initial Funding Date, five

(5) Business Days before such Borrowing. Each such Request for Credit Extension shall be 

irrevocable and signed by each Responsible Officer of the Borrower and shall specify the 

following information: (i) the Class of Loans to be borrowed; (ii) the date of such Borrowing 

(which shall be a Business Day); (iii) the amount of such Borrowing; and (iv) the Interest Period 

with respect thereto; provided, however, that, notwithstanding any contrary specification in any 

Request for Credit Extension, each requested Borrowing shall comply with the requirements set 

forth in Section 2.02. Each requested Borrowing shall be a Eurodollar Borrowing. If no Interest 

Period with respect to any Eurodollar Borrowing is specified in any such Request for Credit 

Extension, then the Borrower shall be deemed to have selected an Interest Period of one month’s 

duration. The Administrative Agent shall promptly advise the applicable Lenders of any Request 

for Credit Extension given pursuant to this Section 2.03(a) (and the contents thereof), and of each 

Lender’s portion of the requested Borrowing.

(b) In order to request a disbursement from the UST Tranche A Controlled Account, the 

Borrower shall notify the Administrative Agent of such request in writing not later than 1:00 p.m., 

New York City time, (i) with respect to any disbursement on the Initial Funding Date, one (1) 

Business Day prior to such disbursement and (ii) for any disbursement following the Initial 

Funding Date, three (3) Business Days before such disbursement; provided, that any disbursement 

request delivered hereunder may be delivered contemporaneously with the Request for Credit 

Extension delivered pursuant to Section 2.03(a) above. Each such Request for Disbursement shall 

be irrevocable and signed by each Responsible Officer of the Borrower and shall specify the 

following information: (i) the date of such disbursement (which shall be a Business Day); (ii) the 

number and location of the account to which funds are to be disbursed; (iii) the amount of such 

disbursement; and (iv) a certification (A) that the proceeds of such disbursement shall be used 

solely to (w) satisfy certain of the Borrower’s applicable contractual obligations with respect to 

certain (1) health insurance obligations, (2) real estate leases, (3) equipment leases, (4) pension 

obligations, (5) interest payments with respect to Indebtedness of the Borrower and (6) other 

expenditures (including a description of such other expenditures in reasonable detail), (x) for 

maintaining working capital, (y) finance technology and information technology infrastructure 

development and upgrades and (z) fund costs and expenses in connection with the Transactions, 

in each case consistent in all material respects with the amounts approved by the Administrative 

Agent and the Required Lenders on or prior to the Effective Date or thereafter and (B) of the 

amounts to be applied to each of sub-clauses (w)(1) through (6), (x), (y) and (z) of clause (A) 
64

above. The Administrative Agent shall promptly advise the applicable Lenders of any notice given 

pursuant to this Section 2.03(b) (and the contents thereof). Following the satisfaction (or waiver 

pursuant to Article 9) of the conditions precedent to disbursement set forth in Section 4.03, the 

Administrative Agent shall instruct the Account Bank to make disbursements from the UST 

Tranche A Controlled Account in the amounts and to the accounts specified in the Request for 

Disbursement.

Section 2.04. Evidence of Debt; Repayment of Loans.

(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent 

for the account of each Lender the principal amount of each Term Loan of such Lender as provided 

in Section 2.11 (or, in the case of Extended Term Loans or Other Term Loans, as provided for in 

the applicable Extension Offer, Refinancing Amendment or other governing documentation).

(b) Each Lender shall maintain in accordance with its usual practice an account or 

accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan 

made by such Lender from time to time, including the amounts of principal and interest payable 

and paid to such Lender from time to time under this Agreement.

(c) The Administrative Agent shall maintain accounts in which it will record (i) the 

amount of each Loan made hereunder, the Class and Type thereof and, if applicable, the Interest 

Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become 

due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum 

received by the Administrative Agent hereunder from the Borrower or any Guarantor and each 

Lender’s share thereof.

(d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) 

above shall be prima facie evidence of the existence and amounts of the obligations therein 

recorded; provided, however, that (i) the failure of any Lender or the Administrative Agent to 

maintain such accounts or any error therein shall not in any manner affect the obligations of the 

Borrower to repay the Loans in accordance with their terms and (ii) in the event of any conflict 

between the accounts set forth in paragraphs (b) and (c) above, the amounts set forth in the accounts 

maintained pursuant to paragraph (c) shall prevail.

(e) Any Lender may request that Loans made by it hereunder be evidenced by a Term 

Note. In such event, the Borrower shall promptly execute and deliver to such Lender a Term Note 

payable to such Lender and its registered assigns in accordance with Section 10.04. 

Notwithstanding any other provision of this Agreement, in the event any Lender shall request and 

receive a Term Note, the interests represented by such Term Note shall at all times (including after 

any assignment of all or part of such interests pursuant to Section 10.04) be represented by one or 

more promissory notes payable to the payee named therein or its registered assigns, unless such 

Term Note is duly cancelled.

(f) This Section 2.04 shall at all times be interpreted and administered in such a way 

that the Term Notes will be issued in “registered form” within the meaning of Treasury Regulation 

Section 5f.163-1(a).

Section 2.05. Fees.
65

(a) The Borrower agrees to pay to the Administrative Agent, for its own account, the 

administrative agent fees applicable to the Facilities payable in the amounts and at the times agreed 

upon between the Borrower and the Administrative Agent as set forth in the Administrative Agent 

Fee Letter (the “Fees”).

(b) All Fees shall be paid on the dates due, in immediately available funds, to the 

Administrative Agent. Once paid, none of the Fees shall be refundable under any circumstances.

Section 2.06. Interest on Loans.

(a) Subject to the provisions of Section 2.07, the Loans comprising each ABR

Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a 

year of 365 or 366 days, as the case may be, and calculated from and including the date of such 

Borrowing to but excluding the date of repayment thereof) at a rate per annum equal to the 

Alternate Base Rate plus the Applicable Margin; provided, that no Borrowings hereunder shall be 

made in ABR except as set forth in Section 10.24.

(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar 

Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a 

year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in 

effect for such Borrowing plus the Applicable Margin.

(c) Interest on each Loan shall be payable on the Interest Payment Dates applicable to 

such Loan except as otherwise provided in this Agreement. The applicable Alternate Base Rate 

or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may 

be, shall be determined by the Administrative Agent, and such determination shall be conclusive 

absent manifest error.

(d) Notwithstanding anything to the contrary in this Section 2.06, 

(i) on each Interest Payment Date, the Borrower shall pay a portion of the 

interest due on each such date in cash in an amount equal to interest at a rate per annum equal to 

one and a half percent (1.50%) (the “Cash Interest Portion”);

(ii) all interest payable on each Interest Payment Date (other than the Cash 

Interest Portion which is due and payable on each such Interest Payment Date) shall be payable in 

kind, with such interest amount being automatically added to, and made part of, the outstanding 

principal amount of Loans on such date (all interest payable in kind pursuant to this Agreement, 

“PIK Interest”.

Unless the context otherwise requires, for all purposes under this Agreement, references to the 

“principal” and the “principal amount” of any Term Loans include any increase in the principal 

amount thereof due to the addition of PIK Interest thereto pursuant to this clause (d). 

Section 2.07. Default Interest. Automatically from and after the occurrence and during 

the continuance of an Event of Default under Section 8.01(a), (f) or (g) or at the election of the 

Required Lenders during the continuance of any other Event of Default, the principal amount of 

all Loans outstanding and, to the extent permitted by applicable law, any interest payments on the 
66

Loans or any fees or other amounts owed hereunder, shall thereafter, after as well as before 

judgment, bear interest (including post-petition interest in any proceeding under Debtor Relief 

Laws) payable on written demand at a rate that is 2.0% per annum in excess of the interest rate 

otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees 

and other amounts, at a rate which is 2.0% per annum in excess of the interest rate otherwise 

payable hereunder for ABR Loans); provided that in the case of Eurodollar Term Loans, upon the 

expiration of the Interest Period in effect at the time any such increase in interest rate is effective, 

if such Eurodollar Rate Loans shall become ABR Loans in accordance with Section 2.10(e), such 

Loans shall thereafter bear interest payable upon written demand at a rate which is 2.0% per annum 

in excess of the interest rate otherwise payable hereunder for ABR Loans.

Section 2.08. [Reserved].

Section 2.09. Termination and Reduction of Commitments.

(a) All or a portion of the Term Loan Commitment for the UST Tranche A Term Loan 

shall automatically terminate upon the making of the UST Tranche A Term Loans on each Funding

Date in an amount equal to the amount of UST Tranche A Term Loans so funded on such Funding 

Date.

(b) Upon at least one Business Days’ prior irrevocable written or fax notice to the 

Administrative Agent, the Borrower may at any time in whole permanently terminate, or from 

time to time in part permanently reduce, any Class of unfunded Term Loan Commitments;

provided, however, that each partial reduction of any Class of Term Loan Commitments shall be 

in an integral multiple of $1,000,000 and in a minimum amount of $1,000,000; provided further 

that, a notice of termination of the Commitments of any Class delivered by the Borrower may state 

that such notice is conditioned upon the consummation of an acquisition or sale transaction or 

upon the effectiveness of other credit facilities or the receipt of proceeds from the issuance of other 

Indebtedness or any other specified event, in which case such notice may be revoked by the 

Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such 

condition is not satisfied.

(c) Each reduction in the Term Loan Commitments hereunder shall be 

made ratably among the Lenders in accordance with their respective applicable 

Commitments.

Section 2.10. Conversion and Continuation of Borrowings. The Borrower shall have the 

right at any time upon prior irrevocable written notice to the Administrative Agent not later than

1:00 p.m., New York City time, three Business Days prior to conversion, to convert the Interest 

Period with respect to any Eurodollar Borrowing to another permissible Interest Period, subject in 

each case to the following:

(i) [reserved];

(ii) each conversion or continuation shall be made pro rata among the Lenders 

in accordance with the respective principal amounts of the Loans comprising the converted or 

continued Borrowing;
67

(iii) if less than all the outstanding principal amount of any Borrowing shall be 

converted or continued, then each resulting Borrowing shall satisfy the limitations specified in 

Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number of Borrowings 

of the relevant Type;

(b) each conversion shall be effected by each Lender and the Administrative Agent by 

recording for the account of such Lender the new Loan of such Lender resulting from such 

conversion and reducing the Loan (or portion thereof) of such Lender being converted by an 

equivalent principal amount; accrued interest on any Eurodollar Loan (or portion thereof) being 

converted shall be paid by the Borrower at the time of conversion;

(i) if any Eurodollar Borrowing is converted on a day prior to the last day of 

the Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to 

the Lenders pursuant to Section 3.04;

(c) any portion of a Borrowing maturing or required to be repaid in less than one month 

may not be converted into or continued as a Eurodollar Borrowing, unless agreed by all applicable 

Lenders;

(d) any portion of a Eurodollar Borrowing that cannot be converted into or continued 

as a Eurodollar Borrowing by reason of the immediately preceding clause shall be automatically 

converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing; 

and

(e) upon notice to the Borrower from the Administrative Agent given at the request of 

the Required Lenders, after the occurrence and during the continuance of an Event of Default, no 

outstanding Loan may be converted into, or continued as, a Eurodollar Loan.

Each such Request for Credit Extension shall (except as set forth herein) be irrevocable 

and shall refer to this Agreement and specify (i) the identity and amount of the Borrowing that the 

Borrower requests be converted or continued, (ii) if such Request for Credit Extension requests a 

conversion, the date of such conversion (which shall be a Business Day) and (iii) the Interest Period 

with respect thereto. If no Interest Period is specified in any such Request for Credit Extension 

with respect to any conversion to or continuation as a Eurodollar Borrowing, the Borrower shall 

be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent 

shall promptly advise the Lenders of any Request for Credit Extension and of each Lender’s 

portion of any converted or continued Borrowing. If the Borrower shall not have given a Request 

for Credit Extension in accordance with this Section 2.10 to continue any Borrowing into a 

subsequent Interest Period (and shall not otherwise have given notice in accordance with this 

Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period 

applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued or 

converted into a Eurodollar Borrowing with a one month Interest Period.

Section 2.11. Repayment of Term Borrowings.

(a) The Borrower shall repay to the Administrative Agent for the ratable account of the 

applicable Term Lenders on the Maturity Date for such UST Tranche A Term Loans, the aggregate 

principal amount of such UST Tranche A Term Loans outstanding on such date, together in each 
68

case with accrued and unpaid interest on the principal amount to be paid to but excluding the date 

of such payment. Upon the conversion of UST Tranche A Term Loans to Extended Term Loans 

or the refinancing of UST Tranche A Term Loans with Credit Agreement Refinancing 

Indebtedness, all scheduled amortization payments, if any, shall be reduced ratably by the 

aggregate principal amount of the UST Tranche A Term Loans so converted, refinanced or 

replaced. The Borrower shall repay Extended Term Loans and Other Term Loans in such amounts 

and on such date or dates as shall be specified therefor in the applicable Extension Offer, 

Refinancing Amendment or other governing documentation.

(b) To the extent not previously paid, all Term Loans (including, for avoidance of 

doubt, Term Loans that are not UST Tranche A Term Loans) shall be due and payable on the 

applicable Maturity Date, together with accrued and unpaid interest on the principal amount to be 

paid to but excluding the date of payment.

(c) All repayments pursuant to this Section 2.11 shall be subject to Section 3.04, but 

shall otherwise be without premium or penalty.

Section 2.12. Voluntary Prepayment.

(a) The Borrower shall have the right at any time and from time to time to prepay any 

Borrowing, in whole or in part, upon at least three Business Days’ prior written (email) notice in 

the case of Eurodollar Loans, or written (email) notice at least one Business Day prior to the date 

of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 p.m., New 

York City time; provided, however, that each partial prepayment shall be in an amount that is an 

integral multiple of $1,000,000 and not less than $2,000,000.

(b) Except as may otherwise be set forth in any Extension Offer or any Refinancing 

Amendment, voluntary prepayments of Term Loans pursuant to this Section 2.12 shall be applied 

ratably to each Class of Term Loans then outstanding.

(c) Each notice of prepayment shall specify the prepayment date and the principal 

amount of each Borrowing (or portion thereof) to be prepaid shall be irrevocable and shall commit 

the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein;

provided, however, that a notice of prepayment delivered by the Borrower may state that such 

notice is conditioned upon the consummation of an acquisition or sale transaction or upon the 

effectiveness of other credit facilities or the receipt of proceeds from the issuance of other 

Indebtedness or any other specified event, in which case such notice may be revoked by the 

Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such 

condition is not satisfied (provided, that the provisions of Section 3.04 shall apply to any 

prepayment that is not made as a result of the failure of such condition). All prepayments under 

this Section 2.12 shall be subject to Section 2.12(d) (to the extent applicable) and Section 3.04 but 

otherwise without premium or penalty. All prepayments under this Section 2.12 shall be 

accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding 

the date of payment.

Section 2.13. Mandatory Prepayments.

(a) (i) [Reserved].
69

(ii) Subject to Section 2.13(g), if (1) the Borrower or any Restricted Subsidiary 

Disposes of any Real Property, Rolling Stock or Disposes of any other property or assets pursuant 

to Section 7.05 (j), (l) or (t) or under any transaction that would be prohibited by Section 7.05

(other than (w) so long as the ABL Credit Agreement is in effect, any Disposition of ABL Priority 

Collateral, (x) so long as the UST Tranche B Term Loan Credit Agreement is in effect, any

Disposition of UST Tranche B Priority Collateral, UST Tranche B Joint Collateral or UST Tranche 

B Only Collateral and (y) leases of Real Property entered into in the ordinary course of business 

(excluding Sale and Leaseback Transactions)), or (2) any Casualty Event occurs, which, in each 

case, results in the realization or receipt by the Borrower or a Restricted Subsidiary of Net 

Proceeds, the Borrower shall cause to be prepaid on or prior to the date which is ten (10) Business 

Days after the date of the realization or receipt by the Borrower or any Restricted Subsidiary of 

such Net Proceeds an aggregate principal amount of Term Loans in an amount equal to 100% of 

the Net Proceeds (or, in the case of any Disposition of, or Sale and Leaseback Transaction, with 

respect to Real Property, 100% of the Real Property Disposition Proceeds) realized or received.

(iii) Subject to Section 2.13(g), if the Borrower or any Restricted Subsidiary 

incurs or issues any Indebtedness after the Effective Date (other than Indebtedness permitted under 

Section 7.03 (other than any Credit Agreement Refinancing Indebtedness)), the Borrower shall 

cause to be prepaid an aggregate principal amount of Term Loans in an amount equal to 100% of 

all Net Proceeds received therefrom on or prior to the date which is five (5) Business Days after 

(or, in the case of Credit Agreement Refinancing Indebtedness, one Business Day after) the receipt 

by the Borrower or such Restricted Subsidiary of such Net Proceeds.

(iv) Subject to Section 2.13(g), if the Borrower issues any Subordinated 

Indebtedness after the Effective Date, the Borrower shall cause to be prepaid an aggregate principal 

amount of Term Loans in an amount equal to 33% of all Net Proceeds received therefrom on or 

prior to the date which is five (5) Business Days after the receipt by the Borrower of such Net 

Proceeds.

(v) Subject to Section 2.13(g), if the Borrower issues any Equity Interests after 

the Effective Date (excluding the Treasury Equity Issuance), the Borrower shall cause to be 

prepaid an aggregate principal amount of Term Loans in an amount equal to 50% of all Net Equity 

Proceeds received therefrom on or prior to the date which is five (5) Business Days after the receipt 

by the Borrower of such Net Equity Proceeds; provided, that the Borrower shall only be required 

to apply up to $30,000,000 in the aggregate of Net Equity Proceeds pursuant to this Section 

2.13(a)(v).

(b) Except as may otherwise be set forth in any Extension Offer, any Refinancing 

Amendment, any Permitted Repricing Amendment or any other governing documentation, each 

prepayment of Term Loans pursuant to Section 2.13(a) shall be applied ratably to each Class of 

Term Loans then outstanding and the UST Tranche B Term Loan Facility; provided, that any 

prepayment of Term Loans pursuant to Section 2.13(a)(iii) in respect of Credit Agreement 

Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt.

(c) With respect to each Class of Term Loans, each prepayment pursuant to Section 

2.13(a) shall be paid to the Lenders in accordance with their respective Pro Rata Shares, subject to 
70

Section 2.13(d). For the avoidance of doubt, this Section 2.13(c) is applicable to any prepayment 

made with the Net Proceeds of Credit Agreement Refinancing Indebtedness.

(d) The Borrower shall notify the Administrative Agent in writing of any mandatory 

prepayment of Term Loans required to be made pursuant to Section 2.13 by 1:00 p.m., New York 

City time, least three (3) Business Days prior to the date of such prepayment. Each such notice 

shall specify the date of such prepayment, provide a reasonably detailed calculation of the amount 

of such estimated prepayment and specify to which Loan such prepayment shall apply. The 

Administrative Agent will promptly notify each applicable Lender of the contents of the 

Borrower’s prepayment notice and of such Lender’s Pro Rata Share or other applicable share of 

the prepayment. Each Term Lender may reject all of its Pro Rata Share or other applicable share 

of any mandatory prepayment (such declined amounts, the “Declined Proceeds”) of Term Loans 

required to be made pursuant to Section 2.13 by providing written notice (each, a “Rejection 

Notice”) to the Administrative Agent and the Borrower no later than 5:00 p.m., New York City 

time, one Business Day prior to the date of such prepayment; provided that, for the avoidance of 

doubt, no Lender may reject any prepayment made with proceeds of Credit Agreement 

Refinancing Indebtedness. If a Term Lender fails to deliver a Rejection Notice to the 

Administrative Agent within the time frame specified above, any such failure will be deemed an 

acceptance of the total amount of such mandatory prepayment of Term Loans unless the Borrower 

and the Administrative Agent, with the consent of the Required Lenders, agree to an extension of 

time for such failure to be corrected. Any Declined Proceeds shall be retained by the Borrower.

(e) Funding Losses, Etc. All prepayments under this Section 2.13 shall be 

accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding 

the date of payment and shall be made together with, in the case of any such prepayment of a 

Eurodollar Loan on a day prior to the last day of an Interest Period therefor, any amounts owing 

in respect of such Eurodollar Loan pursuant to Section 3.04. All prepayments under Section 

2.13(a)(iii) shall be subject to Section 2.12(d) (to the extent applicable). Notwithstanding any of 

the other provisions of Section 2.13(a), so long as no Event of Default shall have occurred and be 

continuing, if any prepayment of Eurodollar Loans is required to be made under Section 2.13(a)

prior to the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit 

the amount of any such prepayment otherwise required to be made thereunder (including accrued 

interest to the last day of such Interest Period) into a Cash Collateral Account until the last day of 

such Interest Period, at which time the Administrative Agent shall be authorized (without any 

further action by or notice to or from the Borrower or any other Loan Party) to apply such amount 

to the prepayment of such Loans in accordance with this Section 2.13. Upon the occurrence and 

during the continuance of any Event of Default, the Administrative Agent shall also be authorized 

(without any further action by or notice to or from the Borrower or any other Loan Party) to apply 

such amount to the prepayment of the outstanding Loans in accordance with Section 2.13(a).

(f) Foreign Dispositions. Notwithstanding any other provisions of this Section 2.13, 

(A) to the extent that any or all of the Net Proceeds of any Disposition by a Foreign Subsidiary 

(“Foreign Disposition”) are (x) prohibited or delayed by applicable local law or (y) restricted by 

applicable organizational or constitutive documents or any agreement, from being repatriated to 

the United States, in each case the portion of such Net Proceeds so affected will not be required to 

be applied to repay Term Loans at the times provided in this Section 2.13 but may be retained by 

the applicable Foreign Subsidiary (the Borrower hereby agreeing to use reasonable efforts (as 
71

determined in the Borrower’s reasonable business judgment) to otherwise cause the applicable 

Foreign Subsidiary to within one year following the date on which the respective payment would 

otherwise have been required, promptly take all actions reasonably required by the applicable local 

law, applicable organizational or constitutive document impediment to permit such repatriation), 

and if within one year following the date on which the respective payment would otherwise have 

been required, such repatriation of any of such affected Net Proceeds is permitted under the 

applicable local law, applicable organizational or constitutive document impediment, such 

repatriation will be promptly effected and such repatriated Net Proceeds will be promptly (and in

any event not later than 5 Business Days after such repatriation could be made) applied (net of 

additional taxes, costs and expenses payable or reserved against as a result thereof) (whether or 

not repatriation actually occurs) to the repayment of the Term Loans pursuant to this Section 2.13

and (B) to the extent that the Borrower has determined in good faith that repatriation of any of or 

all the Net Proceeds of any Foreign Disposition could cause adverse tax consequences to the 

Borrower, such Net Proceeds so affected may be retained by the applicable Foreign Subsidiary. 

The non-application of any prepayment amounts as a consequence of the foregoing provisions will 

not, for the avoidance of doubt, constitute a Default or an Event of Default.

(g) Notwithstanding anything to the contrary set forth in any other clause in this

Section 2.13, no mandatory prepayments of Term Loans that would have otherwise been required 

under Section 2.13(a) shall be required to be made until the Tranche B-2 Term Loan Facility 

Indebtedness (other than contingent indemnification or reimbursement obligations) shall have 

been paid or satisfied in full; provided that the Borrower shall cause to be prepaid an aggregate 

principal amount of Term Loans in an amount equal to 100% of all Net Proceeds received from 

any Credit Agreement Refinancing Indebtedness.

(h) Notwithstanding the foregoing to the contrary, with respect to proceeds of any ABL 

Priority Collateral and Term Priority Collateral that is required to be applied to the ABL Facility 

Indebtedness pursuant to the ABL Facility Documentation, the Lenders hereby agree that such 

proceeds shall be applied in the manner set forth in the ABL Facility Documentation prior to 

application to the Obligations hereunder pursuant to this Section 2.13.

Section 2.14. Pro Rata Treatment. Except as required under Section 3.02, each 

Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest 

on the Loans, each reduction of the Term Loan Commitments and each conversion of any 

Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro 

rata among the Lenders of the applicable Class in accordance with their respective applicable 

Commitments (or, if such Commitments shall have expired or been terminated, in accordance with 

the respective principal amounts of their outstanding Loans); provided that the provisions of this 

Section 2.14 shall not be construed to apply to any payment made by the Borrower pursuant to and 

in accordance with the express terms of this Agreement. Each Lender agrees that in computing 

such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in 

its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole 

Dollar amount.

Section 2.15. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise 

of a right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan Party, or 

pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other 
72

security or interest arising from, or in lieu of, such secured claim, received by such Lender under 

any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, 

obtain payment (voluntary or involuntary) in respect of any Loan or Loans as a result of which the 

unpaid principal portion of its Loans shall be proportionately less than the unpaid principal portion 

of the Loans of any other Lender, it shall be deemed simultaneously to have purchased from such 

other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a 

participation in the Loans of such other Lender, so that the aggregate unpaid principal amount of 

the Loans and participations in Loans held by each Lender shall be in the same proportion to the 

aggregate unpaid principal amount of all Loans then outstanding as the principal amount of its 

Loans prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the 

principal amount of all Loans outstanding prior to such exercise of banker’s lien, setoff or 

counterclaim or other event; provided, however, that (i) if any such purchase or purchases or 

adjustments shall be made pursuant to this Section 2.15 and the payment giving rise thereto shall 

thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent 

of such recovery and the purchase price or prices or adjustment restored without interest, and (ii) 

the provisions of this Section 2.15 shall not be construed to apply to any payment made by the 

Borrower pursuant to and in accordance with the express terms of this Agreement or any payment 

obtained by a Lender as consideration for the assignment of or sale of a participation in any of its 

Loans to any assignee or participant, other than to the Borrower as to which the provisions of this 

Section 2.15 shall apply (provided, that if the applicable payment, assignment, sale or participation 

to the Borrower is expressly permitted under Section 10.04, the provisions of this Section 2.15

shall not be construed to apply). The Borrower expressly consents to the foregoing arrangements 

and agrees that any Lender holding a participation in a Loan deemed to have been so purchased 

may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and all 

moneys owing by the Borrower to such Lender by reason thereof as fully as if such Lender had 

made a Loan directly to the Borrower in the amount of such participation. For the avoidance of 

doubt, neither this Section nor Section 2.14 shall limit the ability of the Borrower to pay principal, 

fees, premiums and interest with respect to Other Term Loans following the effectiveness of any 

Refinancing Amendment or any Extension Offer, as applicable, on a basis different from the Loans 

of such Class that will continue to be held by Lenders that were not Extending Lenders or Lenders 

pursuant to such Refinancing Amendment, as applicable.

Section 2.16. Payments.

(a) The Borrower shall make each payment (including principal of or interest on any 

Borrowing or any Fees or other amounts due and payable) hereunder and under any other 

Loan Document not later than 12:00 p.m., New York City time, on the date when due in 

immediately available Dollars, without setoff, defense or counterclaim. Any amounts 

received after such time on any date may, in the discretion of the Administrative Agent, be 

deemed to have been received on the next succeeding Business Day for purposes of 

calculating interest thereon. Each such payment shall be made to the Administrative 

Account. The Administrative Agent shall promptly distribute to each Lender any payments 

received by the Administrative Agent on behalf of such Lender.

(b) Except as otherwise expressly provided herein, whenever any payment (including 

principal of or interest on any Borrowing or any Fees or other amounts) hereunder or under 

any other Loan Document shall become due, or otherwise would occur, on a day that is not 
73

a Business Day, such payment may be made on the next succeeding Business Day, and 

such extension of time shall in such case be included in the computation of interest or Fees, 

if applicable.

Section 2.17. [Reserved].

Section 2.18. Refinancing Amendments.

(a) At any time after the Effective Date, the Borrower may obtain, from any Lender or 

any Additional Lender, Credit Agreement Refinancing Indebtedness (other than Permitted 

Additional Debt) in respect of all or any portion of the Term Loans then outstanding under 

this Agreement, in the form of Other Term Loans or Other Term Loan Commitments 

pursuant to a Refinancing Amendment; provided that (A) such Credit Agreement

Refinancing Indebtedness will rank pari passu in right of payment and of security with the 

other Loans and Commitments hereunder, (B) such Credit Agreement Refinancing 

Indebtedness will have such pricing, fees, interest, premiums and optional prepayment terms 

as may be agreed by the Borrower and the Lenders thereof (provided, that such Credit 

Agreement Refinancing Indebtedness may participate on a pro rata basis or on a less than 

pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory 

prepayments hereunder, as specified in the applicable Refinancing Amendment), (C) such 

Credit Agreement Refinancing Indebtedness will have a maturity date later than the maturity 

date of, and will have a Weighted Average Life to Maturity that is not shorter than, the 

Refinanced Debt, (D) the covenants, events of default and guarantees of such Credit 

Agreement Refinancing Indebtedness, if not consistent with the terms of the UST Tranche 

A Term Loans, shall be on customary market terms for Indebtedness of such type (as 

determined by the Borrower in good faith) ((provided, that the financial maintenance 

covenant on the then outstanding Term Loans shall be amended to provide the Lenders the 

benefit of any financial maintenance covenant of such Credit Agreement Refinancing 

Indebtedness that is in addition to or more restrictive in any material manner than the 

financial maintenance covenant on the then outstanding Term Loans)), (E) the proceeds of 

such Credit Agreement Refinancing Indebtedness shall be applied, substantially 

concurrently with the incurrence thereof, to the prepayment of outstanding Term Loans 

being so refinanced and (F) other than in the case of Credit Agreement Refinancing 

Indebtedness the proceeds of which are applied to pay all outstanding Term Loans and other 

Obligations in full in cash, the Borrower shall have obtained the consent of the Required 

Lenders. The effectiveness of any Refinancing Amendment shall be subject to the 

satisfaction (or waiver) on the date thereof of each of the conditions set forth in Section 4.01

(and for purposes thereof the incurrence of the Credit Agreement Refinancing Indebtedness 

shall be deemed to be a Request for Credit Extension) and, to the extent reasonably 

requested by the Administrative Agent and the Required Lenders, receipt by the 

Administrative Agent of customary legal opinions, board resolutions, officers’ certificates 

and a solvency certification or representation, in each case materially consistent with those 

delivered on the Effective Date under Section 4.02 (other than changes to such legal 

opinions resulting from a change in law, change in fact or change to counsel’s form of 

opinion reasonably satisfactory to the Administrative Agent), and customary reaffirmation 

agreements. Each Class of Credit Agreement Refinancing Indebtedness incurred under this 

Section 2.18(a) shall be in an aggregate principal amount that is (x) not less than 
74

$40,000,000 and (y) an integral multiple of $1,000,000 in excess thereof. The 

Administrative Agent shall promptly notify each Lender as to the effectiveness of each 

Refinancing Amendment.

(b) Each of the parties hereto hereby agrees that this Agreement and the other Loan 

Documents may be amended pursuant to a Refinancing Amendment, without the consent of 

any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence 

and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and 

(ii) effect such other amendments to this Agreement and the other Loan Documents as may 

be necessary or appropriate, in the reasonable opinion of the Required Lenders and the

Borrower, to effect the provisions of this Section 2.18, and the Required Lenders hereby 

expressly authorize the Administrative Agent to enter into any such Refinancing 

Amendment. Without limiting the foregoing, in connection with any Refinancing 

Amendment, the respective Loan Parties shall (at their expense) amend (and the Collateral 

Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the Latest 

Maturity Date after giving effect to such Refinancing Amendment so that such maturity date 

is extended to the then Latest Maturity Date (or such later date as may be advised by local 

counsel to the Required Lenders).

(c) This Section 2.18 shall supersede any provisions in Section 2.14, 2.15 or 10.08 to 

the contrary.

Section 2.19. Extensions of Term Loans.

(a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or 

more offers (each, an “Extension Offer”) made from time to time by the Borrower to all 

Lenders of a Class of Term Loans with a like Maturity Date on a pro rata basis (based on 

the aggregate outstanding principal amount of the respective Term Loans of such Class with 

the same Maturity Date) and on the same terms to each such Lender, the Borrower may 

from time to time with the consent of any Lender that shall have accepted such offer extend 

the maturity date of any Term Loans and otherwise modify the terms of such Term Loans 

of such Lender pursuant to the terms of the relevant Extension Offer (including, without 

limitation, by increasing the interest rate or fees payable in respect of such Term Loans 

and/or modifying the amortization schedule in respect of such Term Loans) (each, an 

“Extension”, and each group of Term Loans as so extended, as well as the group of original 

Term Loans not so extended, being a “tranche”; any Extended Term Loans shall constitute 

a separate tranche of Term Loans from the tranche of Term Loans from which they were 

converted and a separate Class of Term Loans), so long as the following terms are satisfied 

(or waived): (i) no Event of Default shall exist at the time the notice in respect of an 

Extension Offer is delivered to the Lenders, and no Event of Default shall exist immediately 

prior to or after giving effect to the effectiveness of any Extended Term Loans, (ii) except 

as to interest rates, fees, amortization, final maturity date, premium, AHYDO “catch up” 

payments, required prepayment dates and participation in prepayments (which shall, subject 

to immediately succeeding clauses (iii), (iv) and (v), be determined by the Borrower and set 

forth in the relevant Extension Offer), the Term Loans of any Term Lender extended 

pursuant to any Extension (“Extended Term Loans”) shall have the same terms and 

conditions that are substantially identical to, or less favorable to the lenders or investors 
75

providing such Extended Term Loans as the tranche of Term Loans subject to such 

Extension Offer, (iii) the final maturity date of any Extended Term Loans shall be no earlier 

than the then Latest Maturity Date and the amortization schedule, if any, applicable to Term 

Loans for periods prior to the then applicable Latest Maturity Date may not be increased, 

(iv) the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter 

than the remaining Weighted Average Life to Maturity of the Term Loans extended thereby, 

(v) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata 

basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments 

hereunder, as specified in the applicable Extension Offer, (vi) if the aggregate principal 

amount of Term Loans (calculated on the face amount thereof) in respect of which Term 

Lenders shall have accepted the relevant Extension Offer shall exceed the maximum 

aggregate principal amount of Term Loans offered to be extended by the Borrower pursuant 

to such Extension Offer, then the Term Loans of such Term Lenders shall be extended 

ratably up to such maximum amount based on the respective principal amounts (but not to 

exceed actual holdings of record) with respect to which such Term Lenders have accepted 

such Extension Offer, (vii) all documentation in respect of such Extension shall be 

consistent with the foregoing, and (viii) any applicable Minimum Extension Condition shall 

be satisfied unless waived by the Borrower.

(b) With respect to all Extensions consummated by the Borrower pursuant to this 

Section 2.19, (i) such Extensions shall not constitute voluntary or mandatory payments or 

prepayments for purposes of Section 2.12, 2.13 or 2.15 and (ii) no Extension Offer is 

required to be in any minimum amount or any minimum increment, provided that the 

Borrower may at its election specify as a condition (a “Minimum Extension Condition”) 

to consummating any such Extension that a minimum amount (to be determined and 

specified in the relevant Extension Offer in the Borrower’s sole discretion and may be 

waived by the Borrower) of Term Loans of any or all applicable Classes be tendered. The 

Administrative Agent and the Lenders hereby consent to the Extensions and the other 

transactions contemplated by this Section 2.19 (including, for the avoidance of doubt, 

payment of any interest, fees or premium in respect of any Extended Term Loans on such 

terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements 

of any provision of this Agreement (including, without limitation, Sections 2.12, 2.13, 2.14

and 2.15) or any other Loan Document that may otherwise prohibit any such Extension or 

any other transaction contemplated by this Section 2.19.

(c) Each of the parties hereto hereby (A) agrees that this Agreement and the other Loan 

Documents may be amended to give effect to each Extension (an “Extension 

Amendment”), without the consent of any other Lenders, to the extent (but only to the 

extent) necessary to (i) reflect the existence and terms of the Extended Term Loans incurred 

pursuant thereto, (ii) modify the scheduled repayments set forth in Section 2.11 with respect 

to any Class of Term Loans subject to an Extension to reflect a reduction in the principal 

amount of the Term Loans thereunder in an amount equal to the aggregate principal amount 

of the Extended Term Loans amended pursuant to the applicable Extension (with such 

amount to be applied ratably to reduce scheduled repayments of such Term Loans required 

pursuant to Section 2.11), (iii) modify the prepayments set forth in Sections 2.12 and 2.13

to reflect the existence of the Extended Term Loans and the application of prepayments with 

respect thereto, and (iv) effect such other amendments to this Agreement and the other Loan 
76

Documents as may be necessary or appropriate, in the reasonable opinion of the Required 

Lenders and the Borrower, to effect the provisions of this Section 2.19, and the Required 

Lenders hereby expressly and irrevocably, for the benefit of all parties hereto, authorize the 

Administrative Agent to enter into any such Extension Amendment and (B) consent to the 

transactions contemplated by this Section 2.19 (including, for the avoidance of doubt, 

payment of interest, fees or premiums in respect of any Extended Term Loans on such terms 

as may be set forth in the relevant Extension Amendment). Without limiting the foregoing, 

in connection with any Extension, the respective Loan Parties shall (at their expense) amend 

(and the Collateral Agent is hereby directed to amend) any Mortgage that has a maturity 

date prior to the then Latest Maturity Date so that such maturity date is extended to the 

Latest Maturity Date after giving effect to such Extension (or such later date as may be 

advised by local counsel to the Required Lenders).

(d) In connection with any Extension, the Borrower shall provide the Administrative 

Agent at least five (5) Business Days’ (or such shorter period as may reasonably be agreed 

by the Administrative Agent at the direction of the Required Lenders) prior written notice 

thereof, and shall agree to such procedures, if any, as may be established by, or acceptable 

to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of 

this Section 2.19.

(e) This Section 2.19 shall supersede any provisions in Section 2.14, 2.15 or 10.08 to 

the contrary.

ARTICLE 3

TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

Section 3.01. Taxes.

(a) Except as provided in this Section 3.01, any and all payments made by or on 

account of the Borrower or any Guarantor under any Loan Document to any Lender or Agent shall 

be made free and clear of and without deduction for any and all present or future taxes, duties, 

levies, imposts, assessments, withholdings (including backup withholding), fees or similar charges 

imposed by any Governmental Authority including interest, penalties and additions to tax 

(collectively “Taxes”), excluding (i) Taxes imposed on or measured by net income, however 

denominated, and franchise (and similar) Taxes imposed on it in lieu of net income Taxes, (ii) 

Taxes attributable to the failure by the relevant Lender or Agent to deliver the documentation 

required to be delivered pursuant to clause (d) of this Section 3.01, (iii) Taxes imposed by a 

jurisdiction as a result of any connection between such Lender or Agent and such jurisdiction other 

than any connection arising from executing, delivering, being a party to, engaging in any 

transactions pursuant to, performing its obligations under, or enforcing any Loan Document, (iv) 

any branch profits Taxes imposed by the United States or any similar Tax imposed by any other 

jurisdiction in which the Borrower or any Guarantor (as appropriate) is located, (v) any U.S. federal 

withholding tax imposed on amounts payable hereunder pursuant to a law in effect at such time 

the Lender or Agent becomes a party to this Agreement (other than pursuant to an assignment 

request by the Borrower under Section 3.06), or designates a new lending office, except in each 

case to the extent such Lender (or its assignor, if any) was entitled at the time of designation of a 

new lending office (or assignment) to receive additional amounts with respect to such withholding 
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tax pursuant to this Section 3.01 and (vi) any Tax imposed under FATCA (all such non-excluded 

Taxes imposed on such payments, being hereinafter referred to as “Indemnified Taxes”). If the 

Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to 

deduct any Indemnified Taxes or Other Taxes (as defined below) from or in respect of any sum 

payable under any Loan Document to any Agent or any Lender, (i) the sum payable by the 

Borrower or Guarantor shall be increased as necessary so that after making all required deductions 

(including deductions applicable to additional sums payable under this Section 3.01), such Agent 

or Lender (as the case may be) receives an amount equal to the sum it would have received had no 

such deductions been made, (ii) the applicable withholding agent shall make such deductions, (iii) 

the applicable withholding agent shall pay the full amount deducted to the relevant Governmental 

Authority in accordance with applicable Laws, and (iv) within thirty (30) days after the date of 

such payment (or, if receipts or evidence are not available within thirty (30) days, as soon as 

possible thereafter), if the Borrower or any Guarantor is the applicable withholding agent, the 

applicable withholding agent shall furnish to such Agent or Lender (as the case may be) the original 

or a copy of a receipt evidencing payment thereof or other evidence acceptable to such Agent or 

Lender.

(b) In addition, the Borrower agrees to pay any and all present or future stamp, court 

or documentary taxes and any other excise, property, intangible or mortgage recording taxes, or 

charges or levies of the same character, imposed by any Governmental Authority, which arise from 

any payment made under any Loan Document or from the execution, delivery, performance, 

enforcement or registration of, or otherwise with respect to, any Loan Document (including 

additions to tax, penalties and interest related thereto) (including any Mortgage Amendment) 

excluding, in each case, such amounts that result from an Agent or Lender’s Assignment and 

Acceptance, grant of a Participation, transfer or assignment to or designation of a new applicable 

lending office or other office for receiving payments under any Loan Document (collectively, 

“Assignment Taxes”) except for Assignment Taxes resulting from assignment or participation 

that is requested or required in writing by the Borrower (all such non-excluded taxes described in 

this Section 3.01(b) being hereinafter referred to as “Other Taxes”).

(c) Without duplication of Section 3.01(a) or (b), the Borrower and each Guarantor 

agree to indemnify each Agent and each Lender for (i) the full amount of Indemnified Taxes and 

Other Taxes paid by such Agent or Lender (including Indemnified Taxes and Other Taxes imposed 

or asserted on or attributable to amounts payable under this Section) and (ii) any expenses arising 

therefrom or with respect thereto, provided such Agent or Lender, as the case may be, provides 

Borrower or Guarantor with a written statement thereof setting forth in reasonable detail the basis 

and calculation of such amounts.

(d) Each Lender and Agent shall, at such times as are reasonably requested by the 

Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with 

any documentation prescribed by Law certifying as to any entitlement of such Lender or Agent to 

an exemption from, or reduction in, withholding tax with respect to any payments to be made to 

such Lender under the Loan Documents. Each such Lender and Agent shall, whenever a lapse in 

time or change in circumstances renders such documentation obsolete or inaccurate in any material 

respect, deliver promptly to the Borrower and the Administrative Agent updated or other 

appropriate documentation (including any new documentation reasonably requested by the 

applicable withholding agent) or promptly notify the Borrower and the Administrative Agent of 
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its inability to do so. Unless the applicable withholding agent has received forms or other 

documents satisfactory to it indicating that payments under any Loan Document to or for a Lender 

are not subject to withholding tax or are subject to such Tax at a rate reduced by an applicable tax 

treaty, the Borrower, the Administrative Agent or other applicable withholding agent shall 

withhold amounts required to be withheld by applicable Law from such payments at the applicable 

statutory rate. Notwithstanding the foregoing, a Lender shall not be required to deliver any form 

pursuant to this clause (d) that such Lender is not legally able to deliver. In addition, each Lender 

and Agent shall deliver to the Borrower and the Administrative Agent such other tax forms or 

other documents as shall be prescribed by applicable Law or reasonably requested by the Borrower 

or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine 

whether or not such Lender or Agent is subject to backup withholding or information reporting 

requirements. Without limiting the foregoing:

(i) Each Lender and Agent that is a United States person (as defined in Section 

7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or 

before the date on which it becomes a party to this Agreement two properly completed and 

duly signed executed copies of Internal Revenue Service Form W-9 certifying that such 

Lender or Agent (as the case may be) is exempt from federal backup withholding.

(ii) Each Lender and Agent that is not a United States person (as defined in 

Section 7701(a)(30) of the Code) which, for the avoidance of doubt, shall not include 

Treasury, shall deliver to the Borrower and the Administrative Agent on or before the date 

on which it becomes a party to this Agreement whichever of the following is applicable:

(A) two properly completed and duly signed executed copies of Internal 

Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E (or 

any successor forms) claiming eligibility for the benefits of an income tax treaty to 

which the United States is a party, and such other documentation as required under 

the Code,

(B) two properly completed and duly signed executed copies of Internal 

Revenue Service Form W-8ECI (or any successor forms) and, in the case of an 

Agent, a withholding certificate that satisfies the requirements of Treasury 

Regulation Sections 1.1441-1(b)(2)(iv) and 1.1441-1(e)(3)(v) as applicable to a 

U.S. branch that has agreed to be treated as a U.S. person for withholding tax 

purposes,

(C) in the case of a Lender claiming the benefits of the exemption for 

portfolio interest under Section 881(c) of the Code, (A) a certificate substantially 

in the form of Exhibit G-1, G-2, G-3 or G-4, as applicable (any such certificate a 

“United States Tax Compliance Certificate”) and (B) two properly completed 

and duly signed executed copies of Internal Revenue Service Form W-8BEN or 

Internal Revenue Service Form W-8BEN-E, or

(D) to the extent a Lender is not the beneficial owner (for example, 

where the Lender is a partnership, or is a participant holding a participation granted 

by a participating Lender), Internal Revenue Service Form W-8IMY (or any 
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successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN, W8BEN-E, United States Tax Compliance Certificate, Form W-9, Form W-8IMY or 

any other required information from each beneficial owner, as applicable (provided

that, if one or more beneficial owners are claiming the portfolio interest exemption, 

the United States Tax Compliance Certificate may be provided by such Lender on 

behalf of such beneficial owner). Each Lender and Agent shall deliver to the 

Borrower and the Administrative Agent two further executed copies of any 

previously delivered form or certification (or any applicable successor form) on or 

before the date that any such form or certification expires or becomes obsolete or 

inaccurate and promptly after the occurrence of any event requiring a change in the 

most recent form previously delivered by it to the Borrower or the Administrative 

Agent, or promptly notify the Borrower and the Administrative Agent that it is 

unable to do so. Each Lender and Agent shall promptly notify the Administrative 

Agent at any time it determines that it is no longer in a position to provide any 

previously delivered form or certification to the Borrower or the Administrative 

Agent.

(iii) Notwithstanding anything else herein, Treasury shall be entitled to the 

benefits of this Section 3.01 and all related provisions under this Agreement without 

regard to whether it provides any documentation described in Sections 3.01(d) or Section 

3.01(g).

(e) Any Lender or Agent claiming any additional amounts payable pursuant to this 

Section 3.01 shall use its reasonable efforts to change the jurisdiction of its lending office (or take 

any other measures reasonably requested by the Borrower) if such a change or other measures 

would reduce any such additional amounts (or any similar amount that may thereafter accrue) and 

would not, in the reasonable, good faith determination of such Lender, result in any unreimbursed 

cost or expense or be otherwise materially disadvantageous to such Lender.

(f) If any Lender or Agent determines, in its reasonable, good faith discretion, that it 

has received a refund in respect of any Taxes as to which indemnification or additional amounts 

have been paid to it by the Borrower pursuant to this Section 3.01 (including by payment of 

additional amounts pursuant to this Section) it shall promptly remit such refund to the Borrower or 

Guarantor, net of all out-of-pocket expenses of the Lender or Agent, as the case may be and without 

interest (other than any interest paid by the relevant Governmental Authority with respect to such 

refund net of any Taxes payable by any Agent or Lender on such interest); provided that the 

Borrower and Guarantors, upon the request of the Lender or Agent, as the case may be, agree 

promptly to return such refund (plus any penalties, interest or other charges imposed by the relevant 

Governmental Authority) to such party in the event such party is required to repay such refund to 

the relevant Governmental Authority. This section shall not be construed to require the 

Administrative Agent or any Lender to make available its tax returns (or any other information 

relating to Taxes that it deems confidential) to the Borrower or any other person.

(g) If a payment made to a Lender or Agent under any Loan Document would be 

subject to withholding Tax imposed by FATCA if such Lender or Agent were to fail to comply with 

the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 

1472(b) of the Code, as applicable), such Lender or Agent shall deliver to the Borrower and the 
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Administrative Agent at the time or times prescribed by law and at such time or times reasonably 

requested by the Borrower or the Administrative Agent such documentation prescribed by 

applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such 

additional documentation reasonably requested by the Borrower or the Administrative Agent as 

may be necessary for the Borrower and the Administrative Agent to comply with their obligations 

under FATCA and to determine that such Lender or Agent has complied with such Lender’s or 

Agent’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from 

such payment. Solely for purposes of this Section 3.01(h), “FATCA” shall include any amendments 

made to FATCA after the date of this Agreement. For the avoidance of doubt, Treasury shall not 

be required to provide any documentation under this Section 3.01(g).

(h) Each party’s obligations under this Section 3.01 shall survive any assignment of 

rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, 

satisfaction or discharge of all obligations under any Loan Document.

(i) Each Lender (other than Treasury) shall indemnify each Agent, within 10 days 

following written demand therefor, for (i) the full amount of any Indemnified Taxes and Other 

Taxes attributable to such Lender (but only to the extent that such Agent has not already been 

indemnified by the Borrower and each Guarantor for such Indemnified Taxes and Other Taxes and 

without limiting the obligation of the Borrower and each Guarantor to do so), and (ii) any Taxes 

attributable to such Lender’s failure to comply with the provision of Section 10.04(f) relating to the 

maintenance of a Participant Register, in each case, that are payable or paid by such Agent in 

connection with any Loan Documents, and any expenses arising therefrom or with respect thereto; 

provided that such Agent provides such lender with a written statement thereof setting forth in 

reasonable detail the basis and calculation of such amounts.

Section 3.02. Illegality. If any Law has made it unlawful, or that any Governmental 

Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, 

maintain or fund Eurodollar Loans, or to determine or charge interest rates based upon the LIBO 

Rate, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, 

any obligation of such Lender to make or continue Eurodollar Loans shall be suspended until such 

Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to 

such determination no longer exist. Upon receipt of such notice, the Borrower shall promptly 

following written demand from such Lender (with a copy to the Administrative Agent), prepay or, 

if applicable, convert all applicable Eurodollar Loans of such Lender to ABR Loans, either on the 

last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such 

Eurodollar Loans to such day, or promptly, if such Lender may not lawfully continue to maintain 

such Eurodollar Loans. Upon any such prepayment or conversion, the Borrower shall also pay 

accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection 

with such prepayment or conversion under Section 3.04. Each Lender agrees to designate a 

different lending office if such designation will avoid the need for such notice and will not, in the 

good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

Section 3.03. Increased Cost and Reduced Return; Capital Adequacy; Reserves on 

Eurodollar Loans.
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(a) If any Lender reasonably determines that as a result of the introduction of or any 

change in or in the interpretation of any Law, in each case after the Effective Date, or such 

Lender’s compliance therewith, there shall be any material increase in the cost to such Lender of 

agreeing to make or making, funding or maintaining any Eurodollar Loans, or a material reduction 

in the amount received or receivable by such Lender in connection with any of the foregoing 

(excluding for purposes of this Section 3.03(a) any such increased costs or reduction in amount 

resulting from (i) Indemnified Taxes or Other Taxes for which additional amounts are payable 

pursuant to Section 3.01, or any Taxes excluded from the definition of Indemnified Taxes under 

exception (iii) thereof to the extent such Taxes are imposed on or measured by net income or 

profits or are franchise taxes (imposed in lieu of the foregoing taxes) and any Taxes excluded 

from the definition of Indemnified Taxes under exceptions (i), (ii), (iv), (v) and (vi) thereof or (ii) 

reserve requirements contemplated by Section 3.03(c) or reflected in the Adjusted LIBO Rate) 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or 

maintaining any Eurodollar Loan (or of maintaining its obligations to make any Loan), or to 

reduce the amount of any sum received or receivable by such Lender, then from time to time 

within fifteen (15) days after written demand by such Lender setting forth in reasonable detail 

such increased costs (with a copy of such written demand to the Administrative Agent given in 

accordance with Section 3.05), the Borrower shall pay to such Lender such additional amounts as 

will compensate such Lender for such increased cost or reduction.

(b) If any Lender determines that the introduction of any Law regarding capital 

adequacy or liquidity or any change therein or in the interpretation thereof, in each case after the 

Effective Date, or compliance by such Lender (or its lending office) therewith, has the effect of 

reducing the rate of return on the capital of such Lender or any entity controlling such Lender as a 

consequence of such Lender’s obligations hereunder (taking into consideration its policies with 

respect to capital adequacy and liquidity and such Lender’s desired return on capital), then from 

time to time upon written demand of such Lender setting forth in reasonable detail the charge and 

the calculation of such reduced rate of return (with a copy of such written demand to the 

Administrative Agent given in accordance with Section 3.05), the Borrower shall pay to such 

Lender such additional amounts as will compensate such Lender or controlling entity for such 

reduction within fifteen (15) days after receipt of such written demand.

(c) Except to the extent already reflected in the Adjusted LIBO Rate, the Borrower 

shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with 

respect to liabilities or assets consisting of or including Eurodollar funds or deposits, additional 

interest on the unpaid principal amount of each applicable Eurodollar Loan of the Borrower equal 

to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such 

Lender in good faith, which determination shall be conclusive in the absence of manifest error), 

and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or 

analogous requirement of any other central banking or financial regulatory authority imposed in 

respect of the maintenance of the Commitments or the funding of any Eurodollar Loans of the 

Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if 

necessary, to the nearest five decimal places) equal to the actual costs allocated to such 

Commitment or Loan by such Lender (as determined by such Lender in good faith, which 

determination shall be conclusive absent manifest error) which in each case shall be due and 

payable on each date on which interest is payable on such Loan, provided the Borrower shall have 

received at least fifteen (15) days’ prior written notice (with a copy to the Administrative Agent) 
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of such additional interest or cost from such Lender. If a Lender fails to give written notice fifteen 

(15) days prior to the relevant Interest Payment Date, such additional interest or cost shall be due 

and payable fifteen (15) days from receipt of such written notice.

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this 

Section 3.03 shall not constitute a waiver of such Lender’s right to demand such compensation.

(e) If any Lender requests compensation under this Section 3.03, then such Lender will, 

if requested by the Borrower, use commercially reasonable efforts to designate another lending 

office for any Loan affected by such event; provided that such efforts are made on terms that, in 

the reasonable judgment of such Lender, cause such Lender and its lending office(s) to suffer no 

material economic, legal or regulatory disadvantage, and provided further that nothing in this 

Section 3.03(e) shall affect or postpone any of the Obligations of the Borrower or the rights of 

such Lender pursuant to Section 3.03(a), (b), (c) or (d).

Section 3.04. Funding Losses. Promptly following written demand of any Lender (with a 

copy to the Administrative Agent) from time to time, which demand shall set forth in reasonable 

detail the basis for requesting such amount, the Borrower shall promptly compensate such Lender 

for and hold such Lender harmless from any loss, cost or expense actually incurred by it as a result 

of:

(i) any continuation or conversion of any Eurodollar Loan of the Borrower on a day 

prior to the last day of the Interest Period for such Loan, or any payment or prepayment of any 

Eurodollar Loan of the Borrower on a day prior to the last day of the Interest Period for such Loan; 

or

(ii) any failure by the Borrower (for a reason other than the failure of such Lender to 

make a Loan) to prepay, borrow, continue or convert any Eurodollar Loan of the Borrower on the 

date or in the amount notified by the Borrower;

including an amount equal to the excess, as reasonably determined by such Lender, of (1) 

its cost of obtaining funds for the Eurodollar Loan that is the subject of such event for the period 

from the date of such event to the last day of the Interest Period in effect (or that would have been 

in effect) for such Loan over (2) the amount of interest likely to be realized by such Lender in 

redeploying the funds released or not utilized by reason of such event for such period, but 

excluding (a) loss of anticipated profits, and (b) any loss, cost or expense resulting from 

Indemnified Taxes or Other Taxes for which additional amounts are payable pursuant to Section 

3.01, or any Taxes excluded from the definition of Indemnified Taxes under Section 3.01.

Section 3.05. Matters Applicable to all Requests for Compensation.

(a) Any Agent or any Lender claiming compensation under this Article 3 shall deliver 

a certificate to the Borrower setting forth the additional amount or amounts to be paid to it 

hereunder which shall be conclusive in the absence of manifest error. In determining such amount, 

such Agent or such Lender may use any reasonable and customary averaging and attribution 

methods.
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(b) With respect to any Lender’s claim for compensation under Section 3.02 or 3.03, 

the Borrower shall not be required to compensate such Lender for any amount incurred more than 

one hundred and eighty (180) days prior to the date that such Lender notifies the Borrower of the 

event that gives rise to such claim; provided that, if the circumstance giving rise to such claim is 

retroactive, then such 180-day period referred to above shall be extended to include the period of 

retroactive effect thereof. If any Lender requests compensation by the Borrower under Section 

3.03, the Borrower may, by notice to such Lender (with a copy to the Administrative Agent), 

suspend the obligation of such Lender to make or continue from one Interest Period to another any 

applicable Eurodollar Loan, until the event or condition giving rise to such request ceases to be in 

effect (in which case the provisions of Section 3.05(c) shall be applicable); provided that such 

suspension shall not affect the right of such Lender to receive the compensation so requested.

(c) If the obligation of any Lender to make or continue any Eurodollar Loan shall be 

suspended pursuant to Section 3.05(b) hereof, such Lender’s applicable Eurodollar Loans shall be 

automatically converted into ABR Loans (or, if such conversion is not possible, repaid) on the last 

day(s) of the then current Interest Period(s) for such Eurodollar Loans (or, in the case of an 

immediate conversion required by Section 3.02, on such earlier date as required by Law) and, 

unless and until such Lender gives notice as provided below that the circumstances specified in

Section 3.02 or 3.03 hereof that gave rise to such conversion no longer exist:

(i) to the extent that such Lender’s Eurodollar Loans have been so converted, 

all payments and prepayments of principal that would otherwise be applied to such 

Lender’s applicable Eurodollar Loans shall be applied instead to its ABR Loans; and

(ii) all Loans that would otherwise be made or continued from one Interest 

Period to another by such Lender as Eurodollar Loans shall be made or continued instead 

as ABR Loans (if possible).

(d) If any Lender gives notice to the Borrower (with a copy to the Administrative 

Agent) that the circumstances specified in Section 3.02 or 3.03 hereof that gave rise to the 

conversion of any of such Lender’s Eurodollar Loans pursuant to this Section 3.05 no longer exist 

(which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time 

when Eurodollar Loans made by other Lenders under the applicable Facility are outstanding, if 

applicable, such Lender’s ABR Loans shall be automatically converted, on the first day(s) of the 

next succeeding Interest Period(s) for such outstanding Eurodollar Loans, to the extent necessary 

so that, after giving effect thereto, all Loans held by the Lenders holding Eurodollar Loans under 

such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and 

Interest Periods) in accordance with their respective Commitments for the applicable Facility.

(e) Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street 

Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder 

or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated 

by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any 

successor or similar authority) or the United States or foreign regulatory authorities, in each case 

pursuant to Basel III, shall be deemed to have been adopted or made after the Effective Date, 

regardless of the date enacted or adopted.
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Section 3.06. Replacement of Lenders under Certain Circumstances.

(a) If at any time (i) the Borrower becomes obligated to pay additional amounts or 

indemnity payments described in Section 3.01 or 3.03 as a result of any condition described in 

such Sections or any Lender ceases to make any Eurodollar Loans as a result of any condition 

described in Section 3.02 or Section 3.03 or (ii) any Lender becomes a Non-Consenting Lender, 

then the Borrower may, on prior written notice to the Administrative Agent and such Lender, (x) 

replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign 

pursuant to Section 10.04(b) (unless otherwise agreed, with the assignment fee to be paid by the 

Borrower in such instance) (it being understood that any such assignment shall become effective 

only in accordance with Section 10.04(e)), all of its rights and obligations under this Agreement 

(in respect of any applicable Facility only in the case of clause (i) or, with respect to a Class vote, 

clause (ii)) to one or more Eligible Assignees; provided that neither the Administrative Agent nor 

any Lender shall have any obligation to the Borrower to find a replacement Lender or other such 

Person; and provided further that (A) in the case of any such assignment resulting from a claim 

for compensation under Section 3.03 or payments required to be made pursuant to Section 3.01, 

such assignment will result in a reduction in such compensation or payments and (B) in the case 

of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the 

applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other 

consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of 

the Loan Documents; or (y) terminate the Commitment of such Lender and repay all Obligations 

of the Borrower owing to such Lender relating to the Loans and participations held by such Lender 

as of such termination date; provided that in the case of any such termination of a Non-Consenting 

Lender, such termination shall be sufficient (together with all other consenting Lenders) to cause 

the adoption of the applicable departure, waiver or amendment of the Loan Documents and such 

termination shall be in respect of any applicable Facility only in the case of clause (i) or, with 

respect to a Class vote, clause (ii).

(b) In the event that (i) the Borrower or the Administrative Agent has requested that 

the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to 

any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement 

of each Lender, each directly and adversely affected Lender, each Lender with respect to a certain 

Class of Loans or each directly and adversely affected Lender with respect to a certain Class of 

Loans, in each case in accordance with Section 10.08, and (iii) the Required Lenders (or, in the 

case of a consent, waiver or amendment involving all Lenders or all directly and adversely affected 

Lenders of a certain Class, the Required Class Lenders) have agreed to such consent, waiver or 

amendment, then any Lender who does not agree to such consent, waiver or amendment shall be 

deemed a “Non-Consenting Lender.”

(c) Any Lender being replaced pursuant to Section 3.06(a) above shall (i) execute and 

deliver an Assignment and Acceptance with respect to such Lender’s applicable Commitment and 

outstanding Loans, and (ii) deliver any Term Notes evidencing such Loans to the Borrower or 

Administrative Agent. Pursuant to such Assignment and Acceptance, (A) the assignee Lender 

shall acquire all or a portion, as the case may be, of the assigning Lender’s outstanding Loans, (B) 

all obligations of the Borrower owing to the assigning Lender relating to the Loans and 

participations so assigned shall be paid in full by the assignee Lender to such assigning Lender 

concurrently with such Assignment and Acceptance and (C) upon such payment and, if so 
85

requested by the assignee Lender, delivery to the assignee Lender of the appropriate Term Note 

executed by the Borrower, the assignee Lender shall become a Lender hereunder and the assigning 

Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, 

Commitments and participations, except with respect to indemnification provisions under this 

Agreement, which shall survive as to such assigning Lender. In connection with any such 

replacement, if any such Non-Consenting Lender does not execute and deliver to the 

Administrative Agent a duly executed Assignment and Acceptance reflecting such replacement 

within five (5) Business Days of the date on which the assignee Lender executes and delivers such 

Assignment and Acceptance to such Non-Consenting Lender, then such Non-Consenting Lender 

shall be deemed to have executed and delivered such Assignment and Acceptance without any 

action on the part of the Non-Consenting Lender.

(d) Notwithstanding anything to the contrary contained above, any Lender that acts as 

the Administrative Agent may not be replaced hereunder except in accordance with Article 9.

Section 3.07. Survival. All of the Borrower’s obligations under this Article 3 shall survive 

termination of the Commitments and repayment of all other Obligations hereunder.

ARTICLE 4

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

Section 4.01. Effective Date. This Agreement shall become effective on the first date on 

which the following conditions precedent have been satisfied (or waived in accordance with 

Article 9):

(a) The Administrative Agent and the Required Lenders shall have received the 

following, each properly executed by a Responsible Officer of the signing Loan Party (or, in the 

case of the Borrower, each Responsible Officer of the Borrower), each dated as of the Effective 

Date:

(i) executed counterparts of this Agreement duly executed by the Borrower and 

each Guarantor; 

(ii) the ABL Intercreditor Agreement duly executed by the parties thereto; and

(iii) the Administrative Agent Fee Letter duly executed by the respective parties 

thereto.

(b) Each of the ABL Credit Agreement and Tranche B-2 Term Loan Credit Agreement 

shall have been amended pursuant to amendment agreements, in form and substance reasonably

satisfactory to the Required Lenders in their sole discretion.

Section 4.02. Initial Funding Date . The obligation of each UST Tranche A Term Lender 

to make the UST Tranche A Term Loans on the Initial Funding Date shall be subject to the 

occurrence of the Effective Date and satisfaction (or waiver pursuant to Article 9) of the following 

conditions precedent:
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(a) Each Lender that has requested a Term Note at least two Business Days in advance 

of the Effective Date shall have received such Term Note executed by the Borrower in favor of 

such Lender, properly executed by each Responsible Officer of the Borrower, dated as of the 

Effective Date.

(b) The Administrative Agent and the Required Lenders shall have received, on behalf 

of themselves, the Collateral Agent and the Lenders, an opinion of (i) Kirkland & Ellis LLP, 

counsel for the Loan Parties, and (ii) from each local counsel for the Loan Parties listed on 

Schedule 4.02(b), in each case, dated the Initial Funding Date and addressed to the Administrative 

Agent, the Collateral Agent and the Lenders and in customary form and substance, and the 

Borrower hereby requests such counsel to deliver such opinions.

(c) The Administrative Agent and the Required Lenders shall have received (i) a copy 

of the certificate or articles of incorporation or organization or certificate of formation, including 

all amendments thereto, of each Loan Party, certified, if applicable, as of a recent date by the 

Secretary of State of the state of its organization, and a certificate as to the good standing (to the 

extent applicable) of each Loan Party as of a recent date, from such Secretary of State or similar 

Governmental Authority; (ii) a certificate of the Secretary or Assistant Secretary of each Loan 

Party dated the Initial Funding Date and certifying (A) that attached thereto is a true and complete 

copy of the by-laws or operating (or limited liability company) agreement of such Loan Party as 

in effect on the Initial Funding Date and at all times since a date prior to the date of the resolutions 

described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions 

duly adopted by the board of directors (or equivalent governing body) of such Loan Party 

authorizing the execution, delivery and performance of the Loan Documents to which such Loan 

Party is a party and, in the case of the Borrower, the borrowings hereunder, and that such 

resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that 

the certificate or articles of incorporation or organization or certificate of formation of such Loan 

Party have not been amended since the date of the last amendment thereto shown on the certificate 

of good standing furnished pursuant to clause (i) above, (D) as to the incumbency and specimen 

signature of each officer executing any Loan Document or any other document delivered in 

connection herewith on behalf of such Loan Party on the Initial Funding Date, and (E) as to the 

absence of any proceeding for the dissolution or liquidation of such Loan Party; and (iii) a 

certificate of another officer as to the incumbency and specimen signature of the Secretary or 

Assistant Secretary executing the certificate pursuant to clause (ii) above.

(d) (i) The Administrative Agent and the Required Lenders shall have received the 

results of (x) searches of the Uniform Commercial Code filings (or equivalent filings) and (y) 

judgment and tax lien searches, made with respect to each Loan Party in the states or other 

jurisdictions of formation of such Loan Party and with respect to such other locations and names 

listed on the Perfection Certificate, together with copies of the financing statements (or similar 

documents) disclosed by such search and (ii) each of the Intellectual Property Security Agreement 

shall have been duly executed and delivered by each Loan Party that is to be a party thereto, 

together with (x) certificates, if any, representing the Equity Interests pledged by the Borrower and 

the Guarantors accompanied by undated stock powers executed in blank and (y) copies of

documents and instruments to be recorded or filed that the Required Lenders may deem, subject 

to Section 6.13, reasonably necessary to satisfy the Collateral and Guarantee Requirement.
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(e) Prior to or substantially concurrently with the funding of the Loans on the Initial 

Funding Date, the IBT Agreement shall be in full force and effect. 

(f) Immediately after giving effect to the transactions contemplated hereby, the 

Borrower and the Subsidiaries shall have outstanding no Indebtedness for borrowed money other 

than (i) Indebtedness outstanding under this Agreement, (ii) the ABL Facility Indebtedness, (iii) 

the Tranche B-2 Term Loan Facility Indebtedness, (iv) the UST Tranche B Term Loan Facility 

Indebtedness and (v) Indebtedness permitted pursuant to Section 7.03.

(g) The Administrative Agent and the Required Lenders shall have received a solvency 

certificate, substantially in the form set forth in Exhibit H, from the chief financial officer or chief 

accounting officer or other officer with equivalent duties of the Borrower, or in lieu thereof at the 

option of the Borrower, an opinion of a nationally recognized valuation firm as to the solvency (on 

a consolidated basis) of the Borrower and its Subsidiaries as of the Initial Funding Date.

(h) The Administrative Agent, the Collateral Agent and the Required Lenders shall 

have received all documentation and other information about the Borrower and the Guarantors 

required under applicable “know your customer” and anti-money laundering rules and regulations, 

including the USA PATRIOT Act, including without limitation, a duly executed W-9 tax form (or 

such other applicable IRS tax form) of the Borrower, that has been reasonably requested in writing 

at least five Business Days prior to the Initial Funding Date.

(i) The Administrative Agent and the Required Lenders shall have received a 

certificate from an officer of the Borrower certifying that since December 31, 2019, there has not 

occurred any Material Adverse Effect.

(j) The Administrative Agent, the Collateral Agent and the Required Lenders shall 

have received all applicable fees and other amounts due and payable on or prior to the Initial

Funding Date, including, to the extent invoiced at least three Business Days prior to the Initial 

Funding Date (except as otherwise reasonably agreed by the Borrower), reimbursement or 

payment of all out-of-pocket expenses (including the fees and expenses of legal counsel) required 

to be reimbursed or paid by the Borrower hereunder or under any other Loan Document on or prior 

to the Initial Funding Date; provided, that, Borrower hereby acknowledges and agrees that any 

such amounts which shall be due and payable to the Administrative Agent and the Collateral Agent 

shall be paid to the Administrative Agent and the Collateral Agent on or prior to the Initial Funding

Date regardless of the date when such amounts are invoiced to the Borrower.

(k) To the extent required by Section 6.07, the Administrative Agent shall have 

received evidence that the insurance required by Section 6.07 is in effect, for the benefit of the 

Collateral Agent, as additional insured on behalf of the Secured Parties or as loss payee 

thereunder.

(l) The representations and warranties set forth in Article 5 and in each other Loan 

Document shall be true and correct in all material respects on and as of the Initial Funding Date 

with the same effect as though made on and as of such date, except to the extent such 

representations and warranties expressly relate to an earlier date, in which case they shall be true 

and correct in all material respects as of such earlier date; provided, that any such representation 
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and warranty that is qualified by “materiality”, “material adverse effect” or similar language shall 

be true and correct in all respects (after giving effect to such qualification therein) on and as of the 

Initial Funding Date with the same effect as though made on and as of such date or such earlier 

date, as applicable.

(m) (x) No Default shall exist or would result from the proposed Credit Extension on 

the Initial Funding Date or from the application of the proceeds therefrom and (y) no “default” (or 

similar event) under (i) the ABL Facility Documentation or any Permitted Refinancing thereof, 

(ii) the Tranche B-2 Term Loan Facility Documentation or any Permitted Refinancing thereof, (iii) 

the UST Tranche B Term Loan Facility Documentation or any Permitted Refinancing thereof or 

(iv) any other Indebtedness for borrowed money, with an aggregate principal amount (in the case 

of this clause (iv)) in excess of the Threshold Amount, in each case of clauses (i) through (iv), 

shall exist or would result from the proposed Credit Extension on the Initial Funding Date or from 

the application of the proceeds therefrom.

(n) The Administrative Agent shall have received a Request for Credit Extension in 

accordance with the requirements hereof.

(o) The Borrower shall have established the UST Tranche A Controlled Account.

(p) The Administrative Agent and the Required Lenders shall have received the 

following, each properly executed by a Responsible Officer of the signing Loan Party (or, in the 

case of the Borrower, each Responsible Officer of the Borrower), each dated as of the Effective 

Date:

(i) the Security Agreement duly executed by the parties thereto; and

(ii) the Custodial Administration Agreement duly executed by the parties 

thereto.

The Request for Credit Extension submitted by the Borrower in connection with the 

making of the UST Tranche A Term Loans on the Initial Funding Date shall be deemed to be a 

representation and warranty by the Borrower that the conditions specified in Sections 4.02(e), (f), 

(l) and (m) have been satisfied or waived on and as of the Initial Funding Date. Unless the 

Administrative Agent receives notice from the Required Lenders one Business Day prior to the 

Funding Date, it may conclusively assume that all conditions precedent in this Section have been 

met.

Section 4.03. Conditions to each Funding Date after the Initial Funding Date and each 

Disbursement made on or after the Initial Funding Date. The obligation of each UST Tranche A 

Term Lender to make the UST Tranche A Term Loans on each Funding Date after the Initial 

Funding Date and the disbursement of amounts in the UST Tranche A Controlled Account on or 

after the Initial Funding Date shall be subject to the satisfaction (or waiver pursuant to Article 9) 

of the following conditions precedent:

(a) The representations and warranties set forth in Article 5 and in each other Loan 

Document shall be true and correct in all material respects on and as of such date with the same 

effect as though made on and as of such date, except to the extent such representations and 
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warranties expressly relate to an earlier date, in which case they shall be true and correct in all 

material respects as of such earlier date; provided, that any such representation and warranty that 

is qualified by “materiality”, “material adverse effect” or similar language shall be true and correct 

in all respects (after giving effect to such qualification therein) on and as of such date with the 

same effect as though made on and as of such date or such earlier date, as applicable.

(b) (x) No Default shall exist or would result from the proposed funding or 

disbursement on such Funding Date or date of disbursement, as applicable, or from the application 

of the proceeds therefrom and (y) no “default” (or similar event) under (i) the ABL Facility 

Documentation or any Permitted Refinancing thereof, (ii) the Tranche B-2 Term Loan Facility 

Documentation or any Permitted Refinancing thereof, (iii) the UST Tranche B Term Loan Facility 

Documentation or any Permitted Refinancing thereof or (iv) any other Indebtedness for borrowed 

money, with an aggregate principal amount (in the case of this clause (iv)) in excess of the 

Threshold Amount, in each case of clauses (i) through (iv), shall exist or would result from such 

proposed funding or disbursement on such Funding Date or date of disbursement, as applicable, 

or from the application of the proceeds therefrom.

(c) With respect to each Funding Date, the Administrative Agent shall have received a 

Request for Credit Extension in accordance with the requirements hereof.

(d) With respect to any disbursement, the Administrative Agent shall have received a 

Request for Disbursement in accordance with the requirements hereof.

(e) The consummation of the Treasury Equity Issuance pursuant to Section 6.18.

(f) The receipt by the Treasury from the Borrower of a closing opinion reasonably 

satisfactory to the Treasury in customary form for a primary issuance of common stock.

Each Request for Credit Extension and each Request for Disbursement submitted by the 

Borrower shall be deemed to be a representation and warranty by the Borrower that the 

conditions specified in Sections 4.03(a) and (b) have been satisfied or waived on and as of the

applicable Funding Date or date of the applicable disbursement, respectively. Unless the

Administrative Agent receives notice from the Required Lenders one Business Day prior to the 

Funding Date, it may conclusively assume that all conditions precedent in this Section have been

met.

ARTICLE 5

REPRESENTATIONS AND WARRANTIES

Each of the Borrower and each of the Guarantors party hereto represents and warrants to 

the Administrative Agent, the Collateral Agent and each of the Lenders that:

Section 5.01. Existence, Qualification and Power; Compliance with Laws. Each Loan 

Party and each Restricted Subsidiary (a) is a Person duly organized or formed, validly existing and 

in good standing (where relevant) under the Laws of the jurisdiction of its incorporation or 

organization, (b) has all requisite organizational power and authority to execute, deliver and 

perform its obligations under the Loan Documents to which it is a party and, in the case of the 

Borrower, to borrow hereunder, (c) is duly qualified and in good standing (where relevant) under 
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the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct 

of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and 

injunctions, and (e) has all requisite franchises, licenses, authorizations, qualifications, consents 

and approvals to operate its business as currently conducted; except in each case, referred to in 

clause (a) (other than with respect to any Loan Party), (c), (d) or (e), to the extent that failure to do 

so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse 

Effect.

Section 5.02. Authorization; No Contravention. The execution, delivery and performance 

by each Loan Party of each Loan Document to which such Person is a party, and the consummation 

of the Transactions, (a) are within such Loan Party’s organizational powers, (b) have been duly 

authorized by all necessary corporate or other organizational action, and (c) do not (i) contravene 

the terms of any of such Person’s Organization Documents, (ii) conflict with or result in any breach 

or contravention of, or the creation of (or the requirement to create) any Lien under (other than as 

permitted by Section 7.01), or require any payment to be made under (x) any Indebtedness of such 

Person in excess of the Threshold Amount or (y) any material order, injunction, writ or decree of 

any Governmental Authority or any arbitral award to which such Person or its property is subject; 

or (iii) violate any material Law; except with respect to any conflict, breach or contravention or 

payment (but not creation of Liens) referred to in clause (c)(ii)(x), to the extent that such violation, 

conflict, breach, contravention or payment, individually or in the aggregate, could not reasonably 

be expected to have a Material Adverse Effect.

Section 5.03. Governmental Authorization; Other Consents. No approval, consent, 

exemption, authorization, or other action by, or notice to, or filing with, any Governmental 

Authority is necessary or required in connection with (a) the execution, delivery or performance 

by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for 

the consummation of the Transactions, (b) the grant by any Loan Party of the Liens granted by it 

pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under 

the Collateral Documents (including the priority thereof) to the extent required thereunder or (d) 

the exercise by the Administrative Agent, the Collateral Agent or any Lender of its rights under 

the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral 

Documents, except for (i) approvals, consents, exemptions, authorizations or other actions by, or 

notices to, or filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in 

favor of the Secured Parties (or release existing Liens), (ii) the approvals, consents, exemptions, 

authorizations, actions, notices and filings which have been duly obtained, taken, given or made 

and are in full force and effect (except to the extent not required to be obtained, taken, given or 

made or to be in full force and effect pursuant to the Collateral and Guarantee Requirement) and 

(iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the 

failure of which to obtain or make, individually or in the aggregate, could not reasonably be 

expected to have a Material Adverse Effect.

Section 5.04. Binding Effect. This Agreement and each other Loan Document has been 

duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each 

other Loan Document constitutes a legal, valid and binding obligation of each such Loan Party, 

enforceable against each Loan Party that is a party thereto in accordance with its terms, except as 

such enforceability may be limited by Debtor Relief Laws and by general principles of equity.
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Section 5.05. Financial Statements; No Material Adverse Effect.

(a) (i) The Audited Financial Statements fairly present in all material respects the 

financial condition of the Borrower and its consolidated Subsidiaries as of the dates thereof and 

their results of operations for the period covered thereby in accordance with GAAP consistently 

applied throughout the periods covered thereby, except as otherwise expressly noted therein.

(ii) The Unaudited Financial Statements fairly present in all material respects 

the financial condition of the Borrower and its consolidated Subsidiaries as of the dates 

thereof and their results of operations for the period covered thereby in accordance with 

GAAP consistently applied throughout the periods covered thereby, except as otherwise 

expressly noted therein and the absence of footnotes.

(b) The forecasts of income statements of the Borrower and its Subsidiaries which have 

been furnished to the Administrative Agent and the Required Lenders prior to the Effective Date 

have been prepared in good faith on the basis of the assumptions stated therein, which assumptions 

were believed to be reasonable at the time of preparation of such forecasts it being understood by 

the Agents and the Lenders that such projections as to future events (i) are not to be viewed as 

facts, (ii)(A) are subject to significant uncertainties and contingencies, which may be beyond the 

control of the Borrower and its Restricted Subsidiaries, (B) no assurance is given by the Borrower 

and its Restricted Subsidiaries that the results or forecast in any such projections will be realized 

and (C) the actual results may differ from the forecast results set forth in such projections and such 

differences may be material and (iii) are not a guarantee of performance and that actual results 

during the period or periods covered by any such projections may vary significantly from the 

projected results and such differences may be material.

(c) Since December 31, 2019, there has been no event or circumstance, either 

individually or in the aggregate, that has had or would reasonably be expected to have a Material 

Adverse Effect.

Section 5.06. Compliance With Laws. Neither the Borrower nor any of the Restricted 

Subsidiaries or any of their respective properties or assets is in violation of, nor will the continued 

operation of their properties and assets as currently conducted violate, any law, rule or regulation 

(including any zoning, building, ordinance, code or approval or any building permits) or any 

restrictions of record or agreements affecting the Mortgaged Property, or is in default with respect 

to any judgment, writ, injunction, decree or order of any Governmental Authority, where in each 

case such violation or default, individually or in the aggregate, would reasonably be expected to 

result in a Material Adverse Effect.

Section 5.07. Ownership of Property; Liens.

(a) Schedule 1.01(c) sets forth a true, complete and correct list of all Real Property 

owned (whether in fee or through a leasehold estate under any ground lease) by Borrower and 

the Restricted Subsidiaries as of the Effective Date.

(b) Each of the Borrower and the Restricted Subsidiaries has good record title to, or 

valid leasehold interests in, or easements or other limited property interests in, all its properties 

and assets (including all Mortgaged Property material to its business), free and clear of all Liens 
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except for minor defects in title that do not materially interfere with its ability to conduct its 

business or to utilize such assets for their intended purposes and except where the failure to have 

such title or interest would not reasonably be expected to have, individually or in the aggregate, a 

Material Adverse Effect.

(c) As of the Effective Date, Schedule 9 to the Perfection Certificate dated the Effective 

Date contains a true and complete list of each Material Real Property owned by the Borrower each 

other Loan Party and its Restricted Subsidiaries.

(d) As of the Effective Date, except as otherwise disclosed in writing to the Collateral 

Agent and the Required Lenders, no Mortgage encumbers improved Mortgaged Property that is 

located in an area that has been identified by the Secretary of Housing and Urban Development as 

an area having special flood hazards within the meaning of the Flood Laws unless Evidence of 

Flood Insurance has been delivered to the Collateral Agent.

Section 5.08. Environmental Matters. Except as would not reasonably be expected to 

have, individually or in the aggregate, a Material Adverse Effect:

(a) Each Loan Party and each Restricted Subsidiary is and has been in compliance with 

all Environmental Laws, which includes obtaining and maintaining all Environmental Permits 

required under such Environmental Laws to carry on the business of the Loan Parties and the 

Restricted Subsidiaries;

(b) the Loan Parties and the Restricted Subsidiaries have not received notice alleging 

any Environmental Liability or proposing or seeking to revoke, modify or deny the renewal of any 

Environmental Permit required to be held by the Loan Parties or the Restricted Subsidiaries, and 

neither the Loan Parties nor the Restricted Subsidiaries have become subject to any Environmental 

Liability;

(c) there has been no Release, discharge or disposal of Hazardous Materials (i) on, to, 

at, under or from any Real Property or any vehicles or facilities owned or leased by any of the 

Loan Parties or the Restricted Subsidiaries, or, to the knowledge of the Borrower, formerly owned, 

operated or leased by any Loan Party or any Restricted Subsidiary, or (ii) arising out of the conduct 

of the Loan Parties or the Restricted Subsidiaries that, in the case of (i) or (ii), could reasonably be 

expected to require investigation, remedial activity or corrective action or cleanup by or on behalf 

of any Loan Party or any Restricted Subsidiary or for which any Loan Party or Restricted 

Subsidiary reasonably could be expected to otherwise incur any Environmental Liability; and

(d) there are no facts, circumstances or conditions arising out of or relating to, and there 

are no pending or reasonably anticipated requirements under Environmental Law associated with, 

the operations of the Loan Parties or the Restricted Subsidiaries or any Real Property, vehicles or 

facilities currently or, to the knowledge of the Borrower, previously owned or leased by the Loan 

Parties or any Restricted Subsidiary that, in such case, are known to or would reasonably be likely 

to require investigation, remedial activity or corrective action or cleanup by or on behalf of any 

Loan Party or any Restricted Subsidiary or that are known to or would reasonably be likely to 

result in the Borrower or any other Loan Party or Restricted Subsidiary incurring any 
93

Environmental Liability or capital expenditures to achieve or maintain compliance with 

Environmental Laws.

Section 5.09. Taxes. Except as would not, either individually or in the aggregate, 

reasonably be expected to result in a Material Adverse Effect: each of the Loan Parties and their 

Restricted Subsidiaries have timely filed all tax returns required to be filed (taking into account 

any extensions), and have paid all Taxes levied or imposed upon them or their properties, that are 

due and payable (including in their capacity as a withholding agent), except those which are being 

contested in good faith by appropriate proceedings diligently conducted if such contest shall have 

the effect of suspending enforcement or collection of such Taxes and for which adequate reserves 

have been provided in accordance with GAAP. There is no proposed Tax deficiency or assessment 

known to any Loan Party against any Loan Party or any Restricted Subsidiary that would, if made, 

individually or in the aggregate, have a Material Adverse Effect.

Section 5.10. ERISA Compliance.

Except as would not, either individually or in the aggregate, reasonably be expected to 

result in a Material Adverse Effect:

(a) Each Plan is in compliance with the applicable provisions of ERISA, the Code and 

other Federal or state Laws (and the regulations and published interpretations thereunder).

(b) The Loan Parties, their Restricted Subsidiaries and their respective ERISA 

Affiliates may incur liability for ordinary course contributions to (and make payments in 

satisfaction of such liabilities) plans listed on Schedule 5.10(b), which are Multiemployer Plans.

(c) No ERISA Event has occurred.

Section 5.11. Subsidiaries. As of the Effective Date (after giving effect to the 

Transactions), no Loan Party has any direct or indirect Restricted Subsidiaries other than those 

specifically disclosed in Schedule 5.11, and all of the outstanding Equity Interests owned by the 

Loan Parties (or a Restricted Subsidiary of any Loan Party) in such Subsidiaries have been validly 

issued and are fully paid and (if applicable) non-assessable and all Equity Interests owned by a 

Loan Party (or a Restricted Subsidiary of any Loan Party) in such Subsidiaries are owned free and 

clear of all Liens except (a) those created under the Collateral Documents or under the ABL 

Facility Documentation, the Tranche B-2 Term Loan Facility Documentation and the UST Tranche 

B Term Loan Facility Documentation (which Liens shall be subject to the ABL Intercreditor 

Agreement and any Junior Lien Intercreditor Agreement, as applicable) and (b) any other Lien that 

is permitted under Section 7.01. As of the Effective Date, (i) Section 2(c) of the Perfection 

Certificate sets forth the name and jurisdiction of each Loan Party and (ii) Schedule 5 to the 

Perfection Certificate sets forth the direct ownership interest of the Borrower and any Loan Party 

thereof in each such Subsidiary, including the percentage of such ownership.

Section 5.12. Margin Regulations; Investment Company Act.

(a) No Loan Party or Restricted Subsidiary is engaged nor will it engage, principally, 

or as one of its important activities in the business of purchasing or carrying Margin Stock, or 

extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any 
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Borrowings will be used, whether directly or indirectly, and whether immediately, incidentally or 

ultimately, for any purpose that entails a violation of the provisions of the Regulations of the Board, 

including Regulation T, U or X.

(b) Neither the Borrower, nor any of the Restricted Subsidiaries is or is required to be 

registered as an “investment company” under the Investment Company Act of 1940.

Section 5.13. Disclosure. No report, financial statement, certificate or other written 

information furnished by or on behalf of any Loan Party (other than projected financial 

information, pro forma financial information, budgets, estimates and information of a general 

economic or industry nature) to any Agent or any Lender about the Borrower and its Subsidiaries 

in connection with the transactions contemplated hereby and the negotiation of this Agreement or 

delivered hereunder or under any other Loan Document (as modified or supplemented by other 

information so furnished) when taken as a whole contains or will contain any material 

misstatement of fact or omits or will omit to state any material fact necessary to make the 

statements therein (when taken as a whole), in the light of the circumstances under which they 

were or will be made, not materially misleading. With respect to projected financial information 

and pro forma financial information, the Borrower represents that such information was prepared 

in good faith based upon assumptions believed to be reasonable at the time of preparation; it being 

understood and agreed by the Agents and the Lenders that such projections as to future events (i) 

are not to be viewed as facts, (ii) are subject to significant uncertainties and contingencies, which 

may be beyond the control of the Borrower and its Restricted Subsidiaries and (iii) are not a 

guarantee of performance and that actual results during the period or periods covered by any such 

projections may vary significantly from the projected results and such differences may be material.

Section 5.14. Labor Matters.

(a) Except as, in the aggregate, would not reasonably be expected to result in a Material 

Adverse Effect: (i) there are no strikes or other labor disputes against the Borrower or any of its 

Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened in writing; (ii) 

hours worked by and payment made to employees of the Borrower or any of its Restricted 

Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable 

Law dealing with such matters; and (iii) all payments due from the Borrower or any of its 

Restricted Subsidiaries on account of employee health and welfare insurance and pension 

obligations have been paid or accrued as a liability on the books of the relevant party. Except as 

disclosed on Schedule 5.14, as of the Effective Date no Loan Party is a party to or bound by any 

collective bargaining agreement or, with respect to any Foreign Subsidiary, any similar agreement. 

To the knowledge of any Loan Party, the consummation of the transactions contemplated by the 

Loan Documents will not give rise to any right of termination or right of renegotiation on the part 

of any union under any collective bargaining agreement to which any Loan Party is bound to the 

extent that such would be reasonably expected to result in a Material Adverse Effect.

(b) (i) The IBT Agreement is in full force and effect and (ii) other than as contemplated 

by the IBT Transactions, the IBT Agreement has not been amended, waived or otherwise modified 

in any respect materially adverse to the Borrower and its Subsidiaries (taken as a whole). For 

purposes of this Section 5.14(b), it is understood that the resolution in the ordinary course of 
95

business of an employee grievance seeking to enforce the IBT Agreement terms will not be deemed 

to constitute an amendment, waiver or other modification to the IBT Agreement.

Section 5.15. Insurance. Each of the Borrower and its Subsidiaries maintains, with 

financially sound and reputable insurance companies, insurance in such amounts and against such 

risks as are customarily maintained by companies engaged in the same or similar businesses 

operating in the same or similar locations; provided, that each of the Borrower and its Subsidiaries 

may self-insure to the same extent as other companies engaged in similar businesses and owning 

similar properties in the same general areas in which the Borrower or each such Subsidiary, as 

applicable, operates.

Section 5.16. Solvency. As of each Funding Date and each date of disbursement of 

proceeds from the UST Tranche A Controlled Account, immediately after giving effect to the 

consummation of the Transactions to occur on such Funding Date, including the making of the 

Loans under this Agreement, and immediately after giving effect to the application of the proceeds 

of such Loans on the disbursement date, as applicable, (a) the fair value of the assets of the 

Borrower and its Subsidiaries, on a consolidated basis (on a going concern basis), exceeds, on a 

consolidated basis, their debts and liabilities, subordinated, contingent or otherwise; (b) the present 

fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is 

greater than the amount that will be required to pay the probable liability, on a consolidated basis, 

of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other 

liabilities become absolute and matured in the ordinary course of business; (c) the Borrower and

its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, 

contingent or otherwise, as such liabilities become absolute and matured; and (d) the Borrower 

and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, 

business for which they have unreasonably small capital. For purposes of this Section 5.16, the 

amount of any contingent liability at any time shall be computed as the amount that would 

reasonably be expected to become an actual and matured liability in the ordinary course of 

business.

Section 5.17. No Other Borrowed Money Indebtedness. Immediately after giving effect 

to the consummation of the Transactions to occur on each Funding Date the Borrower and its 

Subsidiaries shall have outstanding no Indebtedness for borrowed money other than (a) 

Indebtedness outstanding under this Agreement, (b) the ABL Facility Indebtedness, (c) the 

Tranche B-2 Term Loan Facility Indebtedness, (d) the UST Tranche B Term Loan Facility 

Indebtedness, (e) Indebtedness set forth on Schedule 7.03(b) and (f) Indebtedness permitted 

pursuant to Section 7.03.

Section 5.18. Collateral Documents.

(a) Valid Liens. The Collateral Documents are, or on execution and delivery thereof 

by the parties thereto will be, effective to create in favor of the Collateral Agent for the benefit of 

the Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Collateral 

described therein to the extent intended to be created thereby, except as the enforceability thereof 

may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and 

subject to general principles of equity and (i) when financing statements and other filings in 

appropriate form are filed in the offices specified in Section 2 of the Perfection Certificate (and 
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payments of all fees) and (ii) upon the taking of possession or control by the Collateral Agent of 

such Collateral with respect to which a security interest may be perfected only by possession or 

control (which possession or control shall be given to the Collateral Agent to the extent possession 

or control by the Collateral Agent is required by the Security Agreement), and (iii) upon the 

notating of the Lien of the Collateral Agent on all certificates of title in respect of any Collateral, 

the Liens created by the Collateral Documents (other than the Mortgages) shall constitute fully 

perfected Liens on, and security interests in, all right, title and interest of the grantors in such 

Collateral, in each case prior and superior in right to any other Person, other than Liens permitted 

by Section 7.01 (other than Liens securing Permitted Junior Priority Additional Debt or any 

Permitted Refinancing thereof and Liens securing ABL Facility Indebtedness or Permitted 

Refinancing thereof, that are intended to be junior to the Liens of the Collateral Documents).

(b) PTO Filing; Copyright Office Filing. When the Security Agreement or a short form 

thereof is properly filed (and payments of all fees) in the United States Patent and Trademark 

Office and the United States Copyright Office, to the extent such filings may perfect such interests, 

the Liens created by such Security Agreement shall constitute fully perfected Liens on, and 

security interests in, all right, title and interest of the grantors thereunder in Patents and Trademarks 

(each as defined in the Security Agreement) registered or applied for with the United States Patent 

and Trademark Office or Copyrights (as defined in such Security Agreement) registered or applied 

for with the United States Copyright Office, as the case may be, in each case prior and superior in 

right to any other Person, other than Liens permitted by Section 7.01 (other than Liens securing 

Permitted Junior Priority Additional Debt or any Permitted Refinancing thereof and Liens securing 

ABL Facility Indebtedness or Permitted Refinancing thereof, that are intended to be junior to the 

Liens of the Collateral Documents) (it being understood that subsequent recordings in the United 

States Patent and Trademark Office and the United States Copyright Office may be necessary to 

establish a Lien on registered Patents, Trademarks and Copyrights acquired by the grantors thereof 

after the Effective Date).

(c) Mortgages. Upon recording thereof in the appropriate recording office (and 

payments of all applicable fees), each Mortgage (or, if applicable, each Existing Mortgage as 

amended by a Mortgage Amendment) is effective to create, in favor of the Collateral Agent, for 

its benefit and the benefit of the Secured Parties, legal, valid and enforceable (except as the 

enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting 

creditors’ rights generally and subject to general principles of equity) perfected Liens on, and a 

security interest in, all of the Loan Parties’ right, title and interest in and to the Mortgaged Property 

thereunder and the proceeds thereof, subject only to Liens permitted hereunder, and when such 

Mortgage (or, if applicable, Mortgage Amendment) is filed in the offices specified in the local 

counsel opinion delivered with respect thereto in accordance with the provisions of Sections 6.11

and 6.13, such Mortgage (or Existing Mortgage, as amended by a Mortgage Amendment) shall 

constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan 

Party to such Mortgage (or Existing Mortgage, as amended by a Mortgage Amendment) in the 

Mortgaged Property described therein and the proceeds thereof, in each case prior and superior in 

right to any other Person, other than Liens permitted by Section 7.01.

(d) Rolling Stock. Upon the recording thereof on the applicable certificate of title (and 

filing of financing statements and payment of applicable fees, which shall be for the account of 

the Borrower), the notation of the Administrative Agent’s lien on any rolling stock or other goods 
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subject to a certificate of title is effective to create, in favor of the Collateral Agent, for its benefit 

and the benefit of the Secured Parties, legal, valid and enforceable (except as the enforceability 

thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights 

generally and subject to general principles of equity) perfected Liens on, and a security interest in, 

all of the Loan Parties’ right, title and interest in and to such Collateral and the proceeds thereof, 

subject only to Liens permitted hereunder, in each case prior and superior in right to any other 

Person, other than Liens permitted by Section 7.01.

Notwithstanding anything herein (including this Section 5.18 or Section 5.04) or in any 

other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any 

representation or warranty as to (A) [reserved], (B) the pledge or creation of any security interest, 

or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or 

security interest to the extent such pledge, security interest, perfection or priority is not required 

pursuant to the Collateral and Guarantee Requirement or (C) on the Initial Funding Date and until 

required pursuant to Section 6.13, the pledge or creation of any security interest, or the effects of 

perfection or non-perfection, the priority or enforceability of any pledge or security interest to the 

extent not required on the Initial Funding Date pursuant to Section 4.02(d) or Section 4.02(o).

Section 5.19. Compliance with Anti-Terrorism and Corruption Laws.

(a) To the extent applicable, the Borrower and the Restricted Subsidiaries are in 

compliance, in all material respects, with (i) the Trading with the Enemy Act and each of the 

foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, 

Chapter V) and any other enabling legislation or executive order relating thereto, and (ii) the USA 

PATRIOT Act.

(b) None of the Borrower or any Restricted Subsidiary nor, to the knowledge of the 

Borrower, any director, officer, agent, employee or controlled Affiliate of the Borrower or any 

Restricted Subsidiary, (i) is a Blocked Person or (ii) is currently subject to any U.S. sanctions 

administered by OFAC that could, individually or in the aggregate, reasonably be expected to have 

a Material Adverse Effect; and none of the Borrower or any Restricted Subsidiary will use the 

proceeds of the Loans for the purpose of financing the activities of any Person currently subject to 

any U.S. sanctions administered by OFAC.

No part of the proceeds of the Loans will be used by the Borrower or any of the Restricted 

Subsidiaries, directly or indirectly, for any payments to any governmental official or employee, 

political party, official of a political party, candidate for political office or anyone else acting in an 

official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in 

violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

Section 5.20. Real Property Permits. Borrower has all Permits, all of which are in full 

force and effect as of the date hereof required by the applicable Governmental Authorities in 

connection with the ownership and operation of any Material Real Property, except to the extent 

that the failure to have any such Permits would not, individually or in the aggregate, reasonably 

be expected to have a Material Adverse Effect.
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Section 5.21. Treasury Equity. The Treasury Equity to be issued pursuant to the Treasury 

Equity Issuance shall (i) have been approved for listing on the NASDAQ Stock Market LLC, 

subject to notice of issuance and (ii) other than restrictions on transfer pursuant to applicable 

securities laws and the terms of the Voting Trust, be freely transferable, duly authorized, validly 

issued, fully paid and non-assessable, be free of any Liens, and will not be issued in violation of 

any options, warrants, convertible or exchangeable securities or other rights, however 

denominated, to subscribe for, purchase or otherwise acquire any security of any class, with or 

without payment of additional consideration in cash or property. The Treasury Equity Issuance (x) 

has been duly authorized by all necessary corporate or other organizational action of Borrower and 

(y) does not (i) conflict with or result in any breach or contravention of, or the creation of (or the 

requirement to create) any Lien under (other than as permitted by Section 7.01), or require any 

payment to be made under (a) any Indebtedness of such Person in excess of the Threshold Amount 

or (b) any material order, injunction, writ or decree of any Governmental Authority or any arbitral 

award to which such Person or its property is subject; or (ii) violate any material Law; except with 

respect to any conflict, breach or contravention or payment (but not creation of Liens) referred to 

in clause (y)(i)(a), to the extent that such violation, conflict, breach, contravention or payment, 

individually or in the aggregate, could not reasonably be expected to have a Material Adverse 

Effect.

Section 5.22. No Transaction Benefits.

(a) Neither the execution or delivery of the Loan Documents (or any other instrument 

or document furnished pursuant the Loan Documents) nor the consummation of the Transactions 

will, alone or together with any other event, cause or result in any Transaction Benefit. 

(b) To the extent necessary, the Borrower and each Restricted Subsidiary have taken 

all actions required to ensure that the execution and delivery of the Loan Documents (and any 

other instrument or document furnished pursuant the Loan Documents) and the consummation of 

the Transactions shall not, alone or together with any other event, cause or result in any Transaction 

Benefit or provide a basis for any current or former employee, director or other service provider 

of the Borrower or any Restricted Subsidiary to allege entitlement to any Transaction Benefit, 

including, without limitation, by securing any appropriate written waivers or consents from any 

such current or former employees, directors or other service providers of the Borrower or any 

Restricted Subsidiary.

Section 5.23. Statutory Conflicts. The Borrower is not a covered entity, as such term is 

defined in Section 4019 of the CARES Act.

ARTICLE 6

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder or any Loan or other 

Obligation (other than contingent indemnification or reimbursement obligations) hereunder which 

is accrued or payable shall remain unpaid or unsatisfied, then from and after the Effective Date, 

the Borrower shall and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 

6.03 and 6.15) cause each of the Restricted Subsidiaries to:
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Section 6.01. Financial Statements, Reports, Etc. In the case of the Borrower, deliver to 

the Administrative Agent for prompt further distribution to each Lender:

(a) within 90 days after the end of each fiscal year of the Borrower (beginning with the 

fiscal year ending December 31, 2019), a consolidated balance sheet of the Borrower and its 

Subsidiaries as at the end of such fiscal year, and the related consolidated statements of operations, 

changes in shareholders’ equity and cash flows for such fiscal year, setting forth in each case in 

comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in 

accordance with GAAP, audited and accompanied by a report and opinion of KPMG LLP, any 

other independent registered public accounting firm of nationally recognized standing or any other 

independent registered public accounting firm approved by the Administrative Agent and the 

Required Lenders (such approval not to be unreasonably withheld, conditioned or delayed), which 

report and opinion (i) shall be prepared in accordance with generally accepted auditing standards, 

(ii) shall not be subject to qualifications or exceptions as to the scope of such audit, (iii) shall be 

without a “going concern” disclosure or like qualification or exception (other than with respect to, 

or disclosure or an exception or qualification solely resulting from, (x) the impending maturity of 

any Indebtedness, (y) any prospective or actual default under any financial covenant or (z) the 

impact of COVID 19 on the business of the Borrower and its Subsidiaries) and (iv) shall be 

accompanied with customary management discussion and analysis;

(b) within 45 days after the end of each of the first three (3) fiscal quarters of each 

fiscal year of the Borrower (commencing with the fiscal quarter ended September 30, 2019), a 

consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, 

and the related (x) consolidated statements of income or operations for such fiscal quarter and for 

the portion of the fiscal year then ended and (y) consolidated statements of cash flows for such 

fiscal quarter and the portion of the fiscal year then ended, setting forth in each case in comparative 

form the figures for the corresponding fiscal quarter of the previous fiscal year and the 

corresponding portion of the previous fiscal year, all in reasonable detail and certified by each

Responsible Officer of the Borrower as fairly presenting in all material respects the financial 

condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance 

with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and 

accompanied by customary management discussion and analysis; and

(c) within 90 days after the end of each fiscal year (commencing with the fiscal year 

ending December 31, 2019) of the Borrower, a reasonably detailed consolidated budget for the 

following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the 

Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated 

statements of projected cash flows and projected income and a summary of the material underlying 

assumptions applicable thereto) (collectively, the “Projections”), which Projections shall in each 

case be accompanied by a certificate of each Responsible Officer of the Borrower stating that such 

Projections have been prepared in good faith on the basis of the assumptions stated therein, which 

assumptions were believed to be reasonable at the time of preparation of such Projections, it being 

understood by the Agents and the Lenders that such projections as to future events (i) are not to be 

viewed as facts, (ii)(A) are subject to significant uncertainties and contingencies, which may be 

beyond the control of the Borrower and its Restricted Subsidiaries, (B) no assurance is given by

the Borrower and its Restricted Subsidiaries that the results or forecast in any such projections will 

be realized and (C) the actual results may differ from the forecast results set forth in such 
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projections and such differences may be material and (iii) are not a guarantee of performance and 

that actual results during the period or periods covered by any such projections may vary 

significantly from the projected results and such differences may be material.

Notwithstanding the foregoing, the obligations in paragraphs (a) and (b) of this Section 

6.01 or Section 6.02(b) may be satisfied with respect to information of the Borrower and the 

Subsidiaries by furnishing within the time period specified in the applicable paragraph (A) the 

applicable financial statements of the Borrower or (B) the Borrower’s Form 10-K or 10-Q, as 

applicable, filed with the SEC; provided that, with respect to clauses (A) and (B), to the extent 

such information is in lieu of information required to be provided under Section 6.01(a), such 

materials are accompanied by a report and opinion of KPMG LLP, any other independent 

registered public accounting firm of nationally recognized standing or any other independent 

registered public accounting firm approved by the Required Lenders (such approval not to be 

unreasonably withheld, conditioned or delayed), which report and opinion (i) shall be prepared in 

accordance with generally accepted auditing standards, (ii) shall not be subject to qualifications or 

exceptions as to the scope of such audit and (iii) shall be without a “going concern” disclosure or 

like qualification or exception (other than with respect to, or disclosure or an exception or 

qualification solely resulting from, (A) the impending maturity of any Indebtedness, (B) any 

prospective or actual default under any financial covenant or (C) the impact of COVID 19 on the 

business of the Borrower and its Subsidiaries).

Documents required to be delivered pursuant to Section 6.01(a), (b), (c) and (d) or Section 

6.02(b) or (c) may be delivered electronically and if so delivered, shall be deemed to have been 

delivered on the earliest date on which (i) Borrower posts such documents, or provides a link 

thereto on Borrower’s website on the Internet and provides notice thereof to the Administrative 

Agent; (ii) such documents are posted on Borrower’s behalf on IntraLinks/IntraAgency or another 

website, if any, to which each Lender and the Administrative Agent have access (whether a 

commercial, third-party website or whether sponsored by the Administrative Agent), or (iii) such 

financial statements and/or other documents are posted on the SEC’s website on the internet at 

www.sec.gov; provided that: (i) promptly following written request by the Administrative Agent, 

the Borrower shall deliver paper copies of such documents to the Administrative Agent for further 

distribution to each Lender until a written request to cease delivering paper copies is given by the 

Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic 

mail) the Administrative Agent of the posting of any such documents and provide to the 

Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. 

Each Lender shall be solely responsible for timely accessing posted documents or requesting 

delivery of paper copies of such documents from the Administrative Agent and maintaining its 

copies of such documents. Notwithstanding anything contained herein, in every instance the 

Borrower shall be required to provide paper copies of the Compliance Certificates required by 

Section 6.02(a) to the Administrative Agent; provided, however, that if such Compliance 

Certificate is first delivered by electronic means, the date of such delivery by electronic means 

shall constitute the date of delivery for purposes of compliance with Section 6.02(a).

Section 6.02. Certificates; Other Information. Deliver to the Administrative Agent for 

prompt further distribution to each Lender:
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(a) no later than five (5) Business Days after the delivery of the financial statements 

referred to in Sections 6.01(a) and 6.01(b) (or the date on which such delivery is required), 

commencing with the first full fiscal quarter completed after the Effective Date, a duly completed 

Compliance Certificate signed by each Responsible Officer of the Borrower; it being understood 

that , if applicable for such period of delivery, such Compliance Certificate shall include (i) 

information about Net Proceeds received in the period for individual amounts greater than 

$5,000,000 and set forth statements of the Borrower’s intention regarding the use of any portion 

of such Net Proceeds to acquire, maintain, develop, construct, improve, upgrade or repair assets 

useful in the business of the Borrower or its Restricted Subsidiaries or to make Permitted 

Acquisitions or any acquisition permitted hereunder of all or substantially all the assets of, or all 

the Equity Interests (other than directors qualifying shares) in a Person, division or line of business 

previously acquired) and (ii) calculations setting forth in reasonable detail the amount of any 

Cumulative Credit available at the beginning of the applicable period and at the end of such period 

and the amount and application of any Cumulative Credit during such period (it being understood 

that the Borrower has the right to reallocate usage of the Cumulative Credit in accordance with 

Section 1.02(i) from time to time);

(b) promptly after the same are publicly available, copies of all annual, regular, 

periodic and special reports and registration statements which the Borrower or any Restricted 

Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor 

(other than amendments to any registration statement (to the extent such registration statement, in 

the form it became effective, is delivered), exhibits to any registration statement and, if applicable, 

any registration statement on Form S-8) and in any case not otherwise required to be delivered to 

the Administrative Agent pursuant hereto;

(c) (i) promptly after the furnishing thereof, copies of any material notices of default 

received by any Loan Party or Restricted Subsidiary (other than in the ordinary course of business) 

or furnished to any holder of Indebtedness or debt securities of any Loan Party or of any of its 

Restricted Subsidiaries pursuant to the terms of the ABL Facility Documentation, the Tranche B2 Term Loan Facility Documentation, the UST Tranche B Term Loan Facility Documentation, 

any Junior Financing Documentation, any Permitted Additional Debt or any Permitted 

Refinancing of any thereof, in each case in a principal amount in excess of the Threshold Amount 

and not otherwise required to be furnished to the Lenders pursuant to any clause of this Section 

6.02 and (ii) promptly after the execution thereof, copies of any amendments, modifications or 

waivers to the ABL Facility Documentation and the Tranche B-2 Term Loan Facility 

Documentation;

(d) together with the delivery of each Compliance Certificate pursuant to Section 

6.02(a), (i) in the case of annual Compliance Certificates only, a report setting forth the information 

required by sections of the Perfection Certificate describing the legal name and the jurisdiction of 

organization or formation of each Loan Party and the location of the chief executive office of each 

Loan Party or confirming that there has been no change in such information since the Effective 

Date or the date of the last such report, (ii) a description of each (x) event, condition or 

circumstance during the last fiscal quarter covered by such Compliance Certificate requiring a 

mandatory prepayment under Section 2.13(a) and (y) Disposition of owned Real Property on 

which sits a trucking terminal and adjacent/vacant land located nearby and (iii) a list of each 
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Subsidiary of the Borrower that identifies each Subsidiary as a Loan Party or a non-Loan Party as 

of the date of delivery of such Compliance Certificate;

(e) promptly, such additional information regarding the business, legal, financial or 

corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, including 

the business performance and tax and collateral due diligence of the Borrower and its Restricted 

Subsidiaries, as the Administrative Agent or any Lender through the Administrative Agent may 

from time to time reasonably request;

(f) promptly after the written request by any Lender, all documentation and other 

information that such Lender reasonably requests in order to comply with its ongoing obligations 

under applicable “know your customer” and anti-money laundering rules and regulations, 

including the USA PATRIOT Act;

(g) promptly after the receipt thereof by the Borrower or any of the Restricted 

Subsidiaries, a copy of any final “management letter” received by any such Person from its 

certified public accountants and the management’s response thereto; 

(h) promptly following any request therefor by the Administrative Agent or any 

Lender, copies of (i) any material documents described in Section 101(k) of ERISA that any Loan 

Party may request with respect to any Multiemployer Plan and (ii) any material notices described 

in Section 101(l) of ERISA that any Loan Party may request with respect to any Plan or 

Multiemployer Plan, provided that if any Loan Party has not requested such material documents 

or material notices from the administrator or sponsor of the applicable Plan or Multiemployer Plan, 

such Loan Party shall make a request for such material documents or material notices from the 

such administrator or sponsor at the earliest date on which such Loan Party determines that it is 

commercially reasonable to so request in order to avoid the occurrence of an event that could 

reasonably be expected to result in a material liability, and shall provide copies of such material 

documents and material notices promptly after receipt thereof; 

(i) commencing as of the Effective Date and promptly after the written request by the 

Administrative Agent or any Lender, (i) such reasonably available information with respect to

purchases of Rolling Stock exceeding $5,000,000 after the Effective Date as the Administrative 

Agent or such Lender shall request, (ii) all invoices, receipts, agreements or other information 

detailing or otherwise relating to any Disposition by any Loan Party of Rolling Stock of such Loan 

Party, which Disposition or series of Dispositions, in each case, results in at least $250,000 of 

aggregate Net Proceeds during any 12-month period,

(j) during the Specified Period, prior to 5:00 p.m. New York time on the third Business

Day of every second week after the Effective Date (i.e., the first delivery date hereunder will be 

Wednesday July 15, 2020), deliver to the Lenders a liquidity report (each, a “Liquidity Report”) 

setting forth the aggregate amount of Liquidity of the Loan Parties as of the end of the immediately 

preceding week (ending on the Sunday immediately preceding the applicable third Business Day 

reporting deadline; i.e. with respect to the reporting deadline occurring on Wednesday July 15, 

2020, the week ending Sunday July 12, 2020) and a comparison of the amount set forth on the 

prior delivered Liquidity Report;
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(k) promptly after the furnishing thereof (and in no event later than three Business Days 

after the delivery thereof), a copy of each borrowing base certificate delivered under the ABL 

Credit Agreement; and

(l) promptly after the furnishing thereof (and in no event later than three Business Days 

after the delivery thereof), a copy of each Cash Flow Forecast and Variance Report (each as 

defined in the Tranche B-2 Term Loan Credit Agreement) delivered under the Tranche B-2 Term 

Loan Credit Agreement.

Notwithstanding anything to the contrary, neither the Borrower nor any Restricted Subsidiary will 

be required to disclose or permit the inspection or discussion of, any document, information or 

other matter (i) that constitutes trade secrets or proprietary information, (ii) in respect of which 

disclosure to the Administrative Agent or any Lender (or their representatives or contractors) is 

prohibited by law or any binding agreement, or (iii) that is subject to attorney client or similar 

privilege or constitutes attorney work product.

Section 6.03. Notices. Promptly after the Borrower or any Guarantor has obtained 

knowledge thereof, notify the Administrative Agent (which shall provide notice to the Lenders):

(a) of the occurrence of any Default;

(b) of any matter that has resulted or could reasonably be expected to result in a 

Material Adverse Effect;

(c) of the filing or commencement of, or any written threat or written notice of intention 

of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in 

equity by or before any Governmental Authority, against the Borrower or any of its Restricted 

Subsidiaries that has a reasonable likelihood of adverse determination and such determination 

could reasonably be expected to result in a Material Adverse Effect; and

(d) of the occurrence of any ERISA Event following the Effective Date that, alone or 

together with any other ERISA Events that have occurred following the Effective Date, could 

reasonably be expected to result in a Material Adverse Effect.

Each notice pursuant to this Section shall be accompanied by a written statement of each

Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to Section 

6.03(a), (b), (c), or (d) (as applicable) and (y) setting forth details of the occurrence referred to in 

Section 6.03(a), (b), (c), or (d), as applicable, and stating what action the Borrower has taken and 

proposes to take with respect thereto.

Section 6.04. Payment of Taxes. Promptly pay, discharge or otherwise satisfy as the same 

shall become due and payable in the normal conduct of its business, all its obligations and liabilities 

in respect of Taxes imposed upon it or upon its income or profits or in respect of its property, 

except, to the extent any such Tax is being contested in good faith and by appropriate proceedings 

for which appropriate reserves have been established in accordance with GAAP if such contest 

shall have the effect of suspending enforcement or collection of such Taxes or, where the failure 

to pay, discharge or otherwise satisfy the same would not reasonably be expected to have, 

individually or in the aggregate, a Material Adverse Effect. 
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Section 6.05. Preservation of Existence, Etc. (a) Preserve, renew and maintain in full 

force and effect its legal existence under the Laws of the jurisdiction of its organization except in 

a transaction permitted by Section 7.04 or Section 7.05 and (b) obtain, maintain, renew, extend 

and keep in full force and effect all rights, privileges (including its good standing where applicable 

in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal 

conduct of its business, except, in the case of clause (a) (other than with respect to the Borrower) 

or (b), to the extent that failure to do so would not reasonably be expected to have, individually or 

in the aggregate, a Material Adverse Effect.

Section 6.06. Maintenance of Properties. Except if the failure to do so could not 

reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a) 

maintain, preserve and protect all of its properties and equipment necessary in the operation of its 

business in satisfactory working order, repair and condition, ordinary wear and tear excepted and 

fire, casualty or condemnation excepted, and (b) make all necessary renewals, replacements, 

modifications, improvements, upgrades, extensions and additions thereof or thereto in accordance 

with prudent industry practice and in the normal conduct of its business.

Section 6.07. Maintenance of Insurance.

Generally. Maintain with financially sound and reputable insurance companies, insurance 

with respect to its properties and business consistent in all material respects with the insurance 

maintained by Borrower and/or such Restricted Subsidiaries (as applicable) as of the Effective 

Date, which insurance shall insure against loss or damage of the kinds customarily insured against 

by Persons engaged in the same or similar business, and which insurance shall be of such types 

and in such amounts (after giving effect to any self-insurance reasonable and customary for 

similarly situated Persons engaged in the same or similar businesses as the Borrower and the 

Restricted Subsidiaries) as are customarily carried under similar circumstances by such other 

Persons in such similar or same locations.

(a) Requirements of Insurance. (A) Use commercially reasonable efforts to cause, 

not later than 30 days after the Effective Date (or such longer period as the Required Lenders may 

agree in writing in their reasonable discretion), all insurance required pursuant to Section 6.07(a) 

and (d) (x) to provide (and to continue to provide at all times thereafter) that it shall not be canceled, 

materially modified or not renewed (i) by reason of nonpayment of premium upon not less 

than 10 days’ prior written notice thereof by the insurer to the Administrative Agent and the 

Collateral Agent or (ii) for any other reason upon not less than 20 days’ prior written notice thereof 

by the insurer to the Administrative Agent and the Collateral Agent and (y) subject to the terms, 

conditions and provisions of the ABL Intercreditor Agreement and any Junior Lien Intercreditor 

Agreement, to name the Collateral Agent as additional insured on behalf of the Secured Parties (in 

the case of liability insurance) or loss payee (in the case of property insurance), as applicable (and 

to continue to so name the Collateral Agent at all times thereafter), (B) use commercially 

reasonable efforts to deliver, not later than 30 days after the Effective Date (or such longer period 

as the Required Lenders may agree in writing in their reasonable discretion), a copy of the policy 

(and to the extent any such policy is cancelled or not renewed, a renewal or replacement policy) 

or other evidence thereof to the Administrative Agent and the Collateral Agent, or insurance 

certificate with respect thereto, and (C) in the case of all property insurance policies located in the 

United States, not later than 30 days after the Effective Date (or such longer period as the Required 
105

Lenders may agree in writing in their reasonable discretion) cause such policies to be endorsed or 

otherwise amended to include a “standard” or “New York” lender’s loss payable endorsement, in 

form and substance reasonably satisfactory to the Required Lenders, which endorsement shall 

provide that, from and after such date, if the insurance carrier shall have received written notice 

from the Administrative Agent or the Collateral Agent of the occurrence of an Event of Default, 

the insurance carrier shall pay all proceeds otherwise payable to the Borrower or the Loan Parties 

under such policies directly to the Collateral Agent during the continuance of such Event of 

Default.

(b) Flood Insurance. Following the Effective Date, the Borrower shall deliver to the 

Collateral Agent and the Required Lenders annual renewals of the flood insurance policy under 

the property policy or annual renewals of a force-placed flood insurance policy.

(c) Environmental Insurance. Maintain with financially sound and reputable insurance 

companies, a premises pollution liability portfolio insurance and storage tank third-party liability, 

corrective and clean-up insurance policy with respect to its properties and business for an initial 

three year policy period commencing on the date hereof and with limits not less than, and with 

terms and conditions comparable to, the limits, terms and conditions in such policies that are in 

effect as of the date hereof, and subject to annual renewals after such initial three year policy 

period, which insurance shall be reasonably satisfactory to the Required Lenders. The Borrower 

shall purchase such insurance required under this Section 6.07(d) within 30 days following the 

Effective Date and provide evidence thereof to the Administrative Agent.

(d) Notify the Administrative Agent (for distribution to the Lenders) and the Collateral 

Agent promptly whenever any separate insurance concurrent in form or contributing in the event 

of material loss with that required to be maintained under this Section 6.07 is taken out by the 

Borrower or another Loan Party; and promptly deliver to the Administrative Agent and the 

Collateral Agent a duplicate original copy of such policy or policies, or an insurance certificate 

with respect thereto once available.

Section 6.08. Compliance with Laws. Comply with the requirements of all Laws and all 

orders, writs, injunctions and decrees applicable to it or to its business or property, except if the 

failure to comply therewith would not reasonably be expected to have, individually or in the 

aggregate, a Material Adverse Effect.

Section 6.09. Books and Records. Maintain proper books of record and account, in which 

entries are made that are full, true and correct in all material respects and are in conformity with 

GAAP (except as noted therein) and which reflect all material financial transactions and matters 

involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be.

Section 6.10. Inspection Rights. Permit representatives and independent contractors of the 

Required Lenders to visit and inspect any of its properties, to examine its corporate, financial and 

operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, 

finances and accounts with its directors, officers, and independent public accountants (subject to 

such accountants’ customary policies and procedures), all at the reasonable expense of the 

Borrower and subject to bona fide confidentiality obligations, limitations imposed by law and 

attorney-client privilege and at such reasonable times during normal business hours and as often 
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as may be reasonably desired, upon reasonable advance notice to the Borrower; provided that, 

excluding any such visits and inspections during the continuation of an Event of Default, the 

Required Lenders shall not exercise such rights more often than one time during any calendar year;

provided further that when an Event of Default exists, any Lender (or any of their respective 

representatives or independent contractors) may do any of the foregoing at the expense of the 

Borrower at any time during normal business hours and upon reasonable advance notice. The 

Required Lenders shall give the Borrower the opportunity to participate in any discussions with 

the Borrower’s independent public accountants.

Section 6.11. Additional Collateral; Additional Guarantors. Subject to the terms, 

conditions and provisions of each Intercreditor Agreement, at the Borrower’s expense, the 

Borrower shall take all reasonable actions which are necessary or reasonably requested by the 

Administrative Agent or the Collateral Agent to ensure that the Collateral and Guarantee 

Requirement continues to be satisfied, including:

(a) Upon (x) the formation or acquisition of any new direct or indirect Subsidiary (in 

each case, other than an Excluded Subsidiary) by the Borrower or (y) any Subsidiary that is an 

Excluded Subsidiary ceasing to be an Excluded Subsidiary:

(i) within 60 days after such formation, acquisition, designation or other 

event, or such longer period as the Required Lenders may agree in writing in their 

reasonable discretion (not to be unreasonably withheld, delayed, conditioned or denied):

(A) causing each such Subsidiary to duly execute and deliver to the 

Administrative Agent or the Collateral Agent (as appropriate) joinders to this Agreement as 

Guarantors, Security Agreement Supplements, Intellectual Property Security Agreements, a 

counterpart of the Intercompany Note and other security agreements (including Mortgages) and 

documents (including, (I) with respect to any Foreign Subsidiary, local law security agreements 

and documents in each case consistent with market practice, and (II) with respect to such 

Mortgages, the documents described in the definition of Collateral and Guarantee Requirement, as 

reasonably requested by the Required Lenders and in form and substance reasonably satisfactory 

to the Required Lenders and the Borrower (consistent with the Mortgages (or Existing Mortgage, 

as amended), Security Agreement, Intellectual Property Security Agreements and other security 

agreements in effect on the Effective Date), in each case granting Liens required by the Collateral 

and Guarantee Requirement;

(B) causing each such Subsidiary (and the parent of each such Subsidiary that 

is a Loan Party) to deliver to the Collateral Agent any and all certificates representing Equity 

Interests (to the extent certificated) and intercompany notes (to the extent certificated) that are 

required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by 

undated stock powers or other appropriate instruments of transfer executed in blank;

(C) taking and causing each such Restricted Subsidiary and each direct or 

indirect parent of such Restricted Subsidiary to take whatever action (including the recording of 

Mortgages, the filing of UCC financing statements and the delivery of stock and membership 

interest certificates) as may be necessary in the reasonable opinion of the Required Lenders to vest 

in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and 
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perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to 

otherwise comply with the requirements of the Collateral and Guarantee Requirement;

(ii) if reasonably requested by the Required Lenders, Administrative Agent or 

the Collateral Agent, within 45 days after such request (or such longer period as the 

Required Lenders may agree in writing in their reasonable discretion), delivering to the 

Administrative Agent a signed copy of an opinion, addressed to the Administrative Agent 

and the Lenders, of counsel for the Loan Parties as to such matters set forth in this Section 

6.11(a) as the Administrative Agent and the Required Lenders may reasonably request; and

(iii) promptly after the reasonable request therefor by the Administrative Agent 

or Collateral Agent, delivering to the Collateral Agent with respect to each Material Real 

Property, any existing surveys, title reports, abstracts or environmental assessment reports, 

to the extent available and in the possession or control of the Borrower; provided, however, 

that there shall be no obligation to deliver to the Collateral Agent any existing 

environmental assessment report whose disclosure to the Collateral Agent would require 

the consent of a Person other than the Borrower or one of its Subsidiaries, and where, 

despite the commercially reasonable efforts of the Borrower to obtain such consent, such 

consent cannot be obtained.

(b) if reasonably requested by the Required Lenders, Administrative Agent or the 

Collateral Agent, within 60 days after such request (or such longer period as the Required Lenders

may agree in writing in their reasonable discretion), delivering to the Collateral Agent any other 

items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect 

to the validity, perfection, existence and priority of security interests with respect to property of 

any Guarantor acquired after the Effective Date and subject to the Collateral and Guarantee 

Requirement, but not specifically covered by the preceding clauses (i), (ii) or (iii) or clause (c) 

below.

(c) not later than 120 days after (i) the acquisition by any Loan Party of Material Real 

Property or (ii) the release of any first lien security interest on any Real Property securing the 

obligations under the Contribution Deferral Agreement, in each case, that is required to be 

provided as Collateral pursuant to the Collateral and Guarantee Requirement (or such longer period 

as the Required Lenders may agree in writing in their reasonable discretion), which Material Real 

Property would not be automatically subject to another Lien pursuant to pre-existing Collateral 

Documents, causing such property to be subject to a Lien in favor of the Collateral Agent for the 

benefit of the Secured Parties and taking, or causing the relevant Loan Party to take, such actions 

as shall be necessary or reasonably requested by the Required Lenders, Administrative Agent or

the Collateral Agent to grant and perfect or record such Lien, in each case to the extent required 

by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and 

to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

Section 6.12. Compliance with Environmental Laws. Except, in each case, to the extent 

that the failure to do so could not reasonably be expected to have, individually or in the aggregate, 

a Material Adverse Effect: (a) comply, and take all reasonable actions to cause all lessees and other 

Persons operating or occupying its properties to comply, with all applicable Environmental Laws 

and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its 
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operations and properties; and, (c) in each case to the extent the Loan Parties or the Restricted 

Subsidiaries are required to do so by Environmental Laws, conduct any investigation, remedial or 

other corrective action necessary to address Hazardous Materials at any property or facility in 

accordance with applicable Environmental Laws.

Section 6.13. Further Assurances and Post-Closing Conditions.

(a) Within the time periods after the Effective Date set forth in Schedule 

6.13(a), deliver each Collateral Document set forth on Schedule 6.13(a), duly executed by each 

Loan Party party thereto, together with all documents and instruments required to perfect the 

security interest of the Collateral Agent in the Collateral free of any other pledges, security interests 

or mortgages, except Liens expressly permitted hereunder, to the extent required pursuant to the 

Collateral and Guarantee Requirement.

(b) Promptly upon reasonable request by the Required Lenders, Administrative 

Agent or the Collateral Agent (i) correct any material defect or error that may be discovered in the 

execution, acknowledgment, filing or recordation of any Collateral Document or other document 

or instrument relating to any Collateral (including, without limitation, any defect or error related 

to certificates of title for vehicles and other rolling stock) as to which the Borrower reasonably 

agrees is a defect or error, and (ii) subject to the terms of the Collateral Documents, do, execute, 

acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further 

acts, deeds, certificates, assurances and other instruments as the Required Lenders, the 

Administrative Agent or the Collateral Agent may reasonably request from time to time in order 

to carry out more effectively the purposes of the Loan Documents and to cause the Collateral and 

Guarantee Requirement to be and remain satisfied. If the Required Lenders, Administrative Agent 

or the Collateral Agent reasonably determines that it is required by applicable Law to have 

appraisals prepared in respect of any Material Real Property of any Loan Party subject to a 

Mortgage (or Existing Mortgage, as amended by a Mortgage Amendment), the Borrower shall 

cooperate with the Required Lenders, Administrative Agent and/or Collateral Agent, as applicable, 

in obtaining such appraisals and shall pay all reasonable out-of-pocket costs and expenses relating 

thereto.

Section 6.14. [Reserved]. 

Section 6.15. Maintenance of Ratings. In the case of the Borrower, use commercially 

reasonable efforts to maintain a public corporate rating from S&P and a public corporate family 

rating from Moody’s, in each case in respect of the Borrower.

Section 6.16. Use of Proceeds. The Borrower shall use the proceeds of the Term Loans 

borrowed on each Funding Date solely to fund the UST Tranche A Controlled Account on such

Funding Date, the disbursements from which shall be used solely to (w) satisfy certain of the 

Borrower’s applicable contractual obligations with respect to certain (1) health insurance 

obligations, (2) real estate leases, (3) equipment leases, (4) pension obligations, (5) interest 

payments with respect to Indebtedness of the Borrower and (6) other expenditures (including a 

description of such other expenditures in reasonable detail), (x) for maintaining working capital, 

(y) finance technology and information technology infrastructure development and upgrades and 

(z) fund costs and expenses in connection with the Transactions, in each case in the amounts 
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approved by the Administrative Agent and the Required Lenders on or prior to the Effective Date

or thereafter.

Section 6.17. Compliance with Regulations. The Borrower shall comply with the 

provisions of 31 U.S.C. 1352, as amended, and with the regulations at 31 CFR Part 21.

Section 6.18. Equity Issuance. (a) Prior to any disbursement of amounts in the UST 

Tranche A Controlled Account (other than any disbursement therefrom of up to $200,000,000 on 

the Initial Funding Date), the Borrower shall (i) consummate the Treasury Equity Issuance, (ii) 

enter into a Voting Trust Agreement with the trustee thereunder and Treasury having substantially 

the terms set forth in Annex A attached hereto and (iii) enter into a Registration Rights Agreement 

with the Treasury with respect to the Treasury Equity having substantially the terms set forth in 

Annex B attached hereto.

(b) The Borrower shall cooperate with, and perform all acts necessary in connection with, 

any transfer of Treasury Equity made in accordance with the Voting Trust, including the issuance 

of instructions to the transfer agent for the shares of Common Stock.

Section 6.19. Treasury Access. Provide Treasury, the Treasury Inspector General, and 

such other entities as authorized by Treasury timely and unrestricted access to all documents, 

papers, or other records, including electronic records, of the Borrower related to the Loans, to 

enable Treasury and the Treasury Inspector General to make audits, examinations, and otherwise 

evaluate the Borrower’s compliance with the terms of this Agreement. This right also includes 

timely and reasonable access to the Lender’s and its Affiliates’ personnel for the purpose of 

interview and discussion related to such documents.

ARTICLE 7

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder or any Loan or other 

Obligation (other than contingent indemnification or reimbursement obligations) hereunder which 

is accrued or payable shall remain unpaid or unsatisfied, then from and after the Effective Date:

Section 7.01. Liens. The Borrower shall not, nor shall it permit any Restricted Subsidiary 

to, directly or indirectly, create, incur, assume or suffer to exist any Lien upon any of its property, 

assets or revenues, whether now owned or hereafter acquired, other than the following:

(a) Liens created pursuant to any Loan Document;

(b) Liens existing or contemplated on the Effective Date and listed on Schedule 

7.01(b); provided that, (i) the Lien does not extend to any additional property other than any 

replacements of such property or assets and additions and accessions thereto, after-acquired 

property subjected to a Lien securing Indebtedness and other obligations incurred prior to such 

time and which Indebtedness and other obligations are permitted hereunder that require, pursuant 

to their terms at such time, a pledge of after-acquired property (it being understood that such 

requirement shall not be permitted to apply to any property to which such requirement would not 

have applied but for such acquisition, or asset of the Borrower or any Restricted Subsidiary and 

the proceeds and the products thereof and customary security deposits in respect thereof and in the 
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case of multiple financings of equipment provided by any lender, other equipment financed by 

such lender), and (ii) such Lien does not secure any obligation (including unused commitments) 

other than those it secured on the Effective Date or, to the extent constituting Indebtedness, any 

Permitted Refinancing of the Indebtedness secured thereby on the Effective Date and any 

extensions, renewals, restructurings, refinancings and replacements thereof;

(c) Liens for unpaid utilities, taxes, assessments or governmental charges that are (i) 

not overdue for a period of more than thirty (30) days and are not otherwise delinquent, securing 

obligations in an amount not to exceed $500,000, or that are being contested in good faith and by 

appropriate actions, if adequate reserves with respect thereto are maintained on the books of the 

applicable Person in accordance with GAAP or (ii) otherwise not required to be paid pursuant to 

Section 6.04;

(d) Statutory, lease or common law Liens of landlords, sublandlords, carriers, 

warehousemen, mechanics, materialmen, repairmen, construction contractors or other like Liens, 

or other customary Liens (other than in respect of Indebtedness) in favor of landlords, in each case 

arising in the ordinary course of business that secure amounts not overdue for a period of more 

than thirty (30) days or if more than thirty (30) days overdue, that either secure obligations in an 

amount not to exceed $1,000,000 or are being contested in good faith and by appropriate actions, 

if adequate reserves with respect thereto are maintained on the books of the applicable Person in 

accordance with GAAP;

(e) (i) Liens in the ordinary course of business in connection with workers’ 

compensation, unemployment insurance and other social security legislation (other than any Lien 

imposed pursuant to Section 430(k) of the Code or Section 303(k) of ERISA or a violation of 

Section 436 of the Code) and (ii) Liens in the ordinary course of business securing liability for 

reimbursement or indemnification obligations of (including obligations in respect of letters of 

credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or 

liability insurance to the Borrower or any of its Restricted Subsidiaries; provided that this Section 

7.01(e) shall not permit liens securing letters of credit;

(f) Liens to secure the performance of bids, trade contracts, governmental contracts 

and leases (in the case of each of the foregoing, other than for Indebtedness for borrowed money), 

statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other 

obligations of a like nature (including those to secure health, safety and environmental 

obligations), in each case incurred in the ordinary course of business; provided that this Section 

7.01(f) shall not permit liens securing letters of credit;

(g) (i) easements, rights-of-way, restrictions (including zoning restrictions and other 

land use regulations), encroachments, protrusions, reservations and other similar encumbrances 

and minor title defects affecting Real Property that do not in the aggregate materially interfere with 

the ordinary conduct of the business of the Borrower and the Restricted Subsidiaries, taken as a 

whole and (ii) ground leases in respect of Real Property on which facilities owned or leased by the 

Borrower or any of the Restricted Subsidiaries are located; provided in the case of this clause (ii) 

that such ground leases do not confer rights on the counter-party(ies) thereto superior to those of 

the Collateral Agent in the relevant property;
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(h) Liens securing judgments not constituting an Event of Default under Section 

8.01(h);

(i) leases, licenses, subleases or sublicenses granted to others in the ordinary course of 

business which do not (i) interfere in any material respect with the business of the Borrower and 

the Restricted Subsidiaries, taken as a whole, or (ii) secure any Indebtedness;

(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to 

secure payment of customs duties in connection with the importation of goods in the ordinary 

course of business or (ii) on specific items of inventory or other goods and proceeds thereof of any 

Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit 

issued or created for the account of such person to facilitate the purchase, shipment or storage of 

such inventory or such other goods in the ordinary course of business;

(k) Liens (i) of a collection bank arising under Section 4-210 of the Uniform 

Commercial Code on items in the course of collection and (ii) arising in the ordinary course of 

business in favor of a banking or other financial institution arising as a matter of Law or under 

customary general terms and conditions encumbering deposits or other funds maintained with a 

financial institution (including the right of set-off) and that are within the general parameters 

customary in the banking industry or arising pursuant to the general terms and conditions of such 

banking institutions;

(l) Liens (i) on cash earnest money deposits or other cash advances in favor of the 

seller of any property to be acquired in an Investment permitted pursuant to Sections 7.02(e), (h), 

(l), (p), (r) or (v), in each case to be applied against the purchase price for such Investment, and 

(ii) consisting of an agreement to Dispose of any property in a Disposition permitted under Section 

7.05, in each case, solely to the extent such Investment or Disposition, as the case may be, would 

have been permitted on the date of the creation of such Lien;

(m) Liens (i) in favor of the Borrower or a Restricted Subsidiary on assets of a 

Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted under Section 7.03

and (ii) in favor of the Borrower or any Guarantor;

(n) any interest or title (and all encumbrances and other matters affecting such interest 

or title) of a lessor, sublessor, licensor or sublicensor under leases, subleases, licenses or 

sublicenses entered into by the Borrower or any of the Restricted Subsidiaries in the ordinary 

course of business; provided, that no such lease or sublease shall constitute a Capitalized Lease;

(o) Liens deemed to exist in connection with Investments in repurchase agreements 

permitted under Section 7.02(a);

(p) Liens encumbering reasonable customary initial deposits and margin deposits and 

similar Liens attaching to commodity accounts or other brokerage accounts incurred in the 

ordinary course of business and not for speculative purposes;

(q) Liens (including any interest or title (and all encumbrances and other matters 

affecting such interest or title) of a lessor or sublessor under Capitalized Leases) securing 

Indebtedness constituting Capital Leases and purchase money security interests permitted under 
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Section 7.03(e) or Section 7.03(ff); provided that (i) such Liens are created within 270 days of the 

acquisition, construction, repair, lease or improvement, as applicable, of the property subject to 

such Liens, (ii) such Liens do not at any time encumber property (except for replacements, 

additions and accessions to such property) other than the property financed by such Indebtedness 

and the proceeds and products thereof and customary security deposits, and (iii) such Liens do not 

at any time extend to or cover any assets (except for replacements, additions and accessions to 

such assets) other than the assets subject to Capitalized Leases and the proceeds and products 

thereof and customary security deposits; provided that individual financings of equipment 

provided by one lender may be cross collateralized to other financings of equipment provided by 

such lender;

(r) Liens on property (i) of any Foreign Subsidiary that is not a Loan Party and (ii) that 

does not constitute Collateral, which Liens secure Indebtedness of the applicable Foreign 

Subsidiary that is not a Loan Party permitted under Section 7.03;

(s) Liens existing on property at the time of its acquisition or existing on the property 

of any Person at the time such Person becomes a Restricted Subsidiary, in each case after the 

Effective Date; provided that (i) such Lien was not created in contemplation of such acquisition or 

such Person becoming a Restricted Subsidiary, (ii) such Lien does not extend to or cover any other 

assets or property (other than the proceeds or products thereof and other than after-acquired 

property subjected to a Lien securing Indebtedness and other obligations incurred prior to such 

time and which Indebtedness and other obligations are permitted hereunder that require, pursuant 

to their terms at such time, a pledge of after-acquired property, it being understood that such 

requirement shall not be permitted to apply to any property to which such requirement would not 

have applied but for such acquisition), and (iii) the Indebtedness secured thereby is permitted under 

Section 7.03;

(t) Liens arising from precautionary Uniform Commercial Code financing statements 

or similar filings;

(u) Liens on insurance policies and the proceeds thereof securing the financing of the 

premiums with respect thereto in the ordinary course of business;

(v) Liens on the Collateral (other than the UST Tranche A Only Collateral) securing 

Indebtedness permitted under Section 7.03(o) or other obligations otherwise secured pursuant to 

or in connection with the documents governing such Indebtedness; provided that (A) in the case 

of Indebtedness permitted pursuant to Section 7.03(o)(x) and all other obligations otherwise 

secured pursuant to or in connection with the documents governing such Indebtedness, the 

representative in respect thereof shall have entered into the ABL Intercreditor Agreement as the 

ABL Agent, on behalf of the holders of such Indebtedness, and such Indebtedness and other 

obligations shall at all times be subject to the ABL Intercreditor Agreement as “ABL Obligations”; 

(B) in the case of Indebtedness and all other obligations permitted pursuant to Section 7.03(o)(y)

or other obligations otherwise secured pursuant to or in connection with the documents governing 

such Indebtedness, the representative in respect thereof shall have entered into the ABL 

Intercreditor Agreement as the Tranche B-2 Term Agent, on behalf of the holders of such 

Indebtedness, and such Indebtedness and other obligations shall at all times be subject to the ABL 

Intercreditor Agreement as “Tranche B-2 Obligations”; and (C) in the case of Indebtedness or 
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other obligations permitted pursuant to Section 7.03(o)(z) and all other obligations otherwise 

secured pursuant to or in connection with the documents governing such Indebtedness, the 

representative in respect thereof shall have entered into the ABL Intercreditor Agreement as the 

UST Tranche B Term Agent, on behalf of the holders of such Indebtedness, and such Indebtedness 

and other obligations shall at all times be subject to the ABL Intercreditor Agreement as “UST 

Tranche B Obligations”;

(w) Liens on the Collateral securing Credit Agreement Refinancing Indebtedness that 

is Permitted Junior Priority Additional Debt and any Permitted Refinancing of the foregoing; 

provided, that any such Liens are secured on a junior lien basis to the Liens securing the 

Obligations pursuant to, and subject at all times to, the Junior Lien Intercreditor Agreement;

(x) Liens on the Equity Interests of any joint venture entity of the Borrower consisting 

of a transfer restriction, purchase option, call or similar right of a third party joint venture partner;

(y) [reserved];

(z) [reserved];

(aa) Liens on (i) the Securitization Assets arising in connection with a Qualified 

Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables 

Facility;

(bb) Liens (i) arising out of conditional sale, title retention, consignment or similar 

arrangements for the sale of goods or (ii) encumbering deposits made to secure obligations arising 

from contractual or warranty requirements;

(cc) Utility and similar deposits in the ordinary course of business;

(dd) [reserved];

(ee) Liens related to Sale and Leaseback Transactions in an aggregate amount of 

$25,000,000; provided that, during the Specified Period (and during the continuance of an Event 

of Default at any time after the end of the Specified Period), this clause (ee) shall be unavailable 

for use under this Agreement and the dollar amount specified in this clause (ee) shall be $0;

(ff) other Liens with respect to property or assets securing obligations of the Borrower 

or any Restricted Subsidiary in an aggregate principal amount outstanding at any time not to 

exceed $5,000,000; provided that such Liens do not secure Indebtedness for borrowed money and 

are not incurred in respect of any pension obligations of the Borrower or any of its Restricted 

Subsidiaries; and

(gg) Liens on Pension Real Property related to or arising on account of Indebtedness in 

respect of Specified Pension Fund Obligations permitted pursuant to Section 7.03(u); provided

that the aggregate amount of Indebtedness in respect of Specified Pension Fund Obligations 

permitted to be secured by such Liens on Pension Real Property under this Section 7.01(gg) shall 

not at any time exceed (x) the aggregate amount of Specified Pension Fund Obligations that are 
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secured by such Liens on Pension Real Property on the Effective Date less (y) payments of 

Specified Pension Fund Obligations after the Effective Date.

Section 7.02. Investments. The Borrower shall not, nor shall it permit any Restricted 

Subsidiary to, directly or indirectly, make or hold any Investments, except:

(a) Investments by the Borrower or any of the Restricted Subsidiaries in cash or Cash 

Equivalents;

(b) loans or advances to officers, directors and employees of any Loan Party or any of 

its Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, 

relocation and analogous ordinary business purposes, in each case, consistent with past practice 

(including pursuant to use of any credit cards, credit card processing services, debit cards, stored 

value cards, purchase cards (including so-called "procurement cards" or "P-cards") or other similar 

cash management services) and (ii) for any other corporate purposes not described in the foregoing 

clauses (i) and (ii); provided that the aggregate principal amount of loans and advances outstanding 

at any time under this Section 7.02(b)(ii) and (iii) shall not exceed $2,000,000;

(c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party (or 

any newly formed wholly owned Restricted Subsidiary that is not an Excluded Subsidiary and is 

to become a Loan Party in accordance with Section 6.11), (ii) by any Restricted Subsidiary that is 

not a Loan Party in any other Restricted Subsidiary that is not a Loan Party and (iii) by any Loan 

Party in a Restricted Subsidiary that is not a Loan Party; provided, that the aggregate amount of 

Investments at any time outstanding under this clause (iii) shall not exceed (x) during the Specified 

Period, $5,000,000, and (y) after the Specified Period shall have ended, $15,000,000, provided 

that, if after the end of the Specified Period an Event or Default shall occur and be continuing, 

such dollar amount in this clause (y) shall be reduced to $5,000,000;

(d) Investments consisting of extensions of credit in the nature of accounts receivable 

or notes receivable arising from the grant of trade credit or other credits to suppliers in the ordinary 

course of business;

(e) Investments (i) existing or contemplated on the Effective Date and set forth on 

Schedule 7.02(e) (including unused commitments) and any modification, replacement, renewal or 

extension thereof and (ii) existing on the Effective Date by the Borrower or any other Restricted 

Subsidiary in any Restricted Subsidiary and any modification, replacement, renewal or extension 

thereof; provided, that in the case of clause (i) and clause (ii) the amount of the original Investment 

is not increased except by the terms of such original Investment as set forth on Schedule 7.02(e) 

or as otherwise permitted by this Section 7.02 (and in such case made in reliance on the other 

paragraph of this Section 7.02 so permitting such modification, replacement, renewal or extension 

thereof);

(f) Investments in Swap Contracts permitted under Section 7.03;

(g) promissory notes and other non-cash consideration received in connection with 

Dispositions permitted by Section 7.05;
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(h) any acquisition by the Borrower or any Restricted Subsidiary of all or substantially 

all the assets of, or all the Equity Interests (other than directors’ qualifying shares, shares issued to 

foreign nationals as required by applicable law or any options for Equity Interests that cannot, as 

a matter of law, be cancelled, redeemed or otherwise extinguished without the express agreement 

of the holder thereof at or prior to acquisition) in, a Person or division, business unit or line of 

business of a Person (or any subsequent investment made in a Person, division, business unit or 

line of business previously acquired in a Permitted Acquisition), in each case in a single transaction 

or series of related transactions, if (i) no Event of Default shall have occurred and be continuing 

or would result therefrom at the time of entering in the agreement to consummate such acquisition; 

(ii) all transactions related thereto shall be consummated in all material respects in accordance with 

applicable Laws; (iii) as of the most recently ended fiscal quarter for which financial statements 

of the Borrower and the target are available, (A) the Borrower and the Restricted Subsidiaries shall 

be in compliance, on a Pro Forma Basis, with the covenant set forth in Section 7.10 and (B) the 

Total Leverage Ratio, on a Pro Forma Basis, for the Test Period most recently ended shall not be 

greater than 3.00:1.00, in each case, after giving effect to such acquisition or investment and any 

related transactions; (iv) any acquired or newly formed Restricted Subsidiary shall not be liable 

for any Indebtedness except for Indebtedness otherwise permitted by Section 7.03; (v) to the extent 

required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses 

acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly 

created or acquired Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in 

each case, to the extent required by and in accordance with Section 6.11; (vi) the businesses 

acquired in such purchase or other acquisition shall be in compliance with Section 7.07; and (vii) 

the Borrower shall have delivered to the Administrative Agent a certificate of each Responsible 

Officer of the Borrower certifying that the conditions set forth in the preceding clauses (i) through 

(v) have been satisfied (any such acquisition, a “Permitted Acquisition”); provided that the 

aggregate amount of Investments made by Loan Parties pursuant to this Section 7.02(h) in assets 

that are not (or do not become) owned by a Loan Party or in Equity Interests in Persons that do not 

become Loan Parties upon consummation of such Permitted Acquisition shall not exceed 

$15,000,000 at any time outstanding; provided, further, that notwithstanding anything to the 

contrary, during the Specified Period, this clause (h) shall be unavailable under this Agreement 

and no Permitted Acquisitions may be made (and Permitted Acquisitions shall be disregarded in 

any reference in any other term or provision herein);

(i) Investments in the ordinary course of business consisting of UCC Article 3 

endorsements for collection or deposit and UCC Article 4 customary trade arrangements with 

customers consistent with past practices;

(j) Investments (including debt obligations and Equity Interests) received in 

connection with the bankruptcy or reorganization of suppliers and customers or in settlement of 

delinquent obligations of, or other disputes with, customers and suppliers;

(k) advances of payroll payments to employees in the ordinary course of business;

(l) Investments to the extent that payment for such Investments is made with Equity 

Interests (other than Disqualified Equity Interests) of the Borrower or the Net Proceeds received 

from the issuance thereof;
116

(m) Investments of a Restricted Subsidiary acquired after the Effective Date pursuant 

to a Permitted Acquisition or of a corporation merged or amalgamated or consolidated into the 

Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary, in each case in 

accordance with this Section 7.02 and Section 7.04 after the Effective Date, to the extent that such 

Investments were not made in contemplation of or in connection with such acquisition, merger, 

amalgamation or consolidation and were in existence on the date of such acquisition, merger or 

consolidation;

(n) Investments made by any Restricted Subsidiary that is not a Loan Party to the extent 

such Investments are financed with the proceeds received by such Restricted Subsidiary from an 

Investment in such Restricted Subsidiary made pursuant to Section 7.02(c)(iii) or Section 7.02(p); 

(o) Guarantees by the Borrower or any Restricted Subsidiary of operating leases (other 

than Capitalized Leases) or of other obligations that do not constitute Indebtedness, in each case, 

which leases or other obligations are entered into by the Borrower or any Guarantor in the ordinary 

course of business;

(p) other Investments (including after the Specified Period for Permitted Acquisitions) 

in an aggregate amount outstanding pursuant to this clause (p) at any time not to exceed (x) 

together with (I) the aggregate amount of Restricted Payments made under sub-clause (x) of 

Section 7.06(e) and (II) the aggregate amount of prepayments, redemptions, purchases, 

defeasances and other payments made pursuant to sub-clause (x) of Section 7.13(a)(vi), (A) during 

the Specified Period, $20,000,000, and (B) after the Specified Period shall have ended, 

$30,000,000 plus, (y) the portion, if any, of the Cumulative Credit on the date of such election that 

the Borrower elects to apply to this subclause (y); provided, that with respect to any Investment 

made pursuant to this Section 7.02(p), (A) no Event of Default shall have occurred and be 

continuing or would result from the making of any such Investment and (B) with respect to 

Investments made in reliance on this subclause (y) (i) other than Investments made in Restricted 

Subsidiaries organized under the laws of Canada or Mexico or, in each case, any political 

subdivision thereof, on a Pro Forma Basis after giving effect thereto the Total Leverage Ratio is 

equal to or less than 2.00:1.00 or (ii) with respect to Investments in Restricted Subsidiaries 

organized under the laws of Canada or Mexico or, in each case, any political subdivision thereof, 

on a Pro Forma Basis after giving effect thereto the Total Leverage Ratio is equal to or less than 

4.00:1.00;

(q) (i) make lease, utility and other similar deposits or any other advance or deposit 

permitted by this Agreement in the ordinary course of business or (ii) make prepayments and 

deposits to suppliers in the ordinary course of business;

(r) to the extent constituting Investments, capital expenditures otherwise permitted 

under this Agreement;

(s) Investments in deposit accounts or securities accounts opened in the ordinary 

course of business;
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(t) repurchase, retirement or repayment of any Indebtedness to the extent not otherwise 

prohibited by this Agreement, including, without limitation, acquisitions of Tranche B-2 Term 

Loan Facility Indebtedness in accordance with the Tranche B-2 Term Loan Credit Agreement;

(u) (a) Investments (including by consideration in the form of cash, Cash Equivalents, 

contributing receivables and through subordinated notes) in any Receivables Facility or any 

Securitization Subsidiary or other Subsidiary that in turn then transfers Securitization Assets to a 

Securitization Subsidiary in order to effectuate a Qualified Securitization Financing, including the 

ownership of Equity Interests in such Securitization Subsidiary and (b) distributions or payments 

of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a 

Securitization Purchase Obligation in connection with a Qualified Securitization Financing or a 

Receivables Facility;

(v) Investments consisting of or resulting from (i) Indebtedness permitted under 

Section 7.03, (ii) Liens permitted under Section 7.01, (iii) Restricted Payments permitted under 

Section 7.06, (iv) Dispositions permitted by Section 7.05 and (v) fundamental changes permitted 

by Section 7.04;

(w) Investments solely to the extent such Investments reflect an increase in the value of 

Investments otherwise permitted under this Section 7.02;

(x) loans and advances to Borrower in lieu of, and not in excess of the amount of (after 

giving effect to any other such loans or advances or Restricted Payments in respect thereof), 

Restricted Payments to the extent permitted to be made in accordance with Section 7.06 (other 

than Section 7.06(i)); and

(y) Guarantee obligations of the Borrower or any Restricted Subsidiary in respect of 

letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any 

Restricted Subsidiary of the Borrower to the extent required by law or in connection with any 

statutory filing or the delivery of audit opinions performed in jurisdictions other than within the 

United States. 

Section 7.03. Indebtedness. The Borrower shall not, nor shall it permit any Restricted 

Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness, 

except:

(a) Indebtedness of any Loan Party under the Loan Documents;

(b) (i) Indebtedness outstanding on the Effective Date and listed on Schedule 7.03(b)

and any Permitted Refinancing thereof and (ii) intercompany Indebtedness outstanding on the

Effective Date and any Permitted Refinancing thereof; provided, that (x) any intercompany 

Indebtedness shall be evidenced by an Intercompany Note and (y) any intercompany Indebtedness 

of any Loan Party owed to any Person that is not a Loan Party shall be unsecured and subordinated 

to the Obligations pursuant to the subordination provisions reasonably acceptable to the Required 

Lenders;

(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of 

Indebtedness of the Borrower or any Restricted Subsidiary of the Borrower otherwise permitted 
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hereunder; provided that (i) no Guarantee by any Restricted Subsidiary of any ABL Facility 

Indebtedness, any Tranche B-2 Term Loan Facility Indebtedness, any UST Tranche B Term Loan 

Facility Indebtedness, any Junior Financing, any Permitted Additional Debt or any Permitted 

Refinancing of any of the foregoing shall be permitted unless such guaranteeing party shall have 

also provided a Guarantee of the Obligations on the terms set forth herein (provided further that, 

clause (i) shall not apply in the case of a Guarantee by any Foreign Subsidiary that is not a Loan 

Party of any Indebtedness of another Foreign Subsidiary that is not a Loan Party), and (ii) if the 

Indebtedness being Guaranteed is Junior Financing that is, or is required by this Agreement to be, 

Subordinated Indebtedness, such Guarantee shall be subordinated to the Guarantee of the 

Obligations on terms (taken as a whole) at least as favorable to the Lenders as those contained in 

the subordination of such Junior Financing;

(d) Indebtedness (other than Indebtedness permitted under Section 7.03(b)) of the 

Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary 

(or consisting of a Guaranty on behalf of any Loan Party or any other Restricted Subsidiary) to the 

extent constituting an Investment permitted by Section 7.02 (other than clause (v) thereof);

provided that (x) all such Indebtedness shall be evidenced by an Intercompany Note and (y) all 

such Indebtedness of any Loan Party owed to any Person that is not a Loan Party shall be unsecured 

and subordinated to the Obligations pursuant to the subordination provisions reasonably acceptable 

to the Required Lenders;

(e) Attributable Indebtedness and other Indebtedness of the Borrower or any Restricted 

Subsidiary (including Capitalized Leases) financing an acquisition, construction, repair, 

replacement, lease or improvement of a fixed or capital asset incurred prior to or within 270 days 

after the acquisition, lease or improvement of the applicable asset in an aggregate amount (together 

with any Permitted Refinancings thereof) not to exceed $25,000,000 at any time outstanding;

(f) Indebtedness in respect of Swap Contracts designed to hedge against the 

Borrower’s or any Restricted Subsidiary’s exposure to interest rates, foreign exchange rates or 

commodities (including fuel) pricing risks incurred not for speculative purposes;

(g) Indebtedness of the Borrower or any Restricted Subsidiary assumed in connection 

with any Permitted Acquisition or other Investment permitted hereunder, provided, that (w) such 

Indebtedness is not incurred in contemplation of such Permitted Acquisition or Investment, and 

any Permitted Refinancing thereof, (x) such Indebtedness and all Indebtedness resulting from a

Permitted Refinancing thereof is unsecured (except for Liens permitted by Section 7.01(s)), and 

(y) both immediately prior and after giving effect thereto, (1) no Event of Default shall exist or 

result therefrom, and (2) immediately after giving effect to the related Permitted Acquisition or 

Investment and the assumption of Indebtedness, the Total Leverage Ratio, on a Pro Forma Basis, 

for the Test Period most recently ended shall not be greater than 3.00:1.00;

(h) Indebtedness representing deferred compensation to employees of the Borrower or 

any of its Restricted Subsidiaries incurred in the ordinary course of business and other obligations 

and liabilities arising under employee benefit plans in the ordinary course of business;

(i) [reserved];
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(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in a 

Permitted Acquisition, any other Investment expressly permitted hereunder or any Disposition 

expressly permitted hereunder, in each case, constituting indemnification obligations or 

obligations in respect of purchase price (including earnouts and holdbacks) or other similar 

adjustments;

(k) Indebtedness in respect of treasury, depository, credit card, debit card and cash 

management services or automated clearinghouse transfer of funds, overdraft or any similar 

services incurred in the ordinary course of business or any similar cash management services 

relating or secured pursuant to the ABL Facility and any hedges related to the ABL Facility;

(l) Indebtedness consisting of the financing of insurance premiums or take-or-pay 

obligations contained in supply arrangements that do not constitute Guarantees, in each case, in 

the ordinary course of business;

(m) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in 

respect of letters of credit, bank guarantees, bankers’ acceptances or similar instruments issued or 

created in the ordinary course of business and not in connection with the borrowing of money, 

including in respect of workers compensation claims, health, disability or other employee benefits 

or property, casualty or liability insurance or self-insurance or other Indebtedness incurred in the 

ordinary course of business with respect to reimbursement-type obligations regarding workers 

compensation claims;

(n) obligations in respect of performance, bid, appeal and surety bonds and 

performance and completion guarantees and similar obligations provided by the Borrower or any 

of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar 

instruments related thereto, in each case in the ordinary course of business or consistent with past 

practice and not in connection with the borrowing of money or Swap Contracts;

(o) (x) (i) ABL Facility Indebtedness and (ii) any Permitted Refinancing thereof, in 

each case, of the Loan Parties; provided that the aggregate principal amount outstanding at any 

time of all such Indebtedness under clauses (i) and (ii) of this Section 7.03(o)(x) and Section 

7.03(z) shall not exceed $500,000,000, (y) (i) Tranche B-2 Term Loan Facility Indebtedness and 

(ii) any Permitted Refinancing thereof, in each case, of the Loan Parties; provided that the 

aggregate principal amount (excluding interest paid-in-kind or otherwise capitalized to principal)

outstanding at any time of all such Indebtedness under clauses (i) and (ii) of this Section 7.03(o)(y)

shall not exceed $615,000,000 and (z) (i) UST Tranche B Term Loan Facility Indebtedness and 

(ii) any Permitted Refinancing thereof, in each case, of the Loan Parties;

(p) [reserved];

(q) (i) Credit Agreement Refinancing Indebtedness (other than any Credit Agreement 

Refinancing Indebtedness incurred pursuant to a Refinancing Amendment) and (ii) any Permitted 

Refinancing thereof;

(r) [reserved];

(s) [reserved];
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(t) all premiums (if any), interest (including post-petition interest and interest paid in 

kind), fees, expenses, charges and additional or contingent interest on obligations described in 

clauses (a) through (q) above and (u) through (ff) below;

(u) (i) Indebtedness in respect of the Specified Pension Fund Obligations and 

Guarantees thereof, to the extent existing on the Effective Date, in an aggregate principal amount 

at any time outstanding not to exceed the amount outstanding as of the Effective Date (and as 

adjusted from time to time pursuant to any audits), plus any interest paid in kind thereon and any 

accrued but unpaid interest thereon, and (ii) any Permitted Refinancing (disregarding clauses (b) 

and (c) of the definition of such term) thereof;

(v) [reserved];

(w) [reserved];

(x) Indebtedness in respect of taxes, assessments or governmental charges to the extent 

that payment thereof shall not at the time be required to be made hereunder;

(y) [reserved];

(z) Indebtedness of (i) any Securitization Subsidiary arising under any Securitization 

Facility or (ii) the Borrower or any Restricted Subsidiary arising under any Receivables Facility 

or Qualified Securitization Financing; provided that the aggregate principal amount of 

Indebtedness permitted under this Section 7.03(z), together with the aggregate principal amount 

of Indebtedness permitted under Section 7.03(o)(x), shall not exceed $500,000,000 at any one time 

outstanding;

(aa) Indebtedness in respect of Sale and Leaseback Transactions in an amount not to 

exceed $25,000,000 at any time outstanding; provided that, during the Specified Period, this clause 

(aa) shall be unavailable for use under this Agreement and the dollar amount specified in this 

clause (aa) shall be $0;

(bb) Indebtedness in respect of Investments not prohibited by Section 7.02 (other than 

clause (v) thereof);

(cc) [reserved];

(dd) Indebtedness incurred in respect of credit cards, credit card processing services, 

debit cards, stored value cards, purchase cards (including so-called "procurement cards" or "Pcards") or other similar cash management services, in each case, incurred in the ordinary course of 

business consistent with past practice;

(ee) [reserved];

(ff) other Indebtedness of the Borrower or any of its Restricted Subsidiaries, in an 

aggregate principal amount at any time outstanding not to exceed $30,000,000; provided that the 

aggregate principal amount of Indebtedness of Restricted Subsidiaries that are not Guarantors 

permitted under this Section 7.03(ff) at any time outstanding shall not exceed $5,000,000; and
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(gg) obligations, charges or liabilities incurred in the ordinary course of business (and 

not representing Indebtedness for borrowed money) outstanding as of the Effective Date and in an 

aggregate amount not to exceed $185,000,000.

Section 7.04. Fundamental Changes. The Borrower shall not, nor shall it permit any 

Restricted Subsidiary to, directly or indirectly, merge, dissolve, liquidate, consolidate with or into 

another Person, or Dispose of (whether in one transaction or in a series of related transactions) all 

or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any 

Person, except that:

(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the 

Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new 

jurisdiction); provided that (w) no Event of Default exists or would result therefrom, (x) the 

Borrower shall be the continuing or surviving Person, (y) such transaction does not result in the 

Borrower ceasing to be organized under the laws of the United States, any State thereof or the 

District of Columbia and (z) such transaction does not have an adverse effect in any material 

respect on the perfection or priority of the Liens granted under the Collateral Documents or (ii) 

one or more other Restricted Subsidiaries; provided, in the case of this clause (ii), that when such 

transaction involves a Loan Party, a Loan Party shall be the continuing or surviving Person except 

to the extent otherwise constituting an Investment permitted by Section 7.02;

(b) (i) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or 

consolidate with or into any other Restricted Subsidiary that is not a Loan Party and (ii) any 

Restricted Subsidiary may liquidate or dissolve or change its legal form if the Borrower determines 

in good faith that such action is in the best interest of the Borrower and the Restricted Subsidiaries 

and is not disadvantageous to the Lenders in any material respect (it being understood that (other 

than a transaction constituting a permitted Investment under Section 7.02 or involving an Excluded 

Subsidiary) in the case of any liquidation or dissolution of a Guarantor, such Guarantor shall 

transfer its assets to a Loan Party, and in the case of any change in legal form, a Restricted 

Subsidiary that is a Guarantor will remain a Guarantor and such transaction shall not have an 

adverse effect on the perfection or priority of the Liens granted under the Collateral Documents);

(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon 

voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; provided

that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor 

or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a 

permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in 

accordance with Sections 7.02 and 7.03, respectively;

(d) so long as no Event of Default exists or would result therefrom, the Borrower may 

merge with any other Person; provided that (i) the Borrower shall be the continuing or surviving 

corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the 

Borrower (any such Person, the “Successor Borrower”), (A) the Successor Borrower shall be an 

entity organized or existing under the Laws of the United States, any state thereof or the District 

of Columbia and such transaction shall not have an adverse effect in any material respect on the 

perfection or priority of the Liens granted under the Collateral Documents, (B) the Successor 

Borrower shall expressly assume all the obligations of the Borrower under this Agreement and the 
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other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto 

in form reasonably satisfactory to the Administrative Agent and the Borrower, (C) each Guarantor, 

unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee 

shall apply to the Successor Borrower’s obligations under the Loan Documents, (D) each 

Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement 

to the Security Agreement and other applicable Collateral Documents confirmed that the collateral 

granted by it to secure its obligations thereunder shall apply to secure its and the Successor 

Borrower’s obligations under the Loan Documents, (E) if reasonably requested by the Collateral 

Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or 

consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other 

instrument reasonably satisfactory to the Collateral Agent) confirmed that the collateral granted 

by it to secure its obligations thereunder shall apply to secure its and the Successor Borrower’s 

obligations under the Loan Documents, and (F) the Borrower shall have delivered to the 

Administrative Agent an officer’s certificate and an opinion, each stating that such merger or 

consolidation and such supplement to this Agreement or any Collateral Document comply with 

this Agreement; provided further, that if the foregoing are satisfied (or waived), the Successor 

Borrower will succeed to, and be substituted for, the Borrower under this Agreement; provided

further that the Borrower agrees to provide any documentation and other information about the 

Successor Borrower as shall have been reasonably requested in writing by the Administrative 

Agent, the Collateral Agent or any Lender through the Administrative Agent that is required by 

regulatory authorities or under applicable “know your customer” and anti-money laundering rules 

and regulations, including without limitation the USA Patriot Act;

(e) any Restricted Subsidiary may merge, amalgamate or consolidate with any other 

Person (other than the Borrower) in order to effect an Investment permitted pursuant to Section 

7.02; provided that either (x) the continuing or surviving Person shall be a Restricted Subsidiary, 

which together with each of its Restricted Subsidiaries, shall have complied with the requirements 

of Section 6.11 to the extent required pursuant to the Collateral and Guarantee Requirement or (y) 

the transaction shall otherwise constitute a permitted Investment;

(f) any Restricted Subsidiary may effect a merger, dissolution, liquidation or 

consolidation, the purpose of which is to effect a Disposition permitted pursuant to Section 7.05; 

and

(g) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon 

voluntary liquidation or otherwise) to the extent that such Disposition (or series of related 

Dispositions) is not prohibited under Section 7.05.

Section 7.05. Dispositions. The Borrower shall not, nor shall it permit any Restricted 

Subsidiary to, directly or indirectly, make any Disposition, except:

(a) (i) Dispositions (including abandonment) of obsolete or worn out property, whether 

now owned or hereafter acquired, in the ordinary course of business, (ii) Dispositions (including 

abandonment) in the ordinary course of business of surplus property or property no longer used or 

useful in the conduct of the business of the Borrower or any of the Restricted Subsidiaries, (iii) 

Dispositions of immaterial assets (considered in the aggregate) in the ordinary course of business 
123

and (iv) Dispositions to landlords of improvements made to leased real property pursuant to 

customary terms of leases entered into in the ordinary course of business;

(b) Dispositions of property to the extent that (i) such property or an interest therein is 

exchanged for credit against the purchase price of similar replacement property, (ii) the proceeds 

of such Disposition are promptly applied to the purchase price of such replacement property, or 

(iii) such property is swapped in exchange for services or other assets of comparable or greater 

value or usefulness to the business of the Borrower and the Subsidiaries as whole, as determined 

in good faith by the management of the Borrower;

(c) Dispositions of property to the Borrower or any Restricted Subsidiary; provided

that if the transferor of such property is a Loan Party (i) the transferee thereof must be a Loan Party 

and if such property constitutes Collateral, it shall continue to constitute Collateral after such 

Disposition or (ii) if such transaction constitutes an Investment, such transaction is permitted under 

Section 7.02;

(d) Dispositions of cash and Cash Equivalents;

(e) leases, subleases, licenses, sublicenses (including the provision of software under 

an open source license) or any abandonment thereof, in each case (i) in the ordinary course of

business and (ii) without interfering in any material respect with the business of the Borrower or 

any of its Restricted Subsidiaries;

(f) transfers of property subject to Casualty Events upon the receipt (where practical) 

of the Net Proceeds of such Casualty Event;

(g) Dispositions (including write-offs, discounts, and compromises in clause (b) above) 

or discounts without recourse of accounts receivable and related assets in connection with the 

compromise or collection thereof in the ordinary course of business;

(h) [reserved];

(i) [reserved];

(j) Dispositions of Investments in joint ventures or other non-wholly owned 

Subsidiaries to the extent required by, or made pursuant to, customary buy/sell arrangements 

between the joint venture parties set forth in joint venture arrangements and similar binding 

arrangements;

(k) the unwinding of any Swap Contract or cash management agreement;

(l) Dispositions of property not otherwise permitted under this Section 7.05; provided

that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally 

binding commitment entered into at a time when no Event of Default exists), no Event of Default 

shall exist or would result from such Disposition, (ii) any prepayment required to be made in 

connection with the receipt of Net Proceeds in respect of such Disposition pursuant to Section 2.13 

shall be made in accordance therewith, (iii) the Borrower or any of the Restricted Subsidiaries 

shall receive not less than 75% of the consideration for such Disposition in the form of cash or 
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Cash Equivalents (in each case, free and clear of all Liens at the time received, other than 

nonconsensual Liens permitted by Section 7.01 and Liens permitted by Section 7.01(a), (c), (d), 

(f), (i), (j), (k), (l), (o), (p), (v), (w), (z), (aa), (bb), (cc) and (ee), (iv) any portion of the consideration 

for such Disposition that is not in the form of cash or Cash Equivalents shall become Collateral, 

(v) this Section 7.05(l) shall not permit the Disposition of all or substantially all of the assets of 

the Borrower and its Subsidiaries (taken as a whole), and (vi) during the Specified Period, (A) no 

Dispositions shall be permitted under this Section 7.05(l) except for (1) Dispositions of Real 

Property specified in Schedule 7.05(l)(i) (such Real Property, “Scheduled Property”) to the extent 

(x) such Real Property is subject to a bone fide sale agreement with a third party purchaser entered 

into prior to March 23, 2020 and (y) the Disposition of such Real Property shall be made for gross 

consideration not less than the amount specified for such Scheduled Property identified to the 

Lenders as of the Effective Date (subject to customary purchase price adjustments and working 

capital adjustments), (2) Dispositions of property (other than Real Property), provided that the 

aggregate fair market value of property Disposed of pursuant to this clause (vi)(A)(2) shall not 

exceed $10,000,000 in the aggregate during the Specified Period, and (3) Dispositions of Pension 

Real Property set forth on Schedule 7.05(l)(ii) and (B) the Net Proceeds of each Disposition 

permitted under the foregoing clause (vi)(A) shall be applied to the prepayment of the Term Loans 

in accordance with Section 2.13(a)(ii) without giving effect to any thresholds or reinvestment 

rights;

(m) (i) any Disposition of Securitization Assets or Receivables Assets, or participations 

therein, in connection with any Qualified Securitization Financing or Receivables Facility, in the 

case of this clause (i) to the extent permitted under Section 7.03(z), or (ii) the Disposition of an 

account receivable in connection with the collection or compromise thereof in the ordinary course 

of business or consistent with past practice;

(n) [reserved];

(o) dispositions from and after the Effective Date of non-core or obsolete assets 

acquired in connection with any Permitted Acquisition or other permitted Investments; provided

that, during the Specified Period, no Dispositions shall be permitted under this clause (o);

(p) the incurrence of Liens permitted hereunder;

(q) sales or dispositions of Equity Interests of any Subsidiary (other than the Borrower) 

in order to qualify members of the governing body of such Subsidiary if required by applicable 

law;

(r) [reserved];

(s) Restricted Payments made pursuant to Section 7.06; and

(t) Sale and Leaseback Transactions in an aggregate principal amount not to exceed 

$25,000,000 during the term of this Agreement; provided that, during the Specified Period, this 

clause (t) shall be unavailable for use under this Agreement and the dollar-amount specified in the 

clause (t) shall be $0.
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provided that any Disposition of any property pursuant to this Section 7.05 (except pursuant to 

Sections 7.05(a), (c), (e), (f), (g), (i), (j), (k), (m), (n), (o), (p), (q), (r) and (s) and except for 

Dispositions from a Loan Party to any other Loan Party) shall be for no less than the fair market 

value of such property at the time of such Disposition. To the extent any Collateral is Disposed of 

as expressly permitted by this Section 7.05 to any Person other than a Loan Party, such Collateral 

shall be automatically sold free and clear of the Liens created by the Loan Documents, and, if 

requested by the Borrower, upon the certification delivered to the Administrative Agent by the 

Borrower that such Disposition is permitted by this Agreement, the Administrative Agent or the 

Collateral Agent, as applicable, shall be authorized to take, and shall take, any actions reasonably 

requested by the Borrower in order to effect the foregoing (at the Borrower’s expense) and/or to 

expressly subordinate any Lien in favor of the Collateral Agent on such Collateral that is disposed 

of.

Notwithstanding anything herein to the contrary in this Agreement, (i) during the Specified Period,

the Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or indirectly, make 

any Disposition of Real Property (other than (a) Dispositions of Scheduled Property pursuant to 

Section 7.05(l), (b) leases of Real Property entered into in the ordinary course of business 

(excluding Sale and Leaseback Transactions), (c) transfers of property subject to condemnation 

and Casualty Events) and (d) Dispositions of Pension Real Property set forth on Schedule 

7.05(l)(ii) so long as the proceeds thereof are applied to repay CDA First Lien Obligations (or, if 

the CDA First Lien Obligations shall have been paid in full, to prepay the Term Loans in 

accordance with Section 2.13(a)(ii) without giving effect to any thresholds or reinvestment rights), 

(ii) notwithstanding anything to the contrary in this Agreement, during the Specified Rolling Stock 

Prepayment Period, all Net Proceeds from any Disposition of Rolling Stock in excess of the 

Specified Rolling Stock Reinvestment Threshold in any fiscal year shall be applied (x) with respect 

to any Rolling Stock constituting UST Tranche B Priority Collateral to prepay the UST Tranche 

B Term Loan Facility in accordance with the UST Tranche B Term Loan Credit Agreement, (y) 

with respect to any Rolling Stock constituting UST Tranche B Joint Collateral 67% to prepay the 

UST Tranche B Term Loan Facility in accordance with the UST Tranche B Term Loan Credit 

Agreement and 33% to prepay the Tranche B-2 Term Loan Facility in accordance with the Tranche 

B-2 Term Loan Credit Agreement and (z) with respect to any Rolling Stock constituting Non-UST 

Tranche B Term Priority Collateral to prepay the Tranche B-2 Term Loan Facility in accordance 

with the Tranche B-2 Term Loan Credit Agreement, in each case of clauses (x), (y) and (z) above, 

without giving effect to any thresholds (other than such Specified Rolling Stock Reinvestment 

Threshold) or reinvestment rights, (iii) pending reinvestment in accordance with this proviso, (A) 

proceeds from the Disposition of Rolling Stock constituting (x) Non-UST Tranche B Term Priority 

Collateral shall, not later than the date that is five (5) Business Days after the end of the calendar 

month in which such Disposition is made, be deposited and maintained in a Non-UST Tranche B 

Priority Account (as defined in the ABL Intercreditor Agreement), (y) UST Tranche B Priority 

Collateral shall, not later than the date that is five (5) Business Days after the end of the calendar 

month in which such Disposition is made, be deposited and maintained in a UST Tranche B 

Priority Account (as defined in the ABL Intercreditor Agreement) and (z) UST Tranche B Joint 

Collateral shall, not later than the date that is five (5) Business Days after the end of the calendar 

month in which such Disposition is made, be deposited and maintained in a UST Tranche B Joint 

Account (as defined in the ABL Intercreditor Agreement), (iv) the Borrower shall not, nor shall it 

permit any Restricted Subsidiary to, Dispose of Rolling Stock that does not constitute UST 

Tranche B Priority Collateral or UST Tranche B Joint Collateral with an aggregate fair market 
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value in any fiscal year in excess of $5,000,000 without the prior consent of the Required Lenders

and (v) any Disposition of Rolling Stock shall be for no less than the fair market value of such 

property at the time of such Disposition.

Section 7.06. Restricted Payments. The Borrower shall not, nor shall it permit any 

Restricted Subsidiary to, directly or indirectly, declare or make, directly or indirectly, any 

Restricted Payment, except:

(a) each Restricted Subsidiary may make Restricted Payments to the Borrower or any 

other Restricted Subsidiary (and, in the case of a Restricted Payment by a non-wholly owned 

Restricted Subsidiary, to the Borrower and any other Restricted Subsidiary and to each other owner 

of Equity Interests of such Restricted Subsidiary based on their relative ownership interests of the 

relevant class of Equity Interests);

(b) the Borrower and each Restricted Subsidiary may declare and make dividend 

payments or other Restricted Payments payable solely in the Equity Interests (other than 

Disqualified Equity Interests unless such Disqualified Equity Interests would be permitted by 

Section 7.03) of such Person;

(c) (i) repurchases of Equity Interests in the Borrower deemed to occur upon the 

exercise of stock options or warrants or the settlement or vesting of other equity awards if such 

Equity Interests represent a portion of the exercise price of such options or warrants, (ii) cash 

payments in lieu of the issuance of fractional shares in connection with the exercise of stock 

options, warrants or other securities convertible into or exchangeable for Equity Interests of the 

Borrower or (iii) Restricted Payments made in respect of any other transaction involving fractional 

shares; provided, however, that any such cash payment shall not be for the purpose of evading the 

limitations of this Agreement;

(d) the Borrower may pay for the repurchase, retirement or other acquisition or 

retirement for value of Equity Interests of the Borrower held by any present or former employee, 

officer, director or consultant of the Borrower or any Restricted Subsidiary or equity based awards 

held by such Persons, in each case, upon the death, disability, retirement or termination of 

employment of any such Person or pursuant to any employee or director equity plan, employee or 

director stock option plan or any other employee or director benefit plan or any agreement 

(including any stock subscription or shareholder agreement) with any employee, director, officer 

or consultant of the Borrower or any Restricted Subsidiary; provided, that the aggregate amount 

of Restricted Payments made pursuant to this clause (d) shall not exceed (i) $7,500,000 in any

fiscal year plus (ii) the then applicable Cumulative Credit plus (iii) the proceeds of any key man 

insurance policies; provided, further, that to the extent that the aggregate amount of Restricted 

Payments made by the Borrower and the Restricted Subsidiaries pursuant to this clause (d) in any 

fiscal year is less than the amount set forth above, 100% of the amount of such difference may be 

carried forward and used to make such Restricted Payments pursuant to this clause (d) in the next 

two succeeding fiscal years (provided, that any such amount carried forward shall be deemed to 

be used to make such Restricted Payments in any fiscal year after the amount set forth above for 

such fiscal year shall be deemed to be used to make such Restricted Payments for such fiscal year);
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(e) the Borrower may make Restricted Payments in an aggregate amount not to exceed 

(x) together with (I) the aggregate amount of Investments made under sub-clause (x) of Section 

7.02(p) and (II) the aggregate amount of prepayments, redemptions, purchases, defeasances and 

other payments made pursuant to sub-clause (x) of Section 7.13(a)(vi), $30,000,000, plus (y) the 

portion, if any, of the Cumulative Credit on such date that the Borrower elects to apply to this 

subclause (y); provided that (A) with respect to any Restricted Payment made pursuant to this 

Section 7.06(e), (1) no Event of Default has occurred and is continuing or would result therefrom

and (2) on a Pro Forma Basis after giving effect thereto the Total Leverage Ratio is equal to or less 

than 2.00:1.00, and (B) no Restricted Payments shall be permitted under this clause (e) until the 

Specified Period shall have ended;

(f) distributions or payments of Securitization Fees, sales, contributions and other 

transfers of Securitization Assets or Receivables Assets and purchases of Securitization Assets or 

Receivables Assets pursuant to a Securitization Purchase Obligations, in each case in connection 

with a Qualified Securitization Financing or a Receivables Facility;

(g) [reserved];

(h) the Restricted Subsidiaries may make a Restricted Payment in connection with the 

acquisition of additional Equity Interests in any Restricted Subsidiary from minority shareholders 

(in accordance with Section 7.08, if applicable);

(i) Restricted Payments made (i) in respect of working capital adjustments or purchase 

price adjustments pursuant to any Permitted Acquisition or other permitted Investments (other than 

pursuant to Section 7.02(x)) and (ii) to satisfy indemnity and other similar obligations under the 

Permitted Acquisitions or other permitted Investments; provided that no Restricted Payments shall 

be permitted under this clause (i) during (x) the Specified Period and (y) during the continuance 

of an Event of Default at any time after the end of the Specified Period;

(j) [reserved]; and

(k) Restricted Payments in respect of transactions related to (i) fundamental changes 

permitted under Section 7.04 and (ii) Investments permitted under Section 7.02 (other than clause 

(v) thereof). 

Section 7.07. Change in Nature of Business; Organization Documents.

(a) The Borrower shall not, nor shall the Borrower permit any of the Restricted 

Subsidiaries to, directly or indirectly, engage in any material line of business substantially different 

from those lines of business conducted by the Borrower and the Restricted Subsidiaries on the 

Effective Date or any business reasonably related, complementary, synergistic or ancillary thereto 

or reasonable extensions thereof.

(b) The Borrower shall not, nor shall the Borrower permit any of the Restricted 

Subsidiaries to, amend, restate, supplement or otherwise modify to, or waive of any of its rights 

under, its Organization Documents to the extent any of the foregoing could reasonably be expected 

to be material and adverse to the Lenders (in their capacities as such).
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Section 7.08. Transactions with Affiliates. The Borrower shall not, nor shall it permit any 

Restricted Subsidiary to, directly or indirectly, enter into any transaction of any kind with any of 

its Affiliates, whether or not in the ordinary course of business, other than (a) transactions between 

or among Loan Parties or any entity that becomes a Loan Party as a result of such transaction and 

transactions between or among Restricted Subsidiaries that are not Loan Parties, (b) on terms 

(taken as a whole) substantially not less favorable to the Borrower in any material respect or such 

Restricted Subsidiary as would be obtainable by the Borrower or such Restricted Subsidiary at the 

time in a comparable arm’s-length transaction with a Person other than an Affiliate, (c) the 

Transactions and the payment of fees and expenses (including Transaction Expenses) as part of or 

in connection with the Transactions, (d) the issuance of Equity Interests or equity based awards to 

any officer, director, employee or consultant of the Borrower or any of its Restricted Subsidiaries 

in the ordinary course of business, (e) Investments made pursuant to Section 7.02, Indebtedness 

incurred pursuant to Section 7.03 and Restricted Payments permitted under Section 7.06, 

(f) customary employment, consulting and severance arrangements between the Borrower and the 

Restricted Subsidiaries and their respective officers and employees in the ordinary course of 

business and transactions pursuant to stock option plans and employee benefit plans and similar 

arrangements in the ordinary course of business, (h) the payment of customary fees and reasonable 

out of pocket costs to, and customary indemnities provided on behalf of, directors, officers, 

employees and consultants of the Borrower and the Restricted Subsidiaries in the ordinary course 

of business, (i) any customary transaction with a Receivables Facility or a Securitization 

Subsidiary effected as part of a Qualified Securitization Financing, (j) transactions pursuant to 

registration rights agreements and similar arrangements, (k) transactions in which the Borrower or 

any Restricted Subsidiary, as the case may be, delivers to the Administrative Agent and the 

Required Lenders a letter from an independent financial advisor stating that such transaction is fair 

to the Borrower or such Restricted Subsidiary from a financial point of view or meets the 

requirements of clause (b) of this Section 7.08 and (l) transactions pursuant to agreements in 

existence on the Effective Date and set forth on Schedule 7.08 or any amendment thereto to the 

extent such an amendment (taken as a whole) is not adverse to the Lenders in any material respect.

Section 7.09. Burdensome Agreements. The Borrower shall not, nor shall it permit any 

Restricted Subsidiary to, directly or indirectly, enter into or permit to exist any Contractual 

Obligation (other than (i) this Agreement or any other Loan Document, (ii) any ABL Facility 

Documentation, (iii) any Tranche B-2 Term Loan Facility Documentation, (iv) any UST Tranche 

B Term Loan Facility Documentation, (v) any documents governing Credit Agreement 

Refinancing Indebtedness, or a Permitted Refinancing of (ii)-(v) or (vi) any Treasury Equity

Documents or documents governing Treasury Equity) that limits the ability of (a) any Restricted 

Subsidiary that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor 

or to make or repay loans or advances to or otherwise transfer assets to or make Investments in the 

Borrower or any Restricted Subsidiary that is a Guarantor or (b) any Loan Party to create, incur, 

assume or suffer to exist Liens on property of such Person to secure the Obligations; provided that 

the foregoing clauses (a) and (b) shall not apply to Contractual Obligations which (i) (x) exist on 

the Effective Date and (to the extent not otherwise permitted by this Section 7.09) are listed on 

Schedule 7.09 hereto and (y) to the extent Contractual Obligations permitted by clause (x) are set 

forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any 

permitted modification, replacement, renewal, extension or refinancing of such Indebtedness so 

long as such modification, replacement, renewal, extension or refinancing does not expand the 

scope of such Contractual Obligation in any material respect (as determined in good faith by the 
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Borrower), (ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first 

becomes a Restricted Subsidiary, so long as such Contractual Obligations were not entered into in 

contemplation of such Person becoming a Restricted Subsidiary, (iii) represent Indebtedness of a 

Restricted Subsidiary which is not a Loan Party which is permitted by Section 7.03, (iv) arise in 

connection with any Disposition permitted by Section 7.04 or 7.05 and relate solely to the assets 

or Person subject to such Disposition, (v) are customary provisions in joint venture agreements 

and other similar agreements applicable to joint ventures or other non-wholly owned Subsidiaries 

permitted under Section 7.02 and applicable solely to such joint venture or other non-wholly 

owned Subsidiaries and are entered into in the ordinary course of business, (vi) are negative 

pledges and restrictions on Liens in favor of any holder of Indebtedness (other than any Junior 

Financing) permitted under Section 7.03(e) or (g) but solely to the extent any negative pledge 

relates to the property financed by such Indebtedness, (vii) are customary restrictions in leases, 

subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions 

relate only to the assets subject thereto, (viii) comprise restrictions imposed by any agreement 

governing secured Indebtedness permitted pursuant to Section 7.03 to the extent that such 

restrictions apply only to the property or assets securing such Indebtedness, (ix) are customary 

provisions restricting subletting or assignment of any lease governing a leasehold interest of the 

Borrower or any Restricted Subsidiary entered into in the ordinary course of business, (x) are 

customary provisions restricting assignment of any agreement entered into in the ordinary course 

of business, (xi) are customary restrictions contained in the ABL Facility Documentation, any 

Qualified Securitization Financing, the Tranche B-2 Term Loan Facility Documentation and the

UST Tranche B Term Loan Facility Documentation, (xii) arise in connection with cash or other 

deposits permitted under Sections 7.01 and 7.02 and limited to such cash or deposit or (xiii) 

comprise restrictions imposed by any agreement governing Indebtedness entered into on or after 

the Effective Date and permitted under Section 7.03 if the restrictions contained in any such 

agreement taken as a whole (a) are not materially less favorable to the Secured Parties than the 

encumbrances and restrictions contained in the Loan Documents (as determined by the Borrower) 

or (b) either (I) the Borrower determines at the time of entry into such agreement or instrument 

that such encumbrances or restrictions will not adversely affect, in any material respect, the 

Borrower’s ability to make principal or interest payments required hereunder or (II) such 

encumbrance or restriction applies only during the continuance of a default relating to such 

agreement or instrument.

Section 7.10. Financial Covenant. The Borrower shall not permit Consolidated EBITDA 

for any Test Period, commencing with the Test Period ending as of the end of the fiscal quarter 

ending December 31, 2021, to be less than the amount set forth for such Test Period, below:

Test Period Ending Minimum EBITDA

December 31, 2021 $100,000,000

March 31, 2022 $150,000,000

June 30, 2022 and the last day of each 

Fiscal Quarter thereafter 

$200,000,000
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Section 7.11. Minimum Liquidity. During the Liquidity Test Period, the Borrower shall 

not permit Liquidity to be less than $125,000,000 on Tuesday and Friday of each week (or if any 

such day is not a Business Day, then the next succeeding Business Day) during the Liquidity Test 

Period.

Section 7.12. Fiscal Year. The Borrower shall not make any change in its fiscal year or 

fiscal quarters (it being understood that the Borrower’s fiscal year ends on December 31 of each 

year, and that each of the first three fiscal quarters of each fiscal year of the Borrower ends on the 

March 31, June 30 and September 30, respectively); provided, however, that the Borrower may, 

upon written notice to the Administrative Agent and the Required Lenders, change its fiscal year 

and fiscal quarters to any other fiscal year (and any other fiscal quarters) reasonably acceptable to 

the Administrative Agent and the Required Lenders, in which case, the Borrower and the 

Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to 

this Agreement that are necessary to reflect such changes.

Section 7.13. Prepayments, Etc. of Indebtedness.

(a) The Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or 

indirectly, voluntarily prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled 

maturity thereof in any manner (it being understood that payments of regularly scheduled interest 

shall be permitted unless such payments violate any subordination terms of any Junior Financing 

Documentation) (x) any Permitted Additional Debt (or any Permitted Refinancing thereof) or (y) 

any Junior Financing that constitutes Subordinated Indebtedness (or any Permitted Refinancing 

thereof), or make any payment in violation of any subordination terms of any Junior Financing 

Documentation, if any, except (i) any Permitted Refinancing permitted in respect thereof 

(including any Permitted Refinancing set forth in Section 7.03(u) hereof), (ii) the conversion of 

any Permitted Additional Debt (or any Permitted Refinancing thereof) or Junior Financing that 

constitutes Subordinated Indebtedness (or any Permitted Refinancing thereof) to Equity Interests 

(other than Disqualified Equity Interests) of the Borrower, (iii) the prepayment of Indebtedness of 

the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary to the 

extent not prohibited by applicable subordination provisions, (iv) prepayments, redemptions, 

purchases, defeasances and other payments or satisfaction from the proceeds of equity issuances

by the Borrower, (v) AHYDO “catch up” payments, and (vi) prepayments, redemptions, 

purchases, defeasances and other payments in respect of Permitted Additional Debt (or any 

Permitted Refinancing thereof) and Junior Financings that constitutes Subordinated Indebtedness 

(or any Permitted Refinancing thereof) prior to their scheduled maturity in an aggregate amount 

not to exceed (x) together with (I) the aggregate amount of Investments made under sub-clause (x) 

of Section 7.02(p) and (II) the aggregate amount of Restricted Payments made pursuant to subclause (x) of Section 7.06(e), $15,000,000, plus (y) the portion, if any, of the Cumulative Credit 

on such date that the Borrower elects to apply to this subclause (y); provided that (A) no 

prepayment, redemption, purchase, defeasance or other payment shall be made pursuant to this 

clause (vi) if an Event of Default has occurred and is continuing or would result therefrom and (B) 

no prepayments, redemptions, purchases, defeasances and other payments in respect of Permitted 

Additional Debt shall be permitted under this clause (vi) until the Specified Period shall have 

ended. For greater certainty, nothing in this Section 7.13(a) or elsewhere in this Agreement shall 

limit or restrict the ability of the Borrower or any Restricted Subsidiary to prepay, redeem, 

purchase, defease or otherwise satisfy prior to the scheduled maturity thereof (x) any ABL Facility 
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Indebtedness or other obligations also secured pursuant to the ABL Credit Agreement, (y) any 

Tranche B-2 Term Loan Facility Indebtedness or other obligations also secured pursuant to the 

Tranche B-2 Term Loan Credit Agreement or (z) any UST Tranche B Term Loan Facility 

Indebtedness or other obligations also secured pursuant to the UST Tranche B Term Loan Credit 

Agreement.

(b) The Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or 

indirectly, amend, modify, change, terminate or release in any manner materially adverse to the 

interests of the Lenders any term or condition of any Junior Financing Documentation or the 

documentation governing any Permitted Additional Debt (or any Permitted Refinancing thereof) 

if the effect thereof would be to cause such Junior Financing or Permitted Additional Debt to no 

longer constitute Junior Financing or Permitted Additional Debt, as the case may be, without the 

consent of the Required Lenders (which consent shall not be unreasonably withheld, conditioned 

or delayed); provided, that none of the ABL Facility Indebtedness, the Tranche B-2 Term Loan 

Facility Indebtedness or the UST Tranche B Term Loan Facility Indebtedness shall be subject to 

this clause (b) unless expressly designated as Permitted Junior Priority Additional Debt.

Section 7.14. Prepayments, Etc. of Single-Employer Plans. The Borrower shall 

not, except to the extent required by ERISA or other applicable Law, make any early lump sum 

payment to satisfy any liability under any Single-Employer Plan, in each case, directly from the 

cash or Cash Equivalents of the Borrower or the Restricted Subsidiaries (including, for the 

avoidance of doubt, the proceeds of any borrowing under the ABL Facility).

ARTICLE 8

EVENTS OF DEFAULT AND REMEDIES

Section 8.01. Events of Default. Any of the following from and after the Effective Date 

shall constitute an event of default (an “Event of Default”):

(a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid 

herein or in any other Loan Document, any amount of principal of any Loan, (ii) within five (5) 

Business Days after the same becomes due, any interest on any Loan, or (iii) within ten (10) days 

after the same becomes due, any other amount payable hereunder or with respect to any other Loan 

Document; or

(b) Specific Covenants. The Borrower fails to perform or observe any term, covenant 

or agreement contained in any of Sections 6.03(a) (provided that the delivery of a notice of Default 

or Event of Default at any time will cure an Event of Default under Section 6.03(a) arising from 

the failure of the Borrower to timely deliver such notice of Default or Event of Default), 6.05(a)

(solely with respect to the Borrower), 6.18 (and, in the case of Section 6.18(b), such failure 

continues for five (5) Business Days after receipt by the Borrower of written notice thereof from 

the Administrative Agent or the Required Lenders), Article 7 or Article 12; or

(c) Other Defaults. Any Loan Party fails to perform or observe any other term, 

covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan 

Document on its part to be performed or observed and such failure continues for thirty (30) days 
132

after receipt by the Borrower of written notice thereof from the Administrative Agent or the 

Required Lenders; or

(d) Representations and Warranties. Any representation, warranty, certification or 

statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party 

herein, in any other Loan Document, or in any Compliance Certificate or other document required 

to be delivered in connection herewith or therewith shall be incorrect or misleading in any material 

respect when made or deemed made; or

(e) Cross-Default. Any Loan Party or any Restricted Subsidiary (i) fails to make any 

payment after the applicable grace period with respect thereto, if any, (whether by scheduled 

maturity, required prepayment, acceleration, demand, or otherwise) in respect of (x) any other 

Indebtedness (other than Indebtedness hereunder ) having an outstanding aggregate principal 

amount of not less than the Threshold Amount, (y) the Tranche B-2 Term Loan Facility 

Indebtedness or (z) the UST Tranche B Term Loan Facility Indebtedness or (ii) fails to observe or 

perform any other agreement or condition relating to any such Indebtedness, or any other event 

occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events 

or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any other 

default thereunder by any Loan Party), after all grace periods having expired and all required 

notices having been given, the effect of which default or other event is to cause, or to permit the 

holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or 

beneficiary or beneficiaries) to cause, after all grace periods having expired and all required notices 

having been given, such Indebtedness to become due or to be repurchased, prepaid, defeased or 

redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such 

Indebtedness to be made, prior to its stated maturity; provided that any such failure or the 

occurrence of any such other event referred to in subclause (ii) relating to Indebtedness under the 

ABL Credit Agreement or the Tranche B-2 Term Loan Credit Agreement, or, in each case, any 

Permitted Refinancing thereof shall not constitute an Event of Default under this Section 8.01(e)

until the earlier of (x) thirty days after the expiration of all grace periods relating to such failure or 

occurrence thereunder and (y) any acceleration of the ABL Obligations (as defined in the ABL 

Intercreditor Agreement) outstanding under the ABL Credit Agreement or the Tranche B-2 

Obligations (as defined in the ABL Intercreditor Agreement) outstanding under the Tranche B-2 

Term Loan Credit Agreement, as applicable, whether automatic or otherwise; provided further that 

this clause (e)(ii) shall not apply to (I) secured Indebtedness that becomes due as a result of the 

voluntary sale or transfer of the property or assets securing such Indebtedness, (II) Indebtedness 

which is convertible into Equity Interest and converts to Equity Interests in accordance with its 

terms or (III) any breach or default that (X) is remedied by the Borrower or the applicable 

Restricted Subsidiary or (Y) waived (including in the form of amendment) by the requisite holders 

of the applicable item of Indebtedness, in either case, prior to the acceleration of all the Loans 

pursuant to this Section 8.01; or

(f) Insolvency Proceedings, Etc. Any Loan Party or any Restricted Subsidiary 

institutes or consents to the institution of any voluntary or involuntary proceeding under any 

Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or 

consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, 

rehabilitator, administrator, administrative receiver or similar officer for it or for all or substantially 

all of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, 
133

administrator, administrative receiver or similar officer is appointed without the application or 

consent of such Person and the appointment continues undischarged or unstayed for sixty (60) 

consecutive calendar days; or any proceeding under any Debtor Relief Law relating to any such 

Person or to all or substantially all of its property is instituted without the consent of such Person 

and continues undismissed or unstayed for sixty (60) consecutive calendar days, or an order for 

relief is entered in any such proceeding; or

(g) Inability to Pay Debts; Attachment. Any Loan Party or any Restricted Subsidiary 

becomes generally unable or admits in writing its general inability or fails generally to pay its 

debts as they become due, or any writ or warrant of attachment or execution or similar process is 

issued or levied against all or substantially all of the property of the Borrower and the Restricted 

Subsidiaries, taken as a whole, and is not released, vacated or fully bonded within sixty (60) 

consecutive days after its issue or levy; or

(h) Judgments. There is entered against any Loan Party or any Restricted Subsidiary a 

final judgment or order for the payment of money in an aggregate amount exceeding the Threshold 

Amount (to the extent not covered by independent third-party insurance or indemnity as to which 

the insurer or third party indemnitor has been notified of such judgment or order and has not denied 

coverage) and such judgment or order shall not have been satisfied, vacated, discharged or stayed 

or bonded pending an appeal for a period of sixty (60) consecutive days; or

(i) Invalidity of Loan Documents. Any material provision of the Loan Documents, at 

any time after their execution and delivery and for any reason other than as expressly permitted 

hereunder or thereunder (including as a result of a transaction permitted under Section 7.04 or 

7.05) or as a result of acts or omissions by the Administrative Agent or Collateral Agent or any 

Lender or the satisfaction in full of all the Obligations (other than other than contingent 

obligations), ceases to be in full force and effect; or any Loan Party contests in writing the validity 

or enforceability of any provision of any Loan Document; or any Loan Party denies in writing that 

it has any or further liability or obligation under any Loan Document (other than as a result of 

repayment in full of the Obligations), or purports in writing to revoke or rescind any Loan 

Document; or

(j) Change of Control. There occurs any Change of Control; or

(k) Collateral Documents. The Collateral Documents after delivery thereof pursuant 

to Sections 4.02, 6.11 or 6.13 shall for any reason (other than pursuant to the terms hereof or 

thereof including as a result of a transaction permitted under Section 7.04 or 7.05) cease to create, 

or shall be asserted by any Loan Party not to create, a valid and perfected Lien, with the priority 

required by the Collateral Documents on and security interest in Collateral purported to be covered 

thereby with an aggregate value equal to or greater than $25,000,000, subject to Liens permitted 

under Section 7.01, (i) except to the extent that any such perfection or priority is not required 

pursuant to the Collateral and Guarantee Requirement or results from the failure of the 

Administrative Agent or the Collateral Agent to maintain possession or control of certificates 

representing securities, other collateral requiring possession or control, or motor vehicle 

certificates of title (or notation thereon) pledged under the Collateral Documents, in each case 

actually delivered to it and (ii) except as to Collateral consisting of Real Property to the extent that 
134

such losses are covered by a lender’s title insurance policy and such insurer has not denied 

coverage; or

(l) ERISA. (i) An ERISA Event that occurs after the Effective Date that, alone or 

together with any other ERISA Events that have occurred after the Effective Date, has resulted or 

could reasonably be expected to result in liability of a Loan Party, any Restricted Subsidiary or 

any of their respective ERISA Affiliates in an aggregate amount at any particular time that would 

reasonably be expected to have a Material Adverse Effect, or (ii) a Loan Party, any Restricted 

Subsidiary or any of their respective ERISA Affiliates fails to pay when due, after the expiration 

of any applicable grace period, any installment payment with respect to its Withdrawal Liability

under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount, that, alone or 

together with any other such failures to pay, has resulted or would reasonably be expected to result 

in a Material Adverse Effect; or (iii) as of any date, a Loan Party, any Restricted Subsidiary or any 

of their respective ERISA Affiliates (x) shall have made contributions to any Multiemployer Plan 

during the immediately preceding twelve month period ending on such date that exceed in value 

in the aggregate among all such Persons the Pension Contribution Cap for such period or (y) is 

projected or reasonably expected (in each case by the Borrower in good faith) to make 

contributions to any Multiemployer Plan in the next twelve month period that exceed in the 

aggregate among all such Persons the Pension Contribution Cap for such period (provided that 

such Pension Contribution Cap may be exceeded solely to facilitate a compromise, settlement, 

rearrangement or other restructuring of liabilities under such Multiemployer Plan with the consent 

of the Required Lenders (such consent not to be unreasonably withheld, delayed or conditioned or 

denied)); provided that this clause (iii) shall not apply if on the applicable date of determination 

Consolidated EBITDA for the most recent Test Period ending prior to such date of determination 

as set forth in the most recent Compliance Certificate received by the Administrative Agent 

pursuant to Section 6.02(a) on or prior to such date of determination exceeds $400,000,000; or

(m) Junior Financing Documentation. (i) Any of the Obligations of the Loan Parties 

under the Loan Documents for any reason shall cease to be, or shall be asserted by any Loan Party 

not to be, “Senior Indebtedness” (or any comparable term) or “Senior Secured Financing” (or any 

comparable term) under, and as defined in, any Junior Financing Documentation in respect of any 

Junior Financing that is, or is required by this Agreement to be, Subordinated Indebtedness or (ii) 

the subordination provisions set forth in any Junior Financing Documentation in respect of any 

Junior Financing that is, or is required by this Agreement to be, Subordinated Indebtedness shall, 

in whole or in part, cease to be, or shall be asserted by any Loan Party not to be, effective or legally 

valid, binding and enforceable against the holders of any such Junior Financing, if applicable 

(other than as a result of acts or omissions by the Administrative Agent or Collateral Agent or the 

satisfaction in full of all the Obligations (other than contingent obligations)); or

(n) IBT Agreement. The IBT Agreement shall be declared invalid or illegal, shall be 

terminated, or shall no longer be in full force and effect.

Section 8.02. Remedies Upon Event of Default. If any Event of Default occurs and is 

continuing the Administrative Agent, at the request of the Required Lenders shall, take any or all 

of the following actions:
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(i) declare the commitment of each Lender to make Loans to be terminated, 

whereupon such commitments shall be terminated;

(ii) declare the unpaid principal amount of all outstanding Loans, all interest 

accrued and unpaid thereon, premium and all other amounts owing or payable or accrued 

hereunder or under any other Loan Document to be immediately due and payable, without 

presentment, demand, protest or other notice of any kind, all of which are hereby expressly 

waived (to the extent permitted by applicable law) by the Borrower and each other Loan 

Party; and

(iii) subject to the terms, conditions and provisions of any Intercreditor 

Agreement, exercise on behalf of itself and the Lenders all rights and remedies available 

to it and the Lenders under the Loan Documents or applicable Law;

provided that upon the occurrence of an actual or deemed entry of an order for relief with respect 

to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to 

make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans 

and all interest, premium and other amounts as aforesaid shall automatically become due and 

payable, in each case without further act of the Administrative Agent or any Lender, and without 

presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived 

(to the extent permitted by applicable law) by the Borrower and each other Loan Party.

Section 8.03. Exclusion of Immaterial Subsidiaries. Solely for the purpose of determining 

whether a Default or an Event of Default has occurred under clause (f) or (g) of Section 8.01, any 

reference in any such clause to any Restricted Subsidiary or Loan Party shall be deemed not to 

include any Restricted Subsidiary affected by any event or circumstances referred to in any such 

clause that was, as of the last day of the most recent completed fiscal quarter of the Borrower, an 

Immaterial Subsidiary.

Section 8.04. Application of Funds. Subject to the terms, conditions and provisions of 

each Intercreditor Agreement, after the exercise of remedies provided for in Section 8.02 (or after 

the Loans have automatically become immediately due and payable as set forth in the proviso to 

Section 8.02), any amounts received on account of the Obligations shall be applied by the 

Administrative Agent in the following order (to the fullest extent permitted by mandatory 

provisions of applicable Law):

First, to payment of that portion of the Obligations constituting fees, indemnities, 

expenses and other amounts (other than principal and interest, but including Attorney Costs 

payable under Section 10.05 and amounts payable under Article 3) payable to the Administrative 

Agent or the Collateral Agent in its capacity as such;

Second, to payment of that portion of the Obligations constituting fees, indemnities, 

premium and other amounts (other than principal and interest) payable to the Lenders (including 

Attorney Costs payable under Section 10.05 and amounts payable under Article 3), ratably among 

them in proportion to the amounts described in this clause Second payable to them;
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Third, to payment of that portion of the Obligations constituting accrued and unpaid 

interest on the Loans, ratably among the Secured Parties in proportion to the respective amounts 

described in this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid principal 

of the Loans, ratably among the Secured Parties in proportion to the respective amounts described 

in this clause Fourth held by them;

Fifth, to the payment of all other Obligations of the Borrower that are due and 

payable to the Administrative Agent, the Collateral Agent and the other Secured Parties on such 

date, ratably based upon the respective aggregate amounts of all such Obligations owing to the 

Administrative Agent and the other Secured Parties on such date; and

Last, the balance, if any, after all of the Obligations (other than contingent 

obligations) have been paid in full, to the Borrower or as otherwise required by Law.

ARTICLE 9

THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

Each Lender hereby irrevocably appoints the Administrative Agent and the Collateral 

Agent (for purposes of this Article 9, the Administrative Agent and the Collateral Agent are 

referred to collectively as the “Agents”) its agent and authorizes the Agents to take such actions 

on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan 

Documents, together with such actions and powers as are reasonably incidental or related thereto. 

Without limiting the generality of the foregoing, the Agents are hereby expressly authorized to (i) 

execute any and all documents (including releases) with respect to the Collateral and the rights of 

the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions 

of this Agreement and the Collateral Documents (including, for the avoidance of doubt, (x) the 

ABL Intercreditor Agreement, including any amendment or supplement expressly contemplated 

thereby and (y) upon the incurrence of any Permitted Junior Priority Additional Debt, a Junior

Lien Intercreditor Agreement) and (ii) negotiate, enforce or settle any claim, action or proceeding 

affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which 

negotiation, enforcement or settlement will be binding upon each Lender.

The institution serving as the Administrative Agent and/or the Collateral Agent hereunder 

shall have the same rights and powers in its capacity as a Lender, if it is a Lender, as any other 

Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates 

may accept deposits from, lend money to and generally engage in any kind of business with the 

Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent hereunder. The 

Agents shall not, except as expressly set forth herein and in the other Loan Documents, have any 

duty to disclose, and shall not be liable for the failure to disclose, any information relating to the 

Borrower or any Loan Party that is communicated or obtained by the Person serving as 

Administrative Agent or Collateral Agent, as applicable, or any of their Affiliates in any capacity.

Neither Agent shall have any duties or obligations except those expressly set forth in the 

Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent shall be 

subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and 
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is continuing, except that The Bank of New York Mellon shall always have a fiduciary duty to 

the Department of the Treasury while serving as its Agent, (b) neither Agent shall have any duty 

to take any discretionary action or exercise any discretionary powers, except discretionary rights 

and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by 

the Required Lenders (or such other number or percentage of the Lenders as shall be necessary 

under the circumstances as provided in Section 10.08), and (c) except as expressly set forth in the 

Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable for the 

failure to disclose, any information relating to the Borrower or any of the Subsidiaries that is 

communicated to or obtained by the bank serving as Administrative Agent and/or Collateral 

Agent or any of its Affiliates in any capacity. Neither Agent shall be required to expend or risk 

its own funds or otherwise incur liability in the performance of any of its duties hereunder or 

under any other Loan Document or in the exercise of any of its rights or powers. 

Notwithstanding anything in any Loan Document to the contrary, prior to taking any action 

under this Agreement or any other Loan Document, each Agent shall be entitled to 

indemnification satisfactory to it in its sole discretion against all losses and expenses in 

connection with taking such action. Neither Agent shall be liable for any action taken or not 

taken by it with the consent or at the request of the Required Lenders (or such other number or 

percentage of the Lenders as shall be necessary under the circumstances as provided in Section 

10.08) or in the absence of its own gross negligence or willful misconduct as determined by the 

final non-appealable judgment of a court of competent jurisdiction. Notwithstanding the 

foregoing, no action nor any omission to act, taken by either Agent at the direction of the 

Required Lenders (or such other number of percentage of Lenders as shall be expressly provided 

for herein or in the other Loan Documents) shall constitute gross negligence or willful 

misconduct. Neither Agent shall be deemed to have knowledge of any Default unless and until 

written notice thereof, conspicuously labeled as a “notice of default” and specifically describing 

such Default, is given to an Agent Responsible Officer by the Borrower or a Lender, and neither 

Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, 

warranty or representation made in or in connection with any Loan Document, (ii) the contents 

of any certificate, report or other document delivered thereunder or in connection therewith, (iii) 

the performance or observance of any of the covenants, agreements or other terms or conditions 

set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of 

any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of 

any condition set forth in Article 4 or elsewhere in any Loan Document, other than to confirm 

receipt of items expressly required to be delivered to such Agent.

Notwithstanding anything to the contrary in any Loan Document, the Agent shall not be 

responsible for the existence, genuineness or value of any of the Collateral; for filing any 

financing or continuation statements or recording any documents or instruments in any public 

office or otherwise perfecting or maintaining the perfection of any security interest in the 

Collateral; for the validity, perfection, priority or enforceability of the Liens in any of the 

Collateral; for the validity or sufficiency of the Collateral or any agreement or assignment 

contained therein; for the validity of the title of any grantor to the Collateral; for insuring the 

Collateral; or for the payment of taxes, charges or assessments on the Collateral.

In no event shall either Agent be responsible or liable for any failure or delay in the 

performance of its obligations hereunder or under any other Loan Document arising out of or 

caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, 
138

work stoppages, epidemics, accidents, acts of war or terrorism, civil or military disturbances, 

nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, 

communications or computer (software and hardware) services (it being understood that such

Agent shall use reasonable efforts which are consistent with accepted practices in the banking 

industry to resume performance as soon as practicable under the circumstances).

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying 

upon, any notice, request, certificate, opinion, consent, statement, instrument, document or other 

writing believed by it in good faith to be genuine and to have been signed or sent by the proper 

Person. Each Agent may also rely upon any statement made to it orally or by telephone and 

believed by it in good faith to have been made by the proper Person, and shall not incur any 

liability for relying thereon. Delivery of reports, information and documents to an Agent is for 

informational purposes only and an Agent’s receipt of the foregoing will not constitute actual or 

constructive knowledge or notice of any information contained therein or determinable from 

information contained therein, including the Borrower’s compliance with any of its covenants 

hereunder. Each Agent may consult with legal counsel (who may be counsel for the Borrower), 

independent accountants and other experts selected by it, and shall not be liable for any action 

taken or not taken by it in accordance with the advice of any such counsel, accountants or 

experts. The Agents shall not be liable for any errors of judgment made in good faith by an 

Agent Responsible Officer, unless it shall be proved that the Agent Responsible Officer was 

grossly negligent in ascertaining the pertinent facts. Any funds held by an Agent shall, unless 

otherwise agreed in writing with the Borrower, be held uninvested in a non-interest bearing

account.

The calculation of any ratio, including the Total Leverage Ratio, shall not be a duty or 

obligation of either Agent.

Each Agent may perform any and all its duties and exercise its rights and powers by or 

through any one or more sub-agents or attorneys appointed by it and will not be responsible for 

the misconduct or negligence of any agent appointed with due care. Each Agent and any such 

sub-agent may perform any and all its duties and exercise its rights and powers by or through 

their respective Related Parties (other than Disqualified Lenders). The exculpatory provisions of 

the preceding paragraphs shall apply to any such sub-agent and to the Related Parties (other than 

Disqualified Lenders) of each Agent and any such sub-agent, and shall apply to their respective 

activities in connection with the arrangement of the Facilities as well as activities as Agent.

Either Agent may resign at any time by notifying the Lenders and the Borrower in writing, 

and either Agent may be removed at any time with or without cause by an instrument or concurrent 

instruments in writing delivered to the Borrower and such Agent and signed by the Required 

Lenders. Upon any such resignation or removal, the Required Lenders shall have the right, with 

the consent of the Borrower (which consent shall not be required during the continuance of an 

Event of Default under Sections 8.01(a), (f) or (g)), to appoint a successor. If no successor shall 

have been so appointed by the Required Lenders (with the consent of the Borrower (which consent 

shall not be required during the continuance of an Event of Default under Sections 8.01(a), (f) or 

(g))) and shall have accepted such appointment within 30 days after (i) the retiring Agent gives 

notice of its resignation or (ii) the Required Lenders delivers removal instructions, then the retiring 

or removed Agent may, on behalf of the Lenders (with the consent of the Borrower (which consent 
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shall not be required during the continuance of an Event of Default under Sections 8.01(a), (f) or 

(g))), appoint a successor Agent which shall be a bank with an office in New York, New York, or 

an Affiliate of any such bank. If no successor Agent has been appointed pursuant to the 

immediately preceding sentence, such Agent’s resignation or removal shall become effective and 

the Required Lenders shall thereafter perform all the duties of such Agent hereunder and/or under 

any other Loan Document until such time, if any, as the Required Lenders (with the consent of the 

Borrower (which consent shall not be required during the continuance of an Event of Default under 

Sections 8.01(a), (f) or (g))) appoint a successor Administrative Agent and/or Collateral Agent, as 

the case may be. Upon the acceptance of its appointment as Agent hereunder by a successor, such 

successor shall succeed to and become vested with all the rights, powers, privileges and duties of 

its predecessor Agent, and its predecessor Agent shall be discharged from its duties and obligations 

hereunder. The fees payable by the Borrower to a successor Agent shall be the same as those 

payable to its predecessor unless otherwise agreed between the Borrower and such successor. 

After an Agent’s resignation hereunder, the provisions of this Article and Section 10.05 shall 

continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related 

Parties (other than Disqualified Lenders) in respect of any actions taken or omitted to be taken by 

any of them while acting as Agent.

Each Lender acknowledges that it has, independently and without reliance upon the Agents 

or any other Lender and based on such documents and information as it has deemed appropriate, 

made its own credit analysis and decision to enter into this Agreement. Each Lender also 

acknowledges that it will, independently and without reliance upon the Agents or any other Lender 

and based on such documents and information as it shall from time to time deem appropriate, 

continue to make its own decisions in taking or not taking action under or based upon this 

Agreement or any other Loan Document, any related agreement or any document furnished 

hereunder or thereunder.

Each Lender acknowledges and agrees that The Bank of New York Mellon or one or more 

of its Affiliates may (but is not obligated to) act as collateral agent or representative for the holders 

of ABL Facility Indebtedness, Tranche B-2 Term Loan Facility Indebtedness, UST Tranche B 

Term Loan Facility Indebtedness, Permitted Junior Priority Additional Debt, any Extended Term 

Loan or any Permitted Refinancing thereof under the collateral agreements with respect thereto 

and/or under the ABL Intercreditor Agreement or any Junior Lien Intercreditor Agreement. Each 

Lender waives any conflict of interest, now contemplated or arising hereafter, in connection 

therewith and agrees not to assert against The Bank of New York Mellon or any of its Affiliates 

any claims, causes of action, damages or liabilities of whatever kind or nature relating thereto.

In case of the pendency of any case or proceeding under any insolvency or other similar 

law or any other judicial proceeding relative to any Loan Party, the Administrative Agent 

(irrespective of whether the principal of any Loan shall then be due and payable as herein expressed 

or by declaration or otherwise and irrespective of whether the Administrative Agent shall have 

made any demand on the Borrower) shall be entitled and empowered (but not obligated) by 

intervention in such proceeding or otherwise: (a) to file and prove a claim for the whole amount 

of the principal and interest owing and unpaid in respect of the Loans and all other Obligations 

that are owing and unpaid and to file such other documents as may be necessary or advisable in 

order to have the claims of the Lenders and the Agents (including any claim for the reasonable 

compensation, expenses, disbursements and advances of the Lenders and the Agents and their 
140

respective agents and counsel and all other amounts due the Lenders, the Agents under Section 

2.05, Section 3.01, and Section 10.05) allowed in such judicial proceeding; and (b) to collect and 

receive any monies or other property payable or deliverable on any such claims and to distribute 

the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar 

official in any such judicial proceeding is hereby authorized by each Lender to make such 

payments to the Administrative Agent and, in the event that the Administrative Agent shall consent 

to the making of such payments directly to the Lenders, to pay to the Agents any amount due for 

the reasonable compensation, expenses, disbursements and advances of the Administrative Agent 

and its agents and counsel, and any other amounts due to the Agents under Section 2.05 and Section 

10.05. Nothing contained herein shall be deemed to authorize the Administrative Agent to 

authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, 

arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or 

to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such 

proceeding.

The Lenders hereby irrevocably authorize the Administrative Agent, at the direction of the 

Required Lenders, to credit bid all or any portion of the Obligations (including accepting some or 

all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of 

foreclosure or otherwise) and in such manner purchase (either directly or through one or more 

acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the 

provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 

1129 of the Bankruptcy Code of the United States, or any similar laws in any other jurisdictions 

to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in 

lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent 

(whether by judicial action or otherwise) in accordance with any amounts owed to the Agents shall 

be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to 

contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable 

basis that would vest upon the liquidation of such claims in an amount proportional to the 

liquidated portion of the contingent claim amount used in allocating the contingent interests) in 

the asset or assets so purchased (or in the stock or debt instruments of the acquisition vehicle or 

vehicles that are used to consummate such purchase). In connection with any such bid (i) the 

Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid, 

(ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles 

(provided, that, any actions by the Administrative Agent with respect to such acquisition vehicle 

or vehicles, including any disposition of the assets or stock thereof shall be governed, directly or 

indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement, 

(iii) the Administrative Agent shall be authorized to assign the relevant Obligations to any such 

acquisition vehicle pro rata by the Lenders, as a result of which each of the Lenders shall be deemed 

to have received a pro rata portion of any stock and/or debt instruments issued by such an 

acquisition vehicle on account of the assignment of the Obligations to be credit bid, all without the 

need for the Administrative Agent or acquisition vehicle to take any further action, and (iv) to the 

extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral 

for any reason (as a result of another bid being higher or better, because the amount of Obligations 

assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle 

or otherwise), such Obligations shall automatically be reassigned to the each Lenders pro rata and 

the stock and/or debt instruments issued by any acquisition vehicle on account of the Obligations 
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that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need 

for the Administrative Agent or any acquisition vehicle to take any further action.

ARTICLE 10

MISCELLANEOUS

Section 10.01. Notices; Electronic Communications. Notices and other communications 

provided for herein shall be in writing and shall be delivered by hand or overnight courier service, 

mailed by certified or registered mail or sent by email or fax, as follows:

if to the Borrower or any other Loan Party, to it at:

YRC Worldwide Inc.

Attention of Chief Financial Officer and General Counsel

10990 Roe Avenue

Overland Park, Kansas 66211

Fax No. 913-696-6116

Tel. No. 913-696-6529 or 913-696-6132

Email: stephanie.fisher@yrcw.com and jim.fry@yrcw.com

With copy to:

Kirkland & Ellis LLP

Attention of Michelle Kilkenney, P.C., Esq.

300 North LaSalle

Chicago, Illinois 60654

Fax No. 312-862-2200

Tel. No. 312-862-2487

Email: michelle.kilkenney@kirkland.com

if to the Administrative Agent or the Collateral Agent, to:

The Bank of New York Mellon

240 Greenwich Street 7th Floor

New York, NY 10286

Attention: Joanna Shapiro, Managing Director

Tel. No: 212-815-4949

joanna.g.shapiro@bnymellon.com with a copy to 

UST.Cares.Program@bnymellon.com

With a copy to (which shall not constitute notice):

Hogan Lovells US LLP

390 Madison Avenue

New York, New York 10017

Fax No.: 212-918 3100

Tel. No.: 212-909 0616

Attention: Robert A. Ripin
142

Email: Robert.ripin@hoganlovells.com 

With a copy to (which shall not constitute notice):

United States Department of the Treasury

1500 Pennsylvania Ave., NW,

Washington, D.C. 20220

Attention: Eric Froman

Assistant General Counsel (Banking & Finance)

e-mail: Eric.Froman@treasury.gov

With a copy to (which shall not constitute notice):

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: James A. Florack

e-mail: james.florack@davispolk.com

(c) if to a Lender, to it at its address (email address or fax number) set forth on Schedule 

2.01 or in the Assignment and Acceptance or Refinancing Amendment pursuant to which such 

Lender shall have become a party hereto.

All notices and other communications given to any party hereto in accordance with the 

provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered 

by hand or overnight courier service or sent by fax or on the date three Business Days after dispatch 

by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) 

to such party as provided in this Section 10.01 or in accordance with the latest unrevoked direction 

from such party given in accordance with this Section 10.01. As agreed to among the Borrower, 

the Administrative Agent, the Collateral Agent and the applicable Lenders from time to time, 

notices and other communications may also be delivered by e-mail to the e-mail address of a 

representative of the applicable Person provided from time to time by such Person.

The Borrower hereby agrees, unless directed otherwise by the Required Lenders, the 

Administrative Agent, the Collateral Agent or unless the electronic mail address referred to below 

has not been provided by the Administrative Agent or the Collateral Agent to the Borrower, that 

it will, or will cause its Restricted Subsidiaries to, provide to the Administrative Agent, the 

Collateral Agent and/or the Required Lenders all information, documents and other materials that 

it is obligated to furnish to the Administrative Agent, the Collateral Agent and/or the Required 

Lenders pursuant to the Loan Documents or to the Lenders under Article 6, including all notices, 

requests, financial statements, financial and other reports, certificates and other information 

materials, but excluding any such communication that (i) is or relates to a Request for Credit 

Extension or a notice pursuant to Section 2.10, (ii) relates to the payment of any principal or other 

amount due under this Agreement prior to the scheduled date therefor, or (iii) provides notice of 

any Default or Event of Default under this Agreement or any other Loan Document, (all such nonexcluded communications being referred to herein collectively as “Communications”), by 

transmitting the Communications in an electronic/soft medium that is properly identified in a 
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format reasonably acceptable to the Administrative Agent, the Collateral Agent and/or the 

Required Lenders to an electronic mail address as directed by the Administrative Agent, the 

Collateral Agent and/or the Required Lenders. In addition, the Borrower agrees, and agrees to 

cause its Restricted Subsidiaries, to continue to provide the Communications to the Administrative 

Agent, the Collateral Agent, the Required Lenders or the Lenders, as the case may be, in the 

manner specified in the Loan Documents but only to the extent requested by the Administrative 

Agent.

The Borrower hereby acknowledges that (a) the Administrative Agent will make available 

to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder 

(collectively, the “Borrower Materials”) by posting the Borrower Materials on Intralinks or 

another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “publicside” Lenders (i.e., Lenders that do not wish to receive material non-public information with 

respect to the Borrower, its Restricted Subsidiaries or any of their respective securities) (each, a 

“Public Lender”). The Borrower hereby agrees (w) to use commercially reasonable effort to 

make all Borrower Materials that are to be made available to Public Lenders clearly and 

conspicuously “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear 

prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the 

Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat 

such Borrower Materials as not containing any material non-public information with respect to the 

Borrower or any of its securities for purposes of United States federal and state securities laws 

(provided, however, that to the extent such Borrower Materials constitute Information, they shall 

be treated as set forth in Section 10.16); (y) all Borrower Materials marked “PUBLIC” are 

permitted to be made available through a portion of the Platform designated as “Public Investor;” 

and (z) the Administrative Agent shall be entitled to treat any Borrower Materials that are not 

marked “PUBLIC” as being suitable only for posting on a portion of the Platform not marked as 

“Public Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be 

marked “PUBLIC”, unless the Borrower notifies the Administrative Agent promptly that any such 

document contains material non-public information: (1) the Loan Documents, (2) financial 

statements and related documentation, in each case, provided pursuant to Section 6.01(a) or 6.01(b)

and (3) notification of changes in the terms of the Facilities.

Each Public Lender agrees to cause at least one individual at or on behalf of such Public 

Lender to at all times have selected the “Private Side Information” or similar designation on the 

content declaration screen of the Platform in order to enable such Public Lender or its delegate, in 

accordance with such Public Lender’s compliance procedures and applicable Law, including 

United States Federal and state securities laws, to make reference to Communications that are not 

made available through the “Public Side Information” portion of the Platform and that may contain 

material non-public information with respect to the Borrower, its Restricted Subsidiaries or any of 

their respective securities for purposes of United States Federal or state securities laws.

THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. NEITHER THE 

ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE 

ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY 

OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR 

OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, 

IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, 
144

FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY 

RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE 

ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH 

THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE 

ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY 

TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF 

ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY, ARISING OUT OF ANY 

LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF 

COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE 

LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL NON-APPEALABLE RULING 

BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH 

PERSON’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR BAD FAITH, IN EACH 

CASE, AS DETERMINED BY THE FINAL NON-APPEALABLE JUDGMENT OF A COURT 

OF COMPETENT JURISDICTION AND SHALL HAVE NO LIABILITY TO ANY LOAN 

PARTY, ANY LENDER OR ANY OTHER PERSON FOR DIRECT OR INDIRECT, SPECIAL, 

INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN 

TORT, CONTRACT OR OTHERWISE).

The Administrative Agent agrees that the receipt of the Communications by the 

Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the 

Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender 

agrees that receipt of notice to it (as provided in the next sentence) specifying that the 

Communications have been posted to the Platform shall constitute effective delivery of the 

Communications to such Lender for purposes of the Loan Documents. Each Lender agrees to 

notify the Administrative Agent in writing (including by electronic communication) from time to 

time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic 

transmission and that the foregoing notice may be sent to such e-mail address.

Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give 

any notice or other communication pursuant to any Loan Document in any other manner specified 

in such Loan Document.

Section 10.02. Survival of Agreement. All covenants, agreements, representations and 

warranties made by the Borrower herein and in the certificates or other instruments prepared or 

delivered in connection with or pursuant to this Agreement or any other Loan Document shall be 

considered to have been relied upon by the Lenders and shall survive the making by the Lenders 

of the Loans, regardless of any investigation made by the Lenders or on their behalf or that any 

Agent or Lender may have had notice of any Default or Event of Default at the time of any Credit 

Extension, and shall continue in full force and effect as long as the principal of or any accrued 

interest on any Loan or any Fee or any other amount payable under this Agreement or any other 

Loan Document is outstanding and unpaid and so long as the Commitments have not been 

terminated. The provisions of Sections 3.01, 3.03, 3.04 and 10.05 shall remain operative and in 

full force and effect regardless of the expiration of the term of this Agreement, the consummation 

of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the 

Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any 

other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the 

Collateral Agent or any Lender.
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Section 10.03. Binding Effect. This Agreement shall become effective when it shall have 

been executed and delivered by the Borrower, each other Loan Party party hereto on the Effective 

Date, the Collateral Agent and the Administrative Agent and when the Administrative Agent shall 

have received counterparts hereof which, when taken together, bear the signatures of each of the 

other parties hereto.

Section 10.04. Successors and Assigns.

(a) Whenever in this Agreement any of the parties hereto is referred to, such reference 

shall be deemed to include the permitted successors and assigns of such party; and all covenants, 

promises and agreements by or on behalf of the Borrower, the Administrative Agent, the Collateral 

Agent or the Lenders that are contained in this Agreement shall bind and inure to the benefit of 

their respective permitted successors and assigns.

(b) Each Lender may assign to one or more Eligible Assignees all or a portion of its 

interests, rights and obligations under this Agreement (including all or a portion of the Loans at 

the time owing to it), with the prior written consent of the Administrative Agent (not to be 

unreasonably withheld, conditioned or delayed); provided, however, that (i) if the approval of the 

Borrower is required for any such assignment pursuant to the definition of “Eligible Assignee”, 

then the Borrower must also give its prior written consent to such assignment (which consent shall 

not be unreasonably withheld, conditioned or delayed), and the Borrower shall be deemed to have 

consented to any such assignment unless it shall have objected thereto by written notice to the 

Administrative Agent within three (3) Business Days after the Borrower having received written 

notice thereof, (ii) the amount of the Commitment or Loans of the assigning Lender subject to each 

such assignment (determined as of the date the Assignment and Acceptance with respect to such 

assignment is delivered to the Administrative Agent) shall be in an integral multiple of, and not 

less than, $1,000,000 (or, if less, the entire remaining amount of such Lender’s Commitment or 

Loans of the relevant Class) unless the Administrative Agent otherwise agrees; provided that 

simultaneous assignments by two or more Related Funds shall be combined for purposes of 

determining whether the minimum assignment requirement is met, (iii) the parties to each 

assignment shall (A) execute and deliver to the Administrative Agent an Assignment and 

Acceptance via an electronic settlement system acceptable to the Administrative Agent or (B) if 

previously agreed with the Administrative Agent, manually execute and deliver to the 

Administrative Agent an Assignment and Acceptance, and, in each case, shall pay to the 

Administrative Agent a processing and recordation fee of $3,500; provided that (x) simultaneous 

assignments by two or more Related Funds shall require the payment of a single processing and 

recordation fee of $3,500 and (y) such processing and recordation fee may be waived or reduced 

in the sole discretion of the Administrative Agent and (iv) the assignee, if it shall not be a Lender, 

shall deliver to the Administrative Agent an Administrative Questionnaire (in which the assignee 

shall designate one or more credit contacts to whom all Lender-level information (which may 

contain material non-public information about the Loan Parties and their Related Parties or their 

respective securities) will be made available and who may receive such information in accordance 

with the assignee’s compliance procedures and applicable Laws, including Federal and state 

securities laws), all documentation and other information reasonably determined by the 

Administrative Agent or the Collateral Agent to be required by applicable regulatory authorities 

under applicable “know your customer” and anti-money laundering rules and regulations, 

including the USA PATRIOT Act, and all applicable tax forms (including such documentation 
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required under Section 3.01(d)). Upon acceptance and recording pursuant to paragraph (e) of this 

Section 10.04, from and after the effective date specified in each Assignment and Acceptance, (A) 

the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such 

Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement 

and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such 

Assignment and Acceptance, be released from its obligations under this Agreement (and, in the 

case of an Assignment and Acceptance covering all or the remaining portion of an assigning 

Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto 

but shall continue to be entitled to the benefits of Sections 3.01, 3.03, 3.04 and 10.05). Upon 

request and the surrender by the assigning Lender of its Term Note (if any), the Borrower (at its 

expense) shall execute and deliver a Term Note to the assignee Lender.

(c) By executing and delivering an Assignment and Acceptance, the assigning Lender 

thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other 

and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and 

beneficial owner of the interest being assigned thereby free and clear of any adverse claim and the 

outstanding balances of its Term Loans without giving effect to assignments thereof which have 

not become effective, are as set forth in such Assignment and Acceptance; (ii) except as set forth 

in (i) above, such assigning Lender makes no representation or warranty and assumes no 

responsibility with respect to any statements, warranties or representations made in or in 

connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, 

sufficiency or value of this Agreement, any other Loan Document or any other instrument or 

document furnished pursuant hereto, or the financial condition of the Borrower or any Subsidiary 

or the performance or observance by the Borrower or any Subsidiary of any of its obligations under 

this Agreement, any other Loan Document or any other instrument or document furnished pursuant 

hereto; (iii) such assignee represents and warrants that it is an Eligible Assignee legally authorized 

to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has received a 

copy of this Agreement and the other Loan Documents, together with copies of the most recent 

financial statements referred to in Section 5.05 or delivered pursuant to Section 6.01 and such other 

documents and information as it has deemed appropriate to make its own credit analysis and 

decision to enter into such Assignment and Acceptance; (v) such assignee will independently and 

without reliance upon the Administrative Agent, the Collateral Agent, such assigning Lender or 

any other Lender and based on such documents and information as it shall deem appropriate at the 

time, continue to make its own credit decisions in taking or not taking action under this Agreement; 

(vi) such assignee appoints and authorizes the Administrative Agent and the Collateral Agent to 

take such action as agent on its behalf and to exercise such powers under this Agreement and the 

other Loan Documents as are delegated to the Administrative Agent and the Collateral Agent, 

respectively, by the terms hereof or thereof, together with such powers as are reasonably incidental 

or related thereto; and (vii) such assignee agrees that it will perform in accordance with their terms 

all the obligations which by the terms of this Agreement are required to be performed by it as a 

Lender.

(d) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the 

Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered 

to it and a register for the recordation of the names and addresses of the Lenders, and the 

Commitment of, and principal amount of and the interest on the Loans owing to, each Lender 

pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall 
147

be conclusive absent manifest error and the Borrower, the Administrative Agent, the Collateral 

Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to 

the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice 

to the contrary. The Register shall be available for inspection by the Borrower, the Collateral 

Agent and, as to entries pertaining to it, any Lender, at any reasonable time and from time to time 

upon reasonable prior written notice. Upon reasonable request by a Lender, the Administrative 

Agent shall make available to such Lender a schedule of Disqualified Lenders, to the extent the 

Borrower has provided such a schedule to the Administrative Agent. This Section 10.04(d) shall 

be construed so that all Loans are at all times maintained in “registered form” within the meaning 

of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or 

any other relevant or successor provisions of the Code or of such Treasury regulations).

(e) Upon its receipt of, and consent to, a duly completed Assignment and Acceptance 

executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in 

respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing 

and recordation fee referred to in paragraph (b) above, if applicable, and the written consent of the 

Administrative Agent and, if required, the Borrower, to such assignment, and “know your 

customer” information requested by the Administrative Agent and the Collateral Agent, and any 

applicable tax forms (including such documentation required under Section 3.01(d)), the 

Administrative Agent shall promptly (i) accept such Assignment and Acceptance and (ii) record 

the information contained therein in the Register. No assignment shall be effective unless it has 

been recorded in the Register as provided in this paragraph (e).

(f) Each Lender may without the consent of the Borrower or the Administrative Agent 

sell participations to one or more banks or other Persons (other than Disqualified Lenders) in all 

or a portion of its rights and obligations under this Agreement (including all or a portion of its 

Commitment and the Loans owing to it); provided, however, that (i) such Lender’s obligations 

under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to 

the other parties hereto for the performance of such obligations, (iii) the participating banks or 

other Persons shall be entitled to the benefit of the cost protection provisions contained in Sections 

3.01, 3.03 and 3.04 (subject to the requirements and limitations therein, including the requirements 

under Section 3.01(d) (it being understood that the documentation required under Section 3.01(d)

shall be delivered to the participating Lender)) to the same extent as if they were Lenders (but with 

respect to any particular participant, to no greater extent than the Lender that sold the participation 

to such participant and only if such participant has complied with the requirements of such 

provisions as if it were a Lender) and (iv) the Borrower, the Administrative Agent, the Collateral 

Agent and the Lenders shall continue to deal solely and directly with such Lender in connection 

with such Lender’s rights and obligations under this Agreement, and such Lender shall retain the 

sole right to enforce the obligations of the Borrower relating to the Loans and to approve any 

amendment, modification or waiver of (or consent under) any provision of this Agreement or any 

other Loan Document (provided that the agreement or instrument pursuant to which such Lender 

has sold a participation may provide that such Lender shall not agree to the following amendments 

without the consent of such participating bank or Person hereunder: amendments, modifications 

or waivers decreasing any fees payable to such participating bank or Person hereunder or the 

amount of principal of or the rate at which interest is payable on the Loans in which such

participating bank has an interest; extending any scheduled principal payment date or scheduled 

date fixed for the payment of interest on the Loans in which such participating bank or Person has 
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an interest; increasing or extending the Commitments in which such participating bank or Person 

has an interest; releasing all or substantially all of the Guarantors (other than in connection with 

the sale of any such Guarantor in a transaction permitted by Section 7.05) releasing all or 

substantially all of the Collateral or the Term Priority Collateral or reductions in the voting 

thresholds; or modifying the pro rata requirements of Section 2.13(b), Section 2.13(c) or Section 

2.14, in each case, which directly and adversely affects such participants; provided, further, that, 

notwithstanding the foregoing, only the consent of the Required Lenders shall be required in 

respect of any amendment, modification or waiver of (i) the payment of default interest, (ii) the 

occurrence of a default or an Event of Default, (iii) the mandatory prepayment requirements of 

Section 2.13 or (iv) the payment or receipt of the fee or premium pursuant to Section 2.12(d)). To 

the extent permitted by law, each participating bank or other Person also shall be entitled to the 

benefits of Section 10.06 as though it were a Lender, provided such participating bank or other 

Person agrees to be subject to Section 2.15 as though it were a Lender. Each Lender that sells a 

participation or exercises its option under section 10.04(i) with respect to an SPV shall, acting 

solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it 

enters the name and address of each participant and SPV (other than any SPV that is treated as a 

disregarded entity of the Granting Lender for U.S. federal income tax purposes) and the principal 

amounts (and interest thereon) of each participant’s interest in the Loans or other Obligations under 

this Agreement (the “Participant Register”); provided that no Lender shall have any obligation 

to disclose all or any portion of the Participant Register (including the identity of any Participant 

or SPV or any information relating to a Participant’s or a SPV’s interest in any commitments, 

loans, letters of credit or its other obligations under any Loan Document) to any Person except to 

the extent that such disclosure is necessary in connection with a Tax audit or other proceeding to 

establish that such commitment, loan, letter of credit or other obligation is in registered form under 

United States Treasury Regulations Section 5f.103-1(c) and proposed United States Treasury 

Regulations Section 1.163-5(b) (or any amended or successor version). The entries in the 

Participant Register shall be conclusive absent manifest error, and the Borrower, the Lenders and 

each Agent shall treat each Person whose name is recorded in the Participant Register as the owner 

of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.

(g) Any Lender or participant may, in connection with any assignment or participation 

or proposed assignment or participation pursuant to this Section 10.04, disclose to the assignee or 

participant or proposed assignee or participant any information relating to the Borrower furnished 

to such Lender by or on behalf of the Borrower; provided that (except during the arrangement by 

the Required Lenders when customary confidentiality arrangements shall apply), prior to any such 

disclosure of Information, each such assignee or participant or proposed assignee or participant 

shall execute an agreement whereby such assignee or participant shall agree to preserve the 

confidentiality of such confidential information on terms no less restrictive in any material respect 

than those applicable to the Lenders pursuant to Section 10.16 for the benefit of (and enforceable 

by) the Borrower.

(h) Any Lender may at any time assign all or any portion of its rights under this 

Agreement to secure extensions of credit to such Lender or in support of obligations owed by such 

Lender; provided that no such assignment shall release a Lender from any of its obligations 

hereunder or substitute any such assignee for such Lender as a party hereto.
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(i) Notwithstanding anything to the contrary contained herein, any Lender (a 

“Granting Lender”) may grant to a special purpose funding vehicle (an “SPV”), identified as 

such in writing from time to time by the Granting Lender to the Administrative Agent and the 

Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting 

Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement;

provided that (i) nothing herein shall constitute a commitment by any SPV to make any Loan, (ii) 

if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such 

Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof, and 

(iii) the Granting Lender shall for all purposes remain the Lender hereunder. The making of a 

Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, 

and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no 

SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all 

liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each 

party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, 

prior to the date that is one year and one day after the payment in full of all outstanding commercial 

paper or other senior indebtedness of any SPV, it will not institute against, or join any other Person 

in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or 

liquidation proceedings under the laws of the United States or any State thereof. In addition, 

notwithstanding anything to the contrary contained in this Section 10.04, any SPV may (i) with 

notice to, but without the prior written consent of, the Borrower and the Administrative Agent and 

without paying any processing fee therefor, assign all or a portion of its interests in any Loans to 

the Granting Lender or to any financial institutions (consented to by the Borrower and 

Administrative Agent) providing liquidity and/or credit support to or for the account of such SPV 

to support the funding or maintenance of Loans, and (ii) disclose on a confidential basis any nonpublic information relating to its Loans to any rating agency, commercial paper dealer or provider 

of any surety, guarantee or credit or liquidity enhancement to such SPV.

(j) The Borrower (except as expressly permitted by clause (ii) of Section 7.04(d)) shall 

not assign or delegate any of its rights or duties hereunder without the prior written consent of the 

Administrative Agent and each Lender, and any attempted assignment without such consent shall 

be null and void.

Section 10.05. Expenses; Indemnity.

(a) The Borrower agrees (i) promptly following (and in any event within thirty (30) 

days of) written demand (including documentation reasonably supporting such request) therefor, 

to pay or reimburse the Administrative Agent, the Collateral Agent and the Lenders for all 

reasonable and documented out-of-pocket costs and expenses incurred in connection with the 

preparation, negotiation and execution of this Agreement and the other Loan Documents, and any 

amendment, waiver, consent or other modification of the provisions hereof and thereof (whether 

or not the transactions contemplated thereby are consummated), and the consummation and 

administration of the transactions contemplated hereby and thereby (including Attorney Costs 

which shall be limited to Attorney Costs of one counsel to the Agents, and one counsel to the 

Lenders (and one local counsel in each applicable jurisdiction for each group and, in the event of 

any actual or reasonably perceived conflict of interest, one additional counsel of each type to 

similarly situated parties)) and (ii) from and after the Effective Date, promptly following (and in 

any event within thirty (30) days of) written demand (including documentation reasonably 
150

supporting such request) therefor, to pay or reimburse the Administrative Agent and the Collateral 

Agent and each Lender promptly following written demand for all reasonable and documented 

out-of-pocket costs and expenses incurred in connection with the enforcement (whether through 

negotiations, legal proceedings or otherwise) of any rights or remedies under this Agreement or 

the other Loan Documents (including all such out-of-pocket costs and expenses incurred during 

any legal proceeding, including any proceeding under any Debtor Relief Law, and including all 

respective Attorney Costs which shall be limited to Attorney Costs of one counsel to the Agents 

and one counsel to the Lenders (and one local counsel in each applicable jurisdiction for each 

group and, in the event of any actual or reasonably perceived conflict of interest, one additional 

counsel of each type to similarly situated parties)). To the extent otherwise reimbursable by the 

foregoing sentence of this section, the foregoing costs and expenses shall include all reasonable 

search, filing, recording, title insurance, survey, environmental, property condition report and 

zoning report charges and fees related thereto, and other reasonable and documented out of pocket 

expenses incurred by any Agent. The foregoing costs and expenses shall also include all mortgage 

recording, recording and filing fees charged by governmental authorities to record and/or file 

Collateral Documents.

(b) Whether or not the transactions contemplated hereby are consummated, the Loan 

Parties shall, jointly and severally, indemnify and hold harmless the Administrative Agent, the 

Collateral Agent and their respective Affiliates, successors and permitted assigns (or the directors,

officers, employees, agents, advisors and members of each of the foregoing) (each an “Agent 

Indemnitee” and collectively, the “Agent Indemnitees”) and each Lender and their respective 

Affiliates, successors and permitted assigns (or the directors, officers, employees, agents, advisors 

and members of each of the foregoing) (each a “Lender Indemnitee” and collectively, the 

“Lender Indemnitees”; together with, the Agent Indemnitees, collectively the “Indemnitees”) 

from and against any and all actual losses, damages, claims, liabilities and reasonable documented 

out-of-pocket costs and expenses (including Attorney Costs which shall be limited to Attorney 

Costs of one outside counsel for the Agent Indemnitees and Attorney Costs of one outside counsel 

for the Lender Indemnitees (and, if necessary, one local counsel in each applicable jurisdiction 

and, in the event of any actual or reasonably perceived conflict of interest, one additional counsel

in each jurisdiction for each type of similarly situated affected Indemnitees)) of any kind or nature 

whatsoever which may at any time be imposed on, incurred by or asserted against any Agent 

Indemnitee or Lender Indemnitee in any way relating to or arising out of or in connection with (i) 

the execution, delivery, enforcement, performance or administration of any Loan Document or any 

other agreement, letter or instrument delivered in connection with the transactions contemplated 

thereby or the consummation of the Transactions or the other transactions contemplated thereby, 

(ii) any Commitment or Loan or the use or proposed use of the proceeds therefrom, (iii) any actual 

or alleged presence or Release of Hazardous Materials at, on, under or from any property, vehicle 

or facility currently or formerly owned, leased or operated by the Loan Parties or any Subsidiary, 

or any other Environmental Liability related in any way to any Loan Parties or any Subsidiary, or 

(iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the 

foregoing, whether based on contract, tort or any other theory (including any investigation of, 

preparation for, or defense of any pending or threatened claim, investigation, litigation or 

proceeding) and regardless of whether any Agent Indemnitee or Lender Indemnitee is a party 

thereto and regardless of whether such matter is initiated by a third party or by the Borrower or 

any of its Affiliates or equityholders in all cases, whether or not caused by or arising, in whole or 

in part, out of the negligence of any such Agent Indemnitee or Lender Indemnitee; provided that, 
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notwithstanding the foregoing, such indemnity shall not, as to any Indemnitee, be available to the 

extent that such losses, damages, claims, liabilities and expenses resulted from (x) the gross 

negligence, bad faith or willful misconduct of such Indemnitee, as determined by the final nonappealable judgment of a court of competent jurisdiction or (y) any dispute solely among the 

Indemnitees other than (1) any claim against an Indemnitee in its capacity or in fulfilling its role 

as Administrative Agent, Collateral Agent or similar role and (2) any claim arising out of any act 

or omission of the Borrower or any of its Affiliates, as determined by the final non-appealable 

judgment of a court of competent jurisdiction. No Indemnitee or any other party hereto shall be 

liable for any damages arising from the use by others of any information or other materials obtained 

through IntraLinks or other similar information transmission systems in connection with this 

Agreement except to the extent that such damages resulted from the (A) gross negligence, bad 

faith or willful misconduct of such Indemnitee or of any affiliate, director, officer, employee, 

counsel, agent or attorney-in-fact of such Indemnitee, as determined by the final non-appealable 

judgment of a court of competent jurisdiction or (B) the material breach by such Indemnitee of its 

or of any affiliate, director, officer, employee, counsel, agent or attorney-in-fact of such 

Indemnitee’s obligations under the Loan Documents, as determined by the final non-appealable 

judgment of a court of competent jurisdiction. In the case of a claim, investigation, litigation or 

other proceeding to which the indemnity in this Section 10.05 applies, such indemnity shall be 

effective whether or not such claim, investigation, litigation or proceeding is brought by any Loan 

Party, any Subsidiary of any Loan Party, any Loan Party’s directors, stockholders or creditors or 

other Affiliates or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise 

a party thereto and whether or not any of the transactions contemplated hereunder or under any of 

the other Loan Documents are consummated. For the avoidance of doubt, this paragraph shall not 

apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising 

from any non-Tax claim. 

(c) Each Lender (other than Treasury) shall indemnify and hold harmless the Agent 

Indemnitees (to the extent not indefeasibly and timely indemnified by or on behalf of the Borrower 

and without limiting the obligation of the Borrower to do so), based on and to the extent of such 

Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or 

indemnity payment is sought), from and against any and all losses, claims, damages, liabilities and 

related expenses (including reasonable and documented or invoiced out-of-pocket fees and 

expenses of a primary counsel for the Agent Indemnitees, taken as a whole (and, if necessary, one 

local counsel in each applicable jurisdiction) and, in the event of any actual or reasonably perceived 

conflict of interest, one additional counsel in each jurisdiction for the conflicted Agent 

Indemnitees, and excluding any allocated costs of in-house legal counsel and any other third parties 

and consultants) of any kind or nature whatsoever which may at any time be imposed on, incurred 

by or asserted against any Agent Indemnitee in any way relating to or arising out of or in 

connection with this Agreement or any other Loan Document or any action taken or omitted to be 

taken by any Agent Indemnitee (solely to the extent, in each case, that the Borrower is required to 

so indemnify and hold harmless the Administrative Agent Indemnitees pursuant to (and subject to 

the limitations of) this Section 10.05). Without limiting the foregoing, each Lender (other than 

Treasury) shall promptly following written demand therefor, pay or reimburse the Administrative 

Agent based on and to the extent of such Lender’s pro rata share of all reasonable and documented 

out-of-pocket costs and expenses incurred in connection with the enforcement (whether through 

negotiations, legal proceedings or otherwise) of any rights or remedies under this Agreement or 

the other Loan Documents including all such out-of-pocket costs and expenses incurred during 
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any legal proceeding, including any proceeding under any Debtor Relief Law, and including all 

respective fees, charges and disbursements of a primary counsel and local counsel for the Agent 

Indemnitees, to the extent that the Agent Indemnitees are not timely reimbursed for such expenses 

by or on behalf of the Borrower. For purposes hereof, a Lender’s “pro rata share” shall be 

determined based upon its share of the outstanding Loans and unused Commitments at such time 

(or, if such indemnity payment is sought after the date on which the Loans have been paid in full 

and the Commitments are terminated, in accordance with such Lender’s pro rata share immediately 

prior to the date on which the Loans are paid in full and the Commitments are terminated). Each 

Lender (other than Treasury) hereby authorizes the Administrative Agent to set off and apply any 

and all amounts at any time owing to such Lender under any Loan Document or otherwise payable 

by the Administrative Agent to such Lender from any source against any amount due to the 

Administrative Agent under this paragraph (c).

(d) To the extent permitted by applicable Law, (i) no Loan Party shall assert, and each 

hereby waives, any claim against any Indemnitee and (ii) no Indemnitee shall assert, and each 

hereby waives, any claim against any Loan Party, on any theory of liability, for special, indirect, 

consequential or punitive damages (as opposed to direct or actual damages) arising out of, in 

connection with, or as a result of, this Agreement, any other Loan Document or any agreement or 

instrument contemplated hereby or thereby, the Transactions or any Loan or the use of the proceeds 

thereof (whether before or after the Effective Date); provided that the foregoing shall in no event 

limit the Borrower’s indemnification obligations under clause (b) above.

(e) The provisions of this Section 10.05 shall remain operative and in full force and 

effect regardless of the expiration of the term of this Agreement, the consummation of the 

transactions contemplated hereby, the repayment of any of the Loans, the expiration of the 

Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any 

other Loan Document, any investigation made by or on behalf of the Administrative Agent, the 

Collateral Agent or any Lender or the resignation or removal of any Agent. All amounts due under 

this Section 10.05 shall be payable within 30 days after written demand therefor (including 

documentation reasonably supporting such request).

Section 10.06. Right of Setoff. In addition to any rights and remedies of the Lenders 

provided by Law, upon the occurrence and during the continuance of any Event of Default, each 

Lender and its Affiliates (and the Agents, in respect of any unpaid fees, costs, expenses, 

indemnities and other amounts payable hereunder) is authorized at any time and from time to time 

(with the prior consent of the Administrative Agent), without prior notice to any Loan Party, any 

such notice being waived by each Loan Party (on its own behalf and on behalf of each of its 

Subsidiaries), to the fullest extent permitted by applicable Law, to set off and apply any and all 

deposits (general or special, time or demand, provisional or final) (other than payroll accounts, 

trust accounts, escrow accounts, employee benefits accounts or petty cash accounts) at any time 

held by, and other indebtedness at any time owing by, such Lender and its Affiliates or the 

Administrative Agent or Collateral Agent to or for the credit or the account of the respective Loan 

Parties against any and all matured Obligations owing to such Lender and its Affiliates or the 

Administrative Agent or the Collateral Agent hereunder or under any other Loan Document, now 

or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate shall 

have made demand under this Agreement or any other Loan Document and although such 

Obligations may be denominated in a currency different from that of the applicable deposit or 
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Indebtedness. Each Lender agrees promptly to notify the Borrower and the Administrative Agent 

after any such set off and application made by such Lender; provided, that the failure to give such 

notice shall not affect the validity of such setoff and application. The rights of the Administrative 

Agent, the Collateral Agent and each Lender under this Section 10.06 are in addition to other rights

and remedies (including other rights of setoff) that the Administrative Agent, the Collateral Agent 

and such Lender may have at Law.

Section 10.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN 

DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN 

DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY 

THE FEDERAL LAW OF THE UNITED STATES. INSOFAR AS THERE MAY BE NO 

APPLICABLE FEDERAL LAW, THIS AGREEMENT AND THE OTHER LOAN 

DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN 

DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY 

THE LAWS OF THE STATE OF NEW YORK.

Section 10.08. Waivers; Amendment.

(a) No failure or delay of the Administrative Agent, the Collateral Agent or any Lender 

in exercising any power or right hereunder or under any other Loan Document shall operate as a 

waiver thereof, nor shall any single or partial exercise of any such right or power, or any 

abandonment or discontinuance of steps to enforce such a right or power, preclude any other or 

further exercise thereof or the exercise of any other right or power. The rights and remedies of the 

Administrative Agent, the Collateral Agent and the Lenders hereunder and under the other Loan 

Documents are cumulative and are not exclusive of any rights or remedies that they would 

otherwise have. No waiver of any provision of this Agreement or any other Loan Document or 

consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be 

effective unless the same shall be permitted by paragraph (b) below, and then such waiver or 

consent shall be effective only in the specific instance and for the purpose for which given. No 

notice or demand on the Borrower in any case shall entitle the Borrower to any other or further 

notice or demand in similar or other circumstances.

(b) Except as provided in Section 2.18, with respect to any Refinancing Amendment, 

in Section 2.19 with respect to an Extension Offer or as otherwise provided herein or in a Loan 

Document, neither this Agreement nor any other Loan Document nor any provision hereof or 

thereof may be waived, amended or modified except (x) in the case of this Agreement, pursuant 

to an agreement or agreements in writing entered into by the Borrower and the Required Lenders 

and (y) in the case of any other Loan Document, pursuant to an agreement or agreements in writing 

entered into by each party thereto with the consent of the Required Lenders (provided, that 

amendments to the ABL Intercreditor Agreement or any Junior Lien Intercreditor Agreement shall 

require the agreement of the Loan Parties (or any of them) only to the extent required pursuant to 

the terms thereof); provided, however, that no such agreement shall (i) decrease the principal 

amount of, or extend the maturity of or any scheduled principal payment date or date for the 

payment of any fee or any interest on any Loan, or waive or excuse any such payment or any part 

thereof (other than with respect to any default interest), or decrease the amount of any fee or the 

rate of interest on any Loan (other than with respect to any default interest), without the prior 

written consent of each Lender directly and adversely affected thereby (it being understood that 
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(x) the waiver of (or amendment to the terms of) any mandatory prepayment of the Loans shall not 

constitute a postponement of any date scheduled for the payment of principal or interest, (y) any 

change to the definition of “Consolidated EBITDA” or in the component definitions thereof shall 

not constitute a reduction or forgiveness in any rate of interest pursuant to this clause (i), (ii) 

increase or extend the Commitment of any Lender without the prior written consent of such Lender 

(it being understood that a waiver of any condition precedent or of any Default or Event of Default, 

mandatory prepayment or mandatory reduction of the Commitments shall not constitute an 

extension or increase of any Commitment of any Lender), (iii) amend or modify the pro rata 

requirements of Section 2.13(b), Section 2.13(c) or Section 2.14, the provisions of Section 10.04(j)

or the provisions of this Section or release all or substantially all of the Guarantors (other than in 

connection with the sale of such Guarantors in a transaction permitted by Sections 7.04 or 7.05) 

or all or substantially all of the Collateral (other than as permitted hereby), without the prior written 

consent of each Lender directly and adversely affected thereby (or, in the case of Section 10.04(j), 

each Lender), (iv) change the provisions of any Loan Document in a manner that by its terms 

materially and adversely affects the rights of Lenders holding Loans of one Class differently from 

the rights of Lenders holding Loans of any other Class without the prior written consent of the 

Required Class Lenders with respect to each materially and adversely affected Class, (v) modify 

the protections afforded to an SPV pursuant to the provisions of Section 10.04(i) without the 

written consent of such SPV (vi) reduce the percentage contained in the definition of the term 

“Required Lenders” without the prior written consent of each Lender (it being understood that, 

with the consent of the Required Lenders (if such consent is otherwise required), additional 

extensions of credit pursuant to this Agreement may be included in the determination of the 

Required Lenders on substantially the same basis as the Term Loan Commitments on the Effective 

Date) or (vii) modify the definition of “Required Class Lenders” without the consent of the 

Required Class Lenders with respect to each Class of Loans or Commitments; provided further

that (w) no Lender consent is required to effect a Refinancing Amendment or an Extension (except 

as expressly provided in 2.18 or 2.19, as applicable) or to effect any amendment expressly 

contemplated by Section 7.12, (x) [reserved], (y) modifications to Section 2.14, 2.15 or any other 

provision requiring pro rata payments or sharing of payments in connection with (I) [reserved], 

(II) [reserved] or (III) any Extension, shall only require approval (to the extent any such approval 

is otherwise required) of the Lenders participating and (z) no Lender consent other than the consent 

of the Required Lenders is required to effect any amendment or supplement to the ABL 

Intercreditor Agreement or any Junior Lien Intercreditor Agreement (I) that the Administrative 

Agent is otherwise authorized to enter into with only the consent of the Required Lenders by 

Section 10.23, (II) that is for the purpose of adding the holders of Permitted Junior Priority 

Additional Debt, (or a Junior Representative with respect thereto) as parties thereto, as expressly 

contemplated by the Junior Lien Intercreditor Agreement (it being understood that any such 

amendment or supplement may make such other changes to the applicable intercreditor agreement 

as, in the good faith determination of the Administrative Agent, are required to effectuate the 

foregoing and provided, that such other changes are not adverse, in any material respect, to the 

interests of the Lenders) or (III) that is expressly contemplated by Section 5.2(c) or the second 

paragraph of Section 7.4 of the ABL Intercreditor Agreement (or the comparable provisions, if 

any, of any Junior Lien Intercreditor Agreement); provided further that no such agreement shall 

amend, modify or otherwise adversely affect the rights or duties of the Administrative Agent or 

the Collateral Agent hereunder or under any other Loan Document without the prior written 

consent of the Required Lenders, Administrative Agent or the Collateral Agent, as applicable.
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Notwithstanding any other language to the contrary contained herein, with respect to any 

amendment, waiver or modification to which the Administrative Agent’s consent is not required, 

the parties agree to deliver to the Administrative Agent and the Collateral Agent a copy of each 

such amendment, waiver or modification; provided that, (i) no party shall be liable for its failure 

to comply with this sentence and (ii) each of the Administrative Agent and the Collateral Agent

shall not be bound by any such amendment unless and until it has received a copy thereof. 

(c) Notwithstanding the foregoing, this Agreement and any other Loan Document may 

be amended solely with the consent of the Administrative Agent, the Required Lenders and the 

Borrower without the need to obtain the consent of any other Lender if such amendment is 

delivered in order to if such amendment is delivered in order to correct or cure (x) ambiguities, 

errors, omissions, defects, (y) to effect administrative changes of a technical or immaterial nature 

or (z) incorrect cross references or similar inaccuracies in this Agreement or the applicable Loan 

Document. This Agreement, guarantees, collateral documents, security documents, intercreditor 

agreements, and related documents executed in connection with this Agreement may be in a form 

reasonably determined by the Administrative Agent or Collateral Agent, as applicable, and may 

be amended, modified, terminated or waived, and consent to any departure therefrom may be 

given, without the consent of any Lender if such amendment, modification, waiver or consent is 

given in order to (x) comply with local law or advice of counsel or (y) cause such guarantee, 

collateral document, security document or related document to be consistent with this Agreement 

and the other Loan Documents. The Borrower, the Required Lenders and the Administrative 

Agent may, without the consent of any other Lender, effect amendments to this Agreement and 

the other Loan Documents as may be necessary in the reasonable opinion of the Borrower, the 

Required Lenders and the Administrative Agent to effect the provisions of Section 2.05, Section 

2.17, Section 2.18 and Section 2.19. Notwithstanding anything to the contrary contained herein, 

such amendment shall become effective without any further consent of any other party to such 

Loan Document.

Section 10.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, 

if at any time the interest rate applicable to any Loan, together with all fees, charges and other 

amounts which are treated as interest on such Loan under applicable Law (collectively the 

“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be 

contracted for, charged, taken, received or reserved by the Lender holding such Loan or 

participation in accordance with applicable Law, the rate of interest payable in respect of such 

Loan or participation hereunder, together with all Charges payable in respect thereof, shall be 

limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have 

been payable in respect of such Loan or participation but were not payable as a result of the 

operation of this Section 10.09 shall be cumulated and the interest and Charges payable to such 

Lender in respect of other Loans or participations or periods shall be increased (but not above the 

Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal 

Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Section 10.10. Entire Agreement. This Agreement and the other Loan Documents 

constitute the entire contract between the parties relative to the subject matter hereof. Any other 

previous agreement among the parties with respect to the subject matter hereof is superseded by 

this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan 

Documents, expressed or implied, is intended to confer upon any Person (other than the parties 
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hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent 

expressly contemplated hereby, the Related Parties of each of the Required Lenders, 

Administrative Agent, the Collateral Agent and the Lenders) any rights, remedies, obligations or 

liabilities under or by reason of this Agreement or the other Loan Documents.

Section 10.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 

WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT 

IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR 

INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT 

OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES 

THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS 

REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD 

NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER 

AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN 

INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, 

AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND 

CERTIFICATIONS IN THIS SECTION 10.11.

Section 10.12. Severability. In the event any one or more of the provisions contained in 

this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in 

any respect, the validity, legality and enforceability of the remaining provisions contained herein 

and therein shall not in any way be affected or impaired thereby (it being understood that the 

invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the 

validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith 

negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the 

economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable 

provisions.

Section 10.13. Counterparts; Electronic Signatures. This Agreement may be executed in 

counterparts (and by different parties hereto on different counterparts), each of which shall 

constitute an original but all of which when taken together shall constitute a single contract, and 

shall become effective as provided in Section 10.03. Delivery of an executed signature page to 

this Agreement by facsimile or other electronic imaging transmission shall be as effective as 

delivery of a manually signed counterpart of this Agreement. For all purposes of this Agreement 

and any document to be signed or delivered in connection with or pursuant to this Agreement, the 

words "execution," "signed," "signature," "delivery," and words of like import shall be deemed to 

include electronic signatures, deliveries or the keeping of records in electronic form, as the case 

may be, each of which shall be of the same legal effect, validity or enforceability as a manually 

executed signature, physical delivery or the use of a paper-based recordkeeping system, as the case 

may be.

Section 10.14. Headings. Article and Section headings and the Table of Contents used 

herein are for convenience of reference only, are not part of this Agreement and are not to affect 

the construction of, or to be taken into consideration in interpreting, this Agreement.

Section 10.15. Jurisdiction; Consent to Service of Process.
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(a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself 

and its property, to the exclusive jurisdiction of the United States District Court for the District of 

Columbia or the United States Court of Federal Claims, and any appellate court from any thereof, 

in any action or proceeding arising out of or relating to this Agreement or the other Loan 

Documents, or for recognition or enforcement of any judgment, and each of the parties hereto 

hereby irrevocably and unconditionally agrees that all claims in respect of any such action or 

proceeding shall be heard and determined in such Federal court. Each of the parties hereto agrees 

that a final judgment in any such action or proceeding shall be conclusive and may be enforced in 

other jurisdictions by suit on the judgment or in any other manner provided by law.

(b) Each of the parties hereto hereby irrevocably and unconditionally waives, to the 

fullest extent it may legally and effectively do so, any objection which it may now or hereafter 

have to the laying of venue of any suit, action or proceeding arising out of or relating to this 

Agreement or the other Loan Documents in any such Federal court. Each of the parties hereto 

hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient 

forum to the maintenance of such action or proceeding in any such court.

(c) Each party to this Agreement irrevocably consents to service of process in the 

manner provided for notices in Section 10.01. Nothing in this Agreement will affect the right of 

any party to this Agreement to serve process in any other manner permitted by law.

Section 10.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent 

and the Lenders agrees to maintain the confidentiality of the Information (as defined below), 

except that Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees 

and agents, including accountants, financing sources, legal counsel and other advisors involved in 

the Transaction on a “need to know” basis (it being understood that the Persons to whom such 

disclosure is made will be informed of the confidential nature of such Information and instructed 

to keep such Information confidential), (b) to the extent requested by any regulatory authority or 

quasi-regulatory authority (such as the National Association of Insurance Commissioners), (c) to 

the extent required by applicable Laws or regulations (including in connection with any reporting 

obligations under the CARES Act or Congressional inquiries, as determined in the sole discretion 

of the Secretary of the Treasury) or by any subpoena or similar legal process, or if otherwise 

consistent with the purposes of the CARES Act, as determined in the sole discretion of the 

Secretary of the Treasury (and in each such case, such Person shall promptly notify the Borrower 

of such disclosure), (d) in connection with the exercise of any remedies hereunder or under the 

other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights 

hereunder or thereunder, (e) subject to an agreement containing provisions substantially the same 

as those of this Section 10.16, to (i) any actual or prospective assignee of or participant in any of 

its rights or obligations under this Agreement and the other Loan Documents or (ii) any actual or 

prospective counterparty (or its advisors) to any swap or derivative transaction relating to the 

Borrower or any Subsidiary or any of their respective obligations, (f) with the prior written consent 

of the Borrower, (g) on a confidential basis to (x) any rating agency in connection with rating the 

Borrower or its Subsidiaries or the Facility or (y) the CUSIP Service Bureau or any similar agency 

in connection with the issuance and monitoring of CUSIP numbers with respect to the Facility, or 

(h) to the extent such Information becomes publicly available other than as a result of a breach of 

this Section 10.16 or other confidentiality obligation owed to the Borrower or any of its 

Subsidiaries. For the purposes of this Article, “Information” shall mean all information received 
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from the Borrower and related to the Borrower, its business, other than any such information that 

was available to the Administrative Agent, the Collateral Agent or any Lender on a nonconfidential 

basis prior to its disclosure by the Borrower not in violation of any confidentiality or obligation 

owed to the Borrower and the Subsidiaries. In addition, each Agent and each Lender may disclose 

the existence of this Agreement and the information about this Agreement to market data 

collectors, similar services providers to the lending industry, and service providers to the Agents 

and the Lenders in connection with the administration and management of this Agreement and the 

other Loan Documents. Any Person required to maintain the confidentiality of Information as 

provided in this Section 10.16 shall be considered to have complied with its obligation to do so if 

such Person has exercised the same degree of care to maintain the confidentiality of such 

Information as such Person would accord its own confidential information.

Section 10.17. Lender Action. Each Lender agrees that it shall not take or institute any 

actions or proceedings, judicial or otherwise, for any right or remedy against any Loan Party or 

any other obligor under any of the Loan Documents (including the exercise of any right of setoff, 

rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any 

actions or proceedings, or otherwise commence any remedial procedures, with respect to any 

Collateral or any other property of any such Loan Party, unless expressly provided for herein or in 

any other Loan Document, without the prior written consent of the Administrative Agent (which 

shall be given at the direction of the Required Lenders).

Section 10.18. USA PATRIOT Act Notice. Each Lender and the Agents (for themselves

and not on behalf of any Lender) hereby notifies the Borrower and, in the case of the Agents, the 

Lenders, that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, 

verify and record information that identifies the Borrower, and, in the case of the Agents, the 

Lenders, which information includes the name and address of the Borrower and, in the case of the 

Agents, the Lenders and other information that will allow such Lender or the Agents, as applicable, 

to identify the Borrower and, in the case of the Agents, the Lenders, in accordance with the USA 

PATRIOT Act.

Section 10.19. Collateral And Guaranty Matters. The Lenders irrevocably agree:

(a) that any Lien on any property granted to or held by the Administrative Agent or the 

Collateral Agent under any Loan Document shall be automatically released (i) upon termination 

of all Commitments hereunder and payment in full of all Obligations (other than contingent 

obligations not yet accrued or payable), (ii) at the time the property subject to such Lien is disposed 

as part of or in connection with any disposition permitted hereunder or under any other Loan 

Document to any Person other than a Person required to grant a Lien to the Administrative Agent 

or the Collateral Agent under the Loan Documents (or, if such transferee is a Person required to 

grant a Lien to the Administrative Agent or the Collateral Agent on such asset, at the option of the 

applicable Loan Party, such Lien on such asset may still be released in connection with the transfer 

so long as (x) the transferee grants a new Lien to the Administrative Agent or Collateral Agent on 

such asset substantially concurrently with the transfer of such asset, (y) the transfer is between 

parties organized under the laws of different jurisdictions and at least one of such parties is a 

Foreign Subsidiary and (z) the priority of the new Lien is the same as that of the original Lien), 

(iii) subject to Section 10.08, if the release of such Lien is approved, authorized or ratified in 

writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Guarantor, 
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upon release of such Guarantor from its obligations under its Guaranty pursuant to Section 11.10,

(v) any such property constitutes Excluded Property or (vi) in accordance with any Intercreditor 

Agreement;

(b) to release or subordinate any Lien on any property granted to or held by the 

Administrative Agent or the Collateral Agent under any Loan Document to the holder of any Lien 

on such property that is permitted by Sections 7.01(b), 7.01(g), 7.01(q) or 7.01(s) (in the case of 

Section 7.01(s), to the extent required by the terms of the obligations secured by such Liens); and

(c) that any Guarantor shall be automatically released from its obligations under the 

Guaranty as provided in Section 11.10.

Upon request by the Administrative Agent or the Collateral Agent at any time, the Required 

Lenders will confirm in writing the Administrative Agent’s or the Collateral Agent’s authority to 

release or subordinate its interest in particular types or items of property, or to release any 

Guarantor from its obligations under the Guaranty pursuant to this Section 10.19. In each case as 

specified in this Section 10.19, the Administrative Agent or the Collateral Agent will (and each 

Lender irrevocably authorizes the Administrative Agent and the Collateral Agent to), at the 

Borrower’s expense, execute and deliver to the applicable Loan Party such documents as the 

Borrower may reasonably request to evidence the release or subordination of such item of 

Collateral from the assignment and security interest granted under the Collateral Documents, or to 

evidence the release of such Guarantor from its obligations under the Guaranty, in each case in 

accordance with the terms of the Loan Documents and this Section 10.19.

Section 10.20. Limitation on Liability. TO THE EXTENT PERMITTED BY 

APPLICABLE LAW, AND NOTWITHSTANDING ANY OTHER PROVISION OF THIS 

AGREEMENT OR THE OTHER LOAN DOCUMENTS: (A) NO INDEMNITEE SHALL BE 

LIABLE TO ANY PARTY FOR ANY INDIRECT, SPECIAL, PUNITIVE OR 

CONSEQUENTIAL DAMAGES IN CONNECTION WITH THEIR RESPECTIVE 

ACTIVITIES RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, THE 

TRANSACTIONS CONTEMPLATED THEREBY, THE TERM LOANS, OR OTHERWISE IN 

CONNECTION WITH THE FOREGOING; (B) WITHOUT LIMITING THE FOREGOING, NO 

INDEMNITEE SHALL BE SUBJECT TO ANY EQUITABLE REMEDY OR RELIEF, 

INCLUDING SPECIFIC PERFORMANCE OR INJUNCTION ARISING OUT OF OR 

RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE 

TRANSACTIONS CONTEMPLATED THEREBY; (C) NO INDEMNITEE SHALL HAVE 

ANY LIABILITY TO THE LOAN PARTIES, FOR DAMAGES OR OTHERWISE, ARISING 

OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR 

THE TRANSACTIONS CONTEMPLATED THEREBY UNTIL THE EFFECTIVE DATE HAS 

OCCURRED; AND (D) IN NO EVENT SHALL ANY INDEMNITEE’S LIABILITY TO THE 

LOAN PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER 

LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED THEREBY EXCEED 

ACTUAL DIRECT DAMAGES INCURRED BY THE LOAN PARTIES OF UP TO $10,000,000 

IN THE AGGREGATE; PROVIDED THAT THE FOREGOING SHALL IN NO EVENT LIMIT 

THE LENDERS’ INDEMNIFICATION OBLIGATIONS TO THE AGENT INDEMNITEES 

UNDER SECTION 10.05 OF THIS AGREEMENT; PROVIDED FURTHER THAT SUCH 
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LIMITATION OF LIABILITY IN CLAUSE (D) SHALL NOT APPLY TO LIABILITY 

RESULTING FROM FRAUD BY THE INDEMNITEES.

Section 10.21. Payments Set Aside. To the extent that any payment by or on behalf of the 

Borrower or any other Loan Party is made to any Agent or any Lender, or any Agent or any Lender 

exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is 

subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including 

pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid 

to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief 

Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally 

intended to be satisfied shall, to the fullest extent possible under provisions of applicable Law, be 

revived and continued in full force and effect as if such payment had not been made or such setoff 

had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon 

demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest 

thereon from the date of such demand to the date such payment is made at a rate per annum equal 

to the applicable Federal Funds Effective Rate from time to time in effect.

Section 10.22. No Advisory or Fiduciary Responsibility.

(a) In connection with all aspects of each transaction contemplated hereby, each Loan 

Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that (i) the 

facilities provided for hereunder and any related arranging or other services in connection 

therewith (including in connection with any amendment, waiver or other modification hereof or of 

any other Loan Document) are an arm’s-length commercial transaction between the Borrower and 

its Subsidiaries, on the one hand, and the Agents and the Lenders, on the other hand, and the 

Borrower and its Subsidiaries are capable of evaluating and understanding and understands and 

accepts the terms, risks and conditions of the transactions contemplated hereby and by the other 

Loan Documents (including any amendment, waiver or other modification hereof or thereof), (ii) 

the Agents, the Lenders and their respective Affiliates may be engaged in a broad range of 

transactions that involve interests that differ from, and may conflict with, those of the Borrower 

and its Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such 

interests by virtue of any advisory, agency or fiduciary relationship, and (iii) the Agents and the 

Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice 

with respect to any of the transactions contemplated hereby (including any amendment, waiver or 

other modification hereof or of any other Loan Document) and the Loan Parties have consulted 

their own legal, accounting, regulatory and tax advisors to the extent they have deemed 

appropriate.

(b) Each Loan Party acknowledges and agrees that each Lender and any of its affiliates 

may lend money to, invest in, and generally engage in any kind of business with, the Borrower, 

any of its Affiliates or any other person or entity that may do business with or own securities of 

any of the foregoing, all as if such Lender or Affiliate thereof were not a Lender (or an agent or 

any other person with any similar role under the Facilities) and without any duty to account therefor 

to any other Lender, the Borrower or any Affiliate of the foregoing. Each Lender and any of its 

Affiliates may accept fees and other consideration from the Borrower or any of its Affiliates for 

services in connection with this Agreement, the Facilities, the commitment letter or otherwise 
161

without having to account for the same to any other Lender, the Borrower or any Affiliate of the 

foregoing.

Section 10.23. Intercreditor Agreements.

(a) The Administrative Agent and the Collateral Agent are authorized and directed to 

become a party to the ABL Intercreditor Agreement (and enter into the ABL Intercreditor 

Agreement in respect of any Permitted Refinancing of ABL Facility Indebtedness), and each of 

the parties hereto acknowledges that it has received a copy of the ABL Intercreditor Agreement 

and that the ABL Intercreditor Agreement is binding upon it. Each Lender (a) hereby consents to 

the subordination of the Liens on the ABL Priority Collateral securing the Obligations on the terms 

set forth in the ABL Intercreditor Agreement, (b) hereby agrees that it will be bound by and will 

take no actions contrary to the provisions of the ABL Intercreditor Agreement and (c) hereby 

authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the ABL 

Intercreditor Agreement and any amendments or supplements expressly contemplated thereby, and 

to subject the Liens on the ABL Priority Collateral securing the Obligations to the provisions of 

the ABL Intercreditor Agreement. The foregoing provisions are intended as an inducement to the 

ABL Secured Parties to extend credit to the borrowers under the ABL Credit Agreement and such 

ABL Secured Parties are intended third-party beneficiaries of such provisions and the provisions 

of the ABL Intercreditor Agreement.

(b) The Administrative Agent and the Collateral Agent are authorized and directed to 

enter into the Junior Lien Intercreditor Agreement, and each of the parties hereto acknowledges 

that such agreement shall be binding upon it. Each Lender (a) hereby consents to the intercreditor 

agreements in respect of the Collateral securing the Obligations on the terms set forth in the Junior

Lien Intercreditor Agreement, (b) hereby agrees that it will be bound by and will take no actions 

contrary to the provisions of the Junior Lien Intercreditor Agreement and (c) hereby authorizes 

and instructs the Administrative Agent and the Collateral Agent to enter into the Junior Lien 

Intercreditor Agreement and, without the further consent, direction or other action of any Lender, 

to enter into any amendments or supplements thereto, in each case solely if the form of the 

agreement as so amended or supplemented would constitute the Junior Lien Intercreditor 

Agreement, as applicable, if being entered into as an original agreement. The foregoing provisions 

are intended as an inducement to the parties providing any Permitted Junior Priority Additional 

Debt to extend credit to the borrowers thereof and such parties are intended third-party 

beneficiaries of such provisions and the provisions of the Junior Lien Intercreditor Agreement.

(c) The extent of any conflict between the Loan Documents, on the one hand, and the 

ABL Intercreditor Agreement or other intercreditor agreement contemplated by this Section 10.23, 

on the other hand, such intercreditor agreement shall control.

Section 10.24. Alternative Interest Rates.

(a) If at least two (2) Business Days prior to the commencement of any Interest Period 

for a Eurodollar Borrowing, the Required Lenders reasonably determine that for any reason, 

adequate and reasonable means do not exist for determining the Adjusted LIBO Rate for any 

requested Interest Period with respect to a proposed Eurodollar Loan, or that the Adjusted LIBO 

Rate for any requested Interest Period with respect to a proposed Eurodollar Loan does not 
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adequately and fairly reflect the cost to such Lenders of funding such Loan, or that deposits are 

not being offered to banks in the relevant interbank market for the applicable amount and the 

Interest Period of such Eurodollar Loan, the Required Lenders shall notify the Administrative 

Agent in writing, and thereafter the Administrative Agent will promptly so notify the Borrower 

and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar 

Loans shall be suspended and (y) in the event of a determination described in the preceding 

sentence with respect to the Adjusted LIBO Rate component of the Alternate Base Rate, the 

utilization of the Adjusted LIBO Rate component in determining the Alternate Base Rate shall be 

suspended, in each case until the Administrative Agent (upon the written instruction of the 

Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke 

any pending request for a Borrowing of or continuation of Eurodollar Loans or, failing that, will 

be deemed to have converted such request into a request for a Borrowing of ABR Loans 

(determined without reference to the Adjusted LIBO Rate component thereof) in the amount 

specified therein; provided, that such ABR Loans will be deemed “Eurodollar Loans” for purposes 

of Article 2 hereof.

(b) If the Required Lenders and the Borrower shall reasonably agree that either (i) the 

circumstances set forth in clause (a) of this Section 10.24 have arisen and such circumstances are 

unlikely to be temporary or (ii) the circumstances set forth in clause (a) of this Section 10.24 have 

not arisen but the supervisor for the administrator of the LIBO Rate (or any component thereof) or 

a Governmental Authority having jurisdiction over the Administrative Agent has made a public 

statement identifying a specific date after which the LIBO Rate (or any component thereof) shall 

no longer be published for use in determining interest rates for loans (in the case of either such 

clause (i) or (ii), an “Alternative Interest Rate Election Event”), then then the LIBO Rate, for 

any day, shall mean the rate per annum equal to the Federal Funds Rate in effect on such day plus 

one half of one percent (0.50%) (subject at all times to the requirement that such rate per annum 

shall not be less than one percent (1.00%) per annum). 

(c) Notwithstanding anything to the contrary herein or in any other Loan Document, 

if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related 

Benchmark Replacement Date have occurred prior to the Reference Time in respect of any 

setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in 

accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such 

Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for 

all purposes hereunder and under any Loan Document in respect of such Benchmark setting and 

subsequent Benchmark settings without any amendment to, or further action or consent of any 

other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement 

is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for 

such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark 

for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at 

or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of 

such Benchmark Replacement is provided to the Lenders without any amendment to, or further 

action or consent of any other party to, this Agreement or any other Loan Document so long as 

the Administrative Agent has not received, by such time, written notice of objection to such 

Benchmark Replacement from Lenders comprising the Required Lenders.
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(d) In connection with the implementation of a Benchmark Replacement, the 

Required Lenders will have the right to make Benchmark Replacement Conforming Changes 

from time to time and, notwithstanding anything to the contrary herein or in any other Loan 

Document, any amendments implementing such Benchmark Replacement Conforming Changes 

will become effective without any further action or consent of any other party to this Agreement 

or any other Loan Document.

(e) The Required Lenders will promptly notify the Administrative Agent of, and the 

Administrative Agent will, following receipt of such notice, promptly notify the Borrower and 

the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, 

as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any 

Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming 

Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) 

below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any 

determination, decision or election that may be made by the Required Lenders or, if applicable, 

any Lender (or group of Lenders) pursuant to this Section 10.24(e) including any determination 

with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, 

circumstance or date and any decision to take or refrain from taking any action or any selection, 

will be conclusive and binding absent manifest error and may be made in its or their sole 

discretion and without consent from any other party to this Agreement or any other Loan 

Document, except, in each case, as expressly required pursuant to this Section 10.24(e).

Notwithstanding anything to the contrary herein or in any other Loan Document, the 

Administrative Agent will promptly inform the Required Lenders if any change to be made is not 

administratively feasible. If the Required Lenders are so notified, such change will not be 

implemented and the Required Lenders shall substitute such change with a change that is 

administratively feasible.

(f) Notwithstanding anything to the contrary herein or in any other Loan Document, 

at any time (including in connection with the implementation of a Benchmark Replacement), (i) 

if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either 

(A) any tenor for such Benchmark is not displayed on a screen or other information service that 

publishes such rate from time to time as selected by the Required Lenders in their reasonable 

discretion (and is available to the Administrative Agent) or (B) the regulatory supervisor for the 

administrator of such Benchmark has provided a public statement or publication of information 

announcing that any tenor for such Benchmark is or will be no longer representative, then the 

Required Lenders may modify the definition of “Interest Period” for any Benchmark settings at 

or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that 

was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or 

information service for a Benchmark (including a Benchmark Replacement) that is available to 

the Administrative Agent or (B) is not, or is no longer, subject to an announcement that it is or 

will no longer be representative for a Benchmark (including a Benchmark Replacement), then 

the Required Lenders may modify the definition of “Interest Period” for all Benchmark settings 

at or after such time to reinstate such previously removed tenor.

(g) Upon the Borrower’s receipt of notice of the commencement of a Benchmark 

Unavailability Period, the Borrower may revoke any request for a Eurodollar Borrowing of, 

conversion to or continuation of Eurodollar Loans to be made, converted or continued during any 
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Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have 

converted any such request into a request for a Borrowing of or conversion to ABR Loans. 

During any Benchmark Unavailability Period or at any time that a tenor for the then-current 

Benchmark is not an Available Tenor, the component of ABR based upon the then-current 

Benchmark or such tenor for such Benchmark, as applicable, will not be used in any 

determination of ABR.

Section 10.25. Investment Purpose. Treasury acknowledges that the Treasury Equity has 

not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or under 

any state securities laws. Treasury (a) is acquiring the Treasury Equity pursuant to an exemption 

from registration under the Securities Act solely for investment without a view to sell and with no 

present intention to distribute them to any person in violation of the Securities Act or any 

applicable U.S. state securities laws; (b) will not sell or otherwise dispose of any of the Treasury 

Equity, except in compliance with the registration requirements or exemption provisions of the 

Securities Act and any applicable U.S. state securities laws; and (c) has such knowledge and 

experience in financial and business matters and in investments of this type that it is capable of 

evaluating the merits and risks of the Treasury Equity and of making an informed investment 

decision.

ARTICLE 11

GUARANTEE

Section 11.01. The Guarantee. Each Guarantor hereby jointly and severally with the other 

Guarantors guarantees, as a primary obligor and not as a surety to each Secured Party and their 

respective permitted successors and assigns, the prompt payment in full when due (whether at 

stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the 

principal of and interest (including any interest, fees, costs or charges that would accrue but for 

the provisions of (i) Title 11 of the United States Code after any bankruptcy or insolvency petition 

under Title 11 of the United States Code and (ii) any other Debtor Relief Laws, whether or not 

such items are allowed or allowable as a claim in any applicable proceeding) on the Loans made 

by the Lenders to, and the Term Notes (if any) issued hereunder and held by each Lender of, the 

Borrower, and all other Obligations from time to time owing to the Secured Parties by any Loan 

Party under any Loan Document strictly in accordance with the terms thereof (such obligations 

being herein collectively called the “Guaranteed Obligations”). The Guarantors hereby jointly 

and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due 

(whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the 

Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and 

that in the case of any extension of time of payment or renewal of any of the Guaranteed 

Obligations, the same will be promptly paid in full when due (whether at extended maturity, by 

acceleration or otherwise) in accordance with the terms of such extension or renewal.

Section 11.02. Obligations Unconditional. The obligations of the Guarantors under 

Section 11.01 shall constitute a guaranty of payment and to the fullest extent permitted by 

applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the 

value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the 

Borrower or any other Guarantor under this Agreement, any Term Notes issued under this 

Agreement, or any other agreement or instrument referred to herein or therein, or any substitution, 

release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, 
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and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or 

equitable discharge or defense of a surety or Guarantor (except for payment). Without limiting 

the generality of the foregoing, it is agreed that the occurrence of any one or more of the following 

shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, 

irrevocable and unconditional under any and all circumstances as described above:

(a) at any time or from time to time, without notice to the Guarantors, to the extent 

permitted by Law, the time for any performance of or compliance with any of the Guaranteed 

Obligations shall be extended, or such performance or compliance shall be waived;

(b) any of the acts mentioned in any of the provisions of this Agreement or the Term 

Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or 

omitted;

(c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of 

the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents 

or any other agreement or instrument referred to herein or therein shall be amended or waived in 

any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor 

shall be released or exchanged in whole or in part or otherwise dealt with;

(d) any Lien or security interest granted to, or in favor of, any Secured Party or Agent 

as security for any of the Guaranteed Obligations shall fail to be perfected; or

(e) the release of any other Guarantor pursuant to Section 11.10.

Section 11.03. Certain Waivers. Etc. The Guarantors hereby expressly waive (to the 

extent permitted by applicable Law) diligence, presentment, demand of payment, protest and, to 

the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party 

exhaust any right, power or remedy or proceed against the Borrower under this Agreement or the 

Term Notes issued hereunder, if any, or any other agreement or instrument referred to herein or 

therein, or against any other person under any other guarantee of, or security for, any of the 

Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice 

of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed 

Obligations and notice of or proof of reliance by any Secured Party upon this Guarantee or 

acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively 

be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all 

dealings between the Borrower and the Secured Parties shall likewise be conclusively presumed 

to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be 

construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without 

regard to any right of offset with respect to the Guaranteed Obligations at any time or from time 

to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder 

shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other Person 

at any time of any right or remedy against the Borrower or against any other Person which may be 

or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral 

security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain 

in full force and effect and be binding in accordance with and to the extent of its terms upon the 

Guarantors and the successors and permitted assigns thereof, and shall inure to the benefit of the 
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Secured Parties, and their respective successors and permitted assigns, notwithstanding that from 

time to time during the term of this Agreement there may be no Guaranteed Obligations 

outstanding. Each Guarantor waives (to the extent permitted by Law) any rights and defenses that 

are or may become available to it by reason of §§ 2787 to 2855, inclusive, and §§ 2899 and 3433 

of the California Civil Code. As provided in Section 10.07, the provisions of this Article 11 shall 

be governed by, and construed in accordance with, the laws of the State of New York. The 

foregoing waivers and the provisions hereinafter set forth in this Article 11 which pertain to 

California law are included solely out of an abundance of caution, and shall not be construed to 

mean that any of the above-referenced provisions of California law are in any way applicable to 

this Article 11, to any other provision of this Agreement or to the Obligations.

Section 11.04. Reinstatement. The obligations of the Guarantors under this Article 11

shall be automatically reinstated if and to the extent that for any reason any payment by or on 

behalf of the Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded 

or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a 

result of any proceedings in bankruptcy or reorganization or otherwise.

Section 11.05. Subrogation; Subordination. Each Guarantor hereby agrees that until the 

payment and satisfaction in full in cash of all Guaranteed Obligations (other than contingent 

obligations) and the expiration and termination of the Commitments of the Lenders under this 

Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, 

arising by reason of any performance by it of its guarantee in Section 11.01, whether by 

subrogation or otherwise, against the Borrower or any other Guarantor of any of the Guaranteed 

Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Loan 

Party to any Person that is not a Loan Party permitted pursuant to Section 7.03(b) or 7.03(d) shall 

be subordinated to such Loan Party’s Obligations in an manner reasonably acceptable to the 

Required Lenders.

Section 11.06. Remedies. The Guarantors jointly and severally agree that, as between the 

Guarantors and the Lenders, the obligations of the Borrower under this Agreement and the Term 

Notes issued hereunder, if any, may be declared to be forthwith due and payable as provided in 

Section 8.02 (and shall be deemed to have become automatically due and payable in the 

circumstances provided in Section 8.02) for purposes of Section 11.01, notwithstanding any stay, 

injunction or other prohibition preventing such declaration (or such obligations from becoming 

automatically due and payable) as against the Borrower and that, in the event of such declaration 

(or such obligations being deemed to have become automatically due and payable), such 

obligations (whether or not due and payable by the Borrower) shall forthwith become due and 

payable by the Guarantors for purposes of Section 11.01.

Section 11.07. Instrument for the Payment of Money. Each Guarantor hereby 

acknowledges that the guarantee in this Article 11 constitutes an instrument for the payment of 

money, and consents and agrees that any Secured Party or Agent, at its sole option, in the event of 

a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to 

bring a motion-action under New York CPLR Section 3213.

Section 11.08. Continuing Guarantee. The guarantee in this Article 11 is a continuing 

guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.
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Section 11.09. General Limitation on Guarantee Obligations. In any action or proceeding 

involving any state corporate, limited partnership or limited liability company law, or any 

applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting 

the rights of creditors generally, if the obligations of any Guarantor under Section 11.01 would 

otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to 

the claims of any other creditors, on account of the amount of its liability under Section 11.01, 

then, notwithstanding any other provision to the contrary, the amount of such liability shall, 

without any further action by such Guarantor, any Loan Party or any other Person, be automatically 

limited and reduced to the highest amount (after giving effect to the right of contribution 

established in Section 11.11) that is valid and enforceable and not subordinated to the claims of 

other creditors as determined in such action or proceeding.

Section 11.10. Release of Guarantors. If, in compliance with the terms and provisions of 

the Loan Documents, (i) all or substantially all of the Equity Interests or property of any Guarantor 

are sold or otherwise transferred to a Person or Persons none of which is a Loan Party or (ii) any 

Guarantor becomes an Excluded Subsidiary (any such Guarantor, and any Guarantor referred to 

in clause (i), a “Transferred Guarantor”), such Transferred Guarantor shall, upon (x) the 

consummation of such sale or transfer or other transaction or (y) becoming an Excluded Subsidiary 

pursuant to clause (e) of the definition thereof, be automatically released from its obligations under 

this Agreement (including under Section 10.05 hereof) and its obligations to pledge and grant any 

Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of all or 

substantially all of the Equity Interests of the Transferred Guarantor, the pledge of such Equity 

Interests to the Collateral Agent pursuant to the Collateral Documents shall be automatically 

released, and, the Collateral Agent shall, at the cost and direction of the Borrower, take such actions 

as are reasonably necessary to effect each release described in this Section 11.10 in accordance 

with the relevant provisions of the Collateral Documents; provided, that no Guarantor shall be 

released as provided in this paragraph if such Guarantor continues to be a guarantor in respect of 

any Indebtedness incurred pursuant to Section 7.03(o), any Permitted Additional Debt, any Junior 

Financing, any Tranche B-2 Term Loan Facility Indebtedness, UST Tranche B Term Loan Facility 

Indebtedness or any Permitted Refinancing of any of the foregoing. Notwithstanding anything 

herein to the contrary, if any Guarantor becomes an Excluded Subsidiary pursuant to clause (a) of 

the definition of Excluded Subsidiary, such Guarantor shall only be permitted to be released from 

its Guarantee so long as the fair market value of any and all Investments then held by the Loan 

Parties in such Person are permitted as an Investment under Section 7.02(c)(iii) and Section 7.02(p)

at the time such Person becomes an Excluded Subsidiary pursuant to clause (a) of the definition 

of “Excluded Subsidiary”.

When all Commitments hereunder have terminated, and all Loans or other Obligations 

hereunder which are accrued and payable have been paid or satisfied, this Agreement and the 

Guarantees made herein shall automatically terminate with respect to all Obligations, except with 

respect to Obligations that expressly survive such repayment pursuant to the terms of this 

Agreement.

Section 11.11. Right of Contribution. Each Guarantor hereby agrees that to the extent that 

a Guarantor shall have paid more than its proportionate share of any payment made hereunder, 

such Guarantor shall be entitled to seek and receive contribution from and against any other 

Guarantor hereunder which has not paid its proportionate share of such payment. Each 
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Guarantor’s right of contribution shall be subject to the terms and conditions of Section 11.05. 

The provisions of this Section 11.11 shall in no respect limit the obligations and liabilities of any 

Guarantor to the Administrative Agent, the Collateral Agent and the Secured Parties, and each 

Guarantor shall remain liable to the Administrative Agent, the Collateral Agent and the Secured 

Parties for the full amount guaranteed by such Guarantor hereunder.

Section 11.12. Additional Guarantor Waivers and Agreements.

(a) Each Guarantor understands and acknowledges that if the Collateral Agent or any 

other Secured Party forecloses judicially or nonjudicially against any real property security for the 

Obligations, that foreclosure could impair or destroy any ability that such Guarantor may have to 

seek reimbursement, contribution, or indemnification from the Borrower or others based on any 

right such Guarantor may have of subrogation, reimbursement, contribution, or indemnification for 

any amounts paid by such Guarantor under the Guaranty. Each Guarantor further understands and 

acknowledges that in the absence of this paragraph, such potential impairment or destruction of 

such Guarantor’s rights, if any, may entitle such Guarantor to assert a defense to this Guaranty 

based on Section 580d of the California Code of Civil Procedure as interpreted in Union Bank v. 

Gradsky, 265 Cal. App. 2d 40 (1968). By executing this Guaranty, each Guarantor freely, 

irrevocably, and unconditionally: (i) waives (to the extent permitted by Law) and relinquishes that 

defense and agrees that such Guarantor will be fully liable under this Guaranty even though the 

Collateral Agent or any other Secured Party may foreclose, either by judicial foreclosure or by 

exercise of power of sale, any deed of trust securing the Obligations; (ii) agrees that such Guarantor 

will not assert that defense in any action or proceeding which the Administrative Agent, the 

Collateral Agent or any other Secured Party may commence to enforce this Guaranty; (iii) 

acknowledges and agrees that the rights and defenses waived by such Guarantor in this Guaranty 

include any right or defense that such Guarantor may have or be entitled to assert based upon or 

arising out of any one or more of §§ 580a, 580b, 580d, or 726 of the California Code of Civil 

Procedure or § 2848 of the California Civil Code; and (iv) acknowledges and agrees that the 

Secured Parties are relying on this waiver in creating the Obligations, and that this waiver is a 

material part of the consideration which the Secured Parties are receiving for creating the 

Obligations.

(b) Each Guarantor waives (to the extent permitted by Law) all rights and defenses that 

such Guarantor may have because any of the Obligations is secured by real property. This means, 

among other things: (i) the Administrative Agent, the Collateral Agent and the other Secured 

Parties may collect from such Guarantor without first foreclosing on any real or personal property 

Collateral pledged by the other Loan Parties; and (ii) if the Collateral Agent or any other Secured 

Party forecloses on any real property Collateral pledged by the other Loan Parties: (A) the amount 

of the Obligations may be reduced only by the price for which that Collateral is sold at the 

foreclosure sale, even if the collateral is worth more than the sale price, and (B) the Administrative 

Agent, the Collateral Agent and the other Secured Parties may collect from such Guarantor even if 

the Secured Parties, by foreclosing on the real property Collateral, have destroyed any right such 

Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver 

of any rights and defenses such Guarantor may have because any of the Obligations is secured by 

real property. These rights and defenses include, but are not limited to, any rights or defenses based 

upon § 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.
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(c) Each Guarantor waives (to the extent permitted by Law) any right or defense it may 

have at law or equity, including California Code of Civil Procedure § 580a, to a fair market value 

hearing or action to determine a deficiency judgment after a foreclosure.

Section 11.13. Parallel Debt. In this Section 11.13, (x) “Corresponding Liabilities” means 

the Obligations of a Loan Party, but excluding its Parallel Liability and (y) “Parallel Liability” 

means a Loan Party’s undertaking pursuant to this Section 11.13. Each Loan Party irrevocably 

and unconditionally undertakes to pay to the Collateral Agent an amount equal to the aggregate 

amount of its Corresponding Liabilities (as these may exist from time to time). For purposes of 

this Section 11.13: (a) a Loan Party’s Parallel Liability is due and payable at the same time as, for 

the same amount of and in the same currency as its Corresponding Liabilities; (b) a Loan Party’s 

Parallel Liability is decreased to the extent that its Corresponding Liabilities have been irrevocably 

paid or discharged and its Corresponding Liabilities are decreased to the extent that its Parallel 

Liability has been irrevocably paid or discharged; (c) a Loan Party’s Parallel Liability is 

independent and separate from, and without prejudice to, its Corresponding Liabilities, and 

constitutes a single obligation of that Loan Party to the Collateral Agent (even though that Loan 

Party may owe more than one Corresponding Liability to the Secured Parties under the Loan 

Documents) and an independent and separate claim of the Collateral Agent to receive payment of 

that Parallel Liability (in its capacity as the independent and separate creditor of that Parallel 

Liability and not as a co-creditor in respect of the Corresponding Liabilities); and (d) for purposes 

of this Section 11.13, the Collateral Agent acts in its own name and not as agent, representative or 

trustee of the Secured Parties and accordingly holds neither its claim resulting from a Parallel 

Liability nor any Lien securing a Parallel Liability on trust.

ARTICLE 12

CARES ACT REQUIREMENTS

Section 12.01. CARES Act Compliance. The Borrower hereby represents, warrants and 

covenants that the Borrower and each of its Affiliates are in compliance, and will at all times 

comply, with all applicable requirements under Title IV of the CARES Act, including any 

applicable requirements pertaining to the Borrower’s eligibility to receive the Loan. The Borrower 

will provide any information requested by the Lenders or Agents to assess the compliance by the 

Borrower and its Affiliates with the applicable requirements under Title IV of the CARES Act or 

the Borrower’s eligibility to receive the Loan under the CARES Act.

Section 12.02. Dividends and Buybacks.

(a) Until the date that is 12 months after the date on which the Loan is no longer 

outstanding, neither the Borrower nor any of its Affiliates (other than an Affiliate that is a natural 

person) shall, in any transaction, purchase an equity security of the Borrower or of any direct or 

indirect parent company of the Borrower or of any Subsidiary of the Borrower, in each case, that is 

listed on a national securities exchange, except to the extent required under a contractual obligation 

in effect as of the date of enactment of the CARES Act.

(b) Until the date that is 12 months after the date on which the Loan is no longer 

outstanding, the Borrower shall not pay dividends, or make any other capital distributions, with 

respect to the common stock of the Borrower.
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Section 12.03. Maintenance of Employment Levels. Until the date that is 12 months after 

the Initial Funding Date, the Borrower shall maintain its employment levels as of March 24, 2020, 

to the extent practicable, and in any case shall not reduce its employment levels by more than ten 

(10) percent from the levels on March 24, 2020.

Section 12.04. United States Business. The Borrower hereby represents that it is created 

or organized in the United States or under the laws of the United States and has significant 

operations in and a majority of its employees based in the United States.

Section 12.05. Limitations on Certain Compensation.

(a) Beginning on the Effective Date and ending on the date that is one year after the 

date on which the Loan is no longer outstanding, the Borrower and its Affiliates shall not pay any 

of the Borrower’s Corporate Officers or Employees whose Total Compensation exceeded $425,000 

in calendar year 2019 or the Subsequent Reference Period (other than an Employee whose 

compensation is determined through an existing collective bargaining agreement entered into 

before March 1, 2020):

(i) Total Compensation which exceeds, during any 12 consecutive months of 

the period beginning on the Effective Date, and ending on the date that is one year after 

the date on which the Loan is no longer outstanding, the Total Compensation the 

Corporate Officer or Employee received in calendar year 2019 or the Subsequent 

Reference Period; or

(ii) Severance Pay or Other Benefits in connection with a termination of 

employment with the Borrower which exceed twice the maximum Total Compensation 

received by such Corporate Officer or Employee in calendar year 2019 or the Subsequent 

Reference Period.

(b) Beginning on the Effective Date, and ending on the date that is one year after the 

date on which the Loan is no longer outstanding, the Borrower and its Affiliates shall not pay any 

of the Borrower’s Corporate Officers or Employees whose Total Compensation exceeded 

$3,000,000 in calendar year 2019 or the Subsequent Reference Period Total Compensation in 

excess of the sum of:

(i) $3,000,000; and

(ii) 50 percent of the excess over $3,000,000 of the Total Compensation 

received by such Corporate Officer or Employee in calendar year 2019 or the Subsequent 

Reference Period.

(c) For purposes of determining applicable amounts under this Section 12.05 with 

respect to any Corporate Officer or Employee who was employed by the Borrower or any of its 

Affiliates for less than all of calendar year 2019, the amount of Total Compensation in calendar 

year 2019 shall mean such Corporate Officer’s or Employee’s Total Compensation on an 

annualized basis.
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Section 12.06. Additional Defined Terms. As used in this Article 12, the following terms 

have the meanings specified below:

“Benefits” means, without duplication of any amounts counted as Salary or Wages, 

pension expenses (including company retirement or 401(k) plan contributions and direct annuity 

payments) in respect of Employees, all expenses for accident, sickness, hospital, and death 

benefits to Employees, and the cost of insurance (or self-insured costs) to provide such benefits; 

any Severance Pay or Other Benefits payable to Employees pursuant to a bona fide voluntary 

early retirement program or voluntary furlough; and any other similar expenses paid by the 

Borrower for the benefit of Employees, including other fringe benefit expenses (such as those 

relating to travel, meals, lodging, trade memberships, dues and registrations, tools or uniforms, 

moving and relocation costs, education, medical and recreational programs, and company 

contributions for group accident, health or life insurance) but excluding any Federal, state, or 

local payroll taxes paid by the Borrower. 

“Corporate Officer” means, with respect to the Borrower, its president; any vice 

president in charge of a principal business unit, division, or function (such as sales, 

administration or finance); any other officer who performs a policy-making function; or any 

other person who performs similar policy making functions for the Borrower. Executive officers 

of subsidiaries or parents of the Borrower may be deemed Corporate Officers of the Borrower if 

they perform such policy-making functions for the Borrower. 

“Employee” has the meaning given to the term in section 2 of the National Labor 

Relations Act (29 U.S.C. 152 and includes any individual employed by an employer subject to 

the Railway Labor Act (45 U.S.C. 151 et seq.), and for the avoidance of doubt includes all 

individuals who are employed by the Borrower who are not Corporate Officers.

“Salary” means, without duplication of any amounts counted as Benefits, a 

predetermined regular payment, typically paid on a weekly or less frequent basis but which may 

be expressed as an hourly, weekly, annual or other rate, as well as cost-of-living differentials, 

vacation time, paid time off, sick leave, and overtime pay, paid by the Borrower to its 

Employees, but excluding any Federal, state, or local payroll taxes paid by the Borrower.

“Severance Pay or Other Benefits” means any severance payment or other similar 

benefits, including cash payments, health care benefits, perquisites, the enhancement or 

acceleration of the payment or vesting of any payment or benefit or any other in-kind benefit 

payable (whether in lump sum or over time, including after March 24, 2022) by the Borrower to 

a Corporate Officer or Employee in connection with any termination of such Corporate Officer’s 

or Employee’s employment (including, without limitation, resignation, severance, retirement, or 

constructive termination), which shall be determined and calculated in respect of any Employee 

or Corporate Officer of the Borrower in the manner prescribed in 17 CFR 229.402(j) (without 

regard to its limitation to the five most highly compensated executives and using the actual date 

of termination of employment rather than the last business day of the Borrower’s last completed 

fiscal year as the trigger event).

“Subsequent Reference Period” means (i) for a Corporate Officer or Employee whose 

employment with the Borrower or an Affiliate started during 2019 or later, the 12-month period 
172

starting from the end of the month in which the officer or employee commenced employment, if 

such officer’s or employee’s total compensation exceeds $425,000 (or $3,000,000) during such 

period and (ii) for a Corporate Officer or Employee whose Total Compensation first exceeds 

$425,000 during a 12-month period ending after 2019, the 12-month period starting from the end 

of the month in which the Corporate Officer’s or Employee’s Total Compensation first exceeded 

$425,000 (or $3,000,000).

“Total Compensation” means Salary, bonuses, awards of stock and other financial 

benefits provided by the Borrower to a Corporate Officer or Employee of the Borrower.

“Wage” means, without duplication of any amounts counted as Benefits, a payment, 

typically paid on an hourly, daily, or piecework basis, including cost-of-living differentials, 

vacation, paid time off, sick leave, and overtime pay, paid by the Borrower to its Employees, but 

excluding any Federal, state, or local payroll taxes paid by the Borrower.
[Signature Page to Credit Agreement] 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as 

of the date first written above. 

YRC WORLDWIDE INC.

By:

Name: Mark D. Boehmer 

Title: Vice President 

EXPRESS LANE SERVICE, INC.

By:

Name: Mark D. Boehmer 

Title: Vice President 

NEW PENN MOTOR EXPRESS LLC 

(F/K/A NEW PENN MOTOR EXPRESS INC.)

By:

Name: Mark D. Boehmer 

Title: Vice President 

ROADWAY EXPRESS INTERNATIONAL, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

ROADWAY LLC 

By:

Name: Mark D. Boehmer 

Title: Vice President 
ROADWAY NEXT DAY CORPORATION 

By:

Name: Mark D. Boehmer 

Title: Vice President 

HNRY LOGISTICS, INC. 

By:_______________________________ 

Name: Jason W. Bergman 

Title: President 

USF BESTWAY INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

USF DUGAN INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President

USF GLEN MOORE INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

USF HOLLAND LLC 

(F/K/A USF HOLLAND INC.) 

By:

Name: Mark D. Boehmer 

Title: Vice President 

[Signature Page to Credit Agreement] 
ROADWAY NEXT DAY CORPORATION 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

HNRY LOGISTICS, INC. 

By:

Name: Jason W. Bergman 

Title: President 

USF BESTWAY INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

USF DUGAN INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President

USF GLEN MOORE INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

USF HOLLAND LLC 

(F/K/A USF HOLLAND INC.) 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

[Signature Page to Credit Agreement] 
USF REDSTAR LLC 

By:_

Name: Mark D. Boehmer 

Title: Vice President 

USF REDDAWAY INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC ASSOCIATION SOLUTIONS, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC INTERNATIONAL INVESTMENTS, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC LOGISTICS SERVICES, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC MORTGAGES, LLC 

By:

Name: Mark D. Boehmer 

Title: Vice President 

[Signature Page to Credit Agreement] 
YRC ENTERPRISE SERVICES, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC REGIONAL TRANSPORTATION, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

[Signature Page to Credit Agreement 
[Signature Page to Credit Agreement]

1105481 ONTARIO INC. 

By:_

Name: Mark D. Boehmer 

Title: Vice President 

YRC LOGISTICS INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

USF HOLLAND INTERNATIONAL SALES 

CORPORATION 

By:_______________________________ 

Name: Thomas J. O’Connor 

Title: President 

YRC FREIGHT CANADA COMPANY 

By:_

Name: Mark D. Boehmer 

Title: Vice President 
[Signature Page to Credit Agreement]

1105481 ONTARIO INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

YRC LOGISTICS INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

USF HOLLAND INTERNATIONAL SALES 

CORPORATION 

By:

Name: Thomas J. O’Connor 

Title: President 

YRC FREIGHT CANADA COMPANY 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 
REIMER HOLDING B.V. 

B

Name: M.F.A. van Schijndel 

Title: Director A 

[Signature Page to Credit Agreement]
!!"#$%&'()*+%#)*&,*-()."&*/#())0)$&*1*2!3*3(%$45)*/"

!"#$%&'($)*$'#+$,)-($

.#//)'$#%&#'()*+*&,-%,*./#'0/+,#%+(#

1233%,/-%3#'0/+,##

456#

7%)/6#4-/,#89#;/-)%+#

<*,3/6# =*>/#?-/&*(/+,#
UNITED STATES DEPARTMENT OF 

TH

By:

[Signature Page to Credit Agreement - UST Tranche A]

Name: Brent J. McIntosh

Title: Under Secretary for International Affairs

 United States Department of the Treasury
41112.00012

#93394300v8

Schedule 1.01(a) Excluded Real Property

Property 

Number Property Name Address City State Zip Loan Party

Pledged to 

Contribution 

Deferral 

Agreement

Y326L Kansas City, MO 8724 Leeds Road Kansas City MO 64129 YRC Inc. No

R524 Burlington, WA 9501 24th Pl West Everett WA 98204 USF Reddaway 

Inc. No

YR98 Goodland, KS 2815 S Highway 27 Goodland KS 67735 YRC Inc. No

Y409 Huntsville, AL 1901 Highway 20 West Decatur AL 35601 YRC Inc. Yes

Y490 Dothan, AL 686 Murray Road Dothan AL 36303 YRC Inc. Yes

Y429 Mobile, AL 1111 Virginia Street Mobile AL 36604 YRC Inc. Yes

Y415 Montgomery, AL 5680 Old Hayneville 

Road Montgomery AL 36108 YRC Inc. Yes

Y581 Springdale, AR 1543 Ford Avenue Springdale AR 72764 YRC Inc. Yes

R316 Lake Havasu City, AZ 1951 San Juan Drive Lake Havasu 

City AZ 86403 USF Reddaway Inc. Yes

Y835 Flagstaff, AZ 1814 N Main Street Flagstaff AZ 86004 YRC Inc. Yes

Y809 Sacramento, CA 3210 52nd Avenue Sacramento CA 95823 YRC Inc. Yes

R515 Sacramento, CA 620 Harbor Boulevard W Sacramento CA 95691 USF Reddaway 

Inc. Yes

Y894 Grand Junction, CO 3207 "F" Road Clifton CO 81520 YRC Inc. Yes

Y412 LaGrange, GA 677 Hudson Road LaGrange GA 30240 YRC Inc. Yes

Y414 Macon, GA 4241 Interstate Drive Macon GA 31210 YRC Inc. Yes

Y685 Savannah, GA 3501 Edwin Avenue Savannah GA 31405 YRC Inc. Yes

Y860 Sioux City, IA 2425 Bridgeport Drive Sioux City IA 51111 YRC Inc. Yes

Y389 Mason City, IA 1514 S Pierce Avenue Mason City IA 50401 YRC Inc. Yes

Y344 Quincy, IL 2620 N 36th Street Quincy IL 62301 YRC Inc. Yes

Y404 Alexandria, LA 333 N 3rd Street Alexandria LA 71301 YRC Inc. Yes

Y480 Monroe, LA 158 Parker Road Monroe LA 71202 YRC Inc. Yes

Y263 Saginaw, MI 3770 Hess Avenue Saginaw MI 48601 YRC Inc. Yes
2

Property 

Number Property Name Address City State Zip Loan Party

Pledged to 

Contribution 

Deferral 

Agreement

H357 Worthington, MN 172 Industrial Parkway Jackson MN 56143 USF Holland 

LLC Yes

Y370 Duluth, MN 4425 W First Street Duluth MN 55807 YRC Inc. Yes

Y462 Tupelo, MS 2226 McCullough 

Boulevard Tupelo MS 38801 YRC Inc. Yes

Y679 Fayetteville, NC 1061 River Road Fayetteville NC 28301 YRC Inc. Yes

Y656 Jacksonville, NC 161 Center Street Jacksonville NC 28540 YRC Inc. Yes

Y623 Wilmington, NC 3511 Highway 421 N Wilmington NC 28401 YRC Inc. Yes

Y864 Fargo, ND 2502 7th Avenue N Fargo ND 58102 YRC Inc. Yes

Y863 Kearney, NE 614 Third Avenue Kearney NE 68847 YRC Inc. Yes

Y165 Atlantic City, NJ 1641 Eden Road Millville NJ 08332 YRC Inc. Yes

Y212 Youngstown, OH 3020 Gale Drive Hubbard OH 44425 YRC Inc. Yes

Y290 Parkersburg, WV 300 Drag Strip Road Belpre OH 45714 YRC Inc. Yes

Y250 Lima, OH 1505 Bowman Road Lima OH 45804 YRC Inc. Yes

Y232 Erie, PA 3111 McCain Avenue Erie PA 16510 YRC Inc. Yes

N005 Providence, RI 2110 Plainfield Pike Cranston RI 02910

New Penn 

Motor Express 

LLC

Yes

Y695 Florence, SC 2257 S Main Street Florence SC 29501 YRC Inc. Yes

Y523 Wichita Falls, TX 4020 Reilly Road Wichita Falls TX 76305 YRC Inc. Yes

Y574 Waco, TX 3230 Clay Avenue Waco TX 76711 YRC Inc. Yes

Y515 Sherman, TX 211 Dorset Drive Sherman TX 75092 YRC Inc. Yes

Y394 Madison, WI 2573 Progress Road Madison WI 53716 YRC Inc. Yes

Y336 Eau Claire, WI 3617 McIntyre Avenue Eau Claire WI 54703 YRC Inc. Yes

Y220 Clarksburg, WV 6399 Saltwell Road Bridgeport WV 26330 YRC Inc. Yes
#93394300v8

Schedule 1.01(b) Guarantors

Exact Legal Name of Each Grantor

YRC Worldwide Inc.

1105481 Ontario Inc.

Express Lane Service, Inc.

HNRY Logistics, Inc.

New Penn Motor Express LLC

Reimer Holding B.V.

Roadway Express International, Inc.

Roadway LLC

Roadway Next Day Corporation

USF Bestway Inc.

USF DUGAN INC.

USF Glen Moore Inc.

USF Holland LLC

USF Holland International Sales Corporation

USF RedStar LLC

USF Reddaway Inc.

YRC Association Solutions, Inc.

YRC Freight Canada Company

YRC Inc.

YRC International Investments, Inc.

YRC Logistics Inc.

YRC LOGISTICS SERVICES, INC.

YRC MORTGAGES, LLC

YRC Enterprise Services, Inc.

YRC Regional Transportation, Inc.
#93394300v8

Schedule 1.01(c) Mortgaged Properties

Location Street Address City State Zip Code Grantor

Buffalo, NY 6640 Transit Road Williamsville NY 14221 New Penn Motor Express LLC

Camp Hill, PA 475 Terminal Road Camp Hill PA 17011 New Penn Motor Express LLC

Cinnaminson, 

NJ 2300 Garry Road Cinnaminson NJ 08077 New Penn Motor Express LLC

Lebanon, PA -

Office 625 S 5th Avenue Lebanon PA 17042 New Penn Motor Express LLC

Pittsburgh, PA 2950 Grand Avenue Neville Island PA 15225 New Penn Motor Express LLC

Reading, PA 3725 Pottsville Pike Reading PA 19605 New Penn Motor Express LLC

Rochester, NY 35 Transport Drive Rochester NY 14623 New Penn Motor Express LLC

Southington, CT 130 Canal Street Southington CT 06489 New Penn Motor Express LLC

Syracuse, NY 7173 Schuyler Road East Syracuse NY 13057 New Penn Motor Express LLC

Trenton, NJ 15 Thomas J. Rhodes Industrial Mercerville NJ 08619 New Penn Motor Express LLC

Akron, OH 3140 Massillon Road Akron OH 44312 USF Holland LLC

Atlanta, GA 4700 Highway 42 Ellenwood GA 30294 USF Holland LLC

Birch Run, MI 11740 Dixie Highway Birch Run MI 48415 USF Holland LLC
5

#93394300v8

Location Street Address City State Zip Code Grantor

Birmingham, AL 480 Republic Circle Birmingham AL 35214 USF Holland LLC

Buffalo, NY 6650 Transit Road Williamsville NY 14221 USF Holland LLC

Charlotte, NC 5201 Sunset Road Charlotte NC 28213 USF Holland LLC

Chicago, IL 8601 W 53rd Street McCook IL 60525 USF Holland LLC

Cleveland, OH 10720 Memphis Avenue Brooklyn OH 44144 USF Holland LLC

Columbia, SC 3705 Highway 321 West Columbia SC 29172 USF Holland LLC

Columbus, OH 4800 Journal Street Columbus OH 43228 USF Holland LLC

Danville, IL 72 Eastgate Drive Danville IL 61832 USF Holland LLC

Dayton, OH 2700 Valley Pike Dayton OH 45404 USF Holland LLC

Des Moines, IA 6144 NE 22nd Street Des Moines IA 50313 USF Holland LLC

Detroit, MI 27411 Wick Road Romulus MI 48174 USF Holland LLC

Evansville, IN 8901 N Kentucky Avenue Evansville IN 47711 USF Holland LLC

Fort Wayne, IN 4320 Merchant Road Fort Wayne IN 46818 USF Holland LLC

Gaylord, MI 1830 Calkins Road Gaylord MI 49735 USF Holland LLC
6

#93394300v8

Location Street Address City State Zip Code Grantor

Greensboro, 

NC 201 Stage Coach Trail Greensboro NC 27409 USF Holland LLC

Huntington, OH 95 Holland Drive Gallipolus OH 45631 USF Holland LLC

Indianapolis, IN 2530 S Tibbs Avenue Indianapolis IN 46241 USF Holland LLC

Jackson, MI 1059 Hurst Road Jackson MI 49201 USF Holland LLC

Joplin, MO 2702 Newman Road Joplin MO 64801 USF Holland LLC

Kansas City, KS 9711 State Avenue Kansas City KS 66111 USF Holland LLC

Knoxville, TN 5409 National Avenue Knoxville TN 37914 USF Holland LLC

Lexington, KY 461 Transport Court Lexington KY 40511 USF Holland LLC

Lincoln, IL 700 NE Arch Street Atlanta IL 61723 USF Holland LLC

Louisville, KY 4885 Keystone Boulevard Jeffersonville IN 47130 USF Holland LLC

Memphis, TN 8100 W Sandidge Road Olive Branch MS 38654 USF Holland LLC

Nashville, TN 500 Oak Bluff Lane Goodlettsville TN 37072 USF Holland LLC

Omaha, NE 3219 Nebraska Avenue Council Bluffs IA 51501 USF Holland LLC

Owatonna, MN 200 32nd Avenue NW Owatonna MN 55060 USF Holland LLC
7

#93394300v8

Location Street Address City State Zip Code Grantor

St. Louis, MO 24 Gateway Commerce Edwardsville IL 62025 USF Holland LLC

Toledo, OH 20820 Midstar Drive Bowling Green OH 43402 USF Holland LLC

Wausau, WI 501 Spring Road Mosinee WI 54455 USF Holland LLC

Wheeling, IL 1100 Chaddick Drive Wheeling IL 60090 USF Holland LLC

Youngstown, 

OH 10855 Market Street N Lima OH 44452 USF Holland LLC

Bakersfield, CA 4901 Lisa Marie Court Bakersfield CA 93313 USF Reddaway Inc.

Fresno, CA 4556 S Chestnut Avenue Fresno CA 93725 USF Reddaway Inc.

Los Angeles, 

CA 575 E Weber Avenue Compton CA 90222 USF Reddaway Inc.

Medford, OR 4000 Hamrick Road Central Point OR 97502 USF Reddaway Inc.

Phoenix, AZ 3045 S 43rd Avenue Phoenix AZ 85009 USF Reddaway Inc.

Salt Lake City, 

UT 4375 W 1385 S Salt Lake City UT 84104 USF Reddaway Inc.

San Fernando 

Valley, CA 12100 Montague Street Pacoima CA 91331 USF Reddaway Inc.

Akron, OH 1275 Ohio Ave Copley OH 44321 YRC Inc.

Albany, GA 326 Cordele Road Albany GA 31705 YRC Inc.
8

#93394300v8

Location Street Address City State Zip Code Grantor

Albany, NY 37 Frontage Road Glenmont NY 12077 YRC Inc.

Albuquerque, 

NM 900 64th Street NW Albuquerque NM 87121 YRC Inc.

Augusta, GA 4200 Wheeler Road Martinez GA 30907 YRC Inc.

Austin, TX 9018 Tuscany Way Austin TX 78754 YRC Inc.

Baltimore, MD 6311 E Lombard Street Baltimore MD 21224 YRC Inc.

Baton Rouge, 

LA 956 Hwy 190 West Port Allen LA 70767 YRC Inc.

Beaumont, TX 4650 Lafin Drive Beaumont TX 77705 YRC Inc.

Bellows Falls, 

VT 17 Transport Park Bellows Falls VT 05101 YRC Inc.

Birmingham, AL 99 Murphree Road Birmingham AL 35217 YRC Inc.

Boston, MA 95 Concord Street North Reading MA 01864 YRC Inc.

Bowling Green, 

KY 300 New Porter Pike Bowling Green KY 42103 YRC Inc.

Buffalo, NY 66 Milens Road Tonawanda NY 14150 YRC Inc.

Charleston, SC 2243 Wren Street Charleston SC 29418 YRC Inc.

Chattanooga, 

TN 345 Roadway Drive Ringgold GA 30736 YRC Inc.
9

#93394300v8

Location Street Address City State Zip Code Grantor

Chicago 

Heights, IL 2000 East Lincoln Highway Chicago Heights IL 60411 YRC Inc.

Chicago North, 

IL 1000 Chaddick Drive Wheeling IL 60090 YRC Inc.

Cincinnati, OH 10074 Princeton-Glendale Road Cincinnati OH 45246 YRC Inc.

Cleveland, OH 5250 Brecksville Road Richfield OH 44286 YRC Inc.

Columbia, MO 8989 E Columbus Court Columbia MO 65201 YRC Inc.

Columbia, SC 1308 Pineview Drive Columbia SC 29209 YRC Inc.

Columbus, OH 5400 Fisher Road Columbus OH 43228 YRC Inc.

Dallas, TX 200 North Beltline Road Irving TX 75061 YRC Inc.

Dayton, OH 2801 Valley Pike Dayton OH 45404 YRC Inc.

Des Moines, IA 5337 NE 22nd Street Des Moines IA 50313 YRC Inc.

Detroit, MI 22701 Van Born Road Taylor MI 48180 YRC Inc.

El Paso, TX 1330 Henry Brennan Drive El Paso TX 79936 YRC Inc.

Evansville, IN 8600 Baumgart Road Evansville IN 47725 YRC Inc.

Fort Myers, FL 2635 Rockfill Road Fort Myers FL 33916 YRC Inc.
10

#93394300v8

Location Street Address City State Zip Code Grantor

Fort Wayne, IN 3513 Adams Center Road Fort Wayne IN 46806 YRC Inc.

Fort Worth, TX 5501 Campus Drive Fort Worth TX 76140 YRC Inc.

Fresno, CA 2440 E Church Avenue Fresno CA 93706 YRC Inc.

Grand Rapids, 

MI 2180 Chicago Drive SW Wyoming MI 49509 YRC Inc.

Greenville, SC 580 Shackelford Road Piedmont SC 29673 YRC Inc.

Hagerstown, 

MD 311 East Oak Ridge Drive Hagerstown MD 21740 YRC Inc.

Harrisburg, PA 100 Roadway Drive Carlisle PA 17015 YRC Inc.

Honolulu, HI 94-164 Leokane Street Waipahu HI 96797 YRC Inc.

Indianapolis, IN 1818 S High School Road Indianapolis IN 46241 YRC Inc.

Jackson, MS 102 Carrier Boulevard Richland MS 39218 YRC Inc.

Jackson, TN 88 E L Morgan Drive Jackson TN 38305 YRC Inc.

Jacksonville, FL 3404 Clifford Lane Jacksonville FL 32209 YRC Inc.

Knoxville, TN 1212 Hilton Road Knoxville TN 37921 YRC Inc.

Lansdale, PA 750 County Line Road Line Lexington PA 18932 YRC Inc.
11

#93394300v8

Location Street Address City State Zip Code Grantor

Laredo, TX 8011 Killam Industrial Boulevard Laredo TX 78045 YRC Inc.

Las Vegas, NV 5049 W Post Road Las Vegas NV 89118 YRC Inc.

Lexington, KY 460 Transport Court Lexington KY 40511 YRC Inc.

Little Rock, AR 4500 W 65th Street Little Rock AR 72209 YRC Inc.

Long Island, NY 99 Express Street Plainview NY 11803 YRC Inc.

Manchester, NH 9 Cote Lane Bedford NH 03110 YRC Inc.

Maybrook, NY 1000 Homestead Avenue Maybrook NY 12543 YRC Inc.

Memphis, TN 3310 Gill Road Memphis TN 38109 YRC Inc.

Milwaukee, WI 6880 S Howell Avenue Oak Creek WI 53154 YRC Inc.

Nashville, TN 7300 Centennial Boulevard Nashville TN 37209 YRC Inc.

New Orleans, 

LA 12169 Old Gentilly Road New Orleans LA 70129 YRC Inc.

Nogales, AZ 2859 W Valle Verde Drive Nogales AZ 85621 YRC Inc.

Norfolk, VA 1313 Cavalier Boulevard Chesapeake VA 23323 YRC Inc.

Oklahoma City, 

OK 8000 SW 15th Street Oklahoma City OK 73128 YRC Inc.
12

#93394300v8

Location Street Address City State Zip Code Grantor

Omaha, NE 4480 S 90th Street Omaha NE 68127 YRC Inc.

Oxnard, CA 2685 Sherwin Avenue Ventura CA 93003 YRC Inc.

Paducah, KY 5151 Charter Oak Drive Paducah KY 42001 YRC Inc.

Peoria, IL 780 W Birchwood Street Morton IL 61550 YRC Inc.

Philadelphia, 

PA 2627 State Road Bensalem PA 19020 YRC Inc.

Pontiac, MI 1280 Joslyn Avenue Pontiac MI 48340 YRC Inc.

Portland, OR 10510 N Vancouver Way Portland OR 97217 YRC Inc.

Providence, RI 55 Industrial Road Cumberland RI 02864 YRC Inc.

Richmond, VA 9600 Express Lane Richmond VA 23237 YRC Inc.

Rochester, NY 1575 Emerson Street Rochester NY 14606 YRC Inc.

Rock Island, IL 3700 78th Avenue West Rock Island IL 61201 YRC Inc.

Rockford, IL 2630 Mason Avenue Rockford IL 61109 YRC Inc.

Salisbury, MD 26902 Bethel Concord Road Seaford DE 19973 YRC Inc.

San Antonio, 

TX 111 Gembler Road San Antonio TX 78219 YRC Inc.
13

#93394300v8

Location Street Address City State Zip Code Grantor

Scranton, PA 1284 S Main Road Mountain Top PA 18707 YRC Inc.

Springfield, MO 5575 E State Hwy 00 Strafford MO 65757 YRC Inc.

St. Louis, MO 400 Barton Street St. Louis MO 63104 YRC Inc.

St. Paul, MN 12400 Dupont Avenue S Burnsville MN 55337 YRC Inc.

Syracuse, NY 7138 Northern Boulevard East Syracuse NY 13057 YRC Inc.

Toledo, OH 4431 South Avenue Toledo OH 43615 YRC Inc.

Tracy, CA 1535 E Pescadero Avenue Tracy CA 95304 YRC Inc.

Tucson, AZ 601 W Flores Street Tucson AZ 85705 YRC Inc.

Washington, 

DC 7600 Preston Drive Landover MD 20785 YRC Inc.

Waterville, ME 44 Sheridan Drive Fairfield ME 04937 YRC Inc.

West Palm 

Beach, FL 1400 SW 30th Avenue Boynton Beach FL 33426 YRC Inc.

Wilmington, DE 316 New Churchmans Road New Castle DE 19720 YRC Inc.

Wilson, NC 555 Jeffreys Road Rocky Mount NC 27804 YRC Inc.

Winston-Salem, 

NC 1255 NC Highway 66 S Kernersville NC 27284 YRC Inc.
14

#93394300v8

Location Street Address City State Zip Code Grantor

Worcester, MA 464 Hartford Turnpike Shrewsbury MA 01545 YRC Inc.

Whitby, ON, 

Canada

285 Blair Street Whitby ON L1N 9V9 YRC Freight Canada Company 

(f/k/a/Reimer)

Woodstock, 

ON, Canada

1187 Welford Place Woodstock ON N4S 7Y5 YRC Freight Canada Company 

(f/k/a/Reimer)
#93394300v8

Schedule 1.01(d) Pension Fund Entities

 Central States, Southeast and Southwest Areas Pension Fund

 Western Conference of Teamsters Pension Trust Fund

 I.B. of T. Union Local No. 710 Pension Fund

 Central Pennsylvania Teamsters Pension Fund

 Road Carriers Local 707 Pension Fund

 Teamsters Local 641 Pension Fund

 Teamsters Pension Trust Fund of Philadelphia and Vicinity

 Western Conference of Teamsters Supplemental Benefit Trust Fund

 Suburban Teamsters of No. IL. Pension Fund

 Freight Drivers and Helpers Local 557 Pension Fund

 Teamsters JC 83 Pension Fund

 Hagerstown Motor Carriers and Teamsters Pension Plan

 Trucking Employees of North Jersey Welfare Fund Inc. - Pension Fund

 Mid-Jersey Trucking Ind. & Teamsters Local 701 Pension Fund

 Management Labor Welfare & Pension Funds Local 1730, I.L.A.

 Employer-Teamsters Local Nos. 175/505 Pension Trust Fund

 International Association of Machinists Motor City Pension Fund

 Hawaii Truckers-Teamsters Union Pension Fund

 Southwestern Pennsylvania and Western Maryland Teamsters & Employers Pension Fund
#93394300v8

Schedule 2.01 Lenders and Commitments

Lender UST Tranche A Term Loan 

Commitment

United States Department of the Treasury $300,000,000

TOTALS $300,000,000
#93394300v8

Schedule 4.02(b) Local Counsel Opinions

Credit Agreement Opinions

Law Firm State

Snell & Wilmer L.L.P. AZ

Stinson LLP KS

Stoel Rives LLP OR

Morgan, Lewis & Bockius LLP PA

Mortgage Opinions

As agreed with the Required Lenders and the Borrower
#93394300v8

Schedule 5.10(b) Multiemployer Plans

Multiemployer Plans

Central States, Southeast and Southwest Areas Pension Plan

Teamsters National 401K Savings Plan (formerly Western Conference of Teamsters Pension 

Plan)

I.B.of T. Union Local No 710 Pension Fund

Central Pennsylvania Teamsters Defined Benefit Plan

New York State Teamsters Conference Pension & Retirement Fund

Road Carriers Local 707 Pension Fund

New England Teamsters & Trucking Industry Pension

Teamsters Local 641 Pension Fund

Local 705 Int’l Brotherhood of Teamsters Pension Tr. Fd.

Teamsters Pension Trust Fund of Philadelphia & Vicinity

Western Pennsylvania Teamsters and Employers Pension Plan

Freight Drivers and Helpers Local Union No. 557 Pension Plan

Teamsters Joint Council No. 83 of Virginia Pension Fund

Hagerstown Motor Carriers & Teamsters Pension Fund

Pension Plan of the Welfare and Pension Fd Mid-Jersey Trucking (Local 701)

Trucking Employees of North Jersey Pension Fund

Suburban Teamsters of Northern Illinois Pension Plan

Teamsters Local 639 - Employers Pension Trust Fund

Management-Labor Pension Fund Local 1730 ILA

National Pension Plan

Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund

Pension Fund Local 445

International Association of Machinists Motor City Pension Fund

District No. 9 International Association of Machinists and Aerospace Workers Pension Plan 

(Local 777 & 737)

Automobile Mechanics’ Local 701 Union and Industry Welfare Fund

Local 805 Pension & Retirement Fund

Minnesota Teamsters Member 401K Plan

Transportation Communications Int’l Union Pension

Teamsters Local 617 Pension Fund

Southwestern Pennsylvania & Western Maryland Area Teamsters & Employers Pension Fund

Hawaii Truckers - Teamsters Union Pension Plan

Western States Office

Western Conference of Teamsters Supplemental Benefit Plan

National IAM Pension Fund (SoCal 1186)

Hawaii Truckers Union Pension Fund

IAM National Pension Fund (BUF 447)

Machinist Money Purchase Pension Fund

IAM National Pension Fund (St Paul 737)

Central States Pension Fund (Local 778 Mechanics)

IAM National Pension Fund (Local 778 Mechanics)
#93394300v8

Schedule 5.11 Subsidiaries and Other Equity Interests

Loan Parties as of the Restatement Effective Date

Subsidiary Direct Owner

Express Lane Service, Inc. YRC Worldwide Inc.

HNRY Logistics, Inc. YRC Inc.

New Penn Motor Express LLC YRC Worldwide Inc.

Roadway Express International, Inc. YRC Inc.

Roadway LLC YRC Worldwide Inc.

Roadway Next Day Corporation Roadway LLC

USF Bestway Inc. YRC Regional Transportation, Inc.

USF Dugan Inc. YRC Regional Transportation, Inc.

USF Glen Moore Inc. YRC Regional Transportation, Inc.

USF Holland LLC YRC Worldwide Inc.

USF Reddaway Inc. YRC Regional Transportation Inc.

USF RedStar LLC YRC Regional Transportation, Inc.

YRC Association Solutions, Inc. YRC Worldwide Inc.

YRC Enterprise Services, Inc. YRC Worldwide Inc.

YRC Inc. Roadway LLC

YRC Logistics Services, Inc. YRC Regional Transportation, Inc.

YRC Mortgages, LLC YRC Worldwide Inc.

YRC Regional Transportation, Inc. YRC Worldwide Inc.

Reimer Holding B.V. YRC Inc.

1105481 Ontario, Inc. YRC Worldwide Inc.

USF Holland International Sales 

Corporation USF Holland LLC

YRC International Investments, Inc. YRC Worldwide Inc.

YRC Logistics Inc. YRC Logistics Services, Inc.

YRC Freight Canada Company Reimer Holding B.V.

Non-Loan Parties as of the Restatement Effective Date

Subsidiary Direct Owner

OPK Insurance Co. Ltd. YRC Worldwide Inc.

PT Meridian IQ Indonesia 

International YRC Logistics Asia Limited

Roadway Express, S.A. de C. V. YRC Inc.

Transcontinental Lease, S. de R.L. 

de C.V. YRC Inc.

YRC Logistics Asia Limited YRC Worldwide Inc.

YRC Services S. de R.L. de C.V. YRC Transportation, S.A. de C.V.

YRC Transportation, S.A. de C.V. YRC Inc.
#93394300v8

Schedule 5.14 Labor Matters

 IBT Agreement

Other Collective Bargaining Agreements

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Holland Office and Clerical 

Employees Agreement

Teamsters Local 

Union No. 364 Teamsters

Holland St. Louis Office Employees 

Rider

Teamsters Local 

Union No. 688 Teamsters

Holland

Office Clerical 

Supplemental / NMFA 

Agreement

Teamsters Local 

No. 24 Teamsters

Holland Office and Clerical 

Employees Agreement

Local Union No. 

20 Teamsters

Holland

USF Holland Local Cartage 

Agreement of General 

Teamsters Local 179

Local Union No. 

179 Teamsters

Holland

USF Holland and Teamsters 

Truck Drivers Union, Local 

No. 407 Cleveland Office 

Clerical

Local Union No. 

407 Teamsters

Holland

USF Holland and General 

Drivers, Warehousemen and 

Helpers Teamsters Local 

Union No. 89 Louisville, 

KY Clerical Agreement

Local Union No. 

89 Teamsters

Holland

Office Employees Rider to 

the National Master Freight 

Agreement and Central 

States Area Local Cartage 

Supplemental Agreement

Teamsters Local 

688 Teamsters

Holland

USF Holland & Teamsters 

Local Union No. 371 Office 

Clerical Employees 

Addendum

Teamsters Local 

Union No. 371 Teamsters

Holland

Agreement between 

Teamsters Local Union No. 

120 and USF Holland, Coon 

Rapids, MN Terminal 

NMFA Office Personnel 

Addendum

Teamsters Local 

Union No. 120 Teamsters
21

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Holland

Addendum to the National 

Master Freight Agreement 

and the Central States Area 

Local Cartage Supplement 

Agreement between USF 

Holland and Chauffeurs, 

Teamsters and Helpers 

Local #26

Chauffeurs, 

Teamsters and 

Helpers Local #26

Teamsters

Holland

USF Holland Motor 

Express, Inc. Office and 

Miscellaneous Truck 

Terminal Employee's 

Agreement Rockford, IL

Teamsters Local 

Union No. 325 Teamsters

Holland Kansas City Garage 

Addendum

Teamsters Local 

Union #41 Teamsters

Holland

Agreement between Central 

States Motor Carriers 

Association, Inc. and IA of 

M & AW District Lodge 60

IA of M & AW 

District Lodge 60 

and Local Union 

No. 698

Machinists and 

Aerospace Workers

Holland

USF Holland, Inc. 

Youngstown Terminal 

Office Clerical 

Supplemental/NMFA 

Agreement

Teamsters Local

Union 377 Teamsters

Holland

Appleton Area and Vicinity 

Office and Clerical 

Employees Supplement to 

the Central States Area 

Local Cartage Supplemental 

Agreement to the National 

Master Freight Agreement

Teamsters Local 

Union 662 Teamsters

Holland

Uniform Indiana 

Automotive Maintenance 

Agreement

Teamsters Joint 

Council 69 Teamsters

Holland Cincinnati Garage 

Employees Agreement

Teamsters Local 

Union 100 Teamsters

Holland

Agreement Between 

Teamsters Local Union 160 

and USF Holland, 

Owatonna, MN Terminal

Teamsters Local 

Union 160 Teamsters

Holland

Addendum to the 2008 -

2013 Local 710 Dock 

Agreement Covering 

Custodial Employees

Teamsters Local 

710 Teamsters
22

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Holland

Central Region Local 

Cartage Supplemental 

Agreement

Central Region of 

Teamsters Teamsters

Holland

Central Region Over-theRoad Supplemental 

Agreement

Central Region of 

Teamsters Teamsters

Holland

Supplement to the Central 

Region Local Cartage 

Supplemental Agreement to 

the National Master Freight 

Agreement covering 

Milwaukee and Waukesha 

Areas

Local Union No. 

200 Teamsters

Holland Indiana Uniform Office 

Clerical Agreement

Teamsters Local 

Unions 135, 215, 

364, 414

Teamsters

Holland

Addendum to the National 

Master Freight Agreement 

and the Central States Area 

Local Cartage Supplemental 

Agreement

Teamsters Local 

Union 554 Teamsters

Holland

Agreement between 

Mechanic's Local 701 IAM 

& AW and Central States 

Motor Carrier's Association 

(CSMCA) and Trucking 

Management Inc: For: YRC 

Inc; YRC Holland, Inc

Mechanic's Local 

701 IAM & AW 

and Central States 

Motor Carrier's 

Association

Machinists and 

Aerospace Workers

Holland

Supplement to the Central 

Region Over-the-Road 

Supplemental Agreement to 

the National Master Freight 

Agreement Covering 

Milwaukee-based Over-theRoad Drivers

Teamsters Local 

Union 200 Teamsters

Holland National Master Freight 

Agreement

International 

Brotherhood of 

Teamsters

Teamsters

Holland

Teamsters State of Michigan 

Office Workers 

Supplemental Agreement to 

the National Master Freight 

Agreement

Teamsters State of 

Michigan Teamsters
23

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Holland

Southern Region Local 

Freight Forwarding Garage 

Supplemental Agreement

International 

Brotherhood of 

Teamsters

Teamsters

Holland

Southern Region Area Overthe-Road Motor Freight 

Supplemental Agreement

International 

Brotherhood of 

Teamsters

Teamsters

Holland

Upstate Michigan Garage 

Addendum to NMFA and 

Central States Area Local 

Cartage Supplemental 

Agreement

Teamster Union 

406 Teamsters

New Penn Mechanics Areawide 

Agreement

Teamsters Local 

Union No. 677 Teamsters

New Penn

Appendix Covering the 

Classifications of Mechanics 

and Garage Employees

Local Union 707 Teamsters

New Penn

Appendix to New Jersey / 

New York Area General 

Trucking Supplement 

Agreement

Merchandise 

Drivers Local No. 

641

Teamsters

New Penn

Highway and Local Motor 

Freight Drivers Dockmen 

and Helpers Local Union 

707 Clerical Appendix

Local Union 707 Teamsters

New Penn

Addendum between New 

Penn and Teamsters Local 

Union No. 355

Teamsters Local 

Union 355 Teamsters

New Penn

Mechanics Agreement 

between New Penn and 

Teamsters Local Union No. 

251

Local Union 251 Teamsters

New Penn

National Master Freight 

Agreement and Central 

Pennsylvania Supplemental 

Agreement

Central 

Pennsylvania and 

Local Cartage 

Unions 229, 401, 

429, 764, 777, 773 

and 776

Teamsters

New Penn PPA Pension Proposal 

Outline

ILA Local Union 

1730 Longshoremen

New Penn

General Freight Agreement 

Between Inland Terminal 

Workers 1730 and New 

Penn Motor Express LLC

ILA Local Union 

1730 Longshoremen
24

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

New Penn

New York State Freight 

Division Supplemental 

Agreement Covering Over 

the Road and Cartage

Locals 

118,118A,182, 

264, 264A, 294, 

317, 375, 449, 529, 

687, 693

Teamsters

New Penn

Philadelphia, Pennsylvania 

and Vicinity Supplemental 

Agreement covering Local 

Cartage and Over the Road

Highway Truck 

Drivers and 

Helpers Local No. 

107, 676, 

Teamsters Locals 

No. 312, 326, 331, 

470, Truck Drivers 

Chauffeurs Helpers 

Local 384, Food 

Drivers, Helpers 

and Warehouse 

Employees Local 

No. 500

Teamsters

New Penn

Joint Council No. 40 Freight 

Council Supplemental 

Agreement

Teamsters Local 

Unions 30, 110, 

249 261, 397, 491, 

538, 585

Teamsters

New Penn

Central Pennsylvania 

Mechanics and Office 

Employees Agreement

Teamsters Local 

Unions 229, 401, 

429, 764, 771, 773, 

776

Teamsters

New Penn

Addendum to the Central 

Pennsylvania Mechanics and 

Office Employees 

Agreement

Teamsters Local 

Unions 776 Teamsters

New Penn National Master Freight 

Agreement

International 

Brotherhood of 

Teamsters

Teamsters

Reddaway USF Reddaway Western 

Contract

Teamsters Local 

Unions Nos. 63, 

70, 104, 492

Teamsters

Reddaway

Master Agreements, 

Supplement Agreements, 

and Letters of 

Understanding

Teamsters Local 

Unions 162, 206, 

324, 962, 37, 174

Teamsters

Reddaway

Master Agreement 

Supplemental Agreements 

and Memos of 

Understanding

Teamsters Local 

Unions 63, 70, 

104, 492

Teamsters
25

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Reddaway

USF Reddaway 

Negotiations Tentative 

Agreement on Economic 

Terms

International 

Brotherhood of 

Teamsters

Teamsters

Reddaway

Rider to the USF Reddaway 

Western Contract Regarding 

Freight Handler Employee 

Classification

Teamsters Local 

Unions 63, 70, 

104, 492

Teamsters

YRC Freight National Master Freight 

Agreement

International 

Brotherhood of 

Teamsters

Teamsters

YRC Freight

Upstate Michigan Garage 

Addendum to NMFA and 

Central States Area Local 

Cartage Supplemental 

Agreement

Teamster Union 

406 Teamsters

YRC Freight

Tentative Agreement St. 

Louis Addendum to the 

Multi-States Area 

Agreement International 

Association of Machinists 

and Aerospace Workers, 

YRC Freight.

International 

Association of 

Machinists and 

Aerospace 

Workers

Machinists and 

Aerospace Workers

YRC Freight Office Agreement Teamsters Local 

Union No. 251 Teamsters

YRC Freight

Agreement between YRC 

Freight and General Drivers 

and Helpers, Local Union 

No. 823

Local Union No. 

823 Teamsters

YRC Freight

Agreement between YRC 

Inc. and General Drivers and 

Helpers, Local Union No. 

696

Local Union No. 

696 Teamsters

YRC Freight

Carolina Freight Council 

City Cartage Supplemental 

Agreement

All terminals in 

North and South 

Carolina

Teamsters

YRC Freight

West Virginia Freight 

Council of the Eastern 

Region of Teamsters 

Supplemental Agreement

Teamsters Local 

Union 175 Teamsters
26

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Freight

Office Employees 

Agreement Appendix to 

New Jersey-New York Area 

General Trucking 

Supplemental Agreement

Teamsters Local 

Union 641 Teamsters

YRC Freight

Virginia Freight Council 

Over-the-Road 

Supplemental Agreement

International 

Brotherhood of 

Teamsters

Teamsters

YRC Freight

Virginia Freight Council 

City Pickup and Delivery 

Over-the-Road 

Supplemental Agreement

Teamsters Local 

Unions 29, 171, 

592, 822

Teamsters

YRC Freight

Teamsters State of Michigan 

Office Workers 

Supplemental Agreement to 

the National Master Freight 

Agreement

Teamsters State of 

Michigan Teamsters

YRC Freight

Southern Region Office 

Clerical Employees 

Supplemental Agreement

International 

Brotherhood of 

Teamsters

Teamsters

YRC Freight

Addendum to the National 

Master Freight Agreement 

and the Central States Area 

Local Cartage Supplemental 

Agreement

Teamsters Local 

Union 554 Teamsters

YRC Freight

Southern Region Local 

Freight Forwarding Garage 

Supplemental Agreement

International 

Brotherhood of 

Teamsters

Teamsters

YRC Freight

Mechanics Agreement 

Appendix to New JerseyNew York Area General 

Trucking Supplemental 

Agreement

Teamsters Local 

Union 641 Teamsters

YRC Freight

New Jersey-New York 

General Trucking 

Supplemental Agreement 

and Local 701

Teamsters Local 

Union 701 Teamsters

YRC Freight

New Jersey-New York 

Over-the-Road 

Supplemental Agreement 

Covering Employers of 

Private, Common and 

Contract Carriers

Teamsters Local 

Union 701 Teamsters
27

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Freight

New Jersey-New York 

General Trucking 

Supplemental Agreement

Teamsters Local 

Union 701 Teamsters

YRC Freight

Maintenance Employees 

(Porters) Agreement 

Appendix to New JerseyNew York Area General 

Trucking Supplemental 

Agreement

Teamsters Local 

Union 560 Teamsters

YRC Freight

International Association of 

Machinists and Aerospace 

Workers, IAM and AW

IAM District 9 Machinists and 

Aerospace Workers

YRC Freight

International Association of 

Machinists and Aerospace 

Workers, IAM and AW 

(Kansas City Addendum)

IAM Local Lodge 

778

Machinists and 

Aerospace Workers

YRC Freight

International Association of 

Machinists and Aerospace 

Workers, IAM and AW 

(Twin Cities Addendum)

IAM District 77 Machinists and 

Aerospace Workers

YRC Freight St. Louis Addendum to the 

Multi-States Agreement IAM District 9 Machinists and Aerospace Workers

YRC Freight

Agreement Between YRC 

Freight and Transportation 

Communications 

International Union

Machinists Local 

Union 998, 1908 Machinists

YRC Freight

Appendix to the Western 

States Trucking 

Maintenance Agreement for 

the designated Southern 

California Area District 947 

and affiliated Lodges

District 947 and 

Affiliated Lodges Machinists

YRC Freight

New York State Freight 

Division Supplemental 

Agreement Covering Over 

the Road and Cartage

Locals 

118,118A,182, 

264, 264A, 294, 

317, 375, 449, 529, 

687, 693

Teamsters

YRC Freight Western States Area 

Supplemental Agreements

The Western 

Master Freight 

Division and Local 

Union

Teamsters
28

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Freight

New Jersey - New York 

General Trucking 

Supplemental Agreement 

and Local 701

Local 701 Teamsters

YRC Freight

Local 710 Dock Agreement 

Covering Custodial 

Employees

Teamsters Local 

710 Teamsters

YRC Freight

Cincinnati Office Agreement 

between Local Union No. 

100 and YRC Freight

Local Union No. 

100 Teamsters

YRC Freight

Southern Region Area Overthe-Road Motor Freight 

Supplemental Agreement

International 

Brotherhood of 

Teamsters

Teamsters

YRC Reimer

Agreement Between Reimer 

Express Lines, Ltd. and 

General Teamsters Local 

Union 979

Teamsters Local 

Union 979 Teamsters

YRC Reimer

Agreement between Reimer 

Express Line Employees 

Association and Reimer 

Express Lines Ltd

Reimer Express 

Line Employees 

Association

Teamsters

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Ltd and General 

Teamsters Local Union No. 

979

General Teamsters 

Local Union 

No.979 - Winnipeg 

Terminal

Teamsters

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Ltd and General 

Teamsters Local Union No. 

362

General Teamsters 

Local Union 

No.362 -

Edmonton 

Terminal

Teamsters

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Ltd and Teamsters 

Local Union No. 879 

(Woodstock) and Teamsters, 

Chauffeurs, Warehousemen 

and Helps of America Local 

880 and Teamsters Local 

Union 938

Teamsters Union 

Local 880 and 879 Teamsters

YRC Reimer

Memorandum of Agreement 

between Reimer Express 

Lines Ltd and Teamsters 

Quebec Local 106

Teamsters Quebec 

Local 106 Teamsters
29

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Limited (Clerical) and 

Teamsters, Chauffeurs, 

Warehousemen and Helpers

Local Union No. 879 and 

Teamsters Canada

Teamsters, 

Chauffeurs, 

Warehousemen 

and Helpers

Local Union No. 

879 and Teamsters 

Canada

Teamsters

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Ltd Drivers and 

National Automobile, 

Aerospace, Transportation 

and General Workers Union 

of Canada (CAW-Canada) 

Local 4209

National 

Automobile, 

Aerospace, 

Transportation and 

General Workers 

Union of Canada 

(CAW - Canada) 

Local 4209

National 

Automobile, 

Aerospace, 

Transportation and 

General Workers 

Union of Canada

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Ltd. Owner Operators 

and National Automobile, 

AeroSpace Transportation 

and General Workers Union 

of Canada (CAW-Canada) 

Local 4209

National 

Automobile, 

AeroSpace 

Transportation and 

General Workers 

Union of Canada 

(CAW-Canada) 

Local 4209

National 

Automobile, 

Aerospace, 

Transportation and 

General Workers 

Union of Canada

YRC Reimer

Agreement between Reimer 

Express Lines Ltd. 

Maintenance Facility 

Winnipeg and General 

Teamsters Local Union No. 

979

General Teamsters 

Local Union No. 

979

Teamsters

YRC Reimer

Collective Labour 

Agreement between 

Transport Drivers, 

Warehousemen and General 

Workers, Teamsters Quebec 

Section Locale 106 (FTQ) 

and Reimer Express Lines 

Ltd.

Transport Drivers, 

Warehousemen 

and General 

Workers, 

Teamsters Quebec 

Section Locale 106 

(FTQ)

Teamsters

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Limited Ltd and 

Canada Council of 

Teamsters represented by 

Teamsters Local Unions 879 

and 880

Teamsters Local 

Unions 879 and 

880

Teamsters
30

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Ltd. and the Teamsters 

Local Unions No's 91, 879, 

938 and the Teamsters, 

Chauffeurs, Warehousemen 

and Helpers Local Union 

No, 880

Teamsters Local 

Unions No's 91, 

879, 938 and the 

Teamsters, 

Chauffeurs, 

Warehousemen 

and Helpers Local 

Union No. 880

Teamsters

YRC Reimer

Agreement Between Reimer 

Express Lines Ltd 

Employees Association and 

Reimer Express Lines Ltd.

Reimer Express 

Lines Ltd. 

Employees 

Association

Silent

YRC Reimer

Collective Agreement 

between Reimer Express 

Lines Ltd. And Teamsters, 

Chauffeurs, Warehousemen 

and Helpers Local Union 

No. 879

Teamsters Local 

Union No. 879 Teamsters

YRC Reimer

Collective Agreement 

Between Reimer Express 

Lines Ltd. of British 

Columbia, Inc. and 

Teamsters Local Union No. 

31

Teamsters Local 

Union 31 Teamsters

YRC Inc.

Office Agreement Between 

YRC Inc. - Office, Dayton, 

OH and Teamsters Local 

Union 957

Teamsters Local 

Union 957 Teamsters

YRC Inc.

Central Region Local 

Cartage Supplement to the 

National Master Freight 

Agreement between 

Teamsters Union Local 795, 

Wichita, Kansas

Teamsters Union 

Local 795 Teamsters

YRC Inc.

Agreement between 

Mechanic's Local 701 IAM 

& AW and Central States 

Motor Carrier's Association 

(CSMCA) and Trucking 

Management Inc: For: YRC 

Inc; YRC Holland, Inc

Mechanic's Local 

701 IAM & AW 

and Central States 

Motor Carrier's 

Association

Machinists and 

Aerospace Workers
31

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Inc.

Addendum to the National 

Master Freight Agreement 

and the Carolina Automotive 

Maintenance Agreement

Teamsters Local 

Union 509 Teamsters

YRC Inc.

Addendum to the National 

Master Freight Agreement 

and Carolina Supplemental 

Agreement Covering Janitor 

Employs Domiciled at YRC 

Inc. Charlotte, North 

Carolina

Teamsters Local 

Union 71 Teamsters

YRC Inc.

Philadelphia, Pennsylvania 

and Vicinity Supplemental 

Agreement covering Local 

Cartage and Over the Road

Highway Truck 

Drivers and 

Helpers Local No. 

107, 676, 

Teamsters Locals 

No. 312, 326, 331, 

470, Truck Drivers 

Chauffeurs Helpers 

Local 384, Food 

Drivers, Helpers 

and Warehouse 

Employees Local 

No. 500

Teamsters

YRC Inc.

Joint Area Cartage 

Agreement Covering Local 

Cartage Employees of Road 

Carriers with Local 301

Local Union No. 

179, 330 Teamsters

YRC Inc.

Central Region Local 

Cartage Supplemental 

Agreement

Central Region of 

Teamsters Teamsters

YRC Inc.

Central Region Over-theRoad Supplemental 

Agreement

Central Region of 

Teamsters Teamsters

YRC Inc.

Supplement to the Central 

Region Local Cartage 

Supplemental Agreement to 

the National Master Freight 

Agreement covering 

Milwaukee and Waukesha 

Areas

Local Union No. 

200 Teamsters
32

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Inc. New England Supplemental 

Agreement

Local Unions No. 

25, 59, 170, 191, 

251, 404, 443, 493, 

653, 671, 677

Teamsters

YRC Inc.

Joint Council No. 7 Bay 

Area Local Pickup and 

Delivery Supplemental 

Agreement

Locals 70, 287, 

315, 624, 890, 912, 

2785

Teamsters

YRC Inc.

Carolina Freight Council 

Automotive Maintenance 

Supplemental Agreement

International 

Brotherhood of 

Teamsters

Teamsters

YRC Inc.

Northern New England 

General Freight 

Supplemental Agreement to 

the National Master Freight 

Agreement

International 

Brotherhood of 

Teamsters

Teamsters

YRC Inc. Mechanics Agreement Teamsters Local 

Union 560 Teamsters

YRC Inc. Multi-Employer Kansas City 

City Office Contract

Teamsters Local 

Union 41 Teamsters

YRC Inc. Norfolk Office Agreement Teamsters Local 

Union 822 Teamsters

YRC Inc.

Milwaukee Area Office and 

Clerical Employees 

Supplement to the Central 

Region Local Cartage 

Supplemental Agreement to 

the National Master Freight 

Agreement

Teamsters Local 

Union 200 Teamsters

YRC Inc.

Office Employee's Rider to 

the New York State 

Supplemental Freight 

Agreement

Teamsters Local 

Union 294 Teamsters

YRC Inc.

710 Custodial Addendum to 

Cover Maintenance 

Employees

Teamsters Local 

Union 710 Teamsters

YRC Inc. Labor Contract and Working 

Agreement

Teamsters Local 

Union 710 Teamsters

YRC Inc.

Addendum to the National 

Master Freight Agreement

Between YRC Inc. - Office 

Personnel and Teamsters 

Local Union 120

Teamsters Local 

Union 120 Teamsters
33

#93394300v8

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Inc. Indiana Uniform Office 

Clerical Agreement

Teamsters Local 

Unions 135, 215, 

364, 414

Teamsters

YRC Inc. Indiana Maintenance 

Agreement

Teamsters Local 

Union 135 Teamsters

YRC Inc. Sacramento Janitor Teamsters Local 

Union 150 Teamsters

YRC Inc. Mason City Office Contract Teamsters Local 

Union 238 Teamsters

YRC Inc. Albuquerque Shop Teamsters Local 

Union 492 Teamsters

YRC Inc. Albuquerque Janitor Teamsters Local 

Union 492 Teamsters

YRC Inc. Denver Shop Teamsters Local 

Union 455 Teamsters

YRC Inc. Denver Janitor Teamsters Local 

Union 455Fyel Teamsters

YRC Inc. Charlotte Clerical Teamsters Local 

Union 71 Teamsters

YRC Inc. Albany Office Clerical Teamsters Local 

294 Teamsters

YRC Inc. Scranton Office Clerical Teamsters Local 

401 Teamsters

YRC Inc. Scranton Garage Mechanics Teamsters Local 

401 Teamsters

YRC Inc. Union City Mechanics Teamsters Local 

560 Teamsters

YRC Inc. Union City Janitorial Teamsters Local 

560 Teamsters
#93394300v8

Schedule 6.13(a) Post-Closing Obligations

1. Within the later of (i) 180 days of the Initial Funding Date and (ii) so long as the Loan Parties 

are diligently pursuing completion of the remaining obligations set forth in this Schedule 

6.13(a), 240 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, deliver Control Agreements required under Section 3.04(d) 

of the Security Agreement in form reasonably satisfactory to the Required Lenders.

2. Within the later of (i) 180 days of the Initial Funding Date and (ii) so long as the Loan Parties 

are diligently pursuing completion of the remaining obligations set forth in this Schedule 

6.13(a), 240 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, evidence reasonably satisfactory to the Administrative 

Agent of the fulfillment by the custodial administrator of its obligations under the Custodial 

Administration Agreement.

3. Within the later of (i) 180 days of the Initial Funding Date and (ii) so long as the Loan Parties 

are diligently pursuing completion of the remaining obligations set forth in this Schedule 

6.13(a), 240 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, deliver evidence reasonably satisfactory to the 

Administrative Agent and the Required Lenders that the Borrower has purchased the insurance 

required under Section 6.07(d) of the UST Tranche A Credit Agreement.

4. Within the later of (i) 180 days of the Initial Funding Date and (ii) so long as the Loan Parties 

are diligently pursuing completion of the remaining obligations set forth in this Schedule 

6.13(a), 240 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, provide such Mortgages and/or Mortgage Amendments 

and satisfy as such other requirements as set forth in the definition of “Collateral and Guarantee 

Requirement” in the UST Tranche A Credit Agreement as required with respect to Material 

Real Property.

5. The Loan Parties shall take all necessary actions to satisfy the items described below within 

the time periods described below (or, in each case, such longer periods as the Required Lenders 

may agree in their reasonable discretion):

With respect to each of 1105481 Ontario, Inc., USF Holland International Sales Corporation, 

YRC Logistics Inc. and YRC Freight Canada Company, within the later of (x) 180 days of the 

Initial Funding Date and (y) so long as the Loan Parties are diligently pursuing completion of 

the remaining obligations set forth in this Schedule 6.13(a), 240 days of the Initial Funding 

Date (or such longer period as the Required Lenders may agree in their reasonable discretion):

(a) deliver a Canadian law security agreement over substantially all of its assets, or 

otherwise provide for a lien over substantially all assets of such entity; 

(b) such perfection actions as are necessary under Canadian law to perfect the security 

interests contemplated by clause (i)(a); and
35

#93394300v8

(c) other resolutions, legal opinions, documents, instruments and other actions as may 

be necessary to effectuate the intent of the parties over the Collateral located in 

Canada to create a first priority perfected security interest therein in accordance 

with the terms of the UST Tranche A Credit Agreement and the applicable 

collateral document.

6. With respect to Reimer Holdings B.V., within the later of (x) 180 days of the Initial 

Funding Date and (y) so long as the Loan Parties are diligently pursuing completion of the 

remaining obligations set forth in this Schedule 6.13(a), 240 days of the Initial Funding Date

(or such longer period as the Required Lenders may agree in their reasonable discretion):

(a) deliver a Dutch law security agreement over substantially all of its assets, or 

otherwise provide for a lien over substantially all assets of such entity;

(b) such perfection actions as are necessary under the Laws of the Netherlands to create 

a perfected security interest in accordance with the terms of the UST Tranche A 

Credit Agreement; 

(c) a Canadian law share pledge agreement as shareholder or direct holding company 

of YRC Freight Canada Company relating to the pledge over its Equity Interests, 

together with any certificates or instruments representing or evidencing Equity 

Interests of YRC Freight Canada Company, or otherwise provide for a pledge of 

such Equity Interests.

7. Within 60 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, use the Loan Parties’ commercially reasonable efforts to 

deliver (i) insurance certificates with respect to insurance required under Section 6.07(a) of the 

UST Tranche A Credit Agreement and (ii) endorsements with respect to such insurance in 

accordance with Section 6.07(b) of the UST Tranche A Credit Agreement and in form and 

substance reasonably satisfactory to the Administrative Agent. 
#93394300v8

Schedule 7.01(b) Existing Liens

 Incorporated by reference are all capitalized lease obligations provided in Schedule 7.03(b).

New Penn Motor Express LLC

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 6882185

11/07/16

New Penn Motor 

Express LLC

Citizens Asset Finance, 

Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 7962739

12/22/16

New Penn Motor 

Express LLC

Somerset Capital 

Group, Ltd.; and

Wintrust Equipment 

Finance, a Division of 

Wintrust Asset Finance 

Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 0531431

01/24/17

New Penn Motor 

Express LLC

BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 0914686

02/09/17

New Penn Motor 

Express LLC

Crossroads Equipment 

Lease & Finance, LLC

Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2012091300672

09/11/12

New Penn Motor 

Express, Inc.

Utica Leaseco LLC as 

Collateral Agent

Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2014050509960

05/05/14

New Penn Motor 

Express, Inc.

ComSource, Inc. Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2014090205128

09/02/14

New Penn Motor 

Express, Inc.

Phillips Facilities 

Management Group, 

Inc. dba Phillips 

Capital

Specified Equipment
37

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2014122205242

12/22/14

New Penn Motor 

Express, Inc.

Harbor Capital Leasing, 

Inc.; 

Beverly Bank & Trust 

Company N.A.;

Somerset Capital 

Group, Ltd.;

Wintrust Equipment 

Finance, a division of 

WinTrust Asset 

Finance, Inc.

Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2015011603218

01/09/15

New Penn Motor 

Express LLC

Var Resources, Inc. Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2015011608131

01/16/15

New Penn Motor 

Express, Inc.

Vendor Services Center Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2015032604621

03/26/15

New Penn Motor 

Express, Inc.

Beverly Bank & Trust 

Company N.A.

Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2015102200330

10/16/15

New Penn Motor 

Express, Inc.

Nations Fund I, LLC Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2015110401342

11/02/15

New Penn Motor 

Express, Inc.

Nations Fund I, LLC Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2016012200329

01/15/16

New Penn Motor 

Express, Inc.

Nations Fund I, LLC Specified Equipment

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2016072500052

07/22/16

New Penn Motor 

Express, Inc.

Investors Bank Specified Equipment
38

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Pennsylvania -

Secretary of 

Commonwealth

UCC-1 thru 

07/15/19

2016072900038

07/28/16

New Penn Motor 

Express, Inc.

Investors Bank Specified Equipment

Lebanon County, 

Pennsylvania

UCC-1 filed 

06/30/2017

2017-01153 New Penn Motor 

Express, Inc.

HUTSON, 

DEMARCUS

Civil Litigation – Complaint alleging $2,000,000 

damages.

Roadway, LLC

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

None

USF Glen Moore Inc.

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Pennsylvania –

Secretary of 

Commonwealth

Federal tax lien 

filed 

09/04/2013

2013-05405 USF Glen Moore 

Inc.

Department of the 

Treasury - Internal 

Revenue Service

Total: $118,328.01
39

#93394300v8

USF Holland LLC

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 5059132

08/19/16

USF Holland LLC CIT Bank, N.A. Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 7962721

12/22/16

USF Holland LLC Harbor Capital Leasing, 

Inc.;

CIT Finance LLC;

Somerset Capital 

Group, Ltd.;

NewStar Equipment 

Finance I, LLC

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 0083466

01/04/17

USF Holland LLC BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 0207370

01/10/17

USF Holland LLC Growthfunding 

Equipment Finance, a 

Division of People’s 

Intermountain Bank

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 0524659

01/24/17

USF Holland LLC BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 0697349

01/31/17

USF Holland LLC Growthfunding 

Equipment Finance, a 

Division of People’s 

Intermountain Bank

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 0948312

02/10/17

USF Holland LLC VFI KR SPE I LLC Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 1983979

03/27/17

USF Holland LLC BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 7745203

11/21/17

USF Holland LLC Toyota Industries

Commercial Finance, 

Inc.

Specified Equipment
40

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 2121107

03/28/18

YRC Enterprise 

Services, Inc.; and

USF Holland LLC

BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 6785923

10/01/18

YRC Enterprise 

Services, Inc.; and

USF Holland LLC

BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 7222462

10/18/18

USF Holland LLC Toyota Industries 

Commercial Finance, 

Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2019 0051982

01/03/19

USF Holland LLC Radius Bank Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2012129194-0

09/11/12

YRC, Inc.

*originally filed 

under USF Holland 

LLC then 

amendment filed to 

change name to 

YRC, Inc.

Utica Leaseco, LLC Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2013072622-3

05/20/13

USF Holland Inc. 

d/b/a Holland

Stoughton Trailers 

Acceptance Company, 

LLC

Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2013147568-7

10/14/13

USF Holland Inc. 

d/b/a Holland

Stoughton Trailers 

Acceptance Company, 

LLC

Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2014114549-0

08/05/14

USF Holland Inc. 

d/b/a Holland

Stoughton Trailers 

Acceptance Company, 

LLC

Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2014119503-9

08/14/14

USF Holland Inc. VFI KR SFE I LLC Specified Equipment
41

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2014131785-1

09/10/14

USF Holland Inc. 

d/b/a Holland

Stoughton Trailers 

Acceptance Company, 

LLC

Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2014148016-1

10/14/14

USF Holland Inc. Harbor Capital Leasing, 

Inc.;

NewStar Commercial 

Lease Funding I, LLC;

NewStar Equipment 

Finance I, LLC; and

Somerset Capital 

Group, Ltd

Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2014161493-8

11/11/14

USF Holland Inc. CIT Bank, N.A. Specified Equipment

Michigan 

Department of

State

UCC-1 thru 

06/28/19

2016102457-5

07/22/16

USF Holland Inc. Investors Bank Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

2016105932-6

07/29/16

USF Holland Inc. Investors Bank Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20161123000114

-4

11/23/16

USF Holland LLC Xerox Financial 

Services

Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20170213000657

-8

02/13/17

USF Holland LLC Xerox Financial 

Services

Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20180102000772

-0

01/02/18

USF Holland, Inc. Nations Fund I, LLC Specified Equipment
42

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20180102000779

-3

01/02/18

USF Holland, Inc. Nations Fund I, LLC Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20180131000792

-6

01/31/18

USF Holland, LLC Nations Fund I, LLC Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20180131000798

-0

01/31/18

USF Holland, LLC Nations Fund I, LLC Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20180228000794

-9

02/28/18

USF Holland, LLC Nations Fund I, LLC Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20180228000835

-5

02/28/18

USF Holland, LLC Nations Fund I, LLC Specified Equipment

Michigan 

Department of 

State

UCC-1 thru 

06/28/19

20180320000339

-3

03/19/18

USF Holland LLC 

dba Holland

Credit Suisse AG 

Cayman Island Branch; 

and

RBS Citizens Capital as 

CA

Equipment (2007 CAPACITY TJ5000 YARD 

TRACTOR)

USF Reddaway Inc.

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

8433679

01/04/10

USF Reddaway Inc. Fluid Connector 

Products, Inc.

Specified Equipment
43

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

89759879

06/18/13

USF Reddaway Inc. 

d/b/a Reddaway

Stoughton Trailers 

Acceptance Company, 

LLC

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

89890102

11/19/13

USF Reddaway Inc. 

d/b/a Reddaway

Stoughton Trailers 

Acceptance Company, 

LLC

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

90322835

12/23/14

USF Reddaway Inc. Harbor Capital Leasing, 

Inc.;

NewStar Commercial 

Lease Funding I, LLC;

Wintrust Equipment 

Finance, a division of 

Wintrust Asset Finance 

Inc.;

Somerset Capital 

Group, Ltd

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

90902020

07/21/16

USF Reddaway Inc. Investors Bank Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

90908739

07/28/16

USF Reddaway Inc. Investors Bank Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

90939058

08/24/16

USF Reddaway Inc. Wells Fargo Financial 

Leasing, Inc.

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

90976340

10/04/16

USF Reddaway Inc. Wells Fargo Financial 

Leasing, Inc.

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91034267

12/08/16

USF Reddaway Inc. Crossroads Equipment 

Lease & Finance, LLC

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91034301

12/08/16

USF Reddaway Inc. Crossroads Equipment 

Lease & Finance, LLC

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91044836

12/21/16

USF Reddaway Inc. Crossroads Equipment 

Lease & Finance, LLC

Specified Equipment
44

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91076390

01/24/17

USF Reddaway, Inc. Bofl Federal Bank Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91081128

01/31/17

USF Reddaway Inc. GrowthFunding 

Equipment Finance, a 

Division of People’s 

Intermountain Bank

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91173538

05/01/17

USF Reddaway Inc. CCA Financial, LLC Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91255920

07/12/17

USF Reddaway Inc. Wells Fargo Financial 

Leasing, Inc.

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91390373

11/30/17

USF Reddaway Inc. Pacific Western Bank Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91400010

12/12/17

USF Reddaway Inc. GrowthFunding 

Equipment Finance, a 

Division of People’s 

Intermountain Bank; 

and

Continental Bank

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91433144

01/16/18

USF Reddaway Inc. GrowthFunding 

Equipment Finance, a 

Division of People’s 

Intermountain Bank; 

and

First Utah Bank

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91475380

03/02/18

USF Reddaway Inc. Wintrust Commercial 

Finance, a division of 

Wintrust Asset Finance 

Inc.

Specified Equipment

Oregon Secretary 

of State

UCC-1 thru 

07/22/19

91488529

03/16/18

USF Reddaway Inc. Les Schwab Warehouse 

Center, Inc.

Specified Equipment
45

#93394300v8

YRC Regional Transportation, Inc.

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

None

YRC Inc.

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2012 1537473

04/20/12

YRC, Inc. Milestone Equipment 

Corporation

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2012 2075648

05/30/12

YRC, Inc. Milestone Equipment 

Corporation

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2012 2922427

07/30/12

YRC, Inc. Nations Fund I, Inc. Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2012 3001106

08/03/12

YRC, Inc. Milestone Equipment 

Corporation

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2012 3667005

09/13/12

YRC, Inc. PMC Financial 

Services Group, LLC

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2012 3592468

09/18/12

YRC, Inc. Utica Leaseco LLC as 

Collateral Agent

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2014 3154226

08/07/14

YRC, Inc. Susquehanna 

Commercial Finance, 

Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2015 1570091

04/13/15

YRC Inc. Newstar Equipment 

Finance I, LLC

Specified Equipment
46

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2015 2071438

05/14/15

YRC Inc. Newstar Commercial 

Lease Funding I, LLC

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2015 3935433

09/08/15

YRC Inc. Harbor Capital Leasing, 

Inc.; and

Somerset Capital 

Group, Ltd.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2015 5388763

11/16/15

YRC Inc. HYG Financial 

Services, Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 2652426

05/04/16

YRC Inc. People’s Capital and 

Leasing Corp

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 2652483

05/04/16

YRC Inc. People’s Capital and 

Leasing Corp

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 2817326

05/11/16

YRC Inc. People’s Capital and 

Leasing Corp

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 3244926

05/31/16

YRC Inc.; and

YRC Freight

Crossroads Equipment 

Lease & Finance, LLC

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 4414387

07/21/16

YRC Inc. Investors Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 4576094

07/28/16

YRC Inc. Investors Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 5357205

09/01/16

YRC Inc. Investors Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 1042164

02/15/17

YRC Inc. LaSalle Solutions, a 

Division of MB 

Equipment Finance, 

LLC; 

Delaware Place Bank;

Devon Bank; and 

MB Financial Bank, 

N.A.

Specified Equipment
47

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 6385162

09/25/17

YRC Inc. Growthfunding 

Equipment Finance, a 

Division of People’s 

Intermountain Bank

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 6640228

10/05/17

YRC Inc. HYG Financial 

Services, Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 7589874

11/15/17

YRC Inc. Growthfunding 

Equipment Finance, a 

Division of People’s 

Intermountain Bank; 

and

First Utah Bank

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 8228233

12/12/17

YRC Inc. Growthfunding 

Equipment Finance, a 

Division of People’s 

Intermountain Bank; 

and

Continental Bank

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 1525639

03/06/18

YRC Inc. Pacific Western Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 1531652

03/06/18

YRC Inc. BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 1753843

03/14/18

YRC Inc. Wintrust Commercial 

Finance, a Division of 

Wintrust Asset Finance 

Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 1793005

03/15/18

YRC Inc. BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 1809082

03/15/18

YRC Inc. Toyota Industries 

Commercial Finance, 

Inc.

Specified Equipment
48

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 1809439

03/15/18

YRC Inc. Toyota Industries 

Commercial Finance, 

Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 2253314

04/03/18

YRC Inc. Wintrust Commercial 

Finance, a Division of 

Wintrust Asset Finance 

Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 2253322

04/03/18

YRC Inc. Wintrust Commercial 

Finance, a Division of 

Wintrust Asset Finance 

Inc.

Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

6896716

04/23/12

YRC, Inc. Milestone Equipment 

Corporation

Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

6909402

06/01/12

YRC, Inc. Milestone Equipment 

Corporation

Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

6924781

07/31/12

YRC, Inc. Nations Fund I, Inc. Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

6926026

08/06/12

YRC, Inc. Milestone Equipment 

Corporation

Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

6933816

09/07/12

YRC Inc. PMC Financial 

Services Group, LLC

Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

6936462

09/19/12

YRC Inc. Utica Leaseco LLC as 

Collateral Agent

Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

6999189

05/28/13

YRC Inc. d/b/a YRC 

Freight

Stoughton Trailers 

Acceptance Company, 

LLC

Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

7185432

10/14/15

YRC Inc. Nations Fund I, LLC Specified Equipment
49

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

7189319

11/02/15

YRC Inc. Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

7202211

01/15/16

YRC Inc. Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72631802

12/12/17

YRC Inc. Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72702223

03/14/18

YRC Inc. Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72702249

03/14/18

YRC Inc. Nations Fund I, LLC Specified Equipment

YRC Enterprise Services, Inc.

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2010 3749383

10/26/10

YRC Enterprise 

Services, Inc.

MB Financial Bank, 

N.A.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2015 0730928

02/20/15

YRC Enterprise 

Services, Inc.

DBD Trailer Leasing I 

LLC c/o Fortress Credit 

Advisors LLC

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2015 0731041

02/20/15

YRC Enterprise 

Services, Inc.

Milestone Trailer 

Leasing, LLC

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2015 3717823

08/25/15

YRC Enterprise 

Services, Inc.

North American 

Communications 

Resource, Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 8494637

12/22/17

YRC Enterprise 

Services, Inc.

IBM Credit LLC Specified Equipment
50

#93394300v8

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 2121107

03/28/18

YRC Enterprise 

Services, Inc.; and

USF Holland LLC

BOFI Federal Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2018 6785923

10/01/18

YRC Enterprise 

Services, Inc.; and

USF Holland LLC

BOFI Federal Bank Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72041705

09/09/15

YRC Enterprise 

Services, Inc.

Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72051472

09/22/15

YRC Enterprise 

Services, Inc.

Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72059715

10/02/15

YRC Enterprise 

Services, Inc.

Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72068633

10/15/15

YRC Enterprise 

Services, Inc.

Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72078376

10/30/15

YRC Enterprise 

Services, Inc.

Nations Fund I, LLC Specified Equipment

Kansas Secretary 

of State

UCC-1 thru 

07/16/19

72085629

11/10/15

YRC Enterprise 

Services, Inc.

Nations Fund I, LLC Specified Equipment

YRC Logistics Services, Inc.

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

None
51

#93394300v8

YRC Worldwide Inc.

JURISDICTION FILING 

TYPE/

SEARCHED 

THRU

FILE 

NUMBER/ 

FILE DATE

DEBTOR SECURED PARTY COLLATERAL DESCRIPTION

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 2882361

05/13/16

YRC Worldwide Inc. Huntington Technology 

Finance, Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 3715107

06/21/16

YRC Worldwide Inc. CCA Financial, LLC Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 3720743

06/21/16

YRC Worldwide Inc. CCA Financial, LLC Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2016 6933608

11/09/16

YRC Worldwide Inc. Wells Fargo Bank Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2017 0701893

01/31/17

YRC Worldwide Inc. Toyota Industries 

Commercial Finance, 

Inc.

Specified Equipment

Delaware 

Secretary of State

UCC-1 thru 

07/17/19

2019 2074073

03/26/19

YRC Worldwide Inc. Toyota Material 

Handling, U.S.A., Inc.

Specified Equipment

Kansas District –

U.S. District Court

UCC-1 filed 

02/25/10

2:10-cv-02106-

JWL-DJW

YRC Worldwide Inc. YRC Worldwide, Inc. Civil Litigation – Complaint alleges amount in 

excess of $45,000,000 at issue.

Kansas District –

U.S. District Court

UCC-1 filed 

03/08/19

2:19-cv-02129-

KHV-KGG

YRC Worldwide Inc. Southern Furniture 

Leasing, Inc.

Civil Litigation

Kansas District –

U.S. District Court

UCC-1 filed 

05/29/19

2:19-cv-02266-

DDC-KGG

YRC Worldwide Inc. Dalton Hastey Civil Litigation
#93394300v8

Schedule 7.02(e) Existing Investments

 Included by reference are all Intercompany Notes listed on Schedule 7.03(b).
#93394300v8

Schedule 7.03(b) Existing Indebtedness

 Included by reference are all liens listed on Schedule 7.01(b).

Additional Outstanding Notes

Maker Payee Principal Amount

Each Loan Party Each Loan Party N/A1

YRC Inc. Roadway LLC $ 500,000,000.002

YRC Inc. YRC Worldwide Inc. $ 200,000,000.003

New Penn Motor Express Inc. Roadway LLC $ 150,000,000.004

YRC Logistics Asia Limited YRC Worldwide Inc. $ 10,203,693.275

YRC Logistics Asia Limited YRC Worldwide Inc. $1,563,062.026

 

1 That certain Intercompany Note, dated as of the Initial Funding Date, by and between each Loan Party signatory thereto, each as a note party, for the unpaid 

principal amount of all loans and advances or other credit extensions made by any holder to such issuer thereunder.

2 That certain Second Amended and Restated Promissory Note, dated as of December 10, 2013, by YRC Inc., as borrower, in favor of Roadway LLC, as 

lender, in the principal amount of $500,000,000.00.

3 That certain Second Amended and Restated Promissory Note, dated as of January 1, 2014, by YRC Inc., as borrower, in favor of YRC Worldwide Inc., as 

lender, in the principal amount of $200,000,000.00.

4 That certain Second Amended and Restated Promissory Note, dated as of December 10, 2013, by New Penn Motor Express, Inc., as borrower, in favor of 

Roadway LLC, as lender, in the l principal amount of $150,000,000.00.

5 That certain Intercompany Note, dated as of December 18, 2012, by YRC Logistics Asia Limited, as payor, in favor of YRC Worldwide Inc., as payee, in 

the principal amount of $10,203,693.27.

6 That certain Intercompany Note, dated as of September 28, 2017, by YRC Logistics Asia Limited, as issuer, in favor of YRC Worldwide Inc., as holder, in 

the original principal amount of $1,563,062.02.
54

#93394300v8

Maker Payee Principal Amount

YRC Freight Canada Company (f/k/a Reimer 

Express Lines Ltd.)

YRC Logistics Inc. $3,674,434.39 CAD7

YRC Worldwide Inc. YRC Freight Canada 

Company (f/k/a Reimer 

Express Lines Ltd.)

$31,000,000.008

YRC Inc. YRC Freight Canada 

Company (f/k/a Reimer 

Express Lines Ltd.)

$5,870,361.00 CAD9

YRC Transportation, S.A. de C.V. Transcontinental Lease, S. 

de R.L. de C.V.

$1,047,718.92 Mexican 

Pesos

YRC Inc. Transcontinental Lease, S. 

de R.L. de C.V.

$548,476.13 

YRC Inc. Transcontinental Lease, S. 

de R.L. de C.V.

$3,000,000 

YRC Transportation, S.A. de C.V. Transcontinental Lease, S. 

de R.L. de C.V.

$4,277,885.26 Mexican 

Pesos

 

7 That certain Promissory Note, dated as of August 13, 2010, by Reimer Express Lines, Ltd., as payor, in favor of YRC Logistics, Inc., as payee, in the 

original principal amount of $1,625,356 CAD.

8 That certain Amended and Restated Intercompany Note, dated as of November 1, 2013, by YRC Worldwide Inc., as payor, in favor of Reimer Express Lines 

Ltd., as payee, in the original principal amount of $19,000,000.

9 That certain Intercompany Note, dated as of December 1, 2013, by YRC Inc., as payor, in favor of Reimer Express Lines Ltd., as payee, in the original 

principal amount of $5,870,361.00 CAD.
55

#93394300v8

Capitalized Lease Obligations

Grantor / Lessee Lessor Operating 

Company Location/Description

Balance as of 

6/30/20

($USD)

YRC Worldwide Inc. NATMI LPF Bloomington, LP YRC NAT #1 Bloomington - Terminal C4 14,837,208.84

YRC Worldwide Inc. 1313 Grand Street Realty, LLC YRC NAT #1 Brooklyn - Terminal C4 6,442,132.99

YRC Worldwide Inc. RealTerm NAT Property Holdings, LLC YRC NAT #1 Chula Vista - Terminal C4 2,113,474.77

YRC Worldwide Inc. Westfield-Freight, LLLP YRC NAT #1 Denver - Terminal C4 4,232,911.45

YRC Worldwide Inc. Prologis USLV NewCA 3, LLC URD NAT #1 Fontana - Terminal C4 9,170,921.45

YRC Worldwide Inc. Prologis Targeted U.S. Logistics Fund, LP YRC NAT #1 Gardena - Terminal C4 1,272,719.44

YRC Worldwide Inc. Highland Investments, LLLP URD NAT #1 Henderson - Terminal C4 3,424,222.68

YRC Worldwide Inc. Realterm Nat Property Holdings, LLC YRC NAT #1 Manassas - Terminal C4 867,320.05

YRC Worldwide Inc. Orange Batavia I LLC URD NAT #1 Orange - Terminal C4 7,492,790.51

YRC Worldwide Inc. GPT Santa Fe Springs Owner LP YRC NAT #1 Orlando - Terminal C4 510,028.74

YRC Worldwide Inc. Bel Air T.T., LLC YRC NAT #1 San Diego - Terminal C4 814,063.04

YRC Worldwide Inc. M4 Terminals, LLC YRC NAT #1 San Jose - Terminal C4 554,090.10 

YRC Worldwide Inc. M4 Terminals, LLC URD NAT #1 Santa Clara - Terminal C4 3,559,856.14

YRC Worldwide Inc. Prologis USLV NewCA 3, LLC YRC NAT #1 Seattle - Terminal C4 3,646,656.02

YRC Worldwide Inc. Realterm NAT Property Holdings, LLC URD NAT #1 Sparks - Terminal C4 1,199,423.00

YRC Worldwide Inc. Realterm NAT Property Holdings, LLC NPM NAT #2 Billerica - Terminal C4 2,303,058.36

YRC Worldwide Inc. Terreno Dell LLC YRC NAT #2 Carlstadt - Terminal C4 2,237,299.82

YRC Worldwide Inc. GIJV IL7 LLC YRC NAT #3 - Houston - Terminal C4 3,213,781.22

YRC Worldwide Inc. Finlayson Logistics Assets LLC YRC NAT #3 Phoenix - Terminal C4 3,392,752.11

YRC Worldwide Inc. Madrona Cutter, LLC and Gulsons Cutter, 

LLC YRC NAT #3 Portland - Terminal C4 7,430,815.52

YRC Worldwide Inc. DCT Regentview Avenue LLC URD NAT #4 - Downey CA v2 - Terminal C4 6,089,686.36

YRC Worldwide Inc. DCT Eckhoff Street LLC YRC NAT #4 - Orange CA v2 - Terminal C4 1,637,174.10

YRC Worldwide Inc. DCT Peoria Street LLC YRC NAT #4 - Sun Valley CA - Terminal C4 1,472,238.70

YRC Worldwide Inc. GPT Santa Fe Springs Owner LP YRC NAT #5 - Deer Park NY - Terminal C4 2,434,290.09

YRC Worldwide Inc. Terreno Clawiter LLC YRC NAT #5 - Hayward/Oakland CA - Terminal 

C4 1,755,648.12

YRC Worldwide Inc. Prologis Targeted US Logistics Fund, LP YRC NAT #5 - Tacoma WA - Terminal C4 2,899,127.48

YRC Worldwide Inc. Estes Express Lines YRC Estes - Charlotte, NC - Terminal C4 4,291,900.04

YRC Worldwide Inc. Estes Express Lines UHL Estes - Coon Rapids - Terminal C4 4,741,567.21
56

#93394300v8

Grantor / Lessee Lessor Operating 

Company Location/Description

Balance as of 

6/30/20

($USD)

YRC Worldwide Inc. Estes Express Lines URD Estes - Eugene, OR - Terminal C4 1,323,143.77

YRC Worldwide Inc. Estes Terminals LLC UHL Estes - Joilet - Terminal C4 7,512,370.76

YRC Worldwide Inc. Estes Express Lines YRC Estes - Kearny, NJ - Terminal C4 6,788,785.69

YRC Worldwide Inc. Estes Express Lines UHL Estes - Milwaukee - Terminal C4 4,715,499.10

YRC Worldwide Inc. Estes Express Lines YRC Estes - Morrisville, NC - Terminal C4 2,210,913.77

YRC Worldwide Inc. Estes Express Lines URD Estes - Redmond, OR - Terminal C4 559,059.39

YRC Worldwide Inc. Estes Terminals LLC UHL Estes - Rockford - Terminal C4 3,797,444.60

YRC Worldwide Inc. Estes Express Lines, Inc. UHL Estes - South Bend - Terminal C4 4,829,380.83

YRC Worldwide Inc. Estes Terminals LLC YRC Estes - Sparks, NV - Terminal C4 5,160,361.45

YRC Worldwide Inc. Estes Express Lines URD Estes - Tacoma, WA - Terminal C4 5,485,663.54

YRC Worldwide Inc. Estes Express Lines URD Estes - Three Forks, MT - Terminal C4 322,827.42

YRC Worldwide Inc. Estes Express Lines UHL Estes - Tomah Monroe County - Terminal C4 1,166,481.85

YRC Worldwide Inc. Estes Express Lines YRC Estes - Wichita, KS - Terminal C4 1,217,292.52

YRC Worldwide Inc. EXOL Properties, LLC YRC EXOL - Boise ID - Terminal C4 1,209,902.17

YRC Worldwide Inc. EXOL Properties, LLC URD EXOL - Meridian ID - Terminal C4 1,301,048.40

YRC Worldwide Inc. Freight Line Properties, LLC YRC Freight Line - Salt Lake City, UT - Terminal 

C4 2,699,897.16

YRC Worldwide Inc. Kestrel Crossdock, LLC URD Kestrel Crossdock - Missoula, MT - Terminal 

C4 1,381,246.36

YRC Worldwide Inc. Mad Acquisitions, LLC YRC Other - Roanoke, VA - Terminal C4 671,220.88

YRC Worldwide Inc. RLR Investments, LLC UHL RLR - Appleton WI - Terminal C4 3,677,654.26

YRC Worldwide Inc. RLR Investments, LLC YRC RLR - Atlanta GA - Terminal C4 2,754,551.44

YRC Worldwide Inc. R.L. Roberts LLC YRC RLR - Chicago West IL - Terminal C4 2,243,548.24

YRC Worldwide Inc. RLF Booth SPE, LLC YRC RLR - Kansas City, MO - Terminal C4 2,968,825.17

YRC Worldwide Inc. R. L. Roberts, LLC NPM RLR - Scranton PA - Terminal C4 231,565.61

YRC Worldwide Inc. RLR Investments, LLC URD TAC - Spokane WA (URD) - Terminal C4 1,475,129.80

YRC Worldwide Inc. Thunderbolt Management Group Inc. YRC Thunderbolt Colorado Springs CO - Terminal 

C4 396,410.71

YRC Worldwide Inc. Dauntless ULC YRCFCC Other - Mississauga/Toronto Canada -

Terminal C4 8,203,638.18

YRC Worldwide Inc. Price Property and Investments LLC and 

Glen EG, LLC YRC Tower and 5200 Building - Terminal C4 12,626,727.82
57

#93394300v8

Grantor / Lessee Lessor Operating 

Company Location/Description

Balance as of 

6/30/20

($USD)

YRC Worldwide Inc. GIJV IL7 LLC NPM SE - Elkridge/Baltimore MD - Terminal C4 5,270,776.11

YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - Lubbock TX - Terminal C4 982,275.01

YRC Worldwide Inc. A. Duie Pyle, Inc. NPM SE - Maspeth - Terminal C4 11,751,181.89

YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - Odessa TX - Terminal C4 578,575.39

YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - McAllen, TX - Terminal C4 1,534,068.17

YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - Miami, FL - Terminal C4 12,454,562.60

YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - Tulsa - Terminal C4 1,422,331.70

YRC Worldwide Inc. A. Duie Pyle, Inc. YRC SE - Westbrook (Portland, ME) - Terminal C4 765,768.31

YRC Worldwide Inc. A. Duie Pyle, Inc. YRC SE - Williston - Terminal C4 906,568.09

YRC Worldwide Inc. 700 Waverly, LLC UHL 700 S Waverly Rd., Holland, MI – Corporate 

Office 3,352,792.28

USF Reddaway Inc. Wells Fargo Financial Leasing, Inc. URD Copiers at Terminals and Corporate Office 57,444.82

YRC Inc. LaSalle Solutions, a Division of Fifth Third 

Bank, NA YRC Panasonic Handheld ELD Devices 688,063.33
#93394300v8

Schedule 7.05(l)(i) Dispositions of Real Property

Property Name Terminal Number Estimated Close Date

Trenton, NJ N024 09/30/20
59

#93394300v8

Schedule 7.05(l)(ii) Dispositions of Pension Real Property

Location Street Address City State Zip Code Operating

Company

Flagstaff, AZ 1814 N Main

Street Flagstaff AZ 86004 YRC Inc.

Grand Junction, CO 3207 "F" Road Clifton CO 81520 YRC Inc.

Parkersburg, WV 300 Drag Strip

Road Belpre OH 45714 YRC Inc.

Wichita Falls, TX 4020 Reilly

Road Wichita Falls TX 76305 YRC Inc.
60

#93394300v8

Schedule 7.08 Transactions with Affiliates

Included by reference are all transactions with affiliates provided for in the 10-K filed on 

March 11, 2020 under the section titled “Related Party Transactions”, without giving effect to 

any amendments thereof after March 11, 2020. 
#93394300v8

Schedule 7.09 Certain Contractual Obligations

Included by reference are the contractual obligations expressly specified in the 10-Q filed on 

May 11, 2020 and the 10-K filed on March 11, 2020 by YRC Worldwide Inc., in each case, as in 

effect on the Restatement Effective Date.
EXECUTION VERSION

UST TRANCHE B TERM LOAN CREDIT AGREEMENT

dated as of

July 7, 2020

among

YRC WORLDWIDE INC.,

THE OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME

THE LENDERS PARTY HERETO

and

THE BANK OF NEW YORK MELLON

as Administrative Agent and Collateral Agent

______________________________________________________
i

TABLE OF CONTENTS

PAGE

ARTICLE 1

DEFINITIONS

Section 1.01. Defined Terms............................................................................................................1

Section 1.02. Other Interpretive Provisions ..................................................................................57

Section 1.03. Certifications............................................................................................................59

Section 1.04. Accounting Terms.....................................................................................................59

Section 1.05. Rounding ..................................................................................................................59

Section 1.06. References to Agreements, Laws, Etc ......................................................................59

Section 1.07. Times of Day ............................................................................................................59

Section 1.08. Timing of Payment or Performance.........................................................................59

Section 1.09. Cumulative Credit Transactions..............................................................................60

Section 1.10. Pro Forma Calculations ..........................................................................................60

Section 1.11. Certain Accounting Matters.....................................................................................61

Section 1.12. Classification of Loans and Borrowings..................................................................61

Section 1.13. Currency Equivalents Generally..............................................................................61

ARTICLE 2

THE CREDITS

Section 2.01. UST Tranche B Term Loan Commitments...............................................................62

Section 2.02. Loans........................................................................................................................62

Section 2.03. Borrowing and Disbursement Procedure ................................................................63

Section 2.04. Evidence of Debt; Repayment of Loans...................................................................64

Section 2.05. Fees..........................................................................................................................64

Section 2.06. Interest on Loans......................................................................................................65

Section 2.07. Default Interest.........................................................................................................65

Section 2.08. [Reserved]................................................................................................................65

Section 2.09. Termination and Reduction of Commitments...........................................................65

Section 2.10. Conversion and Continuation of Borrowings..........................................................66

Section 2.11. Repayment of Term Borrowings...............................................................................67

Section 2.12. Voluntary Prepayment .............................................................................................68

Section 2.13. Mandatory Prepayments..........................................................................................68

Section 2.14. Pro Rata Treatment..................................................................................................71

Section 2.15. Sharing of Setoffs .....................................................................................................72

Section 2.16. Payments..................................................................................................................72

Section 2.17. [Reserved]................................................................................................................73

Section 2.18. Refinancing Amendments.........................................................................................73

Section 2.19. Extensions of Term Loans........................................................................................74

ARTICLE 3

TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

Section 3.01. Taxes ........................................................................................................................76

Section 3.02. Illegality ...................................................................................................................80

Section 3.03. Increased Cost and Reduced Return; Capital Adequacy; Reserves on 

Eurodollar Loans...................................................................................................81
ii

Section 3.04. Funding Losses.........................................................................................................82

Section 3.05. Matters Applicable to all Requests for Compensation.............................................82

Section 3.06. Replacement of Lenders under Certain Circumstances...........................................84

Section 3.07. Survival ....................................................................................................................85

ARTICLE 4

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

Section 4.01. Effective Date ...........................................................................................................85

Section 4.02. Initial Funding Date.................................................................................................86

Section 4.03. Conditions to each Funding Date after the Initial Funding Date and each 

Disbursement made on or after the Initial Funding Date......................................89

ARTICLE 5

REPRESENTATIONS AND WARRANTIES

Section 5.01. Existence, Qualification and Power; Compliance with Laws..................................90

Section 5.02. Authorization; No Contravention.............................................................................90

Section 5.03. Governmental Authorization; Other Consents.........................................................91

Section 5.04. Binding Effect...........................................................................................................91

Section 5.05. Financial Statements; No Material Adverse Effect..................................................91

Section 5.06. Compliance With Laws ............................................................................................92

Section 5.07. Ownership of Property; Liens..................................................................................92

Section 5.08. Environmental Matters.............................................................................................93

Section 5.09. Taxes ........................................................................................................................93

Section 5.10. ERISA Compliance...................................................................................................94

Section 5.11. Subsidiaries..............................................................................................................94

Section 5.12. Margin Regulations; Investment Company Act .......................................................94

Section 5.13. Disclosure ................................................................................................................94

Section 5.14. Labor Matters...........................................................................................................95

Section 5.15. Insurance..................................................................................................................95

Section 5.16. Solvency....................................................................................................................95

Section 5.17. No Other Borrowed Money Indebtedness................................................................96

Section 5.18. Collateral Documents ..............................................................................................96

Section 5.19. Compliance with Anti-Terrorism and Corruption Laws..........................................98

Section 5.20. Real Property Permits..............................................................................................98

Section 5.21. Treasury Equity........................................................................................................98

Section 5.22. No Transaction Benefits...........................................................................................99

Section 5.23. Statutory Conflicts....................................................................................................99

ARTICLE 6

AFFIRMATIVE COVENANTS

Section 6.01. Financial Statements, Reports, Etc ..........................................................................99

Section 6.02. Certificates; Other Information .............................................................................101

Section 6.03. Notices....................................................................................................................104

Section 6.04. Payment of Taxes ...................................................................................................105

Section 6.05. Preservation of Existence, Etc ...............................................................................105

Section 6.06. Maintenance of Properties.....................................................................................105
iii

Section 6.07. Maintenance of Insurance......................................................................................105

Section 6.08. Compliance with Laws...........................................................................................106

Section 6.09. Books and Records.................................................................................................107

Section 6.10. Inspection Rights....................................................................................................107

Section 6.11. Additional Collateral; Additional Guarantors ......................................................107

Section 6.12. Compliance with Environmental Laws ..................................................................109

Section 6.13. Further Assurances and Post-Closing Conditions.................................................109

Section 6.14. [Reserved]..............................................................................................................109

Section 6.15. Maintenance of Ratings..........................................................................................110

Section 6.16. Use of Proceeds......................................................................................................110

Section 6.17. Compliance with Regulations ................................................................................110

Section 6.18. Equity Issuance ......................................................................................................110

Section 6.19. Treasury Access .....................................................................................................110

Section 6.20. Reconciliation Top-Up...........................................................................................110

ARTICLE 7

NEGATIVE COVENANTS

Section 7.01. Liens.......................................................................................................................111

Section 7.02. Investments.............................................................................................................115

Section 7.03. Indebtedness...........................................................................................................119

Section 7.04. Fundamental Changes ...........................................................................................122

Section 7.05. Dispositions............................................................................................................124

Section 7.06. Restricted Payments...............................................................................................127

Section 7.07. Change in Nature of Business; Organization Documents .....................................129

Section 7.08. Transactions with Affiliates....................................................................................129

Section 7.09. Burdensome Agreements........................................................................................129

Section 7.10. Financial Covenant................................................................................................131

Section 7.11. Minimum Liquidity .................................................................................................131

Section 7.12. Fiscal Year.............................................................................................................131

Section 7.13. Prepayments, Etc. of Indebtedness.........................................................................131

ARTICLE 8

EVENTS OF DEFAULT AND REMEDIES

Section 8.01. Events of Default....................................................................................................132

Section 8.02. Remedies Upon Event of Default ...........................................................................136

Section 8.03. Exclusion of Immaterial Subsidiaries ....................................................................136

Section 8.04. Application of Funds..............................................................................................136

ARTICLE 9

THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

ARTICLE 10

MISCELLANEOUS

Section 10.01. Notices; Electronic Communications...................................................................142

Section 10.02. Survival of Agreement..........................................................................................145

Section 10.03. Binding Effect.......................................................................................................146

Section 10.04. Successors and Assigns........................................................................................146
iv

Section 10.05. Expenses; Indemnity.............................................................................................150

Section 10.06. Right of Setoff.......................................................................................................153

Section 10.07. Applicable Law.....................................................................................................154

Section 10.08. Waivers; Amendment ...........................................................................................154

Section 10.09. Interest Rate Limitation........................................................................................156

Section 10.10. Entire Agreement .................................................................................................157

Section 10.11. WAIVER OF JURY TRIAL...................................................................................157

Section 10.12. Severability...........................................................................................................157

Section 10.13. Counterparts; Electronic Signatures ...................................................................157

Section 10.14. Headings ..............................................................................................................158

Section 10.15. Jurisdiction; Consent to Service of Process.........................................................158

Section 10.16. Confidentiality......................................................................................................158

Section 10.17. Lender Action.......................................................................................................159

Section 10.18. USA PATRIOT Act Notice....................................................................................159

Section 10.19. Collateral And Guaranty Matters........................................................................159

Section 10.20. Limitation on Liability..........................................................................................160

Section 10.21. Payments Set Aside ..............................................................................................161

Section 10.22. No Advisory or Fiduciary Responsibility.............................................................161

Section 10.23. Intercreditor Agreements.....................................................................................162

Section 10.24. Alternative Interest Rates.....................................................................................163

Section 10.25. Investment Purpose ..............................................................................................165

ARTICLE 11

GUARANTEE

Section 11.01. The Guarantee......................................................................................................165

Section 11.02. Obligations Unconditional...................................................................................165

Section 11.03. Certain Waivers ...................................................................................................166

Section 11.04. Reinstatement .......................................................................................................167

Section 11.05. Subrogation; Subordination.................................................................................167

Section 11.06. Remedies ..............................................................................................................167

Section 11.07. Instrument for the Payment of Money..................................................................167

Section 11.08. Continuing Guarantee..........................................................................................168

Section 11.09. General Limitation on Guarantee Obligations....................................................168

Section 11.10. Release of Guarantors..........................................................................................168

Section 11.11. Right of Contribution ...........................................................................................169

Section 11.12. Additional Guarantor Waivers and Agreements..................................................169

Section 11.13. Parallel Debt........................................................................................................170

ARTICLE 12

CARES ACT REQUIREMENTS

Section 12.01. CARES Act Compliance .......................................................................................170

Section 12.02. Dividends and Buybacks......................................................................................170

Section 12.03. Maintenance of Employment Levels.....................................................................171

Section 12.04. United States Business .........................................................................................171

Section 12.05. Limitations on Certain Compensation .................................................................171

Section 12.06. Additional Defined Terms....................................................................................172
v

SCHEDULES

1.01(a) Excluded Real Property

1.01(b) Guarantors

1.01(c) Mortgaged Properties

1.01(d) Pension Fund Entities

2.01 Lenders and Commitments

4.02(b) Local Counsel Opinions

5.10(b) Multiemployer Plans

5.11 Subsidiaries and Other Equity Interests

5.14 Labor Matters

6.13(a) Post Closing Schedule

7.01(b) Existing Liens

7.02(e) Existing Investments

7.03(b) Existing Indebtedness

7.05(l)(i) Dispositions of Real Property

7.05(l)(ii) Dispositions of Pension Real Property

7.08 Transactions with Affiliates

7.09 Certain Contractual Obligations

EXHIBITS

Exhibit A Form of Administrative Questionnaire

Exhibit B Form of Assignment and Acceptance

Exhibit C Form of Request for Credit Extension

Exhibit D Form of Request for Disbursement

Exhibit E Form of Intercompany Note

Exhibit F Form of Compliance Certificate

Exhibit G-1 Form of United States Tax Compliance Certificate 

(For Non-U.S. Lenders that are not Partnerships)

Exhibit G-2 Form of United States Tax Compliance Certificate

(For Non-U.S. Lenders that are Partnerships)

Exhibit G-3 Form of United States Tax Compliance Certificate

(For Non-U.S. Participants that are not Partnerships)

Exhibit G-4 Form of United States Tax Compliance Certificate

(For Non-U.S. Participants that are Partnerships)

Exhibit H Form of Solvency Certificate

Exhibit I [Reserved]

Exhibit J Form of Term Note

ANNEXES

Annex A Voting Trust Agreement

Annex B Registration Rights Agreement
#93405401v29

UST TRANCHE B TERM LOAN CREDIT AGREEMENT, dated as of July 7, 2020 (this 

“Agreement”), among YRC WORLDWIDE INC., a Delaware corporation (the “Borrower”), the 

Guarantors party hereto from time to time, the Lenders (such term and each other capitalized term 

used but not defined in this introductory statement having the meaning given it in Article 1), and 

THE BANK OF NEW YORK MELLON, as administrative agent (in such capacity, including any 

permitted successor or assign thereto, the “Administrative Agent”) and as collateral agent (in 

such capacity, including any permitted successor or assign thereto, the “Collateral Agent”) for 

the Lenders.

WHEREAS, the Borrower has requested that the Lenders extend credit as is permissible 

under the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 (Mar. 27, 2020), 

as the same may be amended from time to time (the “CARES Act”) to the Borrower, and the 

Lenders are willing to do so on the terms and conditions set forth herein.

WHEREAS, pursuant to Section 4003(h)(1) of the CARES Act, for purposes of the Code, 

the Loans shall be treated for U.S. federal income tax purposes as indebtedness and as having been 

issued for their stated principal amount, and the interest payable pursuant to Section 2.06 shall be 

treated as qualified stated interest for U.S. federal income tax purposes.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of 

which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:

ARTICLE 1

DEFINITIONS

Section 1.01. Defined Terms. As used in this Agreement, the following terms shall have 

the meanings specified below:

“ABL Agent” shall mean, as the context may require, Citizens Business Capital (a division 

of Citizens Asset Finance, Inc., a subsidiary of Citizens, N.A.), in its capacity as administrative 

agent under the ABL Facility Documentation, Citizens Business Capital (a division of Citizens 

Asset Finance, Inc., a subsidiary of Citizens, N.A.), in its capacity as collateral agent under the 

ABL Facility Documentation, such agents collectively or any permitted successor or assignee 

administrative agent or collateral agent under the ABL Facility Documentation.

“ABL Credit Agreement” shall mean that certain asset-based revolving credit agreement 

dated as of February 13, 2014, among the Borrower, YRC Inc., a Delaware corporation, USF 

Reddaway Inc., an Oregon corporation, USF Holland LLC, a Delaware limited liability company 

(as successor to USF Holland, Inc., a Michigan corporation) and New Penn Motor Express, LLC, 

a Delaware limited liability company (as successor to New Penn Motor Express, Inc., a 

Pennsylvania corporation), the other subsidiaries of the Borrower party thereto, the lenders party 

thereto and the ABL Agent, as amended by that certain Amendment No. 1, dated September 23, 

2015, Amendment No. 2, dated June 28, 2016, Amendment No. 3 and Limited Consent, dated 

January 30, 2018, Amendment No. 4, dated February 12, 2019, Amendment No. 5, dated 

September 11, 2019 and Amendment No. 6, dated July 7, 2020, and as the same may be further 

amended, restated, modified, supplemented, extended, renewed, restructured, refunded, replaced 
2

or refinanced from time to time in one or more agreements (in each case with the same or new 

lenders, institutional investors or agents and resulting in a financing that constitutes (or that would 

constitute if incurred as a new financing) a Permitted Refinancing of the ABL Facility 

Indebtedness), including any agreement extending the maturity thereof or otherwise restructuring 

all or any portion of the Indebtedness thereunder or increasing the amount loaned or issued 

thereunder or altering the maturity thereof), in each case as and to the extent permitted by this 

Agreement and, if applicable, the ABL Intercreditor Agreement; provided that any such 

amendment, restatement, modification supplement, extension, renewal, restructuring, refunding, 

replacement or refinancing shall be permitted hereunder only if not less than a majority of its 

aggregate commitments are provided by lenders who are third party commercial banks or other 

financial institutions that customarily provide asset based lending credit facilities and other 

financial institutions consented to by the Administrative Agent (such consent not to be 

unreasonably withheld or delayed).

“ABL Facility” shall mean the asset-based revolving credit facility made available to the 

Borrower and certain of its Subsidiaries pursuant to the ABL Credit Agreement.

“ABL Facility Documentation” shall mean the ABL Credit Agreement and all security 

agreements, guarantees, pledge agreements and other agreements or instruments executed in 

connection therewith and including all “Loan Documents” (as defined in the ABL Credit 

Agreement) or similar term.

“ABL Facility Indebtedness” shall mean Indebtedness of the Borrower or any Restricted 

Subsidiary outstanding under the ABL Facility Documentation, including Bank Product Debt (as 

defined in the ABL Credit Agreement).

“ABL Intercreditor Agreement” shall mean the Amended and Restated ABL 

Intercreditor Agreement dated as of July 7, 2020 among the Administrative Agent and/or 

Collateral Agent, the ABL Agent, the Tranche B-2 Term Agent, the UST Tranche A Term Agent

and the Loan Parties, and as the same may be further amended, restated, modified, supplemented, 

extended, renewed, restructured, waived or replaced from time to time.

“ABL Priority Collateral” shall have the meaning assigned to such term in the ABL 

Intercreditor Agreement.

“ABL Secured Parties” shall have the meaning assigned to such term in the ABL 

Intercreditor Agreement.

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, 

or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to 

the Alternate Base Rate.

“Additional Lender” shall mean, with respect to any Refinancing Amendment or in 

respect of any bank, financial institution or investor not theretofor a Lender that agrees to provide 

an Other Term Loan pursuant thereto, provided that the Administrative Agent shall have consented 

(not to be unreasonably withheld, conditioned or delayed) to such bank, financial institution or 

investor as would be required under Section 10.04(b) for an assignment of Loans to such bank, 

financial institution or investor.
3

“Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any 

Interest Period, an interest rate per annum equal to the greater of (a) 1.00% per annum and (b) the 

product of (i) the LIBO Rate in effect for such Interest Period and (ii) Statutory Reserves.

“Administrative Account” means the account opened with the Administrative Agent in 

the name of the United States Department of the Treasury with account number 4314148400, or 

such other account as the Administrative Agent shall advise the Borrower and each Lender from 

time to time.

“Administrative Agent” shall have the meaning assigned to such term in the introductory 

statement to this Agreement, together with its successors and any replacement designated pursuant 

to Article 9 of this Agreement.

“Administrative Agent Fee Letter” means that certain fee letter dated on or around the 

date hereof, by and between Borrower, the Collateral Agent and the Administrative Agent, as 

amended, amended and restated, supplemented, waived, replaced or otherwise modified from time 

to time.

“Administrative Questionnaire” shall mean an Administrative Questionnaire in the form 

of Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent 

and approved by the Borrower (such approval not to be unreasonably withheld, conditioned or 

delayed).

“Affiliate” shall mean, with respect to any Person, another Person that directly, or 

indirectly through one or more intermediaries, Controls or is Controlled by or is under common 

Control with the Person specified; provided, that, with respect to the Borrower and its Subsidiaries, 

in no case shall any Governmental Authority constitute an “Affiliate”. “Control” shall mean the 

possession, directly or indirectly, of the power to direct or cause the direction of the management 

or policies of a Person, whether through the ability to exercise voting power, by contract or 

otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

“Agent Indemnitees” shall have the meaning assigned to such term in Section 10.05(b).

“Agent Responsible Officer” means, when used with respect to an Agent, any vice 

president, assistant vice president, assistant treasurer or trust officer in the corporate trust and 

agency administration of the Agent or any other officer of the Agent customarily performing 

functions similar to those performed by any of the above-designated officers, and, in each case,

who shall have direct responsibility for the administration of this Agreement and also means, 

with respect to a particular agency matter, any other officer to whom such matter is referred 

because of his or her knowledge of and familiarity with the particular subject.

“Agents” shall have the meaning assigned to such term in Article 9.

“Agreement” shall have the meaning assigned to such term in the introductory statement 

to this Agreement.

“Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greatest of 

(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day 
4

plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if 

such day is not a Business Day, the immediately preceding Business Day) plus 1.00%; provided

that (i) for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate 

published on the Bloomberg “LIBOR01” screen page (or any successor or replacement screen on 

such service) on such day at approximately 11 a.m. (London time) for deposits in Dollars and (ii) 

in no event shall the Alternate Base Rate be less than 2.00% per annum. If the Administrative 

Agent shall have determined (which determination shall be conclusive absent manifest error) that 

it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or 

failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of 

the definition thereof, the Alternate Base Rate shall be determined without regard to clause (b) of 

the preceding sentence until the circumstances giving rise to such inability no longer exist. Any 

change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective 

Rate or the Adjusted LIBO Rate shall be effective on the effective date of such change in the Prime 

Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may be.

“Alternative Interest Rate Election Event” shall have the meaning assigned to such term 

in Section 10.24.

“Applicable Margin” shall mean, with respect to any Loan, a percentage per annum equal 

to (a) 3.50% per annum for Eurodollar Term Loans and (b) 2.50% per annum for ABR Term 

Loans.

“Approved CapEx Plan” shall have the meaning assigned to such term in Section 6.02(l).

“Assignment and Acceptance” shall mean an assignment and acceptance entered into by 

a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in the form of 

Exhibit B or such other form as shall be approved by the Administrative Agent and the Borrower 

(such approval of the Borrower shall not be unreasonably withheld, conditioned or delayed).

“Attorney Costs” shall mean and shall include all reasonable and documented fees, 

expenses and disbursements of any law firm or other external legal counsel.

“Attributable Indebtedness” shall mean, on any date, in respect of any Capitalized Lease 

of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person 

prepared as of such date in accordance with GAAP.

“Audited Financial Statements” shall mean the audited consolidated balance sheets of 

the Borrower and its consolidated subsidiaries for the fiscal years ending December 31, 2019 and 

December 31, 2018 and the related consolidated statements of operations, changes in shareholders’ 

equity and cash flows of the Borrower and its consolidated subsidiaries.

“Availability Period” means the period following the execution and delivery of this 

Agreement by the parties hereto until the Maturity Date.

“Available Tenor” means, as of any date of determination and with respect to the thencurrent Benchmark, as applicable, any tenor for such Benchmark or payment period for interest 

calculated with reference to such Benchmark, as applicable, that is or may be used for determining 

the length of an Interest Period pursuant to this Agreement as of such date and not including, for 
5

the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of 

“Interest Period” pursuant to Section 10.24(f).

“Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition 

Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date 

have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” 

means the applicable Benchmark Replacement to the extent that such Benchmark Replacement 

has replaced such prior benchmark rate pursuant to Section 10.24(c).

“Benchmark Replacement” means, for any Available Tenor, the first alternative set 

forth in the order below that can be determined by the Required Lenders for the applicable 

Benchmark Replacement Date:

(1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement

Adjustment;

(2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark

Replacement Adjustment;

(3) the sum of: (a) the alternate benchmark rate that has been selected by the 

Required Lenders and the Borrower as the replacement for the then-current 

Benchmark for the applicable Corresponding Tenor giving due consideration to 

(i) any selection or recommendation of a replacement benchmark rate or the 

mechanism for determining such a rate by the Relevant Governmental Body or 

(ii) any evolving or then-prevailing market convention for determining a 

benchmark rate as a replacement for the then-current Benchmark for U.S. 

dollar-denominated syndicated credit facilities at such time and (b) the related 

Benchmark Replacement Adjustment;

provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is 

displayed on a screen or other information service that publishes such rate from time to time 

as selected by the Required Lenders in their reasonable discretion and is available to the 

Administrative Agent. If the Benchmark Replacement as determined pursuant to clause (1), 

(2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed 

to be the Floor for the purposes of this Agreement and the other Loan Documents.

“Benchmark Replacement Adjustment” means, with respect to any replacement of 

the then- current Benchmark with an Unadjusted Benchmark Replacement for any applicable 

Interest Period and Available Tenor for any setting of such Unadjusted Benchmark 

Replacement:

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark 

Replacement,” the first alternative set forth in the order below that can be 

determined by the Required Lenders:

(a) the spread adjustment, or method for calculating or determining such 

spread adjustment, (which may be a positive or negative value or zero) 

as of the Reference Time such Benchmark Replacement is first set for 

such Interest Period that has been selected or recommended by the 
6

Relevant Governmental Body for the replacement of such Benchmark 

with the applicable Unadjusted Benchmark Replacement for the 

applicable Corresponding Tenor;

(b) the spread adjustment (which may be a positive or negative value or zero) 

as of the Reference Time such Benchmark Replacement is first set for 

such Interest Period that would apply to the fallback rate for a derivative 

transaction referencing the ISDA Definitions to be effective upon an index

cessation event with respect to such Benchmark for the applicable 

Corresponding Tenor; and

(2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the 

spread adjustment, or method for calculating or determining such spread 

adjustment, (which may be a positiveor negative value or zero) that has been 

selected by the Required Lenders and the Borrower for the applicable 

Corresponding Tenor giving due consideration to (i) any selection or 

recommendation of a spread adjustment, or method for calculating or determining 

such spread adjustment, for the replacement of such Benchmark with the

applicable Unadjusted Benchmark Replacement by the Relevant Governmental 

Body on the applicable Benchmark Replacement Date or (ii) any evolving or thenprevailing market convention for determining a spread adjustment, or method for 

calculating or determining such spread adjustment, for the replacement of such 

Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. 

dollar- denominated syndicated credit facilities;

provided that, in the case of clause (1) above, such adjustment is displayed on a screen 

or other information service that publishes such Benchmark Replacement Adjustment 

from time to time as selected by the Required Lenders in their reasonable discretion and 

is available to the Administrative Agent.

“Benchmark Replacement Conforming Changes” means, with respect to any 

Benchmark Replacement, any technical, administrative or operational changes (including 

changes to the definition of “ABR,” the definition of “Business Day,” the definition of “Interest 

Period,” timing and frequency of determining rates and making payments of interest, timing of 

borrowing requests or prepayment, conversion or continuation notices, length of lookback 

periods, the applicability of breakage provisions, and other technical, administrative or 

operational matters) that the Required Lenders decide may be appropriate to reflect the adoption 

and implementation of such Benchmark Replacement and to permit the administration thereof 

by the Administrative Agent in a manner substantially consistent with market practice (or, if the 

Required Lenders decide (or are notified by the Administrative Agent) that adoption of any 

portion of such market practice is not administratively feasible or if the Required Lenders 

determine that no market practice for the administration of such Benchmark Replacement exists, 

in such other manner of administration as the Required Lenders decide is reasonably necessary 

in connection with the administration of this Agreement and the other Loan Documents).

“Benchmark Replacement Date” means the earliest to occur of the following events 

with respect to the then-current Benchmark, as determined by the Required Lenders and 

notified to the Administrative Agent and the Borrower:
7

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the

later of (a) the date of the public statement or publication of information referenced 

therein and (b) the date on which the administrator of such Benchmark (or the 

published component used in the calculation thereof) permanently or indefinitely 

ceases to provide all Available Tenors of such Benchmark (or such component

thereof);

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of 

the public statement or publication of information referenced therein; or

(3) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date 

notice of such Early Opt-in Election is provided to the Lenders by the Administrative 

Agent (acting at the direction of the Required Lenders).

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date 

occurs on the same day as, but earlier than, the Reference Time in respect of any determination, 

the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time 

for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have 

occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of 

the applicable event or events set forth therein with respect to all then-current Available Tenors 

of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Transition Event” means the occurrence of one or more of the 

following events with respect to the then-current Benchmark, as determined by the 

Required Lenders and notified to the Administrative Agent and the Borrower:

(1) a public statement or publication of information by or on behalf of the administrator 

of such Benchmark (or the published component used in the calculation thereof) 

announcing that such administrator has ceased or will cease to provide all Available 

Tenors of such Benchmark (or such component thereof), permanently or 

indefinitely, provided that, at the time of such statement or publication, there is no 

successor administrator that will continue to provide any Available Tenor of such 

Benchmark (or such component thereof);

(2) a public statement or publication of information by the regulatory supervisor for the 

administrator of such Benchmark (or the published component used in the calculation 

thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an 

insolvency official with jurisdiction over the administrator for such Benchmark (or 

such component), a resolution authority with jurisdiction over the administrator for 

such Benchmark (or such component) or a court or an entity with similar insolvency 

or resolution authority over the administrator for such Benchmark (or such 

component), which states that the administrator of such Benchmark (or such 

component) has ceased or will cease to provide all Available Tenors of such 

Benchmark (or such component thereof) permanently or indefinitely, provided that, at 

the time of such statement or publication, there is no successor administrator that will 

continue to provide any Available Tenor of such Benchmark (or such component 

thereof); or

(3) a public statement or publication of information by the regulatory supervisor for the 
8

administrator of such Benchmark (or the published component used in the 

calculation thereof) announcing that all Available Tenors of such Benchmark (or 

such component thereof) are no longer representative.

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred 

with respect to any Benchmark if a public statement or publication of information set forth 

above has occurred with respect to each then-current Available Tenor of such Benchmark (or 

the published component used in the calculation thereof).

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time 

that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred 

if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all 

purposes hereunder and under any Loan Document in accordance with this Agreement and (y) 

ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all 

purposes hereunder and under any Loan Document in accordance with this Agreement.

“Blocked Person” shall mean any Person that is publicly identified on the most current list 

of “Specially Designated Nationals and Blocked Persons” published by the Office of Foreign 

Assets Control of the U.S. Department of the Treasury (“OFAC”).

“Board” shall mean the Board of Governors of the Federal Reserve System of the United 

States of America.

“Borrower” shall have the meaning assigned to such term in the introductory statement to 

this Agreement.

“Borrower Materials” shall have the meaning assigned to such term in Section 10.01.

“Borrowing” shall mean Loans of the same Class and Type made or continued on the same 

date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

“Business Day” shall mean any day other than a Saturday, Sunday or day on which banks 

in New York City are authorized or required by law to close; provided, however, that when used 

in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on 

which banks are not open for dealings in Dollar deposits in the London interbank market.

“Canadian Subsidiary” shall mean any Subsidiary that is organized under the Laws of 

Canada or any state or province thereof.

“Capital Expenditures” shall mean, for any period, the aggregate of (a) all amounts that 

would be reflected as additions to property, plant or equipment on a consolidated statement of cash 

flows of the Borrower and its Restricted Subsidiaries in accordance with GAAP and (b) the value 

of all assets under Capitalized Leases incurred by the Borrower and its Restricted Subsidiaries 

during such period.

“Capitalized Leases” shall mean all leases that have been or are required to be, in 

accordance with GAAP, recorded as capitalized leases; provided that, subject to Section 1.11, for 
9

all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount 

thereof accounted for as a liability in accordance with GAAP. 

“Cash Collateral Account” shall mean a blocked account at a commercial bank 

reasonably satisfactory to the Required Lenders and the Administrative Agent, in the name of the 

Borrower and under the sole dominion and control of the Administrative Agent, and otherwise 

established in a manner reasonably satisfactory to the Administrative Agent.

“Cash Equivalents” shall mean any of the following types of Investments, to the extent 

owned by the Borrower or any Restricted Subsidiary:

(a) Dollars and, to the extent consistent with past practice, Canadian Dollars;

(b) direct obligations of, or obligations the principal of and interest on which are 

unconditionally guaranteed by, the United States of America (or by any agency thereof to the 

extent such obligations are backed by the full faith and credit of the United States of America), in 

each case maturing within one year from the date of issuance thereof;

(c) investments in commercial paper maturing within 270 days from the date of 

issuance thereof and having, at such date of acquisition, rated at least A-2 or P-2 by S&P or 

Moody’s;

(d) investments in demand deposits, certificates of deposit, banker’s acceptances and 

time deposits maturing within one year from the date of acquisition thereof issued or guaranteed 

by or placed with, and money market deposit accounts issued or offered by, the Administrative 

Agent, the ABL Agent, the Tranche B-2 Term Agent, the UST Tranche A Term Agent or any 

domestic office of any commercial bank organized under the laws of the United States of America 

or any State thereof that has a combined capital and surplus and undivided profits of not less than 

$500,000,000 and that issues (or the parent of which issues) commercial paper rated at least “Prime 

1” (or the then equivalent grade) by Moody’s or “A 1” (or the then equivalent grade) by S&P;

(e) fully collateralized repurchase agreements with a term of not more than 30 days for 

securities described in clause (b) above and entered into with a financial institution satisfying the 

criteria of clause (d) above;

(f) investments in “money market funds” within the meaning of Rule 2a-7 of the 

Investment Company Act of 1940, as amended, substantially all of whose assets are invested in 

investments of the type described in clauses (a) through (e) above; and

(g) other short-term investments entered into in accordance with normal investment 

policies and practices of any Foreign Subsidiary consistent with past practices for cash 

management and constituting investments in governmental obligations and investment funds 

analogous to and having a credit risk not greater than investments of the type described in clauses 

(a) through (f) above.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in 

currencies other than set forth in clause (a) above; provided that such amounts are converted into 

currencies listed in clause (a) within ten Business Days following the receipt of such amounts.
10

“Casualty Event” shall mean any event that gives rise to the receipt by the Borrower or 

any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any 

equipment, fixed assets or Real Property (including any improvements thereon) to replace or repair 

such equipment, fixed assets or Real Property or as compensation for such condemnation event.

“CDA First Lien Obligations” shall have the meaning assigned to such term in the 

definition of “Net Proceeds”.

“Change of Control” shall mean:

(a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any 

Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the 

Securities and Exchange Commission thereunder as in effect on the date hereof), in each case other 

than the United States federal government or any other Governmental Authority on behalf thereof 

(or, in each case, any agent, trustee or other Person on behalf thereof, including, for the avoidance 

of doubt, any voting trust and the trustee thereof created to hold the Equity Interests for the benefit 

of the United States federal government or any other Governmental Authority), of Equity Interests 

representing more than 35% of the aggregate ordinary voting power represented by the issued and 

outstanding Equity Interests of the Borrower;

(b) occupation of a majority of the seats (other than vacant seats) on the board of 

directors of the Borrower by Persons who were neither (i) nominated or approved by the board of 

directors of the Borrower nor (ii) appointed by directors so nominated or approved; or

(c) a “change of control” (or similar event) shall occur under (i) the ABL Facility 

Documentation or any Permitted Refinancing thereof, (ii) the Tranche B-2 Term Loan Facility 

Documentation or any Permitted Refinancing thereof, (iii) the UST Tranche A Term Loan Facility 

Documentation or any Permitted Refinancing thereof or (iv) any other Indebtedness for borrowed 

money, with an aggregate principal amount (in the case of this clause (iv)) in excess of the 

Threshold Amount;

provided, that, notwithstanding anything in this definition to the contrary, in no event shall 

the Transactions constitute a Change of Control.

“Charges” shall have the meaning assigned to such term in Section 10.09.

“Class” when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, 

or the Loans comprising such Borrowing, are UST Tranche B Term Loans, Other Term Loans or 

Extended Term Loans, (b) any Commitment, refers to whether such Commitment is a Term Loan 

Commitment, Other Term Loan Commitment (and, in the case of an Other Term Loan 

Commitment, the Class of Term Loans to which such commitment relates), or a commitment in 

respect of Term Loans to be made pursuant to an Extension Offer and (c) any Lender, refers to 

whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or 

Commitments. Other Term Loan Commitments, Other Term Loans and Extended Term Loans 

that have different terms and conditions, and each tranche of Extended Term Loans, shall be 

construed to be in different Classes.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
11

“Collateral” shall mean all the “Collateral” as defined in any Collateral Document and 

shall also include the Mortgaged Properties.

“Collateral Agent” shall have the meaning assigned to such term in the introductory 

statement to this Agreement.

“Collateral and Guarantee Requirement” shall mean, at any time, the requirement that:

(a) on the Effective Date the Administrative Agent and the Collateral Agent shall have 

received each Collateral Document to the extent required to be delivered on the Effective Date 

pursuant to Section 4.02(d), subject to the limitations and exceptions of this Agreement, duly 

executed by each Loan Party that is a party thereto;

(b) in each case subject to the limitations and exceptions set forth in this Agreement 

and the Collateral Documents, the Obligations shall have been secured by: 

(i) a perfected third priority security interest (subject to Liens permitted by Section 

7.01) in all personal property of the Borrower and each Guarantor consisting of all 

accounts receivable, cash and Cash Equivalents, deposit accounts (other than the 

UST Tranche B Priority Accounts (as defined in the ABL Intercreditor Agreement), 

the UST Tranche B Joint Accounts (as defined in the ABL Intercreditor Agreement)

and the UST Tranche B Controlled Account) and supporting obligations and books 

and records related to the foregoing and, in each case, proceeds thereof;

(ii) a perfected third priority pledge (subject to Liens permitted by Section 7.01) of all 

Equity Interests directly held by the Borrower or any Guarantor;

(iii) with respect to each Material Real Property, (1) either (x) an amendment to the 

Existing Mortgage encumbering such Material Real Property (each, a “Mortgage 

Amendment”) amending the obligations secured thereby to include the 

Obligations or (y) a separate third priority mortgage, deed of trust or deed to secure 

debt (as applicable) (in each case, subject to Liens permitted by Section 7.01) on 

such Material Real Property pursuant to Mortgages that satisfy the requirements of 

clause (c)(i) below and (2) a perfected third priority security interest (subject to 

Liens permitted by Section 7.01) in all personal property relating to such Material 

Real Property and all fixtures thereon, provided, that, to the extent the opinion 

delivered to the Mortgage Collateral Agent confirms that the filing of the applicable 

Mortgage itself perfects the Mortgage Collateral Agent’s third priority security 

interest in such fixtures, no separate fixture filing shall be required; and

(iv) within one hundred twenty (120) days following the repayment in full of the CDA 

First Lien Obligations (or, if the proviso to this clause (iv) applies, the date the 

Requisite CDA Consent is obtained, as applicable), a third priority mortgage, deed 

of trust or deed to secure debt (as applicable) on each Pension Real Property (such 

mortgage, deed of trust or deed, a “Pension Property Mortgage”) pursuant to 

Mortgages that satisfy the requirements of clause (c)(i) below (subject to Liens 

permitted by Section 7.01) and a perfected third priority security interest (subject 

to Liens permitted by Section 7.01) in all personal property relating to such Pension 
12

Real Property and all fixtures thereon; provided that to the extent such Pension 

Property Mortgage is prohibited under the terms of the Contribution Deferral 

Agreement (as in effect as of the date hereof), the Loan Parties shall use 

commercially reasonable efforts to obtain the necessary consents under the 

Contribution Deferral Agreement to permit such Pension Property Mortgage (the 

“Requisite CDA Consent”) and if after using such commercially reasonable efforts, 

such consent is not obtained, the Loan Parties shall not be required to deliver such 

Pension Property Mortgage until all obligations under the Contribution Deferral 

Agreement to the extent permitted under Section 7.03(u) shall have been paid in 

full; and

(v) a perfected third priority security interest (subject to Liens permitted by Section 

7.01) in substantially all other personal property of the Borrower and each 

Guarantor (other than the UST Tranche B Only Collateral, the UST Tranche B 

Priority Collateral (including the UST Tranche B Priority Accounts (as defined in 

the ABL Intercreditor Agreement)) and UST Tranche B Joint Collateral (including 

the UST Tranche B Joint Accounts (as defined in the ABL Intercreditor

Agreement))), including investment property, contracts, patents, copyrights, 

trademarks and other general intangibles (subject to a license in favor of the ABL 

Agent and/or the UST Tranche A Term Agent and/or the Tranche B-2 Term Agent, 

as applicable, to use intellectual property, subject to the ABL Intercreditor 

Agreement), commercial tort claims, letter of credit rights, intercompany notes and 

proceeds of the foregoing; and

(vi) a perfected first priority security interest in the UST Tranche B Priority Collateral

(including the UST Tranche B Priority Accounts (as defined in the ABL 

Intercreditor Agreement)) and the UST Tranche B Joint Collateral (including the 

UST Tranche B Joint Accounts (as defined in the ABL Intercreditor Agreement));

(vii) a perfected first priority security interest in the UST Tranche B Only Collateral

(including the UST Tranche B Controlled Account);

(c) subject to the limitations and exceptions set forth in this Agreement and the 

Collateral Documents, to the extent a security interest in and mortgage lien on any Material Real 

Property (or, solely with respect to clause (b)(iv) above, any Pension Real Property) is required 

under Section 4.02, 6.11 or 6.13 (together with any Material Real Property that is subject to an 

Existing Mortgage, as amended by a Mortgage Amendment or by a Mortgage on the Effective 

Date pursuant to clause (b)(iii) above, each, a “Mortgaged Property”), the Administrative Agent 

and the Collateral Agent shall have received:

(i) counterparts of either a Mortgage Amendment or a Mortgage with respect to such 

Real Property duly executed and delivered by the record owner of such property as 

filed or recorded in all filing or recording offices reasonably necessary or desirable 

in order to continue or create (as applicable) a valid and subsisting perfected Lien 

on the property and/or rights described therein in favor of the Mortgage Collateral 

Agent for the benefit of the Secured Parties, and evidence that all filing and 

recording taxes and fees have been paid or otherwise provided for in a manner
13

reasonably satisfactory to the Required Lenders (it being understood that if a 

mortgage tax will be owed on the entire amount of the indebtedness evidenced 

hereby, then the amount secured by the Existing Mortgage as amended by a 

Mortgage Amendment or the Mortgage (as applicable) shall be limited to 120% (or, 

in the case of Real Property located in the state of New York, 100%) of the fair 

market value of the property at the time the Mortgage Amendment or Mortgage (as 

applicable) is entered into if such limitation results in such mortgage tax being 

calculated based upon such fair market value);

(ii) if a Mortgage Amendment is delivered with respect to such Real Property, a fully 

paid bringdown and modification endorsement to the existing lender’s title 

insurance policy insuring the Lien of the Existing Mortgage, and if a Mortgage is 

delivered with respect to such Real Property, a fully paid policy of title insurance 

(or marked-up title insurance commitments having the effect of a policy of title 

insurance) issued by the Title Company or another nationally recognized title 

insurance company reasonably acceptable to the Required Lenders in form and in 

an amount reasonably acceptable to the Required Lenders (not to exceed 100% of 

the fair market value of such Material Real Property (or interest therein, as 

applicable) covered thereby), in each case, insuring the Existing Mortgage, as 

amended by the Mortgage Amendment, or the Mortgage (as applicable) to be a 

valid, subsisting Lien on the property described therein, free and clear of all Liens 

other than Liens permitted pursuant to Section 7.01 (such existing policies, as 

endorsed, or such policies (as applicable), “Mortgage Policies”), each of which 

shall (A) to the extent reasonably necessary, include such reinsurance arrangements 

(with provisions for direct access, if reasonably necessary) as shall be reasonably 

acceptable to the Required Lenders, (B) contain a “tie-in” or “cluster” endorsement, 

if available under applicable law (i.e., policies which insure against losses 

regardless of location or allocated value of the insured property up to a stated 

maximum coverage amount), (C) have been supplemented by such endorsements 

(or where such endorsements are not available, customary opinions of special 

counsel, architects or other professionals reasonably acceptable to the Collateral 

Agent and the Required Lenders) as shall be reasonably requested by the Collateral 

Agent or the Required Lenders (including endorsements on matters relating to 

usury, first loss, last dollar, zoning, contiguity, revolving credit (if available after 

the applicable Loan Party uses commercially reasonable efforts), doing business, 

public road access, variable rate, environmental lien, subdivision, mortgage 

recording tax, separate tax lot and so-called comprehensive coverage over 

covenants and restrictions);

(iii) either (1) an American Land Title Association/National Society for Professional 

Surveyors (ALTA/NSPS) form of survey for which all charges have been paid, 

dated a date, containing a certification and otherwise being in form and substance 

reasonably satisfactory to the Collateral Agent (a “Survey”) or (2) such 

documentation (“Other Survey Documentation”) as may be required by the Title 

Company to omit the standard survey exception to coverage under the Mortgage 

Policy with respect to such Material Real Property and issue affirmative 
14

endorsements reasonably requested by the Collateral Agent at the direction of the 

Required Lenders, including “same as” survey and comprehensive endorsements;

(iv) a customary legal opinion, addressed to the Mortgage Collateral Agent, the 

Collateral Agent and the Secured Parties with respect to the Existing Mortgage, as 

amended by the Mortgage Amendment, or the Mortgage (as applicable) on such 

Material Real Property; provided, however, with respect to any Material Real 

Property as of the Effective Date, Borrower shall only be required to deliver a legal 

opinion if such Material Real Property is located in a Required Opinion State; and

(v) in order to comply with the Flood Laws, the following documents: (A) a completed 

standard “life of loan” flood hazard determination form (a “Flood Determination 

Form”); (B) if any of the material improvement(s) to the improved Material Real 

Property is located in a special flood hazard area, a notification thereof to the 

Borrower (“Borrower Notice”) and, if applicable, notification to the Borrower that 

flood insurance coverage under the National Flood Insurance Program (“NFIP”) is 

not available because the community in which the property is located does not 

participate in the NFIP; (C) documentation evidencing the Borrower’s receipt of 

the Borrower Notice (e.g., a countersigned Borrower Notice or return receipt of 

certified U.S. Mail or overnight delivery); and (D) if the Borrower Notice is 

required to be given and flood insurance is available in the community in which 

such Material Real Property is located, a copy of one of the following: the flood 

insurance policy, the Borrower’s application for a flood insurance policy plus proof 

of premium payment, a declaration page confirming that flood insurance has been

issued or such other evidence of flood insurance reasonably satisfactory to the 

Required Lenders (any of the foregoing being “Evidence of Flood Insurance”); 

(d) after the Effective Date, each Restricted Subsidiary of the Borrower that is not an 

Excluded Subsidiary shall become a Guarantor and signatory to this Agreement pursuant to a 

joinder agreement in accordance with Section 6.11 or 6.13; provided that, notwithstanding the 

foregoing provisions, any Subsidiary of the Borrower that would otherwise constitute an Excluded 

Subsidiary that Guarantees any ABL Facility Indebtedness, any Tranche B-2 Term Loan Facility 

Indebtedness, any UST Tranche A Term Loan Facility Indebtedness, any Junior Financing, 

Permitted Additional Debt, or any Permitted Refinancing of any Indebtedness thereof, or that is a 

borrower under the ABL Facility (or any Permitted Refinancing thereof), the Tranche B-2 Term 

Loan Facility (or any Permitted Refinancing thereof) or the UST Tranche A Term Loan Facility

(or any Permitted Refinancing thereof) shall be a Guarantor hereunder for so long as it Guarantees 

such Indebtedness (or is a borrower with respect thereto).

Notwithstanding the foregoing provisions of this definition or anything in this Agreement 

or any other Loan Document to the contrary:

(A) the foregoing definition shall not require, unless otherwise stated in this clause (A), 

the creation or perfection of pledges of, security interests in, Mortgages on, the obtaining of title 

insurance with respect to or the taking of any other actions with respect to: (i) any fee owned Real 

Property that is not Material Real Property (other than Pension Property Mortgages solely to the 

extent required to be delivered pursuant to clause (b)(iv) of this definition) and any Leasehold 
15

Property (it being understood there shall be no requirement to obtain any landlord waivers, 

estoppels or collateral access letters), (ii) motor vehicles (other than tractors, trucks, trailers and 

other rolling stock) consisting of an employee or light vehicle and other assets subject to 

certificates of title with an individual fair market value of less than $40,000, provided that the 

aggregate fair market value of all assets excluded from the Collateral and Guarantee Requirement 

pursuant to this sub-clause (ii) of this clause (A), together with the aggregate book value of all 

assets excluded from the Collateral and Guarantee Requirement pursuant to sub-clause (xiv) of 

this clause (A), shall not exceed $5,000,000 in the aggregate at any time outstanding, (iii) letter of 

credit rights (other than to the extent consisting of supporting obligations that can be perfected 

solely by the filing of a UCC financing statement) of an amount less than $5,000,000 and 

commercial tort claims where the amount of damages claimed by the applicable Loan Party is less 

than $5,000,000, (iv) any governmental licenses or state or local franchises, charters and 

authorizations, to the extent security interests in such licenses, franchises, charters or 

authorizations are prohibited or restricted thereby (except to the extent such prohibition or 

restriction is rendered ineffective under the UCC or other applicable law), (v) Collateral in which 

pledges or security interests are prohibited or restricted by applicable law or require the consent of 

any governmental authority or third party, which consent has not been obtained, (vi) Margin Stock, 

(vii) Equity Interests in a bona fide joint venture formed after the Effective Date with any Person 

that is not an Affiliate of any Loan Party (but only to the extent that the organizational documents 

of such Subsidiaries or agreements with other equity holders prohibit or restrict the pledge thereof 

without the consent of the other equity holders under restrictions that are enforceable under the 

UCC or other applicable law and such consent has not been obtained), (viii) Equity Interests of (or 

held as assets by) Immaterial Subsidiaries, or captive insurance Subsidiaries, (ix) any lease, license 

or agreement or any property to the extent a grant of a security interest therein would violate or 

invalidate such lease, license or agreement or similar arrangement or create a right of termination 

in favor of any other party thereto after giving effect to the applicable anti-assignment provisions 

of the UCC or other applicable law, other than proceeds and receivables thereof, the assignment 

of which is deemed effective under the UCC or other applicable law, notwithstanding such 

prohibition, (x) any assets or rights subject to a purchase money security interest, Capitalized Lease 

or similar arrangement, other than in each case, the UST Tranche B Priority Collateral and UST 

Tranche B Joint Collateral, (xi) the UST Tranche A Only Collateral, (xii) any assets to the extent 

a security interest in such assets could result in adverse Tax consequences as reasonably 

determined by the Borrower, in consultation with the Required Lenders, (xiii) any intent-to-use 

trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” 

with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the 

grant of a security interest therein would impair the validity or enforceability of such intent-to-use 

trademark application under applicable Federal law, (xiv) any equipment or other collateral with 

a net book value in an aggregate amount not to exceed $5,000,000 for all such equipment or other 

collateral (other than to the extent consisting of supporting obligations that can be perfected solely 

by the filing of a UCC financing statement); provided that the aggregate fair market value of all 

assets excluded from the Collateral and Guarantee Requirement pursuant to this sub-clause (xiv), 

together with the aggregate net book value of all assets excluded from the Collateral and Guarantee 

Requirement pursuant to sub-clause (ii) of this clause (A), shall not exceed $5,000,000 in the 

aggregate at any time outstanding, and (xv) other assets not specifically included in the Collateral 

in circumstances where the cost of obtaining a security interest in such assets exceeds the practical 
16

benefit to the Lenders afforded thereby as reasonably determined by the Required Lenders in 

consultation with the Borrower.

(B) (i) the foregoing definition shall not require perfection by “control” except with 

respect to (1) Equity Interests or Indebtedness represented or evidenced by certificates or 

instruments and (2) deposit accounts and security accounts (which are required to be subject to 

Control Agreements pursuant to Section 3.04 of the Security Agreement, including the UST 

Tranche B Controlled Account), other than Excluded Accounts; (ii) perfection by possession or 

control shall not be required with respect to (x) any intercompany notes in an aggregate principal 

amount not to exceed $5,000,000 and (y) any other notes or other evidence of Indebtedness in an 

aggregate principal amount not to exceed $5,000,000; (iii) except in the case of (A) Canadian 

Subsidiaries, (B) Dutch Subsidiaries and (C) other Foreign Subsidiaries that are not Excluded 

Foreign Subsidiaries, no actions in any non-U.S. jurisdiction or required by the laws of any nonU.S. jurisdiction shall be required in order to create any security interests in assets located or titled 

outside of the United States (including the Equity Interests of any Foreign Subsidiary) or to perfect 

such security interests (it being understood that there shall be no security agreements or pledge 

agreements governed under the laws of any non-U.S. jurisdiction); and (iv) except to the extent 

that perfection and priority may be achieved (w) by the filing of a financing statement under the 

Uniform Commercial Code with respect to the Borrower or a Guarantor, (x) with respect to Real 

Property and the recordation of Mortgages in respect thereof, as contemplated by clauses (b)(iii) 

and (c) above, (y) with respect to Equity Interests or Indebtedness, by the delivery of certificates 

or instruments representing or evidencing such Equity Interests or Indebtedness along with 

appropriate undated instruments of transfer executed in blank or (z) by notation of liens on 

certificate of title, the Loan Documents shall not contain any requirements as to perfection or 

priority with respect to any assets or property described in clause (A) above and this clause (B);

(C) the Collateral Agent, acting at the direction of the Required Lenders, may grant 

extensions of time for the creation or perfection of security interests in, and Mortgages (or 

Mortgage Amendments, if applicable) on, or obtaining of title insurance policies (or title 

endorsements, if applicable) or taking of other actions with respect to, particular assets (including 

extensions beyond the Effective Date) or any other compliance with the requirements of this 

definition (or any similar requirements set forth herein or in any other Loan Documents) where 

the Required Lenders reasonably determines, in consultation with the Borrower, that such creation 

or perfection of security interests or Mortgages, or such obtaining of title insurance policies (or 

endorsements) or taking of other actions, or any other compliance with the requirements of this 

definition cannot be accomplished without undue delay, burden or expense by the time or times at 

which such act would otherwise be required by this Agreement or any Collateral Documents;

provided that the Collateral Agent shall have received on or prior to the Effective Date (or within 

the time period described in Schedule 6.13, if applicable), (i) UCC financing statements as filed

under the UCC in the jurisdiction of incorporation or organization of each Loan Party, (ii) any 

certificates or instruments representing or evidencing Equity Interests of each direct wholly owned 

Subsidiary of the Borrower or any Guarantor, in each case accompanied by undated instruments 

of transfer and stock powers endorsed in blank and (iii) Mortgages (or Mortgage Amendments)

and Mortgage Policies (or endorsements to existing title insurance policies) for each Material Real 

Property; and
17

(D) Liens required to be granted from time to time pursuant to the Collateral and 

Guarantee Requirement shall be subject to the exceptions and limitations set forth in this 

Agreement and the Collateral Documents.

“Collateral Documents” shall mean, collectively, the Security Agreement, the Mortgage

Collateral Agency Agreement, each of the Mortgages, collateral assignments, security agreements, 

pledge agreements, intellectual property security agreements, Control Agreements or other similar 

agreements delivered to the Administrative Agent or the Collateral Agent pursuant to Section 4.02, 

Section 6.11 or Section 6.13, each of the other agreements, instruments or documents that creates 

or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties, 

the ABL Intercreditor Agreement and any Junior Lien Intercreditor Agreement.

“Commitment” shall mean, with respect to any Lender, such Lender’s Term Loan 

Commitment (including pursuant to any Refinancing Amendment or Extension Amendment).

“Common stock” means the common stock, par value $0.01 per share, of Borrower. 

“Communications” shall have the meaning assigned to such term in Section 10.01.

“Compliance Certificate” shall mean a certificate substantially in the form of Exhibit F.

“Consolidated EBITDA” shall mean, for any period, the Consolidated Net Income for 

such period, plus:

(a) without duplication and to the extent deducted (and not added back or excluded) in 

arriving at such Consolidated Net Income (other than clauses (viii) or (xi)), the sum of the 

following amounts for such period with respect to Borrower and its Restricted Subsidiaries:

(i) total interest expense determined in accordance with GAAP and, to the 

extent not reflected in such total interest expense, any expenses or losses on hedging 

obligations or other derivative instruments entered into for the purpose of hedging interest 

rate risk, net of interest income and gains on such hedging obligations or other derivative 

obligations, letter of credit fees, costs of surety bonds in connection with financing 

activities and any bank fees and financing fees (including commitment, underwriting, 

funding, “rollover” and similar fees and commissions, discounts, yields and other fees, 

charges and amounts incurred in connection with the issuance or incurrence of 

Indebtedness and all commissions, discounts and other fees and charges owed with respect 

to letters of credit and bankers’ acceptance financing and net costs under Swap Contracts 

entered into for the purpose of hedging interest or commodity rate risk) and annual agency, 

unused line, facility or similar fees paid under definitive documentation related to 

Indebtedness (whether amortized or immediately expensed),

(ii) provision for taxes based on income, profits or capital gains of the Borrower 

and the Restricted Subsidiaries, including, without limitation, federal, state, local, franchise 

and similar taxes and foreign withholding taxes paid or accrued during such period,

(iii) depreciation and amortization,
18

(iv) extraordinary, unusual or non-recurring charges, expenses or losses,

provided that the aggregate amount added to “Consolidated EBITDA” pursuant to this 

clause (a)(iv) in any period, together with the aggregate amount added to Consolidated 

EBITDA pursuant to clause (a)(vi) of the definition of “Consolidated EBITDA”, shall not 

exceed in the aggregate 10.0% of Consolidated EBITDA for such period (as calculated 

prior to giving effect to any such adjustments),

(v) non-cash expenses, charges and losses (including reserves, impairment 

charges or asset write-offs, write-offs of deferred financing fees, losses from investments 

recorded using the equity method, purchase accounting adjustments and stock-based 

awards compensation expense), in each case other than (A) any non-cash charge 

representing amortization of a prepaid cash item that was paid and not expensed in a prior 

period and (B) any non-cash charge relating to write-offs, write-downs or reserves with 

respect to accounts receivable in the normal course or inventory; provided that if any of 

the non-cash charges referred to in this clause (v) represents an accrual or reserve for 

potential cash items in any future period, (1) the Borrower may determine not to add back 

such non-cash charge in the current period and (2) to the extent the Borrower does decide 

to add back such non-cash charge, the cash payment in respect thereof in such future period 

shall be subtracted from Consolidated EBITDA in such future period to the extent paid,

(vi) restructuring costs and charges, integration costs, retention, recruiting, 

relocation and signing bonuses and expenses, and severance costs (including, for the 

avoidance of doubt, any bonuses payable in connection with the IBT Transactions); 

provided that the aggregate amount added to “Consolidated EBITDA” pursuant to this 

clause (a)(vi) in any period, together with the aggregate amount added to Consolidated 

EBITDA pursuant to clause (a)(iv) of the definition of “Consolidated EBITDA”, shall not 

exceed in the aggregate 10.0% of Consolidated EBITDA for such period (as calculated 

prior to giving effect to any such adjustments),

(vii) Transaction Expenses, and any fees, costs and expenses in connection with 

any amendment, negotiation, modification, restatement, waiver, forbearance or other 

transaction in connection with the Transactions provided that the aggregate amount added 

to “Consolidated EBITDA” pursuant to this clause (a)(vii) with respect to the 

Transactions shall not exceed $20,000,000,

(viii) pro forma cost savings for acquisitions (including the commencement of 

activities constituting such business), material dispositions (including the termination or 

discontinuance of activities constituting such business) of business entities or properties or 

assets, constituting a division or line of business of any business entity, division or line of 

business that is the subject of any such acquisition or disposition and operational changes 

and operational initiatives (collectively, “Cost Savings”), scheduled to be executed and 

realized (in the good faith determination of a Senior Financial Officer of the Borrower) in 

connection with any such transaction permitted hereunder, net of the amount of actual Cost 

Savings realized from such actions during such period; provided that (A) such Cost Savings 

are factually supportable and specifically identified, (B) such Cost Savings are scheduled 

to be executed and realized within twelve (12) months after the consummation of such 

transaction, (C) the Administrative Agent and the Required Lenders shall have received a 
19

certificate of a Senior Financial Officer of the Borrower, certifying the foregoing 

requirements and accompanied by a reasonably detailed statement or schedule of such Cost 

Savings; (D) the actions responsible for any expected Cost Savings are actually taken 

within twelve (12) months of the consummation of the relevant transaction, (E) any 

projected Cost Savings in respect of actions which are not actually taken within such twelve 

(12)-month period or have not been realized within such (12)-month period may no longer 

be added back in calculating Consolidated EBITDA pursuant to this clause (viii) for the 

applicable periods, (F) such Cost Savings are not duplicative of any other adjustments to 

Consolidated EBITDA pursuant to this definition and (G) the aggregate amount added to 

Consolidated EBITDA pursuant to this clause (a)(viii) in any period, together with the 

aggregate amount of all adjustments pursuant to Section 1.10(c), shall not exceed in the 

aggregate 5.0% of Consolidated EBITDA for such period (as calculated prior to giving 

effect to any such adjustments),

(ix) [reserved],

(x) other transaction specific accruals, costs, charges, fees and expenses 

(including legal, tax, structuring and other costs and expenses) related to the Transactions, 

acquisitions, investments, restricted payments, dispositions or issuances, amendments, 

waivers or modifications of debt or equity (whether or not consummated) reasonably 

expected to be permitted under this Agreement or the consummation of which would result 

in the repayment in full of the Obligations (other than unasserted contingent indemnity and 

reimbursement obligations) (it being understood and agreed that this clause (a)(x) shall not 

permit adjustments of the type specified in clauses (a)(iv), (vi) or (viii)),

(xi) to the extent not already included in Consolidated Net Income, proceeds of 

business interruption insurance (other than business interruption insurance relating to 

COVID 19 (or any related virus) or any related events) received or reasonably expected to 

be received within 365 days after the end of such period; provided that any such expected 

proceeds that are not actually received in such 365 day period shall be deducted from 

Consolidated EBITDA in the fiscal quarter immediately following such 365 day period,

(xii) charges, losses or expenses to the extent indemnified or insured or 

reimbursed or reasonably expected to be indemnified, insured or reimbursed by a third 

party within 365 days after the end of such period; provided that any such expected 

amounts that are not actually received in such 365 day period shall be deducted from 

Consolidated EBITDA in the fiscal quarter immediately following such 365 day period,

(xiii) the amount of any minority interest expense attributable to minority 

interests of third parties in the positive income of any non-wholly owned Restricted 

Subsidiary,

(xiv) any net loss from disposed, abandoned or discontinued operations,

(xv) the amount of loss on sale of Securitization Assets and related assets to the 

Securitization Subsidiary in connection with a Qualified Securitization Financing,
20

(xvi) net realized losses under any Swap Contract or embedded derivatives that 

require similar accounting treatment and the application of Accounting Standard 

Codification Topic 815 and related pronouncements,

(xvii) the cumulative effect of a change in accounting principles,

(xviii) realized non-cash foreign exchange losses resulting from the impact of 

foreign currency changes on the valuation of assets or liabilities on the balance sheet of the 

Borrower and its Restricted Subsidiaries,

(xix) any losses attributable to Dispositions of Real Property,

less (b) without duplication and to the extent included in arriving at such Consolidated Net Income, 

(i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual 

or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period) and 

all other non-cash items of income for such period, (ii) any gains and income from investments 

recorded using the equity method, (iii) extraordinary, unusual or non-recurring gains, (iv) noncash gains representing adjustments to pension assets, (v) any gains attributable to Dispositions of 

Real Property and (vi) any gains arising out of transactions of the types described in clauses 

(a)(xii), (xiii), (xiv), (xv) and (xvi) above; provided that, for the avoidance of doubt, any gain 

representing the reversal of any non-cash charge referred to in clause (a)(v)(B) above for a prior 

period shall be added (together with, without duplication, any amounts received in respect thereof 

to the extent not increasing Consolidated Net Income) to Consolidated EBITDA in any subsequent 

period to such extent so reversed (or received).

Notwithstanding the foregoing, Consolidated Net Income and Consolidated EBITDA shall be 

calculated to exclude any amounts otherwise increasing or included in Consolidated Net Income 

and/or Consolidated EBITDA relating to (x) business interruption insurance relating to COVID 19 

(or any related virus) or any related events or (y) any assistance programs provided by 

Governmental Agencies (or the equivalent). 

“Consolidated Net Income” shall mean, with reference to any period, the net income (or 

loss) of the Borrower and its Subsidiaries for such period determined on a consolidated basis in 

accordance with GAAP on a consolidated basis (without duplication) for such period (without 

deduction for minority interests); provided that in determining Consolidated Net Income, (a) the 

net income of any other Person which is not a Subsidiary of the Borrower or is accounted for by 

the Borrower by the equity method of accounting shall be included only to the extent of the 

payment of cash dividends or cash distributions by such other Person to the Borrower or a 

Guarantor that could be made during such period; provided, however, that for purposes of 

calculating the Cumulative Credit for purposes of Section 7.06(e)(y), such income shall only be 

included (directly or indirectly) to the extent such cash dividends or other cash distributions are 

actually received from such other Person by the Borrower or a Guarantor, (b) the net income of 

any Subsidiary of the Borrower shall be excluded to the extent that the declaration or payment of 

cash dividends or similar cash distributions by that Subsidiary of that net income is not at the date 

of determination permitted by operation of its charter or any agreement, instrument or law 

applicable to such Subsidiary (other than (i) restrictions that have been waived or otherwise 

released, (ii) restrictions pursuant to the Loan Documents, the ABL Facility Documentation, the 
21

Tranche B-2 Term Loan Facility Documentation or the UST Tranche A Term Loan Facility 

Documentation or the Treasury Equity Documents and (iii) restrictions arising pursuant to an 

agreement or instrument if the encumbrances and restrictions contained in any such agreement or 

instrument taken as a whole are not materially less favorable to the Secured Parties than the 

encumbrances and restrictions contained in the Loan Documents (as determined by the Borrower 

in good faith)), and (c) the income or loss of any Person accrued prior to the date it becomes a 

Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary or the date that 

such Person’s assets are acquired by the Borrower or any Subsidiary shall be excluded.

“Consolidated Total Assets” shall mean the total assets of the Borrower and its Restricted 

Subsidiaries, determined on a consolidated basis in accordance with GAAP, as shown on the 

consolidated balance sheet of the Borrower for the most recently completed fiscal quarter for which 

financial statements have been delivered pursuant to Section 6.01(a) or (b).

“Consolidated Total Debt” shall mean, as of any date of determination, the aggregate 

principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries (on a 

consolidated basis) outstanding on such date, in an amount that would be reflected on a balance 

sheet prepared as of such date on a consolidated basis in accordance with GAAP as long as such 

amount is no less than the aggregate face amount of such Indebtedness on such date, consisting of

Indebtedness for borrowed money, Attributable Indebtedness or purchase money Indebtedness, 

debt obligations evidenced by bonds, debentures, promissory notes, loan agreements or similar 

instruments, and all Guarantees of any of the foregoing; provided that (i) Consolidated Total Debt 

shall not include Indebtedness in respect of letters of credit, bankers’ acceptances and other similar 

contingent obligations, except to the extent of unreimbursed amounts thereunder, and (ii) 

Consolidated Total Debt shall not include obligations under Swap Contracts permitted hereunder.

“Contractual Obligation” shall mean, as to any Person, any provision of any security 

issued by such Person or of any agreement, instrument or other undertaking to which such Person 

is a party or by which it or any of its property is bound.

“Contribution Deferral Agreement” means that certain Second Amended and Restated 

Contribution Deferral Agreement, dated as of January 31, 2014, by and between YRC Inc., USF 

Holland LLC (f/k/a USF Holland Inc.), New Penn Motor Express LLC (f/k/a New Penn Motor 

Express, Inc.), USF Reddaway Inc., certain other of the Subsidiaries of the Borrower, the Trustees 

for the Central States, Southeast and Southwest Areas Pension Fund, the Pension Fund Entities 

and each other pension fund from time to time party thereto and Wilmington Trust Company, all 

as the same may be amended, amended and restated, restated, supplemented or otherwise modified 

in accordance with the terms hereof.

“Control” shall have the meaning specified in the definition of “Affiliate”.

“Control Agreement” means an agreement, in form and substance reasonably satisfactory 

to the Required Lenders, which provides for the Collateral Agent to have “control” (for purposes 

of this definition, as defined in Section 9 104 of the UCC of the State of New York or Section 8-

106 of the UCC of the State of New York, as applicable) of Cash Collateral Accounts, Deposit 

Accounts or Securities Accounts, as applicable.
22

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either 

a tenor (including overnight) or an interest payment period having approximately the same length 

(disregarding business day adjustment) as such Available Tenor.

“Credit Agreement Refinancing Indebtedness” shall mean Permitted Additional Debt 

or Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or 

otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in 

exchange for, or to extend, renew, replace, restructure or refinance, in whole or part, existing Term 

Loans (including any successive Credit Agreement Refinancing Indebtedness) (“Refinanced 

Debt”); provided that (i) such extending, renewing, replacing, restructuring or refinancing 

Indebtedness is in an original aggregate principal amount (or accreted value, if applicable) not 

greater than the aggregate principal amount (or accreted value, if applicable) of the Refinanced 

Debt, except by an amount equal to accrued but unpaid interest, premiums and fees payable by the 

terms of such Indebtedness and reasonable fees, expenses, original issue discount and upfront fees 

incurred in connection with such exchange, modification, refinancing, refunding, renewal, 

restructuring, replacement or extension, (ii) such Refinanced Debt shall be repaid, defeased or 

satisfied and discharged with 100% of the Net Proceeds of the applicable Credit Agreement 

Refinancing Indebtedness and all accrued, due and payable interest, fees and premiums (if any) in 

connection therewith shall be paid promptly upon receipt of the proceeds of such Credit Agreement 

Refinancing Indebtedness, (iii) such Indebtedness does not have an earlier maturity and has a 

Weighted Average Life to Maturity equal to or greater than the Refinanced Debt; and (iv) and, in 

the case of any high yield notes constituting Credit Agreement Refinancing Indebtedness, such 

Indebtedness will not have mandatory prepayment provisions (other than related to customary 

asset sale and change of control and similar offers and AHYDO “catch up” payments) that would 

result in mandatory prepayment of such Indebtedness prior to the Refinanced Debt.

“Credit Extension” shall mean a Borrowing.

“Cumulative Credit” shall mean, at any date, an amount, not less than zero in the 

aggregate, determined on a cumulative basis equal to, without duplication:

(a) the Cumulative Retained Excess Cash Flow Amount at such time, plus

(b) the cumulative amount of cash and Cash Equivalent proceeds from the sale of 

Equity Interests of the Borrower or of any direct or indirect parent of the Borrower after 

September 11, 2019 to the extent Not Otherwise Applied, plus

(c) the aggregate amount of Declined Proceeds at such time that have been retained by 

the Borrower in accordance with Section 2.13(d), plus

(d) to the extent not already included in the Cumulative Retained Excess Cash Flow 

Amount, an amount equal to any returns in cash and Cash Equivalents (including dividends, 

interest, distributions, returns of principal, profits on sale, repayments, income and similar 

amounts) actually received by the Borrower or any Restricted Subsidiary after the Effective Date 

in respect of any Investments made pursuant to Section 7.02(p)(y), and provided in each case that 

such amount does not exceed the amount of the original Investment made pursuant to Section 

7.02(p)(y); minus
23

(e) any amount of the Cumulative Credit used to make Investments pursuant to Section 

7.02(p)(y) after September 11, 2019 and prior to such time, minus

(f) any amount of the Cumulative Credit used to pay dividends or make distributions 

or other Restricted Payments pursuant to Section 7.06(d)(ii) or Section 7.06(e)(y) after September 

11, 2019 and prior to such time, minus

(g) any amount of the Cumulative Credit used to make payments or distributions in 

respect of Permitted Additional Debt or Junior Financing (or any Permitted Refinancing thereof) 

pursuant to Section 7.13(a)(vi) after September 11, 2019 and prior to such time.

Notwithstanding anything to the contrary in this Agreement, during the Specified Period, the 

Cumulative Credit shall be unavailable for use under this Agreement and shall be disregarded in 

any calculation of or reference to any other term or provision herein.

“Cumulative Retained Excess Cash Flow Amount” shall mean “Cumulative Retained 

Excess Cash Flow Amount” as defined in the Tranche B-2 Term Loan Credit Agreement.

“Custodial Administration Agreement” shall mean the Amended and Restated Custodial 

Administration Agreement, dated as of the Effective Date, by and among the Borrower, the 

Subsidiaries from time to time parties thereto, VINtek, Inc., as custodial administrator, the 

Collateral Agent, as administrative and collateral agent for the benefit of the Secured Parties, the 

ABL Agent, as administrative and collateral agent for the benefit of the ABL Secured Parties, the 

Tranche B-2 Term Agent, as administrative and collateral agent for the benefit of the Tranche B2 Secured Parties, the UST Tranche A Term Agent, as administrative and collateral agent for the 

benefit of the UST Tranche A Secured Parties and the Collateral Agent, as collateral agent for the 

benefit of the Secured Parties, the Tranche B-2 Secured Parties, the UST Tranche A Secured 

Parties and the ABL Secured Parties.

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate 

(which will include a lookback) being established by the Required Lenders in accordance with the 

conventions for this rate selected or recommended by the Relevant Governmental Body for 

determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent 

decides that any such convention is not administratively feasible for the Administrative Agent, 

then the Required Lenders shall establish another convention in their reasonable discretion.

“Debtor Relief Laws” shall mean the Bankruptcy Code of the United States and all other 

liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, 

rearrangement, receivership, insolvency, reorganization or similar debtor relief Laws of the United 

States or other applicable jurisdictions from time to time in effect and affecting the rights of 

creditors generally.

“Declined Proceeds” shall have the meaning assigned to such term in Section 2.13(d).

“Default” shall mean any event or condition that constitutes an Event of Default or that, 

with the giving of any notice, the passage of any grace period, or both, without cure or waiver 

hereunder, would be an Event of Default.
24

“Deposit Account” means a demand, time, savings, passbook or like account with a bank, 

savings and loan association, credit union or like organization, other than an account evidenced by 

a negotiable certificate of deposit.

“Disposition” or “Dispose” shall mean the sale, transfer, license, lease or other disposition 

(including any sale and leaseback transaction and any sale or issuance of Equity Interests in a 

Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or 

other disposal, with or without recourse, of any notes or accounts receivable or any rights and 

claims associated therewith.

“Disqualified Equity Interests” shall mean any Equity Interest that, by its terms (or by 

the terms of any security or other Equity Interests into which it is convertible or for which it is 

exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily 

redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation 

or otherwise, (b) is redeemable at the option of the holder thereof (other than solely for Qualified 

Equity Interests), in whole or in part (except as a result of a change of control or asset sale so long 

as any rights of the holders thereof upon the occurrence of a change of control or asset sale event 

shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued 

and payable and the termination of the Commitments), (c) provides for scheduled payments of 

dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any 

other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the 

date that is ninety-one (91) days after the then Latest Maturity Date; provided that if such Equity 

Interests are issued pursuant to, or in accordance with a plan for the benefit of employees of the 

Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity 

Interests shall not constitute Disqualified Equity Interests solely because they may be required to 

be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable 

statutory or regulatory obligations or as a result of such employee’s termination, death or disability.

“Disqualified Lenders” shall mean (i) each of those banks, financial institutions and other 

entities identified in writing prior to the Effective Date by the Borrower to the Administrative 

Agent and the Required Lenders, (ii) competitors of the Borrower or the Guarantors identified in 

writing from time to time by the Borrower to the Administrative Agent, and (iii) any known 

affiliates of the Persons identified pursuant to clause (i) or (ii); provided that a “competitor” or an 

affiliate of a competitor or an entity referenced in clause (i) shall not include any bona fide debt 

fund or investment vehicle (other than a Person which is excluded pursuant to clause (i) above) 

that is primarily engaged in making, purchasing, holding or otherwise investing in commercial 

loans and similar extensions of credit in the ordinary course of business and whose managers are 

not involved with any equity or equity-like investments or other investments with an equity 

component or characteristic managed by any Person described in clause (i) or (ii) above.

“Dollars” or “$” shall mean lawful money of the United States of America.

“Domestic Subsidiary” shall mean any Subsidiary that is organized under the Laws of the 

United States, any state thereof or the District of Columbia.

“Dutch Subsidiary” shall mean any Subsidiary that is organized under the Laws of the 

Netherlands or any state or province thereof.
25

“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the 

occurrence of:

(1) a notification by the Required Lenders to (or the request by the Borrower to the 

Administrative Agent to notify) each of the other parties hereto that at least five 

currently outstanding U.S. dollar-denominated syndicated credit facilities at such 

time contain (as a result of amendment or as originally executed) a SOFR-based 

rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a 

benchmark rate (and such syndicated credit facilities are identified in such notice 

and are publicly available for review), and

(2) the joint election by the Required Lenders and the Borrower to trigger a fallback 

fromUSD LIBOR and the provision by the Administrative Agent, acting at the 

direction of the Required Lenders, of written notice of such election to the 

Lenders.

“Effective Date” means the date on which the conditions specified in Section 4.01 are 

satisfied (or waived in accordance with Article 9), which date is July 7, 2020.

“Eligible Assignee” shall mean (i) a Lender, (ii) an Affiliate of a Lender, (iii) a Related 

Fund of a Lender, and (iv) any other Person (other than a natural person) approved by the 

Administrative Agent and, unless an Event of Default under Section 8.01(a), 8.01(f) or 8.01(g) has 

occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld, 

conditioned or delayed and the Borrower’s approval being deemed to have been given in the event 

that the Borrower does not object in writing to an assignment within three (3) Business Days after 

receipt of written notice of such assignment); provided that, notwithstanding the foregoing, (A) 

“Eligible Assignee” shall not include the Borrower or any other Controlled Affiliate of the 

Borrower and (B) no Borrower consent shall be required if any Lender is required to assign all or 

any portion of its Loans by any Governmental Authority. “Eligible Assignee” shall not include

any Disqualified Lender without the prior written consent of the Borrower (which may be withheld 

in the Borrower’s sole discretion). Notwithstanding the foregoing or anything else to the contrary 

in this Agreement, each of the parties hereto acknowledges and agrees that the Administrative 

Agent (in its capacity as such) (x) shall not have any responsibility or obligation to determine 

whether any Lender or any potential assignee Lender is a Disqualified Lender and (y) shall not 

have any liability with respect to any assignment or participation made to a Disqualified Lender. 

“Environmental Laws” shall mean all federal, state, local and foreign laws (including 

common law), treaties, regulations, rules, ordinances, codes, decrees, judgments, directives, orders 

(including consent orders), and agreements in each case, relating to protection of the environment, 

natural resources, human health and safety (with respect to exposure to hazardous or toxic 

substances or wastes) or the presence, Release of, or exposure to, hazardous or toxic substances or 

wastes, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, 

recycling or handling of, or the arrangement for such activities with respect to, hazardous or toxic 

substances or wastes.

“Environmental Liability” shall mean all liabilities, obligations, damages, losses, claims, 

actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including 

administrative oversight costs, capital and operating costs, injunctive relief, costs associated with 
26

financial assurance, permitting or closure requirements, natural resource damages and 

investigation or remediation costs), whether contingent or otherwise, arising out of or relating to 

(a) compliance or non-compliance with any Environmental Law, (b) the generation, use, handling, 

transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any 

Hazardous Materials, (d) the Release of any Hazardous Materials or (e) any contract, agreement 

or other consensual arrangement pursuant to which liability is assumed or imposed with respect to 

any of the foregoing.

“Environmental Permit” means any permit, approval, identification number, license or 

other authorization required under any Environmental Law.

“Equity Interests” shall mean, with respect to any Person, all of the shares, interests, 

rights, participations or other equivalents (however designated) of capital stock of (or other 

ownership or profit interests or units in) such Person and all of the warrants, options or other rights 

for the purchase, acquisition or exchange from such Person of any of the foregoing (including 

through convertible securities) but excluding in each case any debt security that is convertible into, 

or exchanged for, Equity Interests.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended 

from time to time.

“ERISA Affiliate” shall mean any Person, any trade or business (whether or not 

incorporated) that, together with a Loan Party or any Restricted Subsidiary, is or, within the six 

year period immediately preceding February 13, 2014, was treated as a single employer under 

Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 

412 of the Code, is treated as a single employer under Section 414 of the Code.

“ERISA Event” shall mean (a) a Reportable Event; (b) the failure to satisfy the minimum 

funding standard with respect to a Plan within the meaning of Sections 412 or 430 of the Code or 

Sections 302 or 303 of ERISA, whether or not waived (unless such failure is corrected by the final 

due date for the plan year for which such failure occurred), (c) a determination that a Plan is, or is 

expected to be, in “at risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) 

of the Code); (d) the receipt by a Loan Party, any Restricted Subsidiary or any of their respective 

ERISA Affiliates of notice pursuant to Section 305(b)(3)(D) of ERISA that a Multiemployer Plan 

is or will be in “endangered status” or “critical status” (as defined in Section 305(b) of ERISA), or 

is, or is expected to be, “insolvent” (within the meaning of Section 4245 of ERISA); (e) the filing 

pursuant to Section 431 of the Code or Section 304 of ERISA of an application for the extension 

of any amortization period; (f) the failure to timely make a contribution required to be made with 

respect to any Plan or Multiemployer Plan; (g) the filing of a notice to terminate any Plan if such 

termination would require material additional contributions in order to be considered a standard 

termination within the meaning of Section 4041(b) of ERISA; (h) the filing under Section 4041(c) 

of ERISA of a notice of intent to terminate any Plan or the termination of any Plan under Section 

4041(c) of ERISA; (i) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA 

of an application for a waiver of the minimum funding standard with respect to any Plan; (j) the 

incurrence by a Loan Party, any Restricted Subsidiary or any of their respective ERISA Affiliates 

of any liability under Title IV of ERISA with respect to the termination of any Plan; (k) the receipt 

by a Loan Party, any Restricted Subsidiary or any of their respective ERISA Affiliates from the 
27

PBGC or a plan administrator of any notice of an intention to terminate any Plan or Plans or to 

appoint a trustee to administer any Plan under Section 4042 of ERISA; (l) the receipt by a Loan 

Party, any Restricted Subsidiary or any of their respective ERISA Affiliates of any notice, or the 

receipt by any Multiemployer Plan from a Loan Party, any Restricted Subsidiary or any of their 

respective ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability; (m) 

the occurrence of any event or condition that would reasonably be expected to result in the 

termination of a Plan or the appointment of a trustee to administer a Plan; (o) the occurrence of a 

nonexempt prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 

of the Code) with respect to any Plan which could result in liability to a Loan Party or any 

Restricted Subsidiary or with respect to which a Loan Party or any Restricted Subsidiary is a 

“disqualified person” (as defined in Section 4975 of the Code) or a “party in interest” (as defined 

in Section 3(14) of ERISA); (p) the incurrence of any liability with respect to any Plan or 

Multiemployer Plan under Title IV of ERISA (other than premiums due and not delinquent under 

Section 4007 of ERISA); or (q) engagement in any transaction that could be subject to Sections 

4069 or 4212(c) of ERISA.

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such 

Loan, or the Loans comprising such Borrowing, are bearing interest at a rate (other than the 

Alternate Base Rate) determined by reference to the Adjusted LIBO Rate.

“Event of Default” shall have the meaning assigned to such term in Article 8.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Excluded Account” means (i) any Deposit Account specifically and exclusively used for 

payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Loan 

Parties’ salaried employees, (ii) any petty cash account to the extent the balance therein does not 

exceed (x) $1,000,000 in the aggregate for more than five (5) Business Days, and/or (y) $5,000,000 

in the aggregate for more than one (1) Business Day, (iii) any zero-balance account, (iv) any 

account specifically and exclusively used to maintain cash collateral required pursuant to the ABL 

Credit Agreement, (v) any escrow account, (vi) the UST Tranche A Controlled Account and (vii) 

the UST Tranche B Controlled Account.

“Excluded CDA Proceeds” shall have the meaning assigned to such term in the definition 

of “Net Proceeds”.

“Excluded Foreign Subsidiary” shall mean any Foreign Subsidiary (other than any 

Canadian Subsidiary or Dutch Subsidiary) of the Borrower that does not individually have total 

assets or revenues (for the period of four fiscal quarters most recently ended) that exceed 3.0% of 

the Borrower’s total assets or revenues as of the end of each fiscal quarter (in the case of revenues, 

for the period of four fiscal quarters ending on such date); provided that the aggregate amount of 

assets or revenues (for the period of four fiscal quarters most recently ended) of such Subsidiaries 

shall not at any time exceed 7.0% of the Borrower’s total assets or revenues as of the end of each 

fiscal quarter (in the case of revenues, for the period of four fiscal quarters ending on such date); 

provided further that if, as of the date the financial statements for any fiscal quarter of the Borrower 

are delivered or required to be delivered hereunder, the consolidated assets or revenues of all 

Excluded Foreign Subsidiaries shall have, as of the last day of such fiscal quarter, exceeded the 
28

limits set forth above, then within sixty (60) days (or such later date as agreed by the 

Administrative Agent and the Required Lenders in their reasonable discretion) after the date such 

financial statements are so delivered (or so required to be delivered), the Borrower shall cause one 

or more Foreign Subsidiaries to comply with Section 6.11 such that, as a result thereof, the 

consolidated assets and revenues of all Excluded Foreign Subsidiaries do not exceed such limits. 

For the avoidance of doubt, no Canadian Subsidiary or Dutch Subsidiary shall constitute an 

Excluded Foreign Subsidiary.

“Excluded Property” shall have the meaning assigned to such term in the Security 

Agreement.

“Excluded Real Property” shall mean (a) any Real Property set forth on Schedule 1.01(a) 

and (b) any Pension Real Property.

“Excluded Subsidiary” shall mean (a) any bona fide joint venture formed after the 

Effective Date with any Person that is not an Affiliate of any Loan Party, (b) any Immaterial 

Subsidiary, (c) any Subsidiary that is prohibited by applicable Law whether or not existing on the 

Effective Date or Contractual Obligations existing on the Effective Date (or, in the case of any 

newly acquired Subsidiary, in existence at the time of acquisition but not entered into in 

contemplation thereof) from Guaranteeing the Obligations or if Guaranteeing the Obligations 

would require governmental (including regulatory) consent, approval, license or authorization 

(unless such contractual obligation is waived or otherwise removed or such consent, approval, 

license or authorization has been obtained), (d) any other Subsidiary with respect to which, in the 

reasonable judgment of the Administrative Agent (at the direction of the Required Lenders), in 

consultation with the Borrower, the burden or cost or other consequences (other than adverse tax 

consequences) of providing a Guarantee of the Obligations shall be excessive in view of the 

benefits to be obtained by the Lenders therefrom, (e) any other Subsidiary with respect to which, 

in the reasonable judgment of the Borrower, the tax consequences of providing a Guarantee could 

be adverse in consultation the Administrative Agent (provided that the Borrower shall give notice 

of such determination to the Required Lenders and, at the request of the Required Lenders, shall 

consult with the Required Lenders), (f) any Excluded Foreign Subsidiary of the Borrower, and (g) 

any Securitization Subsidiary, captive insurance company or non-profit Subsidiary; provided that 

no Person shall be an Excluded Subsidiary to the extent it guarantees or pledges any of its assets 

to secure, directly or indirectly, any other Indebtedness of any Loan Party in excess of the 

Threshold Amount; provided, further, that in the event that any Excluded Subsidiary guarantees 

or otherwise becomes an obligor under any Indebtedness, the aggregate principal amount of which 

exceeds the Threshold Amount, then such Excluded Subsidiary shall, notwithstanding the 

foregoing, no longer constitute an Excluded Subsidiary, and shall become a Loan Party hereunder. 

If any Guarantor becomes an Excluded Subsidiary pursuant to clause (a) of the definition of

Excluded Subsidiary, such Guarantor shall only be permitted to be released from its Guarantee so 

long as the fair market value of any and all Investments then held by the Loan Parties in such 

Person are permitted as an Investment under Section 7.02(c)(iii) and Section 7.02(p) at the time 

such Person becomes an Excluded Subsidiary pursuant to clause (a) of the definition of “Excluded 

Subsidiary”.
29

“Existing Mortgage” shall mean, with respect to each Material Real Property as of the

Effective Date, either Mortgage in favor of the Collateral Agent securing the obligations under 

the Tranche B-2 Term Credit Agreement or the ABL Credit Agreement (as applicable).

“Extended Term Loans” shall have the meaning assigned to such term in Section 2.19(a).

“Extension” shall have the meaning assigned to such term in Section 2.19(a).

“Extension Amendment” shall have the meaning assigned to such term in Section 2.19(c).

“Extension Offer” shall have the meaning assigned to such term in Section 2.19(a).

“Facility” shall mean the UST Tranche B Term Loans, the Extended Term Loans or the 

Other Term Loans, as the context may require.

“FATCA” shall mean Sections 1471 through 1474 of the Code, as in effect on the Effective 

Date (or any amended or successor version that is substantively comparable and not materially 

more onerous to comply with), any current or future regulations or official interpretations thereof, 

any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or 

regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, 

treaty or convention among Governmental Authorities entered into in connection with the 

implementation of the foregoing.

“Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates 

on overnight Federal funds transactions with members of the Federal Reserve System, as published 

on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate 

is not so published for any day that is a Business Day, the average of the quotations for the day for 

such transactions received by the Administrative Agent from three Federal funds brokers of 

recognized standing selected by it.

“Fees” shall have the meaning assigned to such term in Section 2.05.

“Flood Laws” shall mean the National Flood Insurance Reform Act of 1994 and related 

legislation (including the regulations of the Board).

“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of 

the execution of this Agreement, the modification, amendment or renewal of this Agreement or 

otherwise) with respect to USD LIBOR.

“Foreign Disposition” shall have the meaning set forth in Section 2.13(f).

“Foreign Subsidiary” shall mean any direct or indirect Subsidiary of the Borrower which 

is not a Domestic Subsidiary.

“Funding Date” shall have the meaning set forth in Section 2.01.

“GAAP” shall mean generally accepted accounting principles in the United States of 

America, as in effect from time to time, subject to Section 1.11; provided, however, that if the 
30

Borrower notifies the Administrative Agent that the Borrower requests an amendment to any 

provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP 

or in the application thereof on the operation of such provision (or if the Administrative Agent 

notifies the Borrower that the Required Lenders request an amendment to any provision hereof for 

such purpose), regardless of whether any such notice is given before or after such change in GAAP 

or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in 

effect and applied immediately before such change shall have become effective until such notice 

shall have been withdrawn or such provision amended in accordance herewith.

“Governmental Authority” shall mean any nation or government, any state or other 

political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, 

administrative tribunal, central bank or other entity exercising executive, legislative, judicial, 

taxing, regulatory or administrative powers or functions of or pertaining to government (including, 

without limitation, the Treasury).

“Granting Lender” shall have the meaning assigned to such term in Section 10.04(i).

“Guarantee” shall mean, as to any Person, without duplication, (a) any obligation, 

contingent or otherwise, of such Person guaranteeing or having the economic effect of 

guaranteeing any Indebtedness or other monetary obligation payable or performable by another 

Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any 

obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for 

the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or 

services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or 

performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other 

financial statement condition or liquidity or level of income or cash flow of the primary obligor so 

as to enable the primary obligor to pay such Indebtedness, or (iv) entered into for the purpose of 

assuring in any other manner the obligee in respect of such Indebtedness of the payment or 

performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), 

or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, 

whether or not such Indebtedness is assumed by such Person (or any right, contingent or otherwise, 

of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” 

shall not include (i) endorsements for collection or deposit, in either case in the ordinary course of 

business, (ii) customary and reasonable indemnity obligations in effect on the Effective Date or 

entered into in connection with any acquisition or disposition of assets permitted under this 

Agreement (other than such obligations with respect to Indebtedness) or (iii) product warranties. 

The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable 

amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is 

made or, if not stated or determinable, the maximum reasonably anticipated liability in respect 

thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb 

has a corresponding meaning.

“Guaranteed Obligations” shall have the meaning specified in Section 11.01.

“Guarantors” shall mean (i) each Domestic Subsidiary of the Borrower as of the Effective 

Date (other than an Excluded Subsidiary), (ii) each Canadian Subsidiary and Dutch Subsidiary of 

the Borrower that issues a Guarantee of the Obligations after the Effective Date pursuant to 
31

Schedule 6.13(a) and (iii) each Subsidiary that issues a Guarantee of the Obligations after the 

Effective Date pursuant to Section 6.11 (which Section 6.11, for the avoidance of doubt, does not 

require that any Excluded Subsidiary provide such a Guarantee) or otherwise. For avoidance of 

doubt, the Borrower may cause any Restricted Subsidiary that is not (and is not required to be) a 

Guarantor to Guarantee the Obligations by causing such Restricted Subsidiary to execute a joinder 

to this Agreement in form and substance reasonably satisfactory to the Administrative Agent, and 

any such Restricted Subsidiary shall be treated as a Guarantor hereunder for all purposes (each 

such Subsidiary, an “Electing Guarantor”) and may also cause the Guaranty of any such Electing 

Guarantor, and any Liens securing such Guaranty, to be released upon providing written notice to 

the Administrative Agent and the Collateral Agent that such Electing Guarantor shall be treated as 

an Excluded Subsidiary to the extent consistent with the definition of Excluded Subsidiary. The 

Guarantors as of the Effective Date are (A) set forth on Schedule 1.01(b) and (B) not Electing 

Guarantors.

“Guaranty” shall mean, collectively, the guaranty of the Obligations by the Guarantors 

pursuant to this Agreement.

“Hazardous Materials” shall mean (a) any petroleum products, distillates or byproducts 

and all other hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, 

polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances and (b) 

any chemical, material, substance or waste that is prohibited, limited or regulated by or pursuant 

to any Environmental Law.

“IBT” shall mean the International Brotherhood of Teamsters.

“IBT Agreement” shall mean that certain National Master Freight Agreement, effective 

April 1, 2019, among the IBT, YRC Inc. (formerly, Yellow Transportation, Inc. and Roadway 

Express, Inc.), USF Holland LLC and New Penn Motor Express LLC, as amended, restated, 

modified, supplemented, extended, renewed or replaced from time to time.

“IBT Extension Agreement” shall mean that certain Extension of the Agreement for the 

Restructuring of the YRC Worldwide Inc. Operating Companies, by and among YRC Inc., USF 

Holland, Inc., New Penn Motor Express, Inc., USF Reddaway and the Teamsters National Freight 

Industry Negotiating Committee of the IBT.

“IBT Transactions” shall mean the modification and extension through March 31, 2024 

or any date thereafter, including pursuant to a subsequent modification, extension, approval and 

ratification, of the IBT Agreement, and the approval and ratification of the IBT Extension 

Agreement by the members of the IBT in accordance in all material respects with all applicable 

laws, rules, regulations and other requirements relating thereto.

“Immaterial Subsidiary” shall mean any Subsidiary of the Borrower that does not 

individually have total assets or revenues (for the period of four fiscal quarters most recently 

ended) that exceed 1.0% of the Borrower’s total assets or revenues as of the end of each fiscal 

quarter (in the case of revenues, for the period of four fiscal quarters ending on such date); provided

that the aggregate amount of assets or revenues (for the period of four fiscal quarters most recently 

ended) of such Subsidiaries shall not at any time exceed 2.5% of the Borrower’s total assets or 
32

revenues as of the end of each fiscal quarter (in the case of revenues, for the period of four fiscal 

quarters ending on such date); provided further that if, as of the date the financial statements for 

any fiscal quarter of the Borrower are delivered or required to be delivered hereunder, the 

consolidated assets or revenues of all Restricted Subsidiaries so designated by the Borrower as 

“Immaterial Subsidiaries” shall have, as of the last day of such fiscal quarter, exceeded the limits 

set forth above, then within 10 Business Days (or such later date as agreed by the Administrative 

Agent and the Required Lenders in their reasonable discretion) after the date such financial 

statements are so delivered (or so required to be delivered), the Borrower shall redesignate one or 

more Immaterial Subsidiaries, in each case in a written notice to the Required Lenders and 

Administrative Agent, such that, as a result thereof, the consolidated assets and revenues of all 

Restricted Subsidiaries that are still designated as “Immaterial Subsidiaries” do not exceed such 

limits. Upon any such Restricted Subsidiary ceasing to be an Immaterial Subsidiary pursuant to 

the preceding sentence, such Restricted Subsidiary, to the extent not otherwise qualifying as an 

Excluded Subsidiary, shall comply with Section 6.11, to the extent applicable.

“Indebtedness” shall mean, as to any Person at a particular time, without duplication and 

without reference to what constitutes indebtedness or a liability in accordance with GAAP, all of 

the following:

(a) all obligations of such Person for borrowed money and all obligations of such 

Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

(b) the maximum amount (after giving effect to any prior drawings or reductions which 

may have been reimbursed) of all outstanding letters of credit (including standby and commercial), 

bankers’ acceptances, bank guaranties, surety bonds, performance bonds and similar instruments 

issued or created by or for the account of such Person;

(c) net obligations of such Person under any Swap Contract;

(d) all obligations of such Person to pay the deferred purchase price of property or 

services;

(e) indebtedness (excluding prepaid interest thereon) described in clauses (a) through 

(d) and (f) through (h) secured by a Lien on property owned or being purchased by such Person 

(including indebtedness arising under conditional sales or other title retention agreements and 

mortgage, industrial revenue bond, industrial development bond and similar financings), whether 

or not such indebtedness shall have been assumed by such Person or is limited in recourse;

(f) all Attributable Indebtedness;

(g) all obligations of such Person to purchase, redeem, retire or otherwise acquire for 

value any Disqualified Equity Interests (but solely to the extent required to occur on or prior to the 

Latest Maturity Date (other than as a result of a change of control, asset sale or similar event)); 

and

(h) to the extent not otherwise included above, all Guarantees of such Person in respect 

of any of the foregoing.
33

For all purposes hereof, the Indebtedness of any Person (i) shall include the Indebtedness 

of any partnership or joint venture (other than a joint venture that is itself a corporation or limited 

liability company) in which such Person is a general partner or joint venturer, except to the extent 

such Person’s liability for such Indebtedness is otherwise expressly contractually limited and only 

to the extent such Indebtedness would be included in the calculation of Consolidated Total Debt 

and (ii) shall exclude (A) trade accounts payable in the ordinary course of business, (B) any earnout obligation until such earn-out obligation has become due and payable, (C) any current and 

undeferred pension contributions or health and welfare contributions due from such Person and/or 

its applicable Subsidiaries to any Pension Fund Entity, (D) liabilities accrued in the ordinary 

course, (E) deferred revenues, liabilities associated with customer prepayments and deposits and 

any such obligations incurred under ERISA, and other accrued obligations (including transfer 

pricing), in each case incurred in the ordinary course of business, (F) operating leases, (G) 

customary obligations under employment agreements and deferred compensation and (H) deferred 

tax liabilities. The amount of any net obligation under any Swap Contract on any date shall be 

deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness 

of any Person for purposes of clause (e) that is limited in recourse to the property encumbered 

thereby shall be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such 

Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by 

such Person in good faith.

“Indemnified Taxes” shall have the meaning assigned to such term in Section 3.01(a).

“Indemnitee” shall have the meaning assigned to such term in Section 10.05(b).

“Information” shall have the meaning assigned to such term in Section 10.16.

“Initial Capex Plan” shall have the meaning assigned to such term in Section 4.02(p)

“Initial Funding Date” means the date on which the conditions specified in Section 4.02

are satisfied (or waived in accordance with Article 9).

“Intellectual Property Security Agreement” shall have the meaning assigned to such 

term “Grant of Security Interest” in the Security Agreement.

“Intercompany Note” shall mean (i) for existing promissory notes as of the Effective 

Date, each promissory note (or amended and restated promissory note) with subordination 

language reasonably acceptable to the Required Lenders and (ii) for promissory notes issued after 

the Effective Date, a promissory note substantially in the form of Exhibit E.

“Intercreditor Agreement” shall include all permitted intercreditor agreements

(including the ABL Intercreditor Agreement and any Junior Lien Intercreditor Agreement).

“Interest Payment Date” shall mean (a) with respect to any ABR Loan, the last Business 

Day of each March, June, September and December, and (b) with respect to any Eurodollar Loan, 

the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in

the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, 

each day that would have been an Interest Payment Date had successive Interest Periods of three 

months’ duration been applicable to such Borrowing.
34

“Interest Period” shall mean, with respect to any Eurodollar Borrowing, the period 

commencing on the date of such Borrowing and ending on the numerically corresponding day (or, 

if there is no numerically corresponding day, on the last Business Day) in the calendar month that 

is 1, 2, 3 or 6 (or, if agreed by all applicable Lenders, 12) months thereafter (or any shorter period 

agreed by all applicable Lenders), as the Borrower may elect; provided, however, that (a) if any 

Interest Period would end on a day other than a Business Day, such Interest Period shall be 

extended to the next succeeding Business Day unless such next succeeding Business Day would 

fall in the next calendar month, in which case such Interest Period shall end on the next preceding 

Business Day, (b) any Interest Period that begins on the last Business Day of a calendar month (or 

on a day for which there is no numerically corresponding day in the calendar month at the end of 

such Interest Period) shall end on the last Business Day of the calendar month at the end of such 

Interest Period and (c) no Interest Period for any Loan shall extend beyond the maturity date of 

such Loan. Interest shall accrue from and including the first day of an Interest Period to but 

excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing initially 

shall be the date on which such Borrowing is made and thereafter shall be the effective date of the 

most recent conversion or continuation of such Borrowing.

“Internally Generated Cash” shall mean cash resulting from operations of the Borrower 

and the Restricted Subsidiaries and not constituting (x) proceeds of the issuance of (or 

contributions in respect of) Equity Interests, (y) proceeds of Dispositions (other than in the 

ordinary course of business) and Casualty Events or (z) proceeds of the incurrence of Indebtedness.

“Investment” shall mean, as to any Person, any direct or indirect acquisition or investment 

by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or 

debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee 

or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity 

participation or interest in, another Person, including any partnership or joint venture interest in 

such other Person, or (c) the purchase or other acquisition (in one transaction or a series of related 

transactions) of all or substantially all of the property and assets or business of another Person or 

assets constituting a business unit, line of business or division of such Person. For purposes of 

covenant compliance, (i) the amount of any Investment shall equal (A) the amount actually 

invested, without adjustment for subsequent increases or decreases in the value of such Investment 

minus, except for purposes of calculating the Cumulative Credit, (B) the aggregate amount of 

dividends, distributions or other payments received in cash in respect of such Investment 

(including by way of a sale or other disposition of such Investment) but not in excess of the original 

amount invested and (ii) the fair market value of any and all Investments (which for the avoidance 

of doubt shall include all debt, equity and other items described in the foregoing provisions of this 

definition) held by any Loan Party in any Guarantor that becomes an Excluded Subsidiary pursuant 

to clause (a) of the definition of “Excluded Subsidiary” shall be deemed to be an Investment 

incurred on the date such Guarantor becomes an Excluded Subsidiary pursuant to clause (a) of the 

definition of “Excluded Subsidiary”.

“ISDA Definitions” means the 2006 ISDA Definitions published by the International 

Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented 

from time to time, or any successor definitional booklet for interest rate derivatives published from 

time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
35

“Junior Financing” shall mean any unsecured Indebtedness incurred by the Borrower or 

a Guarantor in the form of one or more series of unsecured notes or loans having an outstanding 

aggregate principal amount of not less than the Threshold Amount and any Subordinated 

Indebtedness (for greater certainty, not including the ABL Facility Indebtedness, the UST Tranche 

A Term Loan Facility Indebtedness and the Tranche B-2 Term Loan Facility Indebtedness).

“Junior Financing Documentation” shall mean any documentation governing any Junior 

Financing.

“Junior Lien Intercreditor Agreement” shall mean a “junior lien” intercreditor 

agreement among the Collateral Agent and one or more Junior Lien Representatives for holders of 

Permitted Junior Priority Additional Debt, in form and substance reasonably satisfactory to the 

Required Lenders and the Borrower.

“Junior Lien Representative” shall mean, with respect to any series of Permitted Junior

Priority Additional Debt, the trustee, administrative agent, collateral agent, security agent or 

similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, 

incurred or otherwise obtained, as the case may be, and each of their successors in such capacities. 

“Latest Maturity Date” shall mean, at any date of determination, the latest maturity or 

expiration date applicable to any Loan hereunder at such time, including the latest maturity or 

expiration date of any UST Tranche B Term Loan, any Other Term Loan or any Extended Term 

Loan, in each case as extended in accordance with this Agreement from time to time.

“Laws” shall mean, collectively, all international, foreign, federal, state and local laws 

(including common law), statutes, treaties, rules, guidelines, regulations, ordinances, codes and 

administrative or judicial precedents or authorities, including the interpretation or administration 

thereof by any Governmental Authority charged with the enforcement, interpretation or 

administration thereof, and all applicable administrative orders, directed duties, requests, licenses, 

authorizations and permits of, requirements, and agreements with, any Governmental Authority.

“Leasehold Property” shall mean any leasehold interest of any Loan Party as lessee under 

any lease of Real Property.

“Lender” shall mean each lender from time to time party hereto. For avoidance of doubt, 

each Additional Lender is a Lender to the extent any such Person has executed and delivered a 

Refinancing Amendment, as the case may be, and to the extent such Refinancing Amendment shall 

have become effective in accordance with the terms hereof and thereof. As of the Effective Date, 

Schedule 2.01 sets forth the name of each Lender.

“Lender Indemnitees” shall have the meaning assigned to such term in Section 10.05(b).

“LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest 

Period, the rate per annum determined by the Administrative Agent by reference to the Bloomberg 

“LIBOR01” screen page (or any successor or replacement screen on such service) at approximately 

11:00 a.m. (London time) on the date that is two Business Days prior to the commencement of 

such Interest Period for deposits in Dollars for a period equal to such Interest Period; provided

that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of 
36

this definition, and except as set forth in Section 10.24, the “LIBO Rate” shall be the LIBO Rate 

for the immediately preceding Interest Period.

“Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, collateral 

assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, 

priority or other security interest or preferential arrangement of any kind or nature whatsoever 

(including any conditional sale or other title retention agreement, any easement, right of way or 

other encumbrance on title to Real Property, and any Capitalized Lease or financing lease having 

substantially the same economic effect as any of the foregoing).

“Liquidity” shall mean, as of any date of determination, the sum of (A) unrestricted cash 

and Cash Equivalents of the Loan Parties as of such date and (B) the aggregate amount of 

“Availability” under the ABL Credit Agreement (as such term is defined in the ABL Credit 

Agreement as in effect as of the date hereof and without giving effect to proviso in such definition) 

so long the conditions for utilizing have been satisfied other than with respect to the delivery of a 

borrowing request or similar funding notice, which the Borrower is permitted to deliver. Liquidity 

shall not include cash and Cash Equivalents held in the UST Tranche A Controlled Account or the 

UST Tranche B Controlled Account.

“Liquidity Test Period” shall mean the period commencing on the Effective Date and 

ending on the first date after for which Consolidated EBITDA for a Test Period ending on the last 

day of a fiscal quarter ending on or after September 30, 2020 is greater than $200,000,000 and the 

Borrower shall have delivered a Compliance Certificate to the Administrative Agent showing such 

calculation in reasonable detail.

“Loan” shall mean any Term Loan.

“Loan Documents” shall mean this Agreement (including, without limitation, any 

amendments to this Agreement), the Collateral Documents, the Custodial Administration 

Agreement, the Administrative Agent Fee Letter, each Refinancing Amendment, each Extension 

Offer and each amendment of any Loan Document in connection therewith, and the Term Notes, 

if any, executed and delivered pursuant to Section 2.04(e). 

“Loan Parties” shall mean, collectively, the Borrower and each Guarantor.

“Margin Stock” shall have the meaning assigned to such term in Regulation U.

“Master Agreement” shall have the meaning specified in the definition of “Swap 

Contract”.

“Material Adverse Effect” shall mean a (a) material adverse effect on the business, 

operations, assets, liabilities (actual or contingent), operating results or financial condition of the 

Borrower and its Restricted Subsidiaries, taken as a whole; (b) material adverse effect on the ability 

of the Loan Parties (taken as a whole) to fully and timely perform their payment obligations under 

the Loan Documents to which the Borrower or any of the Loan Parties is a party; or (c) material 

adverse effect on the rights and remedies available to the Lenders, the Administrative Agent or the 

Collateral Agent under any Loan Document (other than due to the action or inaction of any Agent 

or any Lender); provided, that with respect to the foregoing clause (a), the impacts of COVID 19 
37

on the business, operations, assets, liabilities (actual or contingent), operating results or financial 

condition of the Borrower and its Restricted Subsidiaries, taken as a whole, will be disregarded.

“Material Real Property” shall mean each Real Property that is (i) owned in fee by a 

Loan Party, (ii) located in the United States and (iii) not an Excluded Real Property.

“Maturity Date” shall mean, (i) with respect to the UST Tranche B Term Loans, 

September 30, 2024, (ii) with respect to any tranche of Extended Term Loans, the final maturity 

date as specified in the applicable Extension Offer accepted by the respective Lender or Lenders 

and (iii) with respect to any Other Term Loans, the final maturity date as specified in the applicable 

Refinancing Amendment; provided that if any such day is not a Business Day, the applicable 

Maturity Date shall be the Business Day immediately succeeding such day.

“Maximum Rate” shall have the meaning assigned to such term in Section 10.09.

“Minimum Extension Condition” shall have the meaning assigned to such term in 

Section 2.19(b).

“MNPI” shall mean material information concerning the Borrower, Subsidiary or 

Controlled Affiliate of any of the foregoing or their securities that has not been disseminated in a 

manner making it available to investors generally, within the meaning of Regulation FD under the 

Securities Act and the Exchange Act. For purposes of this definition, “material information” 

means information concerning the Borrower, the Subsidiaries or any Controlled Affiliate of any 

of the foregoing or any of their securities that could reasonably be expected to be material for 

purposes of the United States Federal and State securities laws and, where applicable, foreign 

securities laws.

“Moody’s” shall mean Moody’s Investors Service, Inc., or any successor thereto.

“Mortgage Collateral Agency Agreement” shall mean the Mortgage Collateral Agency 

Agreement, dated as of the date of the Mortgages, among the Collateral Agent, as mortgage 

collateral agent, the Collateral Agent, as UST Tranche A term loan representative, the UST 

Tranche B Term Agent, as UST Tranche B term loan representative and the Borrower and the 

other Loan Parties party thereto, as each of the same may be further amended, restated, modified, 

supplemented, extended, renewed, restructured or replaced.

“Mortgage Collateral Agent” shall mean The Bank of New York Mellon, as mortgage 

collateral agent pursuant to the Mortgage Collateral Agency Agreement.

“Mortgage Policies” shall have the meaning specified in the definition of “Collateral and 

Guarantee Requirement.”

“Mortgaged Property” shall have the meaning specified in the definition of “Collateral 

and Guarantee Requirement.” The Mortgaged Properties as of the Effective Date are set forth on 

Schedule 1.01(c).

“Mortgages” shall mean, collectively, the mortgages, deeds of trust, trust deeds, hypothecs 

deeds to secure debt and similar instruments (including any Existing Mortgage, as amended by a 
38

Mortgage Amendment) by the Loan Parties in favor or for the benefit of the Mortgage Collateral 

Agent on behalf of the Secured Parties (as defined in the Mortgage Collateral Agency Agreement) 

creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably 

satisfactory to the Required Lenders, Collateral Agent and the Borrower, and any other mortgages 

executed and delivered pursuant to Section 4.02, 6.11 or 6.13.

“Multiemployer Plan” shall mean any multiemployer plan as defined in Section 

4001(a)(3) of ERISA subject to the provisions of Title IV of ERISA to which a Loan Party, any 

Restricted Subsidiary or any of their respective ERISA Affiliates is an “employer” as defined in 

Section 3(5) of ERISA.

“Net Equity Proceeds” shall mean 50% of the cash proceeds from the issuance or sale 

by the Borrower (or contributions in respect) of any Equity Interests issued after the Effective 

Date, net of all taxes paid or reasonably estimated to be payable as a result thereof and fees 

(including investment banking fees and discounts), commissions, costs and other expenses, in 

each case incurred in connection with such issuance or sale, provided, that, if the amount of any 

estimated taxes exceeds the amount of taxes actually required to be paid in cash, the aggregate 

amount of such excess shall constitute Net Proceeds at the time such taxes are actually paid.

“Net Proceeds” shall mean:

(a) 100% of the cash proceeds actually received by the Borrower or any Restricted 

Subsidiaries (including any cash payments received by way of deferred payment of principal 

pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise 

and including casualty insurance settlements and condemnation and similar awards, but in each 

case only as and when received) from any Disposition or Casualty Event, net of the following: 

(i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, 

title insurance premiums, and related search and recording charges, transfer taxes, deed or 

mortgage recording taxes, 

(ii) other than with respect to a Pension Real Property Event, required debt 

payments and required payments (including principal amount, premium or penalty, if any, 

interest, fees and expenses and other amounts) of other obligations that are secured by the 

applicable asset or property (other than pursuant to the Loan Documents, the ABL Facility 

Documentation (other than in respect of ABL Priority Collateral and Non-UST Tranche B 

Term Priority Collateral), the Tranche B-2 Term Loan Facility Documentation (other than 

in respect of ABL Priority Collateral and Non-UST Tranche B Term Priority Collateral), 

the UST Tranche A Term Loan Facility Documentation, (other than in respect of the UST 

Tranche A Only Collateral) or any Permitted Junior Priority Additional Debt), 

(iii) in the case of a Disposition or a Casualty Event with respect to any Pension 

Real Property (a “Pension Real Property Event”), to the extent the Contribution Deferral 

Agreement (as in effect as of the date hereof) requires the repayment or prepayment with 

the Net Proceeds of such Pension Real Property Event of any Specified Pension Fund 

Obligations which are secured on a first lien basis by such Pension Real Property (such 

obligations, “CDA First Lien Obligations”), the Net Proceeds of such Pension Real 
39

Property Event shall be reduced by an amount equal to the amount of such Specified 

Pension Fund Obligations that are so repaid or prepaid with such proceeds and have not 

been declined by the holders thereof,

(iv) in the case of any Disposition or Casualty Event by a non-wholly owned 

Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without 

regard to this clause (iv)) attributable to minority interests and not available for distribution 

to or for the account of the Borrower or a wholly owned Restricted Subsidiary as a result 

thereof, 

(v) taxes paid or reasonably estimated to be payable as a result thereof 

(provided, that if the amount of any such estimated taxes exceeds the amount of taxes 

actually required to be paid in cash in respect of such Disposition or Casualty Event, the 

aggregate amount of such excess shall constitute Net Proceeds at the time such taxes are 

actually paid), 

(vi) the amount of any reasonable reserve established in accordance with GAAP 

against any adjustment to the sale price or any liabilities (other than any taxes deducted 

pursuant to clause (i) or (v) above) (x) related to any of the applicable assets and (y) 

retained by the Borrower or any of the Restricted Subsidiaries with respect to the assets 

subject to the Disposition or Casualty Event including, without limitation, liabilities related 

to environmental matters or against any indemnification obligations (however, the amount 

of any subsequent reduction of such reserve (other than in connection with a payment in 

respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or 

Casualty Event occurring on the date of such reduction), and

(vii) any funded escrow established pursuant to the documents evidencing any 

such sale or disposition to secure any indemnification obligations or adjustments to the 

purchase price associated with any such sale or disposition;

provided, that if no Event of Default exists such proceeds, other than Real Property 

Disposition Proceeds, may be applied by the Borrower or any Restricted Subsidiary to acquire, 

maintain, develop, construct, improve, upgrade or repair assets useful in the business of the 

Borrower or its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition 

permitted hereunder of all or substantially all the assets of, or all the Equity Interests (other than 

directors’ qualifying shares) in, a Person or division or line of business of a Person (or any 

subsequent investment made in a Person, division or line of business previously acquired) that in 

each case become Collateral (or, in the case of the acquisition of the Equity Interests of a Person, 

such Person becomes a Loan Party under the Loan Documents), in each case within 270 days of 

such receipt, and such portion of such proceeds shall not constitute Net Proceeds except to the 

extent not, within 270 days of such receipt, so used or contractually committed with a third party 

to be so used (it being understood that if any portion of such proceeds are not so used within such 

270 day period but within such 270 day period are contractually committed with a third party to 

be used, then upon the termination of such contract or if such Net Proceeds are not so used within 

the later of such 270 day period and 180 days from the entry into such contractual commitment, 

such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry 

without giving effect to this proviso; it being understood that such proceeds shall constitute Net 
40

Proceeds if there is a Specified Default at the time of a proposed reinvestment unless such proposed 

reinvestment is made pursuant to a binding commitment with a third party entered into at a time 

when no Specified Default was continuing); provided, further that, (i) except with respect to (I) 

Real Property Disposition Proceeds and (II) at any time during the Specified Period, any other Net 

Proceeds, no proceeds realized in a single transaction or series of related transactions shall 

constitute Net Proceeds unless the aggregate net proceeds exceeds $7,500,000 in any fiscal year, 

commencing upon the expiration of the Specified Period (and thereafter only net cash proceeds in 

excess of such amount shall constitute Net Proceeds under this clause (a)), (ii) notwithstanding 

anything to the contrary in this Agreement, during the Specified Rolling Stock Prepayment Period, 

all Net Proceeds from any Disposition of Rolling Stock in excess of the Specified Rolling Stock 

Reinvestment Threshold in any fiscal year shall be applied (x) with respect to any Rolling Stock 

constituting UST Tranche B Priority Collateral to prepay the Term Loans in accordance with this 

Agreement, (y) with respect to any Rolling Stock constituting UST Tranche B Joint Collateral 

67% to prepay the Term Loans in accordance with this Agreement and 33% to prepay the Tranche 

B-2 Term Loan Facility in accordance with the Tranche B-2 Term Loan Credit Agreement and (z) 

with respect to any Rolling Stock constituting Non-UST Tranche B Term Priority Collateral to 

prepay the Tranche B-2 Term Loan Facility in accordance with the Tranche B-2 Term Loan Credit 

Agreement, in each case of clauses (x), (y) and (z) above, without giving effect to any thresholds 

(other than such Specified Rolling Stock Reinvestment Threshold) or reinvestment rights, (iii) 

pending reinvestment in accordance with this proviso, (A) proceeds from the Disposition of 

Rolling Stock constituting (x) Non-UST Tranche B Term Priority Collateral shall, not later than 

the date that is five (5) Business Days after the end of the calendar month in which such Disposition 

is made, be deposited and maintained in a Non-UST Tranche B Priority Account (as defined in the 

ABL Intercreditor Agreement), (y) UST Tranche B Priority Collateral shall, not later than the date 

that is five (5) Business Days after the end of the calendar month in which such Disposition is 

made, be deposited and maintained in a UST Tranche B Priority Account (as defined in the ABL 

Intercreditor Agreement) and (z) UST Tranche B Joint Collateral shall, not later than the date that 

is five (5) Business Days after the end of the calendar month in which such Disposition is made, 

be deposited and maintained in a UST Tranche B Joint Account (as defined in the ABL 

Intercreditor Agreement) and (iv) the Borrower shall not, nor shall it permit any Restricted 

Subsidiary to, Dispose of Rolling Stock that does not constitute UST Tranche B Priority Collateral 

or UST Tranche B Joint Collateral with an aggregate fair market value in any fiscal year in excess 

of $5,000,000 without the prior consent of the Required Lenders.

(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower 

or any of the Restricted Subsidiaries of any Indebtedness, net of all taxes paid or reasonably 

estimated to be payable as a result thereof and fees (including investment banking fees and 

discounts), commissions, costs and other expenses, in each case incurred in connection with such 

issuance or sale, provided, that if the amount of any estimated taxes exceeds the amount of taxes 

actually required to be paid in cash, the aggregate amount of such excess shall constitute Net 

Proceeds at the time such taxes are actually paid.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs 

and expenses payable to the Borrower or the Restricted Subsidiaries shall be disregarded.

“Non-Consenting Lender” has the meaning set forth in Section 3.06(b).
41

“Non-UST Tranche B Term Priority Collateral” shall have the meaning assigned to 

such term in the ABL Intercreditor Agreement.

“Not Otherwise Applied” shall mean, with reference to any amount of net proceeds of 

any transaction or event, that such amount (a) was not required to be applied to prepay the Loans 

pursuant to Section 2.13(a) and (b) was not previously applied in determining the permissibility of 

a transaction under the Loan Documents where such permissibility was (or may have been) 

pursuant to Section 7.02(p)(y), Section 7.03(ee), Section 7.06(e)(y) or 7.13(a)(vi).

“Obligations” shall mean all advances to, and debts, liabilities, obligations, covenants and 

duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, 

whether direct or indirect (including those acquired by assumption), absolute or contingent, due or 

to become due, now existing or hereafter arising and including interest and fees that accrue after 

the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws 

naming such Person as the debtor in such proceeding (or would accrue but for the operation of 

applicable Debtor Relief Laws), regardless of whether such interest and fees are allowed or 

allowable claims in such proceeding. Without limiting the generality of the foregoing, the 

Obligations of the Loan Parties under the Loan Documents include (a) the obligation (including 

guarantee obligations) to pay principal, interest, reimbursement obligations, charges, expenses, 

fees, Attorney Costs, indemnities and other amounts payable by any Loan Party to the Agents, the 

Lenders or other Persons under any Loan Document and (b) the obligation of any Loan Party to 

reimburse any amount in respect of any of the foregoing that any Agent or Lender, in its sole 

discretion, may elect to pay or advance on behalf of such Loan Party.

“OFAC” shall have the meaning assigned to such term in the definition of “Blocked 

Person”.

“Organization Documents” shall mean (a) with respect to any corporation, the certificate 

or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents 

with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the 

certificate or articles of formation or organization and operating agreement; and (c) with respect 

to any partnership, joint venture, trust or other form of business entity, the partnership, joint 

venture or other applicable agreement of formation or organization and any agreement, instrument, 

filing or notice with respect thereto filed in connection with its formation or organization with the 

applicable Governmental Authority in the jurisdiction of its formation or organization and, if 

applicable, any certificate or articles of formation or organization of such entity.

“Other Survey Documentation” shall have the meaning specified in the definition of 

“Collateral and Guarantee Requirement”.

“Other Taxes” shall have the meaning assigned to such term in Section 3.01(b).

“Other Term Loan Commitments” shall mean one or more Classes of term loan 

commitments hereunder that result from a Refinancing Amendment entered into after the Effective 

Date.

“Other Term Loans” shall mean one or more Classes of Term Loans that result from a 

Refinancing Amendment entered into after the Effective Date.
42

“Participant Register” shall have the meaning assigned to such term in Section 10.04(f).

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in 

ERISA and any successor entity performing similar functions.

“Pension Fund Entities” shall mean those entities identified on Schedule 1.01(d) hereto.

“Pension Contribution Cap” means, as of any date of determination, (i) for any such date 

of determination occurring from and after September 11, 2019 and on or prior to September 11, 

2020, $150,000,000, (ii) for any such date of determination occurring after September 11, 2020

but on or prior to September 11, 2021, $153,000,000, (iii) for any such date of determination 

occurring after September 11, 2021 but on or prior to September 11, 2022, $156,060,000, (iv) for 

any such date of determination occurring after September 11, 2022 but on or prior to September 

11, 2023, $159,181,200 and (v) for any such date of determination occurring thereafter, 

$162,364,824.

“Pension Real Property” shall mean any Real Property for so long as such Real Property 

secures the obligations of the Borrower under the Contribution Deferral Agreement on a first lien 

basis on the Effective Date, as set forth on Schedule 1.01(a).

“Pension Real Property Event” shall have the meaning assigned to such term in the 

definition of “Net Proceeds”.

“Perfection Certificate” shall mean a certificate substantially in the form of Exhibit II to 

the Security Agreement or any other form reasonably approved by the Collateral Agent and the 

Borrower, as the same shall be supplemented from time to time.

“Permits” shall mean all necessary certificates, licenses, permits, franchises, trade names, 

certificates of occupancy, consents and other approvals required under applicable Laws for the 

operation of any Real Property.

“Permitted Acquisition” shall have the meaning assigned to such term in Section 7.02(h).

“Permitted Acquisition Provisions” shall have the meaning assigned to such term in 

Section 2.17(c).

“Permitted Additional Debt” shall mean Indebtedness incurred by the Borrower or any 

Guarantor, which Indebtedness may be (x) in the form of one or more series of notes or in the form 

of bank loans and, in either case, secured by the Collateral on a junior basis to the Obligations 

(“Permitted Junior Priority Additional Debt”) or (y) in the form of one or more series of notes 

or in the form of bank loans and unsecured; provided that (i) such Indebtedness is not at any time 

guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors, (ii) the other terms and 

conditions of such Indebtedness (excluding pricing, fees, rate floors and optional prepayment or 

redemption terms), if different from the Term Loans, are customary market terms for Indebtedness 

of such type but in no event shall such terms and conditions (taken as a whole) be materially more 

restrictive to the Borrower and its Subsidiaries than the terms and conditions hereof (provided, that 

the financial maintenance covenant on the then outstanding Term Loans shall be amended to 

provide the Lenders the benefit of any financial maintenance covenant of such Permitted 
43

Additional Debt that is in addition to or more restrictive in any material manner than the financial 

maintenance covenant on the then outstanding Term Loans) (provided that a certificate of a

Responsible Officer of the Borrower delivered to the Administrative Agent at least five Business 

Days prior to the incurrence of such Indebtedness (or such shorter period as the Administrative 

Agent with the consent of the Required Lenders may agree in their sole discretion), together with 

a reasonably detailed description of the material terms and conditions of such Indebtedness or 

drafts of the documentation relating thereto, stating that the Borrower has determined in good faith 

that such terms and conditions satisfy the requirement of this clause (ii) shall be conclusive 

evidence that such terms and conditions satisfy such requirement unless the Administrative Agent 

or the Required Lenders notify the Borrower within such five Business Day period (or such shorter 

period as the Administrative Agent with the consent of the Required Lenders may agree in its sole 

discretion) that the Required Lenders disagree with such determination (including a reasonable 

description of the basis upon which the Required Lenders disagree)), (iii) [reserved], (iv) no 

Default shall exist immediately prior to or after giving effect to such incurrence and (v) if such 

Indebtedness is Permitted Additional Debt that is secured, a Junior Representative acting on behalf 

of the holders of such Indebtedness shall have become party to or otherwise subject to the 

provisions of the Junior Lien Intercreditor Agreement. Permitted Additional Debt will include any 

Registered Equivalent Notes issued in exchange therefor.

“Permitted Junior Priority Additional Debt” shall have the meaning assigned to such 

term in the definition of “Permitted Additional Debt”.

“Permitted Refinancing” shall mean, with respect to any Person, any modification, 

refinancing, refunding, renewal, replacement or extension of any Indebtedness of such Person;

provided that (a) the original aggregate principal amount (or accreted value, if applicable) does not 

exceed the aggregate principal amount (or accreted value, if applicable) of the Indebtedness so 

modified, refinanced, refunded, renewed, replaced or extended except (i) by an amount equal to 

accrued but unpaid interest, premiums and fees payable by the terms of such Indebtedness and 

reasonable fees, expenses, original issue discount and upfront fees incurred in connection with 

such modification, refinancing, refunding, renewal, replacement or extension and (ii) by an amount 

equal to any existing available commitments unutilized thereunder, (b) other than with respect to 

a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(e), the 

Indebtedness resulting from such modification, refinancing, refunding, renewal, replacement or 

extension has a final maturity date equal to or later than the final maturity date of, and has a 

Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity 

of, the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended, (c) 

other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant 

to Section 7.03(e), at the time thereof, no Event of Default shall have occurred and be continuing, 

(d) if such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is 

Indebtedness permitted pursuant to Section 7.03(b), 7.03(p) or 7.03(q), or is otherwise a Junior 

Financing, (i) to the extent such Indebtedness being modified, refinanced, refunded, renewed, 

replaced or extended is subordinated in right of payment or in lien priority to the Obligations, the 

Indebtedness resulting from such modification, refinancing, refunding, renewal, replacement or 

extension is subordinated in right of payment or in lien priority, as applicable, to the Obligations 

on terms (taken as a whole) (x) at least as favorable to the Lenders as those contained in the 

documentation governing the Indebtedness being modified, refinanced, refunded, renewed, 

replaced or extended (provided that a certificate of a Responsible Officer of the Borrower delivered 
44

to the Administrative Agent at least five Business Days prior to the incurrence of such 

Indebtedness (or such shorter period as the Administrative Agent with the consent of the Required 

Lenders may agree in its sole discretion), together with a reasonably detailed description of the 

material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, 

stating that the Borrower has determined in good faith that such terms and conditions satisfy the 

foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the 

foregoing requirement unless the Administrative Agent or the Required Lenders notify the 

Borrower within such five Business Day period that the Required Lenders disagree with such 

determination (including a reasonable description of the basis upon which the Required Lenders 

disagree)) or (y) otherwise reasonably acceptable to the Required Lenders)), and (ii) the obligors 

(including any guarantors) in respect of the Indebtedness resulting from such modification, 

refinancing, refunding, renewal, replacement or extension shall not include any Person other than 

the obligors (including any guarantors) of the Indebtedness being modified, refinanced, refunded, 

renewed, replaced or extended unless otherwise permitted hereby, (e) in the case of any Permitted 

Refinancing in respect of the ABL Facility, such Permitted Refinancing is a revolving working 

capital facility and is secured only by all or any portion of the collateral securing the ABL Facility 

(but not by any other assets) pursuant to one or more security agreements subject, in the case of 

assets constituting (or required to constitute) Collateral, to the ABL Intercreditor Agreement, (f) 

in the case of any Credit Agreement Refinancing Indebtedness, the Permitted Refinancing shall 

constitute Credit Agreement Refinancing Indebtedness and (g) to the extent such Indebtedness 

being modified, refinanced, refunded, renewed, replaced or extended is unsecured, the 

Indebtedness resulting from such modification, refinancing, refunding, renewal, replacement or 

extension must be unsecured. When used with respect to any specified Indebtedness, “Permitted 

Refinancing” shall mean the Indebtedness incurred to effectuate a Permitted Refinancing of such 

specified Indebtedness.

“Permitted Repricing Amendment” shall have the meaning set forth in Section 10.08(b).

“Person” shall mean any natural person, corporation, limited liability company, trust, joint 

venture, association, company, partnership, Governmental Authority or other entity.

“Plan” shall mean any employee pension benefit plan within the meaning of Section 3(2) 

of ERISA (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or 

Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA and in respect of which a 

Loan Party, any Restricted Subsidiary or any of their respective ERISA Affiliates is, or if such 

plan were terminated would under Section 4069 of ERISA be deemed to be, or within the six year 

period immediately preceding the date hereof was, a “contributing sponsor” as defined in Section 

4001(a)(13) of ERISA or an “employer” as defined in Section 3(5) of ERISA.

“Platform” shall have the meaning assigned to such term in Section 10.01.

“Prime Rate” shall mean, as of any day, the rate last quoted by The Wall Street Journal as 

the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the 

highest per annum interest rate published by the Federal Reserve Board in Federal Reserve 

Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such 

rate is no longer quoted therein, any similar rate quoted therein (as reasonably determined by the 
45

Required Lenders) or any similar release by the Federal Reserve Board (as reasonably determined 

by the Required Lenders).

“Pro Forma Basis” shall mean, with respect to compliance with any test or covenant or 

calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio 

(including in connection with Specified Transactions) in accordance with Section 1.10.

“Pro Rata Share” shall mean, with respect to each Lender at any time a fraction 

(expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the 

amount of the Commitments (or, if Commitments have been terminated, the principal amount of 

the Loans) under the applicable Facility or Facilities of such Lender at such time and the 

denominator of which is the amount of the aggregate Commitments (or, if the Commitments have 

been terminated, the principal amount of the Loans) under the applicable Facility or Facilities at 

such time.

“Projections” shall have the meaning set forth in Section 6.01(c).

“Public Lender” shall have the meaning assigned to such term in Section 10.01.

“Qualified Equity Interests” shall mean any Equity Interests that are not Disqualified 

Equity Interests.

“Qualified Securitization Financing” means any Securitization Facility of a 

Securitization Subsidiary that meets the following conditions: (i) the Borrower shall have 

determined in good faith that such Securitization Facility (including financing terms, covenants, 

termination events and other provisions) is in the aggregate economically fair and reasonable to 

the Borrower and its Restricted Subsidiaries party to the Securitization Facility; (ii) all sales of 

Securitization Assets and related assets by the Borrower or any Restricted Subsidiary to the 

Securitization Subsidiary or any other Person are made at fair market value (as determined in good 

faith by the Borrower); (iii) the financing terms, covenants, termination events and other provisions 

thereof shall be on market terms (as determined in good faith by the Borrower) and may include 

Standard Securitization Undertakings; and (iv) the obligations under such Securitization Facility 

are non-recourse (except for customary representations, warranties, covenants and indemnities 

made in connection with such facilities) to the Borrower or any of its Restricted Subsidiaries (other 

than a Securitization Subsidiary).

“Real Property” shall mean, collectively, all right, title and interest (including any 

leasehold, mineral or other estate) in and to any and all parcels of or interests in real property 

owned or leased by any Person, whether by lease, license or other means, together with, in each 

case, all easements, hereditaments and appurtenances relating thereto, all improvements and 

appurtenant fixtures and equipment, all general intangibles and contract rights and other property 

and rights incidental to the ownership, lease or operation thereof.

“Real Property Disposition Proceeds” shall mean any Net Proceeds realized from a 

Disposition of, or Sale and Leaseback Transaction with respect to, any Real Property, including,

for the avoidance of doubt, any Pension Real Property (in each case, consummated on or after the 

Effective Date), other than, in each case, leases of Real Property entered into in the ordinary course 

of business (excluding Sale and Leaseback Transactions).
46

“Receivables Assets” shall mean (a) any accounts receivable owed to the Borrower or a 

Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all 

collateral securing such accounts receivable, all contracts and contract rights, in each case, of the 

type which would constitute ABL Priority Collateral, guarantees or other obligations in respect of 

such accounts receivable, all records with respect to such accounts receivable and any other assets 

customarily transferred together with accounts receivable in connection with a non-recourse 

accounts receivable factoring arrangement, except for Standard Securitization Undertakings, 

assigned or otherwise transferred or pledged by the Borrower in connection with a Receivables 

Facility.

“Receivables Facility” shall mean an arrangement between the Borrower or a Restricted 

Subsidiary and another Person pursuant to which (a) the Borrower or such Restricted Subsidiary, 

as applicable, sells (directly or indirectly) in the ordinary course of business to such Person 

accounts receivable owing by customers, together with Receivables Assets related thereto, (b) the 

obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are nonrecourse (except for Securitization Purchase Obligations) to the Borrower and such Restricted 

Subsidiary and (c) the financing terms, covenants, termination events and other provisions thereof 

shall be on market terms (as determined in good faith by the Borrower) and may include Standard 

Securitization Undertakings.

“Reconciliation Report” shall have the meaning specified in Section 6.02(k).

“Reference Time” with respect to any setting of the then-current Benchmark means (1) if 

such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking 

days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time 

determined by the Required Lenders in their reasonable discretion and notified to the 

Administrative Agent.

“Refinanced Debt” shall have the meaning specified in the definition of “Credit 

Agreement Refinancing Indebtedness”.

“Refinancing Amendment” shall mean an amendment to this Agreement executed by 

each of (a) the Borrower, (b) the Administrative Agent, (c) each Additional Lender that will make 

an Other Term Loan pursuant to such Refinancing Amendment and (d) each existing Lender that 

agrees to provide any portion of the Credit Agreement Refinancing Indebtedness being incurred 

pursuant thereto, in accordance with Section 2.18.

“Register” shall have the meaning assigned to such term in Section 10.04(d).

“Registered Equivalent Notes” shall mean, with respect to any notes originally issued in 

a Rule 144A or other private placement transaction under the Securities Act of 1933, substantially 

identical notes (having the same Guarantees) issued in a dollar-for-dollar exchange therefor 

pursuant to an exchange offer registered with the SEC.

“Regulation T” shall mean Regulation T of the Board as from time to time in effect and 

all official rulings and interpretations thereunder or thereof.
47

“Regulation U” shall mean Regulation U of the Board as from time to time in effect and 

all official rulings and interpretations thereunder or thereof.

“Rejection Notice” shall have the meaning assigned to such term in Section 2.13(d).

“Related Fund” shall mean, with respect to any Lender that is a fund or commingled 

investment vehicle that invests in loans, any other fund that invests in loans and is managed or 

advised by the same investment advisor/manager as such Lender or by an Affiliate of such 

investment advisor/manager.

“Related Parties” shall mean, with respect to any specified Person, such Person’s 

Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such 

Person and such Person’s Affiliates.

“Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring, 

deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or 

from, within or upon any vessel, vehicle, building, structure, facility or fixture.

“Relevant Governmental Body” means the Federal Reserve Board or the Federal Reserve 

Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board 

or the Federal Reserve Bank of New York, or any successor thereto.

“Reportable Event” shall mean any of the events set forth in Section 4043(c) of ERISA 

or the regulations issued thereunder, other than events for which the thirty (30) day notice period 

has been waived with respect to a Plan.

“Request for Credit Extension” shall mean a request by the Borrower in accordance with 

the terms of Section 2.03(a) or Section 2.10, as applicable, and substantially in the form of Exhibit 

C, or such other form as shall be approved by the Administrative Agent.

“Request for Disbursement” shall mean a request by the Borrower in accordance with the 

terms of Section 2.03(b) and substantially in the form of Exhibit D, or such other form as shall be 

approved by the Administrative Agent.

“Required Class Lenders” shall mean, as of any date of determination, Lenders of a Class 

having more than 50% of the sum of the outstanding Loans and unused Commitments of the 

applicable Class.

“Required Lenders” shall mean, at any time, Lenders having Loans and unused Term 

Loan Commitments representing more than 50% of the sum of all Loans outstanding and unused 

Term Loan Commitments at such time.

“Required Opinion State” shall mean each of the following states: Pennsylvania, 

California, Ohio, New York, Illinois, New Jersey, Texas, Michigan, Tennessee, North Carolina, 

Oregon, Georgia, Maryland, Indiana, Missouri, Wisconsin, South Carolina, Nevada, Minnesota 

and Utah.
48

“Responsible Officer” shall mean the chief executive officer, president, vice president, 

chief financial officer, treasurer, assistant treasurer, director of treasury or other similar officer of 

a Loan Party and, as to any document delivered on the Effective Date, any secretary or assistant 

secretary of such Loan Party; provided that with respect to the Borrower, “Responsible Officer” 

shall mean only the chief executive officer and chief financial officer. Any document delivered 

hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed 

by the recipient of such document to have been authorized by all necessary corporate, partnership 

and/or other action on the part of such Loan Party and such Responsible Officer shall be 

conclusively presumed by the recipient of such document to have acted on behalf of such Loan 

Party.

“Restricted Payment” shall mean any dividend or other distribution (whether in cash, 

securities or other property) with respect to any Equity Interest of the Borrower or any Restricted 

Subsidiary, or any payment (whether in cash, securities or other property), including any sinking 

fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, 

acquisition, cancellation or termination of any such Equity Interest of the Borrower or any 

Restricted Subsidiary, or on account of any return of capital to the Borrower’s or a Restricted 

Subsidiary’s stockholders, partners or members (or the equivalent Persons thereof).

“Restricted Subsidiary” shall mean each Subsidiary of the Borrower. 

“Rolling Stock” shall mean any vehicles, tractors, trucks, trailers, tank trailer and other 

trailers, or similar vehicles and trailers, railroad cars, locomotives, stacktrains and other rolling 

stock and accessories used on such railroad cars, locomotives or other rolling stock (including 

superstructures and racks).

“S&P” shall mean Standard & Poor’s Ratings Service, or any successor thereto.

“Sale and Leaseback Transaction” shall mean any arrangement, directly or indirectly, 

whereby a seller or transferor shall sell or otherwise transfer any real or personal property and then 

or thereafter lease, or repurchase under an extended purchase contract, conditional sales or other 

title retention agreement, the same property.

“Scheduled Property” shall have the meaning assigned to such term in Section 7.05(l).

“SEC” shall mean the Securities and Exchange Commission or any Governmental 

Authority that is the successor thereto.

“Secured Parties” shall have the meaning assigned to such term in the Security 

Agreement.

“Securities Account” as defined in the UCC.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Securitization Asset” shall mean (a) any accounts receivable or related assets and the 

collections and proceeds thereof, in each case subject to a Securitization Facility and (b) all 

collateral securing such receivable or asset, all contracts and contract rights in each case, of the 
49

type which would constitute ABL Priority Collateral, guaranties or other obligations in respect of 

such receivable or asset, lockbox accounts, books and records with respect to such account or asset 

and any other assets customarily transferred (or in respect of which security interests are 

customarily granted) together with accounts or assets in a securitization financing and which in 

the case of clause (a) and (b) above are sold, conveyed, assigned or otherwise transferred or 

pledged by any Loan Party in connection with a Qualified Securitization Financing.

“Securitization Facility” shall mean any transaction or series of securitization financings 

that may be entered into by the Borrower or any of its Restricted Subsidiaries pursuant to which 

the Borrower or any of its Restricted Subsidiaries may sell, convey or otherwise transfer, or may 

grant a security interest in, Securitization Assets to either (a) any Person that is not a Restricted 

Subsidiary or (b) any other Subsidiary of the Borrower (that in turn sells such Securitization Assets 

to a Securitization Subsidiary) or a Securitization Subsidiary that in turn sells such Securitization 

Assets to a Person that is not a Restricted Subsidiary, or may grant a security interest in, any 

Securitization Assets of the Borrower or any of its Subsidiaries; provided that, it is understood and 

agreed that the ABL Facility is deemed a Securitization Facility.

“Securitization Fees” shall mean distributions or payments made directly or by means of 

discounts with respect to any Securitization Asset or participation interest therein issued or sold in 

connection with, and other fees and expenses (including fees and expenses of legal counsel) paid 

to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization 

Financing or a Receivables Facility.

“Securitization Purchase Obligation” shall mean any obligation of the Borrower or a 

Restricted Subsidiary in respect of Securitization Assets or Receivables Assets in a Qualified 

Securitization Financing or a Receivables Facility to purchase Securitization Assets arising as a 

result of a breach of a representation, warranty or covenant or otherwise, including, without 

limitation, as a result of a receivable or portion thereof becoming subject to any asserted defense, 

dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take 

action by or any other event relating to such party.

“Securitization Subsidiary” shall mean any Subsidiary of the Borrower in each case 

formed for the purpose of and that solely engages in one or more Qualified Securitization 

Financings and other activities reasonably related thereto or another Person formed for the 

purposes of engaging in a Qualified Securitization Financing in which the Borrower or any 

Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of 

the Borrower transfers Securitization Assets and related assets.

“Security Agreement” shall mean, except as the context may otherwise require, both (a)

the Security Agreement dated on or around the Effective Date among the Borrower, the Guarantors 

party thereto and the Collateral Agent and (b) the Security and Collateral Agency Agreement, 

dated on or around the Effective Date, among the Collateral Agent, as collateral agent and term 

loan representative, the ABL Agent, as ABL representative, the Tranche B-2 Term Agent, as 

Tranche B-2 term loan representative, the UST Tranche A Term Agent, as UST Tranche A term 

loan representative and the Borrower and the other Loan Parties party thereto, as each of the same 

may be further amended, restated, modified, supplemented, extended, renewed, restructured or 

replaced.
50

“Security Agreement Supplement” shall have the meaning specified in the Security 

Agreement.

“Senior Financial Officer” of any Person shall mean the chief financial officer, principal 

accounting officer, treasurer, controller or other similar officer of such Person.

“Single-Employer Plans” shall mean the Roadway LLC Pension Plan, the Yellow 

Corporation Pension Plan and the YRC Retiree Pension Plan or any other Plans sponsored or 

maintained by the Borrower or any Restricted Subsidiary.

“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured 

overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR 

Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately 

succeeding Business Day.

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor 

administrator of the secured overnight financing rate).

“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of 

New York, currently at http://www.newyorkfed.org, or any successor source for the secured 

overnight financing rate identified as such by the SOFR Administrator from time to time.

“Specified Default” shall mean an Event of Default under Section 8.01(a), (f) or (g).

“Specified Pension Fund Obligations” shall mean the payment obligations due from the 

Borrower and/or its applicable Subsidiaries to the Pension Fund Entities under the terms and 

conditions of the Contribution Deferral Agreement.

“Specified Period” shall mean the period commencing on the Effective Date and ending 

on the first date after for which Consolidated EBITDA for a Test Period ending on the last day of 

a fiscal quarter ending on or after June 30, 2022 is greater than $200,000,000 and the Borrower 

shall have delivered a Compliance Certificate to the Administrative Agent and the Lenders 

showing such calculation in reasonable detail.

“Specified Rolling Stock Prepayment Period” means the period commencing on the 

Effective Date and ending on the first date after for which Consolidated EBITDA for a Test 

Period ending on the last day of a fiscal quarter ending on or after September 30, 2020 is greater 

than $200,000,000 and the Borrower shall have delivered a Compliance Certificate to the 

Administrative Agent and the Lenders showing such calculation in reasonable detail.

“Specified Rolling Stock Reinvestment Threshold” means, with respect to Dispositions 

of Rolling Stock in any fiscal year, the first $500,000 of Net Proceeds received by the Borrower 

and its Subsidiaries with respect to such Dispositions in such fiscal year to the extent such Net 

Proceeds are reinvested in accordance with the proviso to clause (a) of the definition of “Net 

Proceeds”.

“Specified Transaction” shall mean any Investment that results in a Person becoming a 

Restricted Subsidiary, any Permitted Acquisition, any Disposition that results in a Restricted 
51

Subsidiary ceasing to be a Subsidiary of the Borrower, any Investment constituting an acquisition 

of assets constituting a business unit, line of business or division of another Person or any 

Disposition of a business unit, line of business or division of the Borrower or a Restricted 

Subsidiary, in each case consummated after the Effective Date and whether by merger, 

consolidation, amalgamation or otherwise, and any incurrence or repayment of Indebtedness or 

Restricted Payment, in each case, that by the terms of this Agreement requires a financial ratio or 

test to be calculated on a “Pro Forma Basis”.

“SPV” shall have the meaning assigned to such term in Section 10.04(i).

“Standard Securitization Undertakings” shall mean representations, warranties, 

covenants, guarantees and indemnities entered into by the Borrower or any Subsidiary of the 

Borrower which the Borrower has determined in good faith to be customary in a Securitization 

Facility, it being understood that any Securitization Purchase Obligation shall be deemed to be a 

Standard Securitization Undertaking or, in the case of a Receivables Facility, a non-credit related 

recourse accounts receivable factoring arrangement.

“Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of 

which is the number one and the denominator of which is the number one minus the aggregate of 

the maximum reserve percentages (including any marginal, special, emergency or supplemental 

reserves) expressed as a decimal established by the Board and any other banking authority, 

domestic or foreign, to which the Administrative Agent or any Lender (including any branch, 

Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities 

(as defined in Regulation D of the Board). Eurodollar Loans shall be deemed to constitute 

Eurocurrency Liabilities (as defined in Regulation D of the Board) and to be subject to such reserve 

requirements without benefit of or credit for proration, exemptions or offsets that may be available 

from time to time to any Lender under such Regulation D. Statutory Reserves shall be adjusted 

automatically on and as of the effective date of any change in any reserve percentage.

“Subordinated Indebtedness” shall mean any Indebtedness that is, or is required to be, 

subordinated in right of payment to the Obligations (for greater certainty, not including the ABL 

Facility Indebtedness, the UST Tranche A Term Loan Facility Indebtedness and the Tranche B-2 

Term Loan Facility Indebtedness).

“Subsidiary” of a Person shall mean a corporation, partnership, joint venture, limited 

liability company or other business entity of which (i) a majority of the shares of securities or other 

interests having ordinary voting power for the election of directors or other governing body (other 

than securities or interests having such power only by reason of the happening of a contingency) 

are at the time beneficially owned or (ii) the management of which is otherwise Controlled, directly 

or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise 

specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary 

or Subsidiaries of the Borrower.

“Successor Borrower” shall have the meaning specified in Section 7.04(d).

“Survey” shall have the meaning assigned to such term in the definition of “Collateral and 

Guarantee Requirement”.
52

“Swap Contract” shall mean (a) any and all rate swap transactions, basis swaps, credit 

derivative transactions, forward rate transactions, commodity swaps, commodity options, forward 

commodity contracts, equity or equity index swaps or options, bond or bond price or bond index 

swaps or options or forward bond or forward bond price or forward bond index transactions, 

interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, 

collar transactions, currency swap transactions, cross-currency rate swap transactions, currency 

options, spot contracts, or any other similar transactions or any combination of any of the foregoing 

(including any options to enter into any of the foregoing), whether or not any such transaction is 

governed by or subject to any master agreement, and (b) any and all transactions of any kind, and 

the related confirmations, which are subject to the terms and conditions of, or governed by, any 

form of master agreement published by the International Swaps and Derivatives Association, Inc., 

any International Foreign Exchange Master Agreement, or any other master agreement (any such 

master agreement, together with any related schedules, a “Master Agreement”), including any 

such obligations or liabilities under any Master Agreement.

“Swap Termination Value” shall mean, in respect of any one or more Swap Contracts, 

after taking into account the effect of any legally enforceable netting agreement relating to such 

Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out 

and termination value(s) determined in accordance therewith, such termination value(s), and 

(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the markto-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or 

other readily available quotations provided by any recognized dealer in such Swap Contracts 

(which may include a Lender or any Affiliate of a Lender).

“Taxes” shall have the meaning assigned to such term in Section 3.01(a).

“Term Borrowing” shall mean a Borrowing comprised of Term Loans.

“Term Lender” shall mean a Lender with a Term Loan Commitment or an outstanding 

Term Loan.

“Term Loan Commitment” shall mean the UST Tranche B Term Loan Commitment.

“Term Loans” shall mean the UST Tranche B Term Loans, Extended Term Loans and 

Other Term Loans.

“Term Note” shall mean a promissory note of the Borrower payable to any Term Lender 

or its registered assigns, in substantially the form of Exhibit J hereto, evidencing the aggregate 

Indebtedness of the Borrower to such Term Lender resulting from the Term Loans made by such 

Term Lender.

“Term Priority Collateral” shall have the meaning assigned to such term in the ABL 

Intercreditor Agreement.

“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable 

Reference Time, the forward-looking term rate based on SOFR that has been selected or 

recommended by the Relevant Governmental Body.
53

“Test Period” shall mean, for any date of determination under this Agreement, the most 

recent period as of such date of four consecutive fiscal quarters of the Borrower for which financial 

statements have been delivered (or were required to have been delivered) pursuant to Section 

6.01(a) or 6.01(b), as applicable, or, prior to the first such requirement, the four fiscal quarter 

period ended March 31, 2020.

“Threshold Amount” shall mean $30,000,000.

“Title Company” shall mean Chicago Title Insurance Company.

“Total Leverage Ratio” shall mean, as of any date, the ratio of (a) Consolidated Total 

Debt as of such date to (b) Consolidated EBITDA for the Test Period applicable as of such date.

“tranche” shall have the meaning assigned to such term in Section 2.19(a).

“Tranche B-2 Secured Parties” shall have the meaning assigned to such term in the ABL 

Intercreditor Agreement. 

“Tranche B-2 Term Agent” shall mean, as the context may require, Alter Domus Products 

Corp. (formerly known as Cortland Products Corp.), in its capacity as administrative agent under 

the Tranche B-2 Term Loan Facility Documentation, Alter Domus Products Corp. (formerly 

known as Cortland Products Corp.), in its capacity as collateral agent under the Tranche B-2 Term 

Loan Facility Documentation, such agents collectively or any permitted successor or assignee 

administrative agent or collateral agent under the Tranche B-2 Term Loan Facility Documentation.

“Tranche B-2 Term Loan Credit Agreement” shall mean that certain Amended and 

Restated Credit Agreement dated as of September 11, 2019, among the Borrower, the guarantors 

party thereto from time to time, the lenders party thereto and Alter Domus Products Corp. 

(formerly known as Cortland Products Corp.), as administrative agent and collateral agent, as 

amended by that certain Amendment No. 1 dated April 7, 2020 and Amendment No. 2 dated July 

7, 2020, and as the same may be further amended, restated, modified, supplemented, extended, 

renewed, restructured, refunded, replaced or refinanced from time to time in one or more 

agreements (in each case with the same or new lenders, institutional investors or agents and 

resulting in a financing that constitutes (or that would constitute if incurred as a new financing) a 

Permitted Refinancing of the Tranche B-2 Term Loan Facility Indebtedness), including any 

agreement extending the maturity thereof or otherwise restructuring all or any portion of the 

Indebtedness thereunder or increasing the amount loaned or issued thereunder or altering the 

maturity thereof), in each case as and to the extent permitted by this Agreement and, if applicable, 

the ABL Intercreditor Agreement and any Junior Lien Intercreditor Agreement.

“Tranche B-2 Term Loan Facility” shall mean the term loans made available to the 

Borrower pursuant to the Tranche B-2 Term Loan Credit Agreement.

“Tranche B-2 Term Loan Facility Documentation” shall mean the Tranche B-2 Term 

Loan Credit Agreement and all security agreements, guarantees, pledge agreements and other 

agreements or instruments executed in connection therewith.
54

“Tranche B-2 Term Loan Facility Indebtedness” shall mean Indebtedness of the 

Borrower or any Restricted Subsidiary outstanding under the Tranche B-2 Term Loan Facility 

Documentation.

“Transaction Benefit” means any (i) entitlement to any change in control or transactionrelated bonus, severance pay, termination benefits or any other similar employment or severance 

pay or benefit, (ii) acceleration of the time of payment or vesting, or increase in the amount of, any 

cash or equity incentive or other compensation or benefits, or (iii) increase, enhancement or 

funding of any benefits or amounts payable under any employee compensation or benefit 

arrangement (including any employee benefit plan within the meaning of Section 3(3) of ERISA), 

in each case for or to the benefit of any current or former employee, director or other service 

provider of the Borrower or any Restricted Subsidiary.

“Transaction Expenses” shall mean any costs, fees or expenses incurred or paid by the 

Borrower or any of its Subsidiaries in connection with the Transactions, this Agreement and the 

other Loan Documents.

“Transactions” shall mean, collectively, (a) the negotiation, execution and delivery by the 

Loan Parties of the Loan Documents to which they are a party and the making of the Borrowings 

hereunder on each Funding Date, (b) the execution and delivery by the Borrower and the 

Subsidiaries party thereto of an amendment to the ABL Facility Documentation, an amendment to 

the Tranche B-2 Term Loan Facility Documentation, in each case in connection with the matters 

described in clause (a) and effecting certain other amendments in connection therewith or 

herewith, (c) the execution and delivery by the Loan Parties of the UST Tranche A Term Loan 

Facility Documentation to which they are a party, (d) the Treasury Equity Issuance and the 

negotiation, execution and delivery of the Treasury Equity Documents and (e) the payment of the 

Transaction Expenses.

“Transferred Guarantor” shall have the meaning specified in the Section 11.10.

“Treasury” means the United States Department of the Treasury.

“Treasury Equity” means the 15,943,753 shares of Common Stock of the Borrower 

issued and delivered pursuant to this Agreement, directly or indirectly, to the United States 

federal government or any Governmental Authority on behalf thereof (including, in each case, 

any agent, trust or Person on behalf thereof, including, for the avoidance of doubt, any voting 

trust and the trustee thereof created to hold the Treasury Equity for the benefit of the United 

States federal government or any other Governmental Authority).

“Treasury Equity Documents” means (i) the Share Issuance Agreement, dated as of 

June 30, 2020, between the Borrower and the Treasury, (ii) the Voting Trust Agreement, by and 

among the Borrower, Treasury and the trustee thereunder to be entered into on or before the 

Treasury Equity Issuance and having substantially the terms set forth in Annex A attached hereto

and (iii) the Registration Rights Agreement, by and between the Borrower and Treasury to be 

entered into on or before the Treasury Equity Issuance and having substantially the terms set 

forth in Annex B attached hereto.
55

“Treasury Equity Issuance” means the issuance and delivery of the Treasury Equity to 

a voting trust having substantially the terms set forth in Annex A attached hereto (the “Voting 

Trust”) created to hold the Treasury Equity for the benefit of Treasury in connection with the 

Transactions, and which Treasury Equity shall be (i) issued in book entry form, registered in the 

name of the Voting Trust or as directed by the Treasury and (ii) equal to 42% of the Borrower’s 

Common Stock outstanding immediately prior to such issuance, including any shares of 

Common Stock issuable upon conversion, exchange or exercise of any outstanding security 

convertible, exchangeable or exercisable into shares of Common Stock (including any warrants, 

rights or options to purchase or other arrangements or rights to acquire shares of Common Stock)

(“fully diluted Common Stock outstanding”) and 29.58% of fully diluted Common Stock 

outstanding on a pro forma basis reflecting the Treasury Equity Issuance.

“Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference 

to which interest on such Loan or on the Loans comprising such Borrowing is determined. For 

purposes hereof, the term “Rate” shall mean the Adjusted LIBO Rate and the Alternate Base Rate.

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement 

excluding the related Benchmark Replacement Adjustment.

“Unaudited Financial Statements” shall mean the unaudited consolidated balance sheets 

and related statements of operations and cash flows of the Borrower and its consolidated 

Subsidiaries as at the end of and for the fiscal quarter ended March 31, 2020.

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as 

the same may from time to time be in effect in the State of New York or the Uniform Commercial 

Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply 

to any item or items of Collateral.

“United States” and “U.S.” mean the United States of America.

“United States Tax Compliance Certificate” shall have the meaning assigned to such 

term in Section 3.01(d).

“USA PATRIOT Act” shall mean The Uniting and Strengthening America by Providing 

Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 

No. 107-56 (signed into law October 26, 2001)).

“USD LIBOR” means the London interbank offered rate for U.S. dollars.

“UST Tranche A Controlled Account” shall have the meaning assigned to such term in 

the UST Tranche A Term Loan Credit Agreement.

“UST Tranche A Only Collateral” shall mean the UST Tranche A Controlled Account 

and all Money (as defined in the UCC) and all cash, checks, other negotiable instruments, funds 

and other evidences of loan proceeds properly held therein.

“UST Tranche A Secured Parties” shall have the meaning assigned to such term in the 

ABL Intercreditor Agreement. 
56

“UST Tranche A Term Agent” shall mean, as the context may require, The Bank of New 

York Mellon, in its capacity as administrative agent under the UST Tranche A Term Loan Facility 

Documentation, The Bank of New York Mellon, in its capacity as collateral agent under the UST 

Tranche A Term Loan Facility Documentation, such agents collectively or any permitted successor 

or assignee administrative agent or collateral agent under the UST Tranche A Term Loan Facility 

Documentation.

“UST Tranche A Term Loan Credit Agreement” shall mean that certain UST Tranche 

A Term Loan Credit Agreement dated as of July 7, 2020, among the Borrower, the guarantors 

party thereto from time to time, the lenders party thereto from time to time, and The Bank of New 

York Mellon, as administrative agent and collateral agent, and as the same may be further 

amended, restated, modified, supplemented, extended, renewed, restructured, refunded, replaced 

or refinanced from time to time in one or more agreements (in each case with the same or new 

lenders, institutional investors or agents and resulting in a financing that constitutes (or that would 

constitute if incurred as a new financing) a Permitted Refinancing of the UST Tranche A Term 

Loan Facility Indebtedness), including any agreement extending the maturity thereof or otherwise 

restructuring all or any portion of the Indebtedness thereunder or increasing the amount loaned or 

issued thereunder or altering the maturity thereof), in each case as and to the extent permitted by 

this Agreement and, if applicable, the ABL Intercreditor Agreement and any Junior Lien 

Intercreditor Agreement.

“UST Tranche A Term Loan Facility” shall mean the commitments and term loans made 

available to the Borrower pursuant to the UST Tranche A Term Loan Credit Agreement.

“UST Tranche A Term Loan Facility Documentation” shall mean the UST Tranche A

Term Loan Credit Agreement and all security agreements, guarantees, pledge agreements and 

other agreements or instruments executed in connection therewith and including all “Loan 

Documents” (as defined in the UST Tranche A Term Loan Credit Agreement) or similar term.

“UST Tranche A Term Loan Facility Indebtedness” shall mean Indebtedness of the 

Borrower or any Restricted Subsidiary outstanding under or secured by the UST Tranche A Term 

Loan Facility Documentation.

“UST Tranche B Controlled Account” shall mean a blocked account at a commercial 

bank reasonably satisfactory to the Required Lenders and the Administrative Agent in the name of 

the Borrower and under the sole dominion and control of the Administrative Agent, and otherwise 

established in a manner reasonably satisfactory to the Administrative Agent and the Required 

Lenders. It is understood and agreed that any amounts on deposit in the UST Tranche B Controlled 

Account not disbursed and used in accordance with the terms of this Agreement shall be returned 

to Treasury.

“UST Tranche B Joint Collateral” shall have the meaning assigned to such term in the 

ABL Intercreditor Agreement.

“UST Tranche B Only Collateral” shall mean the UST Tranche B Controlled Account 

and all Money (as defined in the UCC) and all cash, checks, other negotiable instruments, funds 

and other evidences of loan proceeds properly held therein.
57

“UST Tranche B Priority Collateral” shall have the meaning assigned to such term in 

the ABL Intercreditor Agreement.

“UST Tranche B Term Lender” shall mean a Lender with a UST Tranche B Term Loan 

Commitment or an outstanding UST Tranche B Term Loan.

“UST Tranche B Term Loan Commitment” shall mean, with respect to each Lender, the 

commitment, if any, of such Lender to make a UST Tranche B Term Loan hereunder, expressed 

as an amount representing the maximum principal amount of the UST Tranche B Term Loan to be 

made by such Lender hereunder. The initial aggregate amount of the UST Tranche B Term Loan 

Commitments as of the Effective Date is $400,000,000; provided that the Lenders and the 

Borrower may agree to decrease the aggregate amount of the UST Tranche B Term Loan 

Commitments and correspondingly increase the aggregate amount of the UST Tranche A Term 

Loan Facility by an equal amount.

“UST Tranche B Term Loans” shall mean the term loans made by the Lenders from time 

to time to the Borrower pursuant to Section 2.01(b). For the avoidance of doubt, a Term Loan 

shall no longer be a “UST Tranche B Term Loan” when it shall have become an “Extended Term 

Loan”.

“Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at 

any date, the number of years obtained by dividing: (i) the sum of the products obtained by 

multiplying (a) the amount of each then remaining scheduled installment, sinking fund, serial 

maturity or other required scheduled payments of principal, including payment at final scheduled 

maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that 

will elapse between such date and the making of such payment; by (ii) the then outstanding 

principal amount of such Indebtedness; provided, that for purposes of determining the Weighted 

Average Life to Maturity of any Refinanced Debt or any Indebtedness that is being modified, 

refinanced, refunded, renewed, replaced, restructured or extended (the “Applicable 

Indebtedness”), the effects of any amortization of or prepayments made on such Applicable 

Indebtedness prior to the date of the applicable modification, refinancing, restructuring, refunding, 

renewal, replacement or extension shall be disregarded.

“wholly owned” shall mean, with respect to a Subsidiary of a Person, a Subsidiary of such 

Person all of the outstanding Equity Interests of which (other than (x) director’s qualifying shares 

and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned by 

such Person and/or by one or more wholly owned Subsidiaries of such Person.

“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a 

complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I 

of Subtitle E of Title IV of ERISA.

Section 1.02. Other Interpretive Provisions. With reference to this Agreement and each 

other Loan Document, unless otherwise specified herein or in such other Loan Document:

(a) The meanings of defined terms are equally applicable to the singular and plural 

forms of the defined terms.
58

(b) (i) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar 

import when used in any Loan Document shall refer to such Loan Document as a whole and not 

to any particular provision thereof.

(ii) Article, Section, Exhibit and Schedule references are to the Loan Document in 

which such reference appears.

(iii) The term “including” is by way of example and not limitation.

(c) The term “documents” includes any and all instruments, documents, agreements, 

certificates, notices, reports, financial statements and other writings, however evidenced, whether 

in physical or electronic form.

(d) In the computation of periods of time from a specified date to a later specified date, 

the word “from” means “from and including”; the words “to” and “until” each mean “to but 

excluding”; and the word “through” means “to and including.”

(e) The words “asset” and “property” shall be construed to have the same meaning and 

effect and to refer to any and all tangible and intangible assets and properties, including cash, 

securities, accounts and contract rights.

(f) All references to “knowledge” or “awareness” of any Loan Party or a Restricted 

Subsidiary thereof means the actual knowledge of a Responsible Officer of a Loan Party or such 

Restricted Subsidiary.

(g) Section headings herein and in the other Loan Documents are included for 

convenience of reference only and shall not affect the interpretation of this Agreement or any other 

Loan Document.

(h) The word “or” is not exclusive.

(i) For purposes of determining compliance with any one of Sections 7.01, 7.02, 7.03, 

7.05, 7.06, 7.08, 7.09 and 7.13, in the event that any Lien, Investment, Indebtedness, Disposition, 

Restricted Payment, affiliate transaction, Contractual Obligation or prepayment of Indebtedness 

meets the criteria of more than one of the categories of transactions permitted pursuant to any 

clause of such Section, such transaction (or portion thereof) at any time shall be permitted under 

one or more of such clauses as determined by the Borrower (and the Borrower shall be entitled to 

redesignate use of any such clauses from time to time) in its sole discretion at such time; provided

that the Borrower shall not be permitted to subsequently reclassify any Lien, Investment, 

Indebtedness, Disposition, Restricted Payment, affiliate transaction, Contractual Obligation or 

prepayment of Indebtedness as having been incurred under a Non-Fixed Basket if such Lien, 

Investment, Indebtedness, Disposition, Restricted Payment, affiliate transaction, Contractual 

Obligation or prepayment of Indebtedness was originally incurred under a Fixed Basket or any 

other Basket that is not a Non-Fixed Basket. For all purposes hereunder, (x) “Fixed Basket” shall 

mean any Basket that is subject to a fixed-dollar limit and (y) “Non-Fixed Basket” shall mean any 

Basket that is subject to compliance with a financial ratio or test (including Total Net Leverage 

Ratio) or based on a percentage of Consolidated EBITDA or total assets.
59

(j) The usage of the term “written” includes electronic messages, including e-mail.

(k) Any reference herein or in any other Loan Document to (i) a transfer, assignment, 

sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a 

limited liability company, or an allocation of assets to a series of a limited liability company, as 

if it were a transfer, assignment, sale or transfer, or similar term, as applicable, to a separate 

Person, and (ii) a merger, consolidation, amalgamation or consolidation, or similar term, shall be 

deemed to apply to the unwinding of such a division or allocation, as if it were a merger, 

consolidation, amalgamation or consolidation or similar term, as applicable, with a separate 

Person.

Section 1.03. Certifications. All certifications to be made hereunder by an officer or 

representative of a Loan Party shall be made by such a Person in his or her capacity solely as an 

officer or representative of such Loan Party, on such Loan Party’s behalf and not in such Person’s 

individual capacity.

Section 1.04. Accounting Terms. All accounting terms not specifically or completely 

defined herein shall be construed in conformity with, and all financial data (including financial 

ratios and other financial calculations) required to be submitted pursuant to this Agreement shall 

be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein or 

therein.

Section 1.05. Rounding. Any financial ratios required to be maintained by the Borrower 

pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted 

under this Agreement) shall be calculated by dividing the appropriate component by the other 

component, carrying the result to one place more than the number of places by which such ratio is 

expressed herein and rounding the result up or down to the nearest number (with a rounding-up if 

there is no nearest number).

Section 1.06. References to Agreements, Laws, Etc. Unless otherwise expressly provided 

herein, (a) references to Organization Documents, agreements (including the Loan Documents) 

and other contractual instruments shall be deemed to include all subsequent amendments, 

restatements, extensions, supplements, replacements, extensions, renewals, refinancings, 

restructurings and other modifications thereto, but only to the extent that such amendments, 

restatements, extensions, supplements, replacements, extensions, renewals, refinancings, 

restructurings and other modifications are not prohibited by hereby; and (b) references to any Law 

shall include all statutory and regulatory provisions consolidating, amending, replacing, 

supplementing or interpreting such Law.

Section 1.07. Times of Day. Unless otherwise specified, all references herein to times of 

day shall be references to Eastern time (daylight or standard, as applicable).

Section 1.08. Timing of Payment or Performance. Except as otherwise expressly provided 

herein, when the payment of any obligation or the performance of any covenant, duty or obligation 

is stated to be due or performance required on a day which is not a Business Day, the date of such 

payment (other than as described in the definition of Interest Period) or performance shall extend 

to the immediately succeeding Business Day.
60

Section 1.09. Cumulative Credit Transactions. If more than one action occurs on any 

given date the permissibility of the taking of which is determined hereunder by reference to the 

amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility 

of the taking of each such action shall be determined independently and in no event may any two 

or more such actions be treated as occurring simultaneously.

Section 1.10. Pro Forma Calculations.

(a) Notwithstanding anything to the contrary herein, the Total Leverage Ratio shall be 

calculated in the manner prescribed by this Section 1.10.

(b) For purposes of calculating the Total Leverage Ratio, Specified Transactions (and 

the incurrence or repayment of any Indebtedness in connection therewith) that have been made (i) 

during the applicable Test Period or (ii) subsequent to such Test Period and prior to or 

simultaneously with the event for which the calculation of any such ratio is made shall be 

calculated on a pro forma basis assuming that all such Specified Transactions (and any increase or 

decrease in Consolidated EBITDA and the component financial definitions used therein 

attributable to any Specified Transaction) had occurred on the first day of the applicable Test 

Period. If since the beginning of any applicable Test Period any Person that subsequently became 

a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or 

any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any 

Specified Transaction that would have required adjustment pursuant to this Section 1.10, then the 

Total Leverage Ratio shall be calculated to give pro forma effect thereto in accordance with this 

Section 1.10.

(c) Whenever pro forma effect is to be given to a Specified Transaction, the pro forma

calculations shall be made in good faith by a Senior Financial Officer of the Borrower and may 

include, for the avoidance of doubt, Cost Savings to the extent permitted by, and subject to the 

requirements of, clause (a)(viii) of the definition of “Consolidated EBITDA”. Notwithstanding 

the foregoing, all pro forma adjustments under this clause (c) shall not, taken together with those 

added pursuant to clause (a)(viii) of the definition of “Consolidated EBITDA”, increase pro forma

Consolidated EBITDA by more than 5% for any Test Period (calculated prior to giving effect to 

any addback pursuant to this clause (c) or clause (a)(viii) of the definition of “Consolidated 

EBITDA”).

(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by 

assumption or guarantees) or repays (including by redemption, repayment, retirement or 

extinguishment) any Indebtedness included in the calculations of the Total Leverage Ratio (other 

than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of 

business for working capital purposes and not incurred in reliance on Section 7.03(t)), (i) during 

the applicable Test Period or (ii) subsequent to the end of the applicable Test Period and prior to 

or simultaneously with the event for which the calculation of any such ratio is made, then the Total 

Leverage Ratio shall be calculated giving pro forma effect to such incurrence or repayment of 

Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable 

Test Period of the Total Leverage Ratio. Interest on a Capitalized Lease shall be deemed to accrue 

at an interest rate reasonably determined by a responsible financial or accounting officer of the 

Borrower to be the rate of interest implicit in such Capitalized Lease in accordance with GAAP. 
61

Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor 

of a prime or similar rate, a London interbank offered rate, or other rate, shall be determined to 

have been based upon the rate actually chosen, or if none, then based upon such optional rate 

chosen as the Borrower or Restricted Subsidiary may designate.

(e) Whenever any provision of this Agreement requires the Borrower to have a Total 

Leverage Ratio on a Pro Forma Basis in connection with any action to be taken by the Borrower 

hereunder, the Borrower shall deliver to the Administrative Agent a certificate of each Responsible 

Officer of the Borrower setting forth in reasonable detail the calculations demonstrating such

compliance or such Total Leverage Ratio.

Section 1.11. Certain Accounting Matters. Notwithstanding any other provision 

contained herein or in any other Loan Document, all terms of an accounting or financial nature 

used herein shall be construed, and all computations of amounts and ratios referred to herein shall 

be made, (a) without giving effect to any election under Statement of Financial Accounting 

Standards 159 or Accounting Standards Codification 825-10-25 (or any other Accounting 

Standards Codification or Financial Accounting Standard having a similar result or effect) to value 

any Indebtedness or other liabilities of the Borrower or any of its Restricted Subsidiaries at “fair 

value”, as defined therein; and (b) without giving effect to any treatment of Indebtedness in respect 

of convertible debt instruments under Accounting Standards Codification 470-20 and/or Statement 

of Financial Accounting Standards 150 (or any other Accounting Standards Codification or 

Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in 

a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be 

valued at the full stated principal amount thereof. Furthermore, unless the Borrower elects 

otherwise, notwithstanding any other provision contained herein or in any other Loan Document, 

for all purposes under this Agreement and the other Loan Documents, including negative 

covenants, financials covenants and component definitions, operating leases and Capitalized 

Leases will be deemed to be treated in a manner consistent with their current treatment under 

GAAP as in effect on December 31, 2018, notwithstanding any modifications or interpretive 

changes thereto that may occur thereafter. For the avoidance of doubt, the principal amount of 

any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any 

date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower 

dated such date prepared in accordance with GAAP, except as expressly set forth in clauses (a) 

and (b) of this Section 1.11.

Section 1.12. Classification of Loans and Borrowings. For purposes of this Agreement, 

Loans may be classified and referred to by Class (e.g., a “UST Tranche B Term Loan”) or by Type 

(e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Term Loan”). Borrowings 

also may be classified and referred to by Class (e.g., a “Term Borrowing”) or by Type (e.g., a 

“Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Term Borrowing”).

Section 1.13. Currency Equivalents Generally.

(a) For purposes of determining compliance with Sections 7.01, 7.02, 7.03, 7.05, 7.06, 

7.08, 7.09 and 7.13 with respect to any amount of Indebtedness, Lien, Asset Sale, Restricted 

Payment, Capital Expenditure, affiliate transaction, Contractual Obligation, prepayment of 

Indebtedness or Investment in a currency other than Dollars, no Default or Event of Default shall 
62

be deemed to have occurred solely as a result of changes in rates of currency exchange occurring 

after the time such Indebtedness or Investment is incurred (so long as such Indebtedness or 

Investment, at the time incurred, made or acquired, was permitted hereunder) and once incurred 

or made, the amount of such Indebtedness, Lien, Asset Sale, Restricted Payment, Capital 

Expenditure, affiliate transaction, Contractual Obligation, prepayment of Indebtedness or 

Investment, shall be always deemed to be at the Dollar amount on such date, regardless of later 

changes in currency exchange rates.

(b) For purposes of determining the Total Leverage Ratio, amounts denominated in a 

currency other than Dollars will be converted to Dollars at the currency exchange rates used in 

preparing the Borrower’s financial statements corresponding to the Test Period with respect to the 

applicable date of determination and will, in the case of Indebtedness, reflect the currency 

translation effects, determined in accordance with GAAP, of Swap Contracts permitted hereunder 

for currency exchange risks with respect to the applicable currency in effect on the date of 

determination of the Dollar equivalent of such Indebtedness.

ARTICLE 2

THE CREDITS

Section 2.01. UST Tranche B Term Loan Commitments. 

(a) [Reserved].

(b) Subject to the terms and conditions and relying upon the representations and 

warranties set forth herein, each UST Tranche B Term Lender agrees, severally and not jointly, 

to provide all or a portion of the UST Tranche B Term Loans to the Borrower from time to time 

during the Availability Period (each such date of funding, a “Funding Date”). The aggregate

principal amount of the UST Tranche B Term Loans funded by each UST Tranche B Term 

Lender shall not to exceed its UST Tranche B Term Loan Commitment. Amounts repaid or 

prepaid in respect of the UST Tranche B Term Loan may not be reborrowed. All proceeds of the 

UST Tranche B Term Loan shall be deposited by the Administrative Agent into the UST 

Tranche B Controlled Account and shall only be disbursed therefrom upon instruction from the 

Required Lenders to the Administrative Agent following the satisfaction (or waiver pursuant to 

Article 9) of the conditions set forth in Section 4.03.

Section 2.02. Loans.

(a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the 

Lenders ratably in accordance with their applicable Commitments; provided, however, that in no 

event shall the Borrower request more than two Borrowings in any calendar month; provided 

further, however that the failure of any Lender to make any Loan shall not in itself relieve any 

other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall 

be responsible for the failure of any other Lender to make any Loan required to be made by such 

other Lender). The Loans comprising any Borrowing shall be in an aggregate principal amount 

that is (i) an integral multiple of $1,000,000 and not less than $25,000,000 (except, with respect to 

any Other Term Loans, to the extent otherwise provided in the applicable Refinancing 

Amendment) or (ii) equal to the remaining available balance of the applicable Commitments.
63

(b) Subject to Section 3.02 each Borrowing shall be comprised entirely of Eurodollar 

Loans. Borrowings of more than one Type may be outstanding at the same time; provided that the 

total number of such additional Interest Periods does not exceed 10 at any one time. For purposes 

of the foregoing, Borrowings having different Interest Periods, regardless of whether they 

commence on the same date, shall be considered separate Borrowings.

(c) Each Lender shall make each UST Tranche B Term Loan required to be made by 

it hereunder on each Funding Date by wire transfer of immediately available funds to the 

Administrative Account not later than 12:00 p.m., New York City time on such date, and upon 

receipt of all requested funds the Administrative Agent shall promptly credit the amounts so 

received to the UST Tranche B Controlled Account.

Section 2.03. Borrowing and Disbursement Procedure. (a) In order to request a 

Borrowing, the Borrower shall notify the Administrative Agent of such request in writing not later 

than 12:00 p.m., New York City time, (i) with respect to the Initial Funding Date, two (2) Business 

Days prior to such Borrowing and (ii) for any Borrowing following the Initial Funding Date, five 

(5) Business Days before such Borrowing. Each such Request for Credit Extension shall be 

irrevocable and signed by each Responsible Officer of the Borrower and shall specify the 

following information: (i) the Class of Loans to be borrowed; (ii) the date of such Borrowing 

(which shall be a Business Day); (iii) the amount of such Borrowing; provided that the aggregate

amount of such Borrowings in any fiscal quarter shall not exceed the amount of capital

expenditures allocated to such fiscal quarter for the purchase of Rolling Stock with the proceeds

of the Term Loans pursuant to the most recent Approved CapEx Plan; and (iv) the Interest Period 

with respect thereto; provided, however, that, notwithstanding any contrary specification in any 

Request for Credit Extension, each requested Borrowing shall comply with the requirements set 

forth in Section 2.02. Each requested Borrowing shall be a Eurodollar Borrowing. If no Interest 

Period with respect to any Eurodollar Borrowing is specified in any such Request for Credit 

Extension, then the Borrower shall be deemed to have selected an Interest Period of one month’s 

duration. The Administrative Agent shall promptly advise the applicable Lenders of any Request 

for Credit Extension given pursuant to this Section 2.03(a) (and the contents thereof), and of each 

Lender’s portion of the requested Borrowing.

(b) In order to request a disbursement from the UST Tranche B Controlled Account, the 

Borrower shall notify the Administrative Agent of such request in writing not later than 1:00 p.m., 

New York City time, (i) with respect to any disbursement on the Initial Funding Date, three (3) 

Business Days prior to such disbursement and (ii) for any disbursement following the Initial 

Funding Date, three (3) Business Days before such disbursement; provided, that any disbursement 

request delivered hereunder may be delivered contemporaneously with the Request for Credit 

Extension delivered pursuant to Section 2.03(a) above. Each such Request for Disbursement shall 

be irrevocable and signed by each Responsible Officer of the Borrower and shall specify the 

following information: (i) the date of such disbursement (which shall be a Business Day); (ii) the 

number and location of the account to which funds are to be disbursed; (iii) the amount of such 

disbursement; and (iv) a certification that the proceeds of such disbursement shall be used solely 

for the purposes specified in Section 6.16. The Administrative Agent shall promptly advise the 

applicable Lenders of any notice given pursuant to this Section 2.03(b) (and the contents thereof). 

Following the satisfaction (or waiver pursuant to Article 9) of the conditions precedent to 

disbursement set forth in Section 4.03, the Administrative Agent shall instruct the Account Bank 
64

to make disbursements from the UST Tranche B Controlled Account in the amounts and to the 

accounts specified in the Request for Disbursement.

Section 2.04. Evidence of Debt; Repayment of Loans.

(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent 

for the account of each Lender the principal amount of each Term Loan of such Lender as provided 

in Section 2.11 (or, in the case of Extended Term Loans or Other Term Loans, as provided for in

the applicable Extension Offer, Refinancing Amendment or other governing documentation).

(b) Each Lender shall maintain in accordance with its usual practice an account or 

accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan 

made by such Lender from time to time, including the amounts of principal and interest payable 

and paid to such Lender from time to time under this Agreement.

(c) The Administrative Agent shall maintain accounts in which it will record (i) the 

amount of each Loan made hereunder, the Class and Type thereof and, if applicable, the Interest 

Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become 

due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum 

received by the Administrative Agent hereunder from the Borrower or any Guarantor and each 

Lender’s share thereof.

(d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) 

above shall be prima facie evidence of the existence and amounts of the obligations therein 

recorded; provided, however, that (i) the failure of any Lender or the Administrative Agent to 

maintain such accounts or any error therein shall not in any manner affect the obligations of the 

Borrower to repay the Loans in accordance with their terms and (ii) in the event of any conflict 

between the accounts set forth in paragraphs (b) and (c) above, the amounts set forth in the accounts 

maintained pursuant to paragraph (c) shall prevail.

(e) Any Lender may request that Loans made by it hereunder be evidenced by a Term 

Note. In such event, the Borrower shall promptly execute and deliver to such Lender a Term Note 

payable to such Lender and its registered assigns in accordance with Section 10.04. 

Notwithstanding any other provision of this Agreement, in the event any Lender shall request and 

receive a Term Note, the interests represented by such Term Note shall at all times (including after 

any assignment of all or part of such interests pursuant to Section 10.04) be represented by one or 

more promissory notes payable to the payee named therein or its registered assigns, unless such 

Term Note is duly cancelled.

(f) This Section 2.04 shall at all times be interpreted and administered in such a way 

that the Term Notes will be issued in “registered form” within the meaning of Treasury Regulation 

Section 5f.163-1(a).

Section 2.05. Fees.

(a) The Borrower agrees to pay to the Administrative Agent, for its own account, the 

administrative agent fees applicable to the Facilities payable in the amounts and at the times agreed 
65

upon between the Borrower and the Administrative Agent as set forth in the Administrative Agent 

Fee Letter (the “Fees”).

(b) All Fees shall be paid on the dates due, in immediately available funds, to the 

Administrative Agent. Once paid, none of the Fees shall be refundable under any circumstances.

Section 2.06. Interest on Loans.

(a) Subject to the provisions of Section 2.07, the Loans comprising each ABR 

Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a 

year of 365 or 366 days, as the case may be, and calculated from and including the date of such 

Borrowing to but excluding the date of repayment thereof) at a rate per annum equal to the 

Alternate Base Rate plus the Applicable Margin; provided, that no Borrowings hereunder shall be 

made in ABR except as set forth in Section 10.24.

(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar 

Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a 

year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in 

effect for such Borrowing plus the Applicable Margin.

(c) Interest on each Loan shall be payable on the Interest Payment Dates applicable to 

such Loan except as otherwise provided in this Agreement. The applicable Alternate Base Rate 

or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may 

be, shall be determined by the Administrative Agent, and such determination shall be conclusive 

absent manifest error.

(d) All interest payable on each Interest Payment Date shall be payable in cash. 

Section 2.07. Default Interest. Automatically from and after the occurrence and during 

the continuance of an Event of Default under Section 8.01(a), (f) or (g) or at the election of the 

Required Lenders during the continuance of any other Event of Default, the principal amount of 

all Loans outstanding and, to the extent permitted by applicable law, any interest payments on the 

Loans or any fees or other amounts owed hereunder, shall thereafter, after as well as before 

judgment, bear interest (including post-petition interest in any proceeding under Debtor Relief 

Laws) payable on written demand at a rate that is 2.0% per annum in excess of the interest rate 

otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees 

and other amounts, at a rate which is 2.0% per annum in excess of the interest rate otherwise 

payable hereunder for ABR Loans); provided that in the case of Eurodollar Term Loans, upon the 

expiration of the Interest Period in effect at the time any such increase in interest rate is effective, 

if such Eurodollar Rate Loans shall become ABR Loans in accordance with Section 2.10(e), such 

Loans shall thereafter bear interest payable upon written demand at a rate which is 2.0% per annum 

in excess of the interest rate otherwise payable hereunder for ABR Loans.

Section 2.08. [Reserved].

Section 2.09. Termination and Reduction of Commitments.
66

(a) All or a portion of the Term Loan Commitment for the UST Tranche B Term Loan 

shall automatically terminate upon the making of the UST Tranche B Term Loans on each Funding

Date in an amount equal to the amount of UST Tranche B Term Loans so funded on such Funding 

Date.

(b) Upon at least one Business Days’ prior irrevocable written or fax notice to the 

Administrative Agent, the Borrower may at any time in whole permanently terminate, or from 

time to time in part permanently reduce, any Class of unfunded Term Loan Commitments;

provided, however, that each partial reduction of any Class of Term Loan Commitments shall be 

in an integral multiple of $1,000,000 and in a minimum amount of $1,000,000; provided further 

that, a notice of termination of the Commitments of any Class delivered by the Borrower may state 

that such notice is conditioned upon the consummation of an acquisition or sale transaction or 

upon the effectiveness of other credit facilities or the receipt of proceeds from the issuance of other 

Indebtedness or any other specified event, in which case such notice may be revoked by the 

Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such 

condition is not satisfied.

(c) Each reduction in the Term Loan Commitments hereunder shall be made 

ratably among the Lenders in accordance with their respective applicable Commitments.

Section 2.10. Conversion and Continuation of Borrowings. The Borrower shall have the 

right at any time upon prior irrevocable written notice to the Administrative Agent not later than 

1:00 p.m., New York City time, three Business Days prior to conversion, to convert the Interest 

Period with respect to any Eurodollar Borrowing to another permissible Interest Period, subject in 

each case to the following:

(i) [reserved];

(ii) each conversion or continuation shall be made pro rata among the Lenders 

in accordance with the respective principal amounts of the Loans comprising the converted or 

continued Borrowing;

(iii) if less than all the outstanding principal amount of any Borrowing shall be 

converted or continued, then each resulting Borrowing shall satisfy the limitations specified in 

Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number of Borrowings 

of the relevant Type;

(b) each conversion shall be effected by each Lender and the Administrative Agent by 

recording for the account of such Lender the new Loan of such Lender resulting from such 

conversion and reducing the Loan (or portion thereof) of such Lender being converted by an 

equivalent principal amount; accrued interest on any Eurodollar Loan (or portion thereof) being 

converted shall be paid by the Borrower at the time of conversion;

(i) if any Eurodollar Borrowing is converted on a day prior to the last day of 

the Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to 

the Lenders pursuant to Section 3.04;
67

(c) any portion of a Borrowing maturing or required to be repaid in less than one month 

may not be converted into or continued as a Eurodollar Borrowing, unless agreed by all applicable 

Lenders;

(d) any portion of a Eurodollar Borrowing that cannot be converted into or continued 

as a Eurodollar Borrowing by reason of the immediately preceding clause shall be automatically 

converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing; 

and

(e) upon notice to the Borrower from the Administrative Agent given at the request of 

the Required Lenders, after the occurrence and during the continuance of an Event of Default, no 

outstanding Loan may be converted into, or continued as, a Eurodollar Loan.

Each such Request for Credit Extension shall (except as set forth herein) be irrevocable 

and shall refer to this Agreement and specify (i) the identity and amount of the Borrowing that the 

Borrower requests be converted or continued, (ii) if such Request for Credit Extension requests a 

conversion, the date of such conversion (which shall be a Business Day) and (iii) the Interest Period 

with respect thereto. If no Interest Period is specified in any such Request for Credit Extension 

with respect to any conversion to or continuation as a Eurodollar Borrowing, the Borrower shall 

be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent 

shall promptly advise the Lenders of any Request for Credit Extension and of each Lender’s 

portion of any converted or continued Borrowing. If the Borrower shall not have given a Request 

for Credit Extension in accordance with this Section 2.10 to continue any Borrowing into a 

subsequent Interest Period (and shall not otherwise have given notice in accordance with this 

Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period 

applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued or 

converted into a Eurodollar Borrowing with a one month Interest Period.

Section 2.11. Repayment of Term Borrowings.

(a) The Borrower shall repay to the Administrative Agent for the ratable account of the 

applicable Term Lenders on the Maturity Date for such UST Tranche B Term Loans, the aggregate 

principal amount of such UST Tranche B Term Loans outstanding on such date, together in each 

case with accrued and unpaid interest on the principal amount to be paid to but excluding the date 

of such payment. Upon the conversion of UST Tranche B Term Loans to Extended Term Loans 

or the refinancing of UST Tranche B Term Loans with Credit Agreement Refinancing 

Indebtedness, all scheduled amortization payments, if any, shall be reduced ratably by the 

aggregate principal amount of the UST Tranche B Term Loans so converted, refinanced or 

replaced. The Borrower shall repay Extended Term Loans and Other Term Loans in such amounts 

and on such date or dates as shall be specified therefor in the applicable Extension Offer, 

Refinancing Amendment or other governing documentation.

(b) To the extent not previously paid, all Term Loans (including, for avoidance of 

doubt, Term Loans that are not UST Tranche B Term Loans) shall be due and payable on the 

applicable Maturity Date, together with accrued and unpaid interest on the principal amount to be 

paid to but excluding the date of payment.
68

(c) All repayments pursuant to this Section 2.11 shall be subject to Section 3.04, but 

shall otherwise be without premium or penalty.

Section 2.12. Voluntary Prepayment.

(a) The Borrower shall have the right at any time and from time to time to prepay any 

Borrowing, in whole or in part, upon at least three Business Days’ prior written (email) notice in 

the case of Eurodollar Loans, or written (email) notice at least one Business Day prior to the date 

of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 p.m., New 

York City time; provided, however, that each partial prepayment shall be in an amount that is an 

integral multiple of $1,000,000 and not less than $2,000,000.

(b) Except as may otherwise be set forth in any Extension Offer or any Refinancing 

Amendment, voluntary prepayments of Term Loans pursuant to this Section 2.12 shall be applied 

ratably to each Class of Term Loans then outstanding.

(c) Each notice of prepayment shall specify the prepayment date and the principal 

amount of each Borrowing (or portion thereof) to be prepaid shall be irrevocable and shall commit 

the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein;

provided, however, that a notice of prepayment delivered by the Borrower may state that such 

notice is conditioned upon the consummation of an acquisition or sale transaction or upon the 

effectiveness of other credit facilities or the receipt of proceeds from the issuance of other 

Indebtedness or any other specified event, in which case such notice may be revoked by the 

Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such 

condition is not satisfied (provided, that the provisions of Section 3.04 shall apply to any 

prepayment that is not made as a result of the failure of such condition). All prepayments under 

this Section 2.12 shall be subject to Section 2.12(d) (to the extent applicable) and Section 3.04 but 

otherwise without premium or penalty. All prepayments under this Section 2.12 shall be 

accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding 

the date of payment.

Section 2.13. Mandatory Prepayments.

(a) (i) Subject to Section 7.05, the Borrower shall cause to be prepaid on or prior to 

the date which is five (5) Business Days after the end of each calendar month an aggregate 

principal amount of Term Loans in an amount equal to 100% of the Net Proceeds realized or 

received by the Borrower or any Restricted Subsidiary during such calendar month as a result of 

any Disposition by the Borrower or any Restricted Subsidiary of any UST Tranche B Priority 

Collateral. Each prepayment of Term Loans pursuant to this Section 2.13(a)(i) shall be applied 

ratably to each Class of Term Loans then outstanding.

(ii) Subject to Section 2.13(g), if (1) the Borrower or any Restricted Subsidiary 

Disposes of any Real Property, Rolling Stock or Disposes of any other property or assets pursuant 

to Section 7.05 (j), (l) or (t) or under any transaction that would be prohibited by Section 7.05

(other than (w) so long as the ABL Credit Agreement is in effect, any Disposition of ABL Priority 

Collateral, (x) any Disposition of UST Tranche B Priority Collateral, UST Tranche B Joint 

Collateral or UST Tranche B Only Collateral, (y) so long as the UST Tranche A Term Loan Credit 
69

Agreement is in effect, any Disposition of UST Tranche A Only Collateral and (z) leases of Real 

Property entered into in the ordinary course of business (excluding Sale and Leaseback 

Transactions)), or (2) any Casualty Event occurs, which, in each case, results in the realization or 

receipt by the Borrower or a Restricted Subsidiary of Net Proceeds, the Borrower shall cause to be 

prepaid on or prior to the date which is ten (10) Business Days after the date of the realization or 

receipt by the Borrower or any Restricted Subsidiary of such Net Proceeds an aggregate principal 

amount of Term Loans in an amount equal to 100% of the Net Proceeds (or, in the case of any 

Disposition of, or Sale and Leaseback Transaction, with respect to Real Property, 100% of the 

Real Property Disposition Proceeds) realized or received.

(iii) Subject to Section 2.13(g), if the Borrower or any Restricted Subsidiary 

incurs or issues any Indebtedness after the Effective Date (other than Indebtedness permitted under 

Section 7.03 (other than any Credit Agreement Refinancing Indebtedness)), the Borrower shall 

cause to be prepaid an aggregate principal amount of Term Loans in an amount equal to 100% of 

all Net Proceeds received therefrom on or prior to the date which is five (5) Business Days after 

(or, in the case of Credit Agreement Refinancing Indebtedness, one Business Day after) the receipt 

by the Borrower or such Restricted Subsidiary of such Net Proceeds.

(iv) Subject to Section 2.13(g), if the Borrower issues any Subordinated 

Indebtedness after the Effective Date, the Borrower shall cause to be prepaid an aggregate principal 

amount of Term Loans in an amount equal to 33% of all Net Proceeds received therefrom on or 

prior to the date which is five (5) Business Days after the receipt by the Borrower of such Net 

Proceeds.

(v) Subject to Section 2.13(g), if the Borrower issues any Equity Interests after 

the Effective Date (excluding the Treasury Equity Issuance), the Borrower shall cause to be 

prepaid an aggregate principal amount of Term Loans in an amount equal to 50% of all Net Equity 

Proceeds received therefrom on or prior to the date which is five (5) Business Days after the receipt 

by the Borrower of such Net Equity Proceeds; provided, that the Borrower shall only be required 

to apply up to $30,000,000 in the aggregate of Net Equity Proceeds pursuant to this Section 

2.13(a)(v).

(b) Except as may otherwise be set forth in any Extension Offer, any Refinancing 

Amendment, any Permitted Repricing Amendment or any other governing documentation, each 

prepayment of Term Loans pursuant to Section 2.13(a)(ii) through (v) shall be applied ratably to 

each Class of Term Loans then outstanding and the UST Tranche A Term Loan Facility; provided, 

that any prepayment of Term Loans pursuant to Section 2.13(a)(iii) in respect of Credit Agreement 

Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt.

(c) With respect to each Class of Term Loans, each prepayment pursuant to Section 

2.13(a) shall be paid to the Lenders in accordance with their respective Pro Rata Shares, subject to 

Section 2.13(d). For the avoidance of doubt, this Section 2.13(c) is applicable to any prepayment 

made with the Net Proceeds of Credit Agreement Refinancing Indebtedness.

(d) The Borrower shall notify the Administrative Agent in writing of any mandatory 

prepayment of Term Loans required to be made pursuant to Section 2.13 by 1:00 p.m., New York 

City time, least three (3) Business Days prior to the date of such prepayment. Each such notice 
70

shall specify the date of such prepayment, provide a reasonably detailed calculation of the amount 

of such estimated prepayment and specify to which Loan such prepayment shall apply. The 

Administrative Agent will promptly notify each applicable Lender of the contents of the 

Borrower’s prepayment notice and of such Lender’s Pro Rata Share or other applicable share of 

the prepayment. Each Term Lender may reject all of its Pro Rata Share or other applicable share 

of any mandatory prepayment (such declined amounts, the “Declined Proceeds”) of Term Loans 

required to be made pursuant to Section 2.13 by providing written notice (each, a “Rejection 

Notice”) to the Administrative Agent and the Borrower no later than 5:00 p.m., New York City 

time, one Business Day prior to the date of such prepayment; provided that, for the avoidance of 

doubt, no Lender may reject any prepayment made with proceeds of Credit Agreement 

Refinancing Indebtedness. If a Term Lender fails to deliver a Rejection Notice to the 

Administrative Agent within the time frame specified above, any such failure will be deemed an 

acceptance of the total amount of such mandatory prepayment of Term Loans unless the Borrower 

and the Administrative Agent, with the consent of the Required Lenders, agree to an extension of 

time for such failure to be corrected. Any Declined Proceeds shall be retained by the Borrower.

(e) Funding Losses, Etc. All prepayments under this Section 2.13 shall be 

accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding 

the date of payment and shall be made together with, in the case of any such prepayment of a 

Eurodollar Loan on a day prior to the last day of an Interest Period therefor, any amounts owing 

in respect of such Eurodollar Loan pursuant to Section 3.04. All prepayments under Section 

2.13(a)(iii) shall be subject to Section 2.12(d) (to the extent applicable). Notwithstanding any of 

the other provisions of Section 2.13(a), so long as no Event of Default shall have occurred and be 

continuing, if any prepayment of Eurodollar Loans is required to be made under Section 2.13(a)

prior to the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit 

the amount of any such prepayment otherwise required to be made thereunder (including accrued 

interest to the last day of such Interest Period) into a Cash Collateral Account until the last day of 

such Interest Period, at which time the Administrative Agent shall be authorized (without any 

further action by or notice to or from the Borrower or any other Loan Party) to apply such amount 

to the prepayment of such Loans in accordance with this Section 2.13. Upon the occurrence and 

during the continuance of any Event of Default, the Administrative Agent shall also be authorized 

(without any further action by or notice to or from the Borrower or any other Loan Party) to apply 

such amount to the prepayment of the outstanding Loans in accordance with Section 2.13(a).

(f) Foreign Dispositions. Notwithstanding any other provisions of this Section 2.13, 

(A) to the extent that any or all of the Net Proceeds of any Disposition by a Foreign Subsidiary 

(“Foreign Disposition”) are (x) prohibited or delayed by applicable local law or (y) restricted by 

applicable organizational or constitutive documents or any agreement, from being repatriated to 

the United States, in each case the portion of such Net Proceeds so affected will not be required to 

be applied to repay Term Loans at the times provided in this Section 2.13 but may be retained by 

the applicable Foreign Subsidiary (the Borrower hereby agreeing to use reasonable efforts (as 

determined in the Borrower’s reasonable business judgment) to otherwise cause the applicable 

Foreign Subsidiary to within one year following the date on which the respective payment would 

otherwise have been required, promptly take all actions reasonably required by the applicable local 

law, applicable organizational or constitutive document impediment to permit such repatriation), 

and if within one year following the date on which the respective payment would otherwise have 

been required, such repatriation of any of such affected Net Proceeds is permitted under the 
71

applicable local law, applicable organizational or constitutive document impediment, such 

repatriation will be promptly effected and such repatriated Net Proceeds will be promptly (and in 

any event not later than 5 Business Days after such repatriation could be made) applied (net of 

additional taxes, costs and expenses payable or reserved against as a result thereof) (whether or 

not repatriation actually occurs) to the repayment of the Term Loans pursuant to this Section 2.13

and (B) to the extent that the Borrower has determined in good faith that repatriation of any of or 

all the Net Proceeds of any Foreign Disposition could cause adverse tax consequences to the 

Borrower, such Net Proceeds so affected may be retained by the applicable Foreign Subsidiary. 

The non-application of any prepayment amounts as a consequence of the foregoing provisions will 

not, for the avoidance of doubt, constitute a Default or an Event of Default.

(g) Notwithstanding anything to the contrary set forth in any other clause in this

Section 2.13, no mandatory prepayments of Term Loans that would have otherwise been required 

under Section 2.13(a)(ii) through (v) shall be required to be made until the Tranche B-2 Term Loan 

Facility Indebtedness (other than contingent indemnification or reimbursement obligations) shall 

have been paid or satisfied in full; provided that the Borrower shall cause to be prepaid an 

aggregate principal amount of Term Loans in an amount equal to 100% of all Net Proceeds 

received from any Credit Agreement Refinancing Indebtedness.

(h) Subject to Section 7.05, the Borrower shall cause to be prepaid on or prior to the 

date which is five (5) Business Days after the end of each calendar month (x) so long as the Tranche 

B-2 Term Loan Credit Agreement is in effect, an aggregate principal amount of Term Loans in an 

amount equal to 67% of the Net Proceeds realized or received by the Borrower or any Restricted 

Subsidiary during such calendar month as a result of any Disposition by the Borrower or any 

Restricted Subsidiary of any UST Tranche B Joint Collateral (with the remaining 33% of such Net 

Proceeds to be applied to prepay the Tranche B-2 Term Loan Facility pursuant to the Tranche B2 Term Loan Credit Agreement) and (y) otherwise, an aggregate principal amount of Term Loans 

in an amount equal to 100% of the Net Proceeds realized or received by the Borrower or any 

Restricted Subsidiary during such calendar month as a result of any Disposition by the Borrower 

or any Restricted Subsidiary of any UST Tranche B Joint Collateral.

(i) Notwithstanding the foregoing to the contrary, with respect to proceeds of any ABL 

Priority Collateral and Term Priority Collateral that is required to be applied to the ABL Facility 

Indebtedness pursuant to the ABL Facility Documentation, the Lenders hereby agree that such 

proceeds shall be applied in the manner set forth in the ABL Facility Documentation prior to 

application to the Obligations hereunder pursuant to this Section 2.13.

Section 2.14. Pro Rata Treatment. Except as required under Section 3.02, each 

Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest 

on the Loans, each reduction of the Term Loan Commitments and each conversion of any 

Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro 

rata among the Lenders of the applicable Class in accordance with their respective applicable 

Commitments (or, if such Commitments shall have expired or been terminated, in accordance with 

the respective principal amounts of their outstanding Loans); provided that the provisions of this 

Section 2.14 shall not be construed to apply to any payment made by the Borrower pursuant to and 

in accordance with the express terms of this Agreement. Each Lender agrees that in computing 

such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in 
72

its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole 

Dollar amount.

Section 2.15. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise 

of a right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan Party, or 

pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other 

security or interest arising from, or in lieu of, such secured claim, received by such Lender under 

any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, 

obtain payment (voluntary or involuntary) in respect of any Loan or Loans as a result of which the 

unpaid principal portion of its Loans shall be proportionately less than the unpaid principal portion 

of the Loans of any other Lender, it shall be deemed simultaneously to have purchased from such 

other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a 

participation in the Loans of such other Lender, so that the aggregate unpaid principal amount of 

the Loans and participations in Loans held by each Lender shall be in the same proportion to the 

aggregate unpaid principal amount of all Loans then outstanding as the principal amount of its 

Loans prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the 

principal amount of all Loans outstanding prior to such exercise of banker’s lien, setoff or 

counterclaim or other event; provided, however, that (i) if any such purchase or purchases or 

adjustments shall be made pursuant to this Section 2.15 and the payment giving rise thereto shall 

thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent 

of such recovery and the purchase price or prices or adjustment restored without interest, and (ii) 

the provisions of this Section 2.15 shall not be construed to apply to any payment made by the 

Borrower pursuant to and in accordance with the express terms of this Agreement or any payment 

obtained by a Lender as consideration for the assignment of or sale of a participation in any of its 

Loans to any assignee or participant, other than to the Borrower as to which the provisions of this 

Section 2.15 shall apply (provided, that if the applicable payment, assignment, sale or participation 

to the Borrower is expressly permitted under Section 10.04, the provisions of this Section 2.15

shall not be construed to apply). The Borrower expressly consents to the foregoing arrangements 

and agrees that any Lender holding a participation in a Loan deemed to have been so purchased 

may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and all 

moneys owing by the Borrower to such Lender by reason thereof as fully as if such Lender had 

made a Loan directly to the Borrower in the amount of such participation. For the avoidance of 

doubt, neither this Section nor Section 2.14 shall limit the ability of the Borrower to pay principal, 

fees, premiums and interest with respect to Other Term Loans following the effectiveness of any 

Refinancing Amendment or any Extension Offer, as applicable, on a basis different from the Loans 

of such Class that will continue to be held by Lenders that were not Extending Lenders or Lenders 

pursuant to such Refinancing Amendment, as applicable.

Section 2.16. Payments.

(a) The Borrower shall make each payment (including principal of or interest on any 

Borrowing or any Fees or other amounts due and payable) hereunder and under any other 

Loan Document not later than 12:00 p.m., New York City time, on the date when due in 

immediately available Dollars, without setoff, defense or counterclaim. Any amounts 

received after such time on any date may, in the discretion of the Administrative Agent, be 

deemed to have been received on the next succeeding Business Day for purposes of 

calculating interest thereon. Each such payment shall be made to the Administrative 
73

Account. The Administrative Agent shall promptly distribute to each Lender any payments 

received by the Administrative Agent on behalf of such Lender.

(b) Except as otherwise expressly provided herein, whenever any payment (including 

principal of or interest on any Borrowing or any Fees or other amounts) hereunder or under 

any other Loan Document shall become due, or otherwise would occur, on a day that is not 

a Business Day, such payment may be made on the next succeeding Business Day, and 

such extension of time shall in such case be included in the computation of interest or Fees, 

if applicable.

Section 2.17. [Reserved].

Section 2.18. Refinancing Amendments.

(a) At any time after the Effective Date, the Borrower may obtain, from any Lender or 

any Additional Lender, Credit Agreement Refinancing Indebtedness (other than Permitted 

Additional Debt) in respect of all or any portion of the Term Loans then outstanding under 

this Agreement, in the form of Other Term Loans or Other Term Loan Commitments 

pursuant to a Refinancing Amendment; provided that (A) such Credit Agreement 

Refinancing Indebtedness will rank pari passu in right of payment and of security with the 

other Loans and Commitments hereunder, (B) such Credit Agreement Refinancing 

Indebtedness will have such pricing, fees, interest, premiums and optional prepayment terms 

as may be agreed by the Borrower and the Lenders thereof (provided, that such Credit 

Agreement Refinancing Indebtedness may participate on a pro rata basis or on a less than 

pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory 

prepayments hereunder, as specified in the applicable Refinancing Amendment), (C) such 

Credit Agreement Refinancing Indebtedness will have a maturity date later than the maturity 

date of, and will have a Weighted Average Life to Maturity that is not shorter than, the 

Refinanced Debt, (D) the covenants, events of default and guarantees of such Credit 

Agreement Refinancing Indebtedness, if not consistent with the terms of the UST Tranche 

B Term Loans, shall be on customary market terms for Indebtedness of such type (as 

determined by the Borrower in good faith) ((provided, that the financial maintenance 

covenant on the then outstanding Term Loans shall be amended to provide the Lenders the 

benefit of any financial maintenance covenant of such Credit Agreement Refinancing 

Indebtedness that is in addition to or more restrictive in any material manner than the 

financial maintenance covenant on the then outstanding Term Loans)), (E) the proceeds of 

such Credit Agreement Refinancing Indebtedness shall be applied, substantially 

concurrently with the incurrence thereof, to the prepayment of outstanding Term Loans 

being so refinanced and (F) other than in the case of Credit Agreement Refinancing 

Indebtedness the proceeds of which are applied to pay all outstanding Term Loans and other 

Obligations in full in cash, the Borrower shall have obtained the consent of the Required 

Lenders. The effectiveness of any Refinancing Amendment shall be subject to the 

satisfaction (or waiver) on the date thereof of each of the conditions set forth in Section 4.01

(and for purposes thereof the incurrence of the Credit Agreement Refinancing Indebtedness 

shall be deemed to be a Request for Credit Extension) and, to the extent reasonably 

requested by the Administrative Agent and the Required Lenders, receipt by the 

Administrative Agent of customary legal opinions, board resolutions, officers’ certificates 
74

and a solvency certification or representation, in each case materially consistent with those 

delivered on the Effective Date under Section 4.02 (other than changes to such legal 

opinions resulting from a change in law, change in fact or change to counsel’s form of 

opinion reasonably satisfactory to the Administrative Agent), and customary reaffirmation 

agreements. Each Class of Credit Agreement Refinancing Indebtedness incurred under this 

Section 2.18(a) shall be in an aggregate principal amount that is (x) not less than 

$40,000,000 and (y) an integral multiple of $1,000,000 in excess thereof. The 

Administrative Agent shall promptly notify each Lender as to the effectiveness of each 

Refinancing Amendment.

(b) Each of the parties hereto hereby agrees that this Agreement and the other Loan 

Documents may be amended pursuant to a Refinancing Amendment, without the consent of 

any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence 

and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and 

(ii) effect such other amendments to this Agreement and the other Loan Documents as may 

be necessary or appropriate, in the reasonable opinion of the Required Lenders and the 

Borrower, to effect the provisions of this Section 2.18, and the Required Lenders hereby 

expressly authorize the Administrative Agent to enter into any such Refinancing 

Amendment. Without limiting the foregoing, in connection with any Refinancing 

Amendment, the respective Loan Parties shall (at their expense) amend (and the Collateral 

Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the Latest 

Maturity Date after giving effect to such Refinancing Amendment so that such maturity date 

is extended to the then Latest Maturity Date (or such later date as may be advised by local 

counsel to the Required Lenders).

(c) This Section 2.18 shall supersede any provisions in Section 2.14, 2.15 or 10.08 to 

the contrary.

Section 2.19. Extensions of Term Loans.

(a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or 

more offers (each, an “Extension Offer”) made from time to time by the Borrower to all 

Lenders of a Class of Term Loans with a like Maturity Date on a pro rata basis (based on 

the aggregate outstanding principal amount of the respective Term Loans of such Class with 

the same Maturity Date) and on the same terms to each such Lender, the Borrower may 

from time to time with the consent of any Lender that shall have accepted such offer extend 

the maturity date of any Term Loans and otherwise modify the terms of such Term Loans 

of such Lender pursuant to the terms of the relevant Extension Offer (including, without 

limitation, by increasing the interest rate or fees payable in respect of such Term Loans 

and/or modifying the amortization schedule in respect of such Term Loans) (each, an 

“Extension”, and each group of Term Loans as so extended, as well as the group of original 

Term Loans not so extended, being a “tranche”; any Extended Term Loans shall constitute 

a separate tranche of Term Loans from the tranche of Term Loans from which they were 

converted and a separate Class of Term Loans), so long as the following terms are satisfied 

(or waived): (i) no Event of Default shall exist at the time the notice in respect of an 

Extension Offer is delivered to the Lenders, and no Event of Default shall exist immediately 

prior to or after giving effect to the effectiveness of any Extended Term Loans, (ii) except 
75

as to interest rates, fees, amortization, final maturity date, premium, AHYDO “catch up” 

payments, required prepayment dates and participation in prepayments (which shall, subject 

to immediately succeeding clauses (iii), (iv) and (v), be determined by the Borrower and set 

forth in the relevant Extension Offer), the Term Loans of any Term Lender extended 

pursuant to any Extension (“Extended Term Loans”) shall have the same terms and 

conditions that are substantially identical to, or less favorable to the lenders or investors 

providing such Extended Term Loans as the tranche of Term Loans subject to such 

Extension Offer, (iii) the final maturity date of any Extended Term Loans shall be no earlier 

than the then Latest Maturity Date and the amortization schedule, if any, applicable to Term 

Loans for periods prior to the then applicable Latest Maturity Date may not be increased, 

(iv) the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter 

than the remaining Weighted Average Life to Maturity of the Term Loans extended thereby, 

(v) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata 

basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments 

hereunder, as specified in the applicable Extension Offer, (vi) if the aggregate principal 

amount of Term Loans (calculated on the face amount thereof) in respect of which Term 

Lenders shall have accepted the relevant Extension Offer shall exceed the maximum 

aggregate principal amount of Term Loans offered to be extended by the Borrower pursuant 

to such Extension Offer, then the Term Loans of such Term Lenders shall be extended 

ratably up to such maximum amount based on the respective principal amounts (but not to 

exceed actual holdings of record) with respect to which such Term Lenders have accepted 

such Extension Offer, (vii) all documentation in respect of such Extension shall be 

consistent with the foregoing, and (viii) any applicable Minimum Extension Condition shall 

be satisfied unless waived by the Borrower.

(b) With respect to all Extensions consummated by the Borrower pursuant to this 

Section 2.19, (i) such Extensions shall not constitute voluntary or mandatory payments or 

prepayments for purposes of Section 2.12, 2.13 or 2.15 and (ii) no Extension Offer is 

required to be in any minimum amount or any minimum increment, provided that the 

Borrower may at its election specify as a condition (a “Minimum Extension Condition”) 

to consummating any such Extension that a minimum amount (to be determined and 

specified in the relevant Extension Offer in the Borrower’s sole discretion and may be 

waived by the Borrower) of Term Loans of any or all applicable Classes be tendered. The 

Administrative Agent and the Lenders hereby consent to the Extensions and the other 

transactions contemplated by this Section 2.19 (including, for the avoidance of doubt, 

payment of any interest, fees or premium in respect of any Extended Term Loans on such 

terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements 

of any provision of this Agreement (including, without limitation, Sections 2.12, 2.13, 2.14

and 2.15) or any other Loan Document that may otherwise prohibit any such Extension or 

any other transaction contemplated by this Section 2.19.

(c) Each of the parties hereto hereby (A) agrees that this Agreement and the other Loan 

Documents may be amended to give effect to each Extension (an “Extension 

Amendment”), without the consent of any other Lenders, to the extent (but only to the 

extent) necessary to (i) reflect the existence and terms of the Extended Term Loans incurred 

pursuant thereto, (ii) modify the scheduled repayments set forth in Section 2.11 with respect 

to any Class of Term Loans subject to an Extension to reflect a reduction in the principal 
76

amount of the Term Loans thereunder in an amount equal to the aggregate principal amount 

of the Extended Term Loans amended pursuant to the applicable Extension (with such 

amount to be applied ratably to reduce scheduled repayments of such Term Loans required 

pursuant to Section 2.11), (iii) modify the prepayments set forth in Sections 2.12 and 2.13

to reflect the existence of the Extended Term Loans and the application of prepayments with 

respect thereto, and (iv) effect such other amendments to this Agreement and the other Loan 

Documents as may be necessary or appropriate, in the reasonable opinion of the Required 

Lenders and the Borrower, to effect the provisions of this Section 2.19, and the Required 

Lenders hereby expressly and irrevocably, for the benefit of all parties hereto, authorize the 

Administrative Agent to enter into any such Extension Amendment and (B) consent to the 

transactions contemplated by this Section 2.19 (including, for the avoidance of doubt, 

payment of interest, fees or premiums in respect of any Extended Term Loans on such terms 

as may be set forth in the relevant Extension Amendment). Without limiting the foregoing, 

in connection with any Extension, the respective Loan Parties shall (at their expense) amend 

(and the Collateral Agent is hereby directed to amend) any Mortgage that has a maturity 

date prior to the then Latest Maturity Date so that such maturity date is extended to the 

Latest Maturity Date after giving effect to such Extension (or such later date as may be 

advised by local counsel to the Required Lenders).

(d) In connection with any Extension, the Borrower shall provide the Administrative 

Agent at least five (5) Business Days’ (or such shorter period as may reasonably be agreed 

by the Administrative Agent at the direction of the Required Lenders) prior written notice 

thereof, and shall agree to such procedures, if any, as may be established by, or acceptable 

to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of 

this Section 2.19.

(e) This Section 2.19 shall supersede any provisions in Section 2.14, 2.15 or 10.08 to 

the contrary.

ARTICLE 3

TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

Section 3.01. Taxes.

(a) Except as provided in this Section 3.01, any and all payments made by or on 

account of the Borrower or any Guarantor under any Loan Document to any Lender or Agent shall 

be made free and clear of and without deduction for any and all present or future taxes, duties, 

levies, imposts, assessments, withholdings (including backup withholding), fees or similar charges 

imposed by any Governmental Authority including interest, penalties and additions to tax 

(collectively “Taxes”), excluding (i) Taxes imposed on or measured by net income, however 

denominated, and franchise (and similar) Taxes imposed on it in lieu of net income Taxes, (ii) 

Taxes attributable to the failure by the relevant Lender or Agent to deliver the documentation

required to be delivered pursuant to clause (d) of this Section 3.01, (iii) Taxes imposed by a 

jurisdiction as a result of any connection between such Lender or Agent and such jurisdiction other 

than any connection arising from executing, delivering, being a party to, engaging in any 

transactions pursuant to, performing its obligations under, or enforcing any Loan Document, (iv) 

any branch profits Taxes imposed by the United States or any similar Tax imposed by any other 
77

jurisdiction in which the Borrower or any Guarantor (as appropriate) is located, (v) any U.S. federal 

withholding tax imposed on amounts payable hereunder pursuant to a law in effect at such time 

the Lender or Agent becomes a party to this Agreement (other than pursuant to an assignment 

request by the Borrower under Section 3.06), or designates a new lending office, except in each 

case to the extent such Lender (or its assignor, if any) was entitled at the time of designation of a 

new lending office (or assignment) to receive additional amounts with respect to such withholding 

tax pursuant to this Section 3.01 and (vi) any Tax imposed under FATCA (all such non-excluded 

Taxes imposed on such payments, being hereinafter referred to as “Indemnified Taxes”). If the 

Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to 

deduct any Indemnified Taxes or Other Taxes (as defined below) from or in respect of any sum 

payable under any Loan Document to any Agent or any Lender, (i) the sum payable by the 

Borrower or Guarantor shall be increased as necessary so that after making all required deductions 

(including deductions applicable to additional sums payable under this Section 3.01), such Agent 

or Lender (as the case may be) receives an amount equal to the sum it would have received had no 

such deductions been made, (ii) the applicable withholding agent shall make such deductions, (iii) 

the applicable withholding agent shall pay the full amount deducted to the relevant Governmental 

Authority in accordance with applicable Laws, and (iv) within thirty (30) days after the date of 

such payment (or, if receipts or evidence are not available within thirty (30) days, as soon as 

possible thereafter), if the Borrower or any Guarantor is the applicable withholding agent, the 

applicable withholding agent shall furnish to such Agent or Lender (as the case may be) the original 

or a copy of a receipt evidencing payment thereof or other evidence acceptable to such Agent or 

Lender.

(b) In addition, the Borrower agrees to pay any and all present or future stamp, court 

or documentary taxes and any other excise, property, intangible or mortgage recording taxes, or 

charges or levies of the same character, imposed by any Governmental Authority, which arise from 

any payment made under any Loan Document or from the execution, delivery, performance, 

enforcement or registration of, or otherwise with respect to, any Loan Document (including 

additions to tax, penalties and interest related thereto) (including any Mortgage Amendment) 

excluding, in each case, such amounts that result from an Agent or Lender’s Assignment and 

Acceptance, grant of a Participation, transfer or assignment to or designation of a new applicable 

lending office or other office for receiving payments under any Loan Document (collectively, 

“Assignment Taxes”) except for Assignment Taxes resulting from assignment or participation 

that is requested or required in writing by the Borrower (all such non-excluded taxes described in 

this Section 3.01(b) being hereinafter referred to as “Other Taxes”).

(c) Without duplication of Section 3.01(a) or (b), the Borrower and each Guarantor 

agree to indemnify each Agent and each Lender for (i) the full amount of Indemnified Taxes and 

Other Taxes paid by such Agent or Lender (including Indemnified Taxes and Other Taxes imposed 

or asserted on or attributable to amounts payable under this Section) and (ii) any expenses arising 

therefrom or with respect thereto, provided such Agent or Lender, as the case may be, provides 

Borrower or Guarantor with a written statement thereof setting forth in reasonable detail the basis 

and calculation of such amounts.

(d) Each Lender and Agent shall, at such times as are reasonably requested by the 

Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with 

any documentation prescribed by Law certifying as to any entitlement of such Lender or Agent to 
78

an exemption from, or reduction in, withholding tax with respect to any payments to be made to 

such Lender under the Loan Documents. Each such Lender and Agent shall, whenever a lapse in 

time or change in circumstances renders such documentation obsolete or inaccurate in any material 

respect, deliver promptly to the Borrower and the Administrative Agent updated or other 

appropriate documentation (including any new documentation reasonably requested by the 

applicable withholding agent) or promptly notify the Borrower and the Administrative Agent of 

its inability to do so. Unless the applicable withholding agent has received forms or other 

documents satisfactory to it indicating that payments under any Loan Document to or for a Lender 

are not subject to withholding tax or are subject to such Tax at a rate reduced by an applicable tax 

treaty, the Borrower, the Administrative Agent or other applicable withholding agent shall 

withhold amounts required to be withheld by applicable Law from such payments at the applicable 

statutory rate. Notwithstanding the foregoing, a Lender shall not be required to deliver any form 

pursuant to this clause (d) that such Lender is not legally able to deliver. In addition, each Lender 

and Agent shall deliver to the Borrower and the Administrative Agent such other tax forms or 

other documents as shall be prescribed by applicable Law or reasonably requested by the Borrower 

or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine 

whether or not such Lender or Agent is subject to backup withholding or information reporting 

requirements. Without limiting the foregoing:

(i) Each Lender and Agent that is a United States person (as defined in Section 

7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or 

before the date on which it becomes a party to this Agreement two properly completed and 

duly signed executed copies of Internal Revenue Service Form W-9 certifying that such 

Lender or Agent (as the case may be) is exempt from federal backup withholding.

(ii) Each Lender and Agent that is not a United States person (as defined in 

Section 7701(a)(30) of the Code) which, for the avoidance of doubt, shall not include 

Treasury, shall deliver to the Borrower and the Administrative Agent on or before the date 

on which it becomes a party to this Agreement whichever of the following is applicable:

(A) two properly completed and duly signed executed copies of Internal 

Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E (or 

any successor forms) claiming eligibility for the benefits of an income tax treaty to 

which the United States is a party, and such other documentation as required under 

the Code,

(B) two properly completed and duly signed executed copies of Internal 

Revenue Service Form W-8ECI (or any successor forms) and, in the case of an 

Agent, a withholding certificate that satisfies the requirements of Treasury 

Regulation Sections 1.1441-1(b)(2)(iv) and 1.1441-1(e)(3)(v) as applicable to a 

U.S. branch that has agreed to be treated as a U.S. person for withholding tax 

purposes,

(C) in the case of a Lender claiming the benefits of the exemption for 

portfolio interest under Section 881(c) of the Code, (A) a certificate substantially 

in the form of Exhibit G-1, G-2, G-3 or G-4, as applicable (any such certificate a 

“United States Tax Compliance Certificate”) and (B) two properly completed 
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and duly signed executed copies of Internal Revenue Service Form W-8BEN or 

Internal Revenue Service Form W-8BEN-E, or

(D) to the extent a Lender is not the beneficial owner (for example, 

where the Lender is a partnership, or is a participant holding a participation granted 

by a participating Lender), Internal Revenue Service Form W-8IMY (or any 

successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN, W8BEN-E, United States Tax Compliance Certificate, Form W-9, Form W-8IMY or 

any other required information from each beneficial owner, as applicable (provided

that, if one or more beneficial owners are claiming the portfolio interest exemption, 

the United States Tax Compliance Certificate may be provided by such Lender on 

behalf of such beneficial owner). Each Lender and Agent shall deliver to the 

Borrower and the Administrative Agent two further executed copies of any 

previously delivered form or certification (or any applicable successor form) on or 

before the date that any such form or certification expires or becomes obsolete or 

inaccurate and promptly after the occurrence of any event requiring a change in the 

most recent form previously delivered by it to the Borrower or the Administrative 

Agent, or promptly notify the Borrower and the Administrative Agent that it is 

unable to do so. Each Lender and Agent shall promptly notify the Administrative 

Agent at any time it determines that it is no longer in a position to provide any 

previously delivered form or certification to the Borrower or the Administrative 

Agent.

(iii) Notwithstanding anything else herein, Treasury shall be entitled to the 

benefits of this Section 3.01 and all related provisions under this Agreement without 

regard to whether it provides any documentation described in Sections 3.01(d) or Section 

3.01(g).

(e) Any Lender or Agent claiming any additional amounts payable pursuant to this 

Section 3.01 shall use its reasonable efforts to change the jurisdiction of its lending office (or take 

any other measures reasonably requested by the Borrower) if such a change or other measures 

would reduce any such additional amounts (or any similar amount that may thereafter accrue) and 

would not, in the reasonable, good faith determination of such Lender, result in any unreimbursed 

cost or expense or be otherwise materially disadvantageous to such Lender.

(f) If any Lender or Agent determines, in its reasonable, good faith discretion, that it 

has received a refund in respect of any Taxes as to which indemnification or additional amounts 

have been paid to it by the Borrower pursuant to this Section 3.01 (including by payment of 

additional amounts pursuant to this Section) it shall promptly remit such refund to the Borrower or 

Guarantor, net of all out-of-pocket expenses of the Lender or Agent, as the case may be and without 

interest (other than any interest paid by the relevant Governmental Authority with respect to such 

refund net of any Taxes payable by any Agent or Lender on such interest); provided that the 

Borrower and Guarantors, upon the request of the Lender or Agent, as the case may be, agree 

promptly to return such refund (plus any penalties, interest or other charges imposed by the relevant 

Governmental Authority) to such party in the event such party is required to repay such refund to 

the relevant Governmental Authority. This section shall not be construed to require the 
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Administrative Agent or any Lender to make available its tax returns (or any other information 

relating to Taxes that it deems confidential) to the Borrower or any other person.

(g) If a payment made to a Lender or Agent under any Loan Document would be 

subject to withholding Tax imposed by FATCA if such Lender or Agent were to fail to comply with 

the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 

1472(b) of the Code, as applicable), such Lender or Agent shall deliver to the Borrower and the 

Administrative Agent at the time or times prescribed by law and at such time or times reasonably 

requested by the Borrower or the Administrative Agent such documentation prescribed by 

applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such 

additional documentation reasonably requested by the Borrower or the Administrative Agent as 

may be necessary for the Borrower and the Administrative Agent to comply with their obligations 

under FATCA and to determine that such Lender or Agent has complied with such Lender’s or 

Agent’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from 

such payment. Solely for purposes of this Section 3.01(h), “FATCA” shall include any amendments 

made to FATCA after the date of this Agreement. For the avoidance of doubt, Treasury shall not 

be required to provide any documentation under this Section 3.01(g).

(h) Each party’s obligations under this Section 3.01 shall survive any assignment of 

rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, 

satisfaction or discharge of all obligations under any Loan Document.

(i) Each Lender (other than Treasury) shall indemnify each Agent, within 10 days 

following written demand therefor, for (i) the full amount of any Indemnified Taxes and Other 

Taxes attributable to such Lender (but only to the extent that such Agent has not already been 

indemnified by the Borrower and each Guarantor for such Indemnified Taxes and Other Taxes and 

without limiting the obligation of the Borrower and each Guarantor to do so), and (ii) any Taxes 

attributable to such Lender’s failure to comply with the provision of Section 10.04(f) relating to the 

maintenance of a Participant Register, in each case, that are payable or paid by such Agent in 

connection with any Loan Documents, and any expenses arising therefrom or with respect thereto; 

provided that such Agent provides such lender with a written statement thereof setting forth in 

reasonable detail the basis and calculation of such amounts.

Section 3.02. Illegality. If any Law has made it unlawful, or that any Governmental 

Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, 

maintain or fund Eurodollar Loans, or to determine or charge interest rates based upon the LIBO 

Rate, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, 

any obligation of such Lender to make or continue Eurodollar Loans shall be suspended until such 

Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to 

such determination no longer exist. Upon receipt of such notice, the Borrower shall promptly 

following written demand from such Lender (with a copy to the Administrative Agent), prepay or, 

if applicable, convert all applicable Eurodollar Loans of such Lender to ABR Loans, either on the 

last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such 

Eurodollar Loans to such day, or promptly, if such Lender may not lawfully continue to maintain 

such Eurodollar Loans. Upon any such prepayment or conversion, the Borrower shall also pay 

accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection 

with such prepayment or conversion under Section 3.04. Each Lender agrees to designate a 
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different lending office if such designation will avoid the need for such notice and will not, in the 

good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

Section 3.03. Increased Cost and Reduced Return; Capital Adequacy; Reserves on 

Eurodollar Loans.

(a) If any Lender reasonably determines that as a result of the introduction of or any 

change in or in the interpretation of any Law, in each case after the Effective Date, or such 

Lender’s compliance therewith, there shall be any material increase in the cost to such Lender of 

agreeing to make or making, funding or maintaining any Eurodollar Loans, or a material reduction 

in the amount received or receivable by such Lender in connection with any of the foregoing 

(excluding for purposes of this Section 3.03(a) any such increased costs or reduction in amount 

resulting from (i) Indemnified Taxes or Other Taxes for which additional amounts are payable 

pursuant to Section 3.01, or any Taxes excluded from the definition of Indemnified Taxes under 

exception (iii) thereof to the extent such Taxes are imposed on or measured by net income or 

profits or are franchise taxes (imposed in lieu of the foregoing taxes) and any Taxes excluded 

from the definition of Indemnified Taxes under exceptions (i), (ii), (iv), (v) and (vi) thereof or (ii) 

reserve requirements contemplated by Section 3.03(c) or reflected in the Adjusted LIBO Rate) 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or 

maintaining any Eurodollar Loan (or of maintaining its obligations to make any Loan), or to 

reduce the amount of any sum received or receivable by such Lender, then from time to time 

within fifteen (15) days after written demand by such Lender setting forth in reasonable detail 

such increased costs (with a copy of such written demand to the Administrative Agent given in 

accordance with Section 3.05), the Borrower shall pay to such Lender such additional amounts as 

will compensate such Lender for such increased cost or reduction.

(b) If any Lender determines that the introduction of any Law regarding capital 

adequacy or liquidity or any change therein or in the interpretation thereof, in each case after the 

Effective Date, or compliance by such Lender (or its lending office) therewith, has the effect of 

reducing the rate of return on the capital of such Lender or any entity controlling such Lender as a 

consequence of such Lender’s obligations hereunder (taking into consideration its policies with 

respect to capital adequacy and liquidity and such Lender’s desired return on capital), then from 

time to time upon written demand of such Lender setting forth in reasonable detail the charge and 

the calculation of such reduced rate of return (with a copy of such written demand to the 

Administrative Agent given in accordance with Section 3.05), the Borrower shall pay to such 

Lender such additional amounts as will compensate such Lender or controlling entity for such 

reduction within fifteen (15) days after receipt of such written demand.

(c) Except to the extent already reflected in the Adjusted LIBO Rate, the Borrower 

shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with 

respect to liabilities or assets consisting of or including Eurodollar funds or deposits, additional 

interest on the unpaid principal amount of each applicable Eurodollar Loan of the Borrower equal 

to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such 

Lender in good faith, which determination shall be conclusive in the absence of manifest error), 

and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or 

analogous requirement of any other central banking or financial regulatory authority imposed in 

respect of the maintenance of the Commitments or the funding of any Eurodollar Loans of the 
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Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if 

necessary, to the nearest five decimal places) equal to the actual costs allocated to such 

Commitment or Loan by such Lender (as determined by such Lender in good faith, which 

determination shall be conclusive absent manifest error) which in each case shall be due and 

payable on each date on which interest is payable on such Loan, provided the Borrower shall have 

received at least fifteen (15) days’ prior written notice (with a copy to the Administrative Agent) 

of such additional interest or cost from such Lender. If a Lender fails to give written notice fifteen 

(15) days prior to the relevant Interest Payment Date, such additional interest or cost shall be due 

and payable fifteen (15) days from receipt of such written notice.

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this 

Section 3.03 shall not constitute a waiver of such Lender’s right to demand such compensation.

(e) If any Lender requests compensation under this Section 3.03, then such Lender will, 

if requested by the Borrower, use commercially reasonable efforts to designate another lending 

office for any Loan affected by such event; provided that such efforts are made on terms that, in 

the reasonable judgment of such Lender, cause such Lender and its lending office(s) to suffer no 

material economic, legal or regulatory disadvantage, and provided further that nothing in this 

Section 3.03(e) shall affect or postpone any of the Obligations of the Borrower or the rights of 

such Lender pursuant to Section 3.03(a), (b), (c) or (d).

Section 3.04. Funding Losses. Promptly following written demand of any Lender (with a 

copy to the Administrative Agent) from time to time, which demand shall set forth in reasonable 

detail the basis for requesting such amount, the Borrower shall promptly compensate such Lender 

for and hold such Lender harmless from any loss, cost or expense actually incurred by it as a result 

of:

(i) any continuation or conversion of any Eurodollar Loan of the Borrower on a day 

prior to the last day of the Interest Period for such Loan, or any payment or prepayment of any 

Eurodollar Loan of the Borrower on a day prior to the last day of the Interest Period for such Loan; 

or

(ii) any failure by the Borrower (for a reason other than the failure of such Lender to 

make a Loan) to prepay, borrow, continue or convert any Eurodollar Loan of the Borrower on the 

date or in the amount notified by the Borrower;

including an amount equal to the excess, as reasonably determined by such Lender, of (1) 

its cost of obtaining funds for the Eurodollar Loan that is the subject of such event for the period 

from the date of such event to the last day of the Interest Period in effect (or that would have been 

in effect) for such Loan over (2) the amount of interest likely to be realized by such Lender in 

redeploying the funds released or not utilized by reason of such event for such period, but 

excluding (a) loss of anticipated profits, and (b) any loss, cost or expense resulting from 

Indemnified Taxes or Other Taxes for which additional amounts are payable pursuant to Section 

3.01, or any Taxes excluded from the definition of Indemnified Taxes under Section 3.01.

Section 3.05. Matters Applicable to all Requests for Compensation.
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(a) Any Agent or any Lender claiming compensation under this Article 3 shall deliver 

a certificate to the Borrower setting forth the additional amount or amounts to be paid to it 

hereunder which shall be conclusive in the absence of manifest error. In determining such amount, 

such Agent or such Lender may use any reasonable and customary averaging and attribution 

methods.

(b) With respect to any Lender’s claim for compensation under Section 3.02 or 3.03, 

the Borrower shall not be required to compensate such Lender for any amount incurred more than 

one hundred and eighty (180) days prior to the date that such Lender notifies the Borrower of the 

event that gives rise to such claim; provided that, if the circumstance giving rise to such claim is 

retroactive, then such 180-day period referred to above shall be extended to include the period of 

retroactive effect thereof. If any Lender requests compensation by the Borrower under Section 

3.03, the Borrower may, by notice to such Lender (with a copy to the Administrative Agent), 

suspend the obligation of such Lender to make or continue from one Interest Period to another any 

applicable Eurodollar Loan, until the event or condition giving rise to such request ceases to be in 

effect (in which case the provisions of Section 3.05(c) shall be applicable); provided that such 

suspension shall not affect the right of such Lender to receive the compensation so requested.

(c) If the obligation of any Lender to make or continue any Eurodollar Loan shall be 

suspended pursuant to Section 3.05(b) hereof, such Lender’s applicable Eurodollar Loans shall be 

automatically converted into ABR Loans (or, if such conversion is not possible, repaid) on the last 

day(s) of the then current Interest Period(s) for such Eurodollar Loans (or, in the case of an 

immediate conversion required by Section 3.02, on such earlier date as required by Law) and, 

unless and until such Lender gives notice as provided below that the circumstances specified in

Section 3.02 or 3.03 hereof that gave rise to such conversion no longer exist:

(i) to the extent that such Lender’s Eurodollar Loans have been so converted, 

all payments and prepayments of principal that would otherwise be applied to such 

Lender’s applicable Eurodollar Loans shall be applied instead to its ABR Loans; and

(ii) all Loans that would otherwise be made or continued from one Interest 

Period to another by such Lender as Eurodollar Loans shall be made or continued instead 

as ABR Loans (if possible).

(d) If any Lender gives notice to the Borrower (with a copy to the Administrative 

Agent) that the circumstances specified in Section 3.02 or 3.03 hereof that gave rise to the 

conversion of any of such Lender’s Eurodollar Loans pursuant to this Section 3.05 no longer exist 

(which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time 

when Eurodollar Loans made by other Lenders under the applicable Facility are outstanding, if 

applicable, such Lender’s ABR Loans shall be automatically converted, on the first day(s) of the 

next succeeding Interest Period(s) for such outstanding Eurodollar Loans, to the extent necessary 

so that, after giving effect thereto, all Loans held by the Lenders holding Eurodollar Loans under 

such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and 

Interest Periods) in accordance with their respective Commitments for the applicable Facility.

(e) Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street 

Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder 
84

or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated 

by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any 

successor or similar authority) or the United States or foreign regulatory authorities, in each case 

pursuant to Basel III, shall be deemed to have been adopted or made after the Effective Date, 

regardless of the date enacted or adopted.

Section 3.06. Replacement of Lenders under Certain Circumstances.

(a) If at any time (i) the Borrower becomes obligated to pay additional amounts or 

indemnity payments described in Section 3.01 or 3.03 as a result of any condition described in 

such Sections or any Lender ceases to make any Eurodollar Loans as a result of any condition 

described in Section 3.02 or Section 3.03 or (ii) any Lender becomes a Non-Consenting Lender, 

then the Borrower may, on prior written notice to the Administrative Agent and such Lender, (x) 

replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign 

pursuant to Section 10.04(b) (unless otherwise agreed, with the assignment fee to be paid by the 

Borrower in such instance) (it being understood that any such assignment shall become effective 

only in accordance with Section 10.04(e)), all of its rights and obligations under this Agreement 

(in respect of any applicable Facility only in the case of clause (i) or, with respect to a Class vote, 

clause (ii)) to one or more Eligible Assignees; provided that neither the Administrative Agent nor 

any Lender shall have any obligation to the Borrower to find a replacement Lender or other such 

Person; and provided further that (A) in the case of any such assignment resulting from a claim 

for compensation under Section 3.03 or payments required to be made pursuant to Section 3.01, 

such assignment will result in a reduction in such compensation or payments and (B) in the case 

of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the 

applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other 

consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of 

the Loan Documents; or (y) terminate the Commitment of such Lender and repay all Obligations 

of the Borrower owing to such Lender relating to the Loans and participations held by such Lender 

as of such termination date; provided that in the case of any such termination of a Non-Consenting

Lender, such termination shall be sufficient (together with all other consenting Lenders) to cause 

the adoption of the applicable departure, waiver or amendment of the Loan Documents and such 

termination shall be in respect of any applicable Facility only in the case of clause (i) or, with 

respect to a Class vote, clause (ii).

(b) In the event that (i) the Borrower or the Administrative Agent has requested that 

the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to 

any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement 

of each Lender, each directly and adversely affected Lender, each Lender with respect to a certain 

Class of Loans or each directly and adversely affected Lender with respect to a certain Class of 

Loans, in each case in accordance with Section 10.08, and (iii) the Required Lenders (or, in the 

case of a consent, waiver or amendment involving all Lenders or all directly and adversely affected 

Lenders of a certain Class, the Required Class Lenders) have agreed to such consent, waiver or 

amendment, then any Lender who does not agree to such consent, waiver or amendment shall be 

deemed a “Non-Consenting Lender.”

(c) Any Lender being replaced pursuant to Section 3.06(a) above shall (i) execute and 

deliver an Assignment and Acceptance with respect to such Lender’s applicable Commitment and 
85

outstanding Loans, and (ii) deliver any Term Notes evidencing such Loans to the Borrower or 

Administrative Agent. Pursuant to such Assignment and Acceptance, (A) the assignee Lender 

shall acquire all or a portion, as the case may be, of the assigning Lender’s outstanding Loans, (B) 

all obligations of the Borrower owing to the assigning Lender relating to the Loans and 

participations so assigned shall be paid in full by the assignee Lender to such assigning Lender 

concurrently with such Assignment and Acceptance and (C) upon such payment and, if so 

requested by the assignee Lender, delivery to the assignee Lender of the appropriate Term Note 

executed by the Borrower, the assignee Lender shall become a Lender hereunder and the assigning 

Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, 

Commitments and participations, except with respect to indemnification provisions under this 

Agreement, which shall survive as to such assigning Lender. In connection with any such 

replacement, if any such Non-Consenting Lender does not execute and deliver to the 

Administrative Agent a duly executed Assignment and Acceptance reflecting such replacement 

within five (5) Business Days of the date on which the assignee Lender executes and delivers such 

Assignment and Acceptance to such Non-Consenting Lender, then such Non-Consenting Lender 

shall be deemed to have executed and delivered such Assignment and Acceptance without any 

action on the part of the Non-Consenting Lender.

(d) Notwithstanding anything to the contrary contained above, any Lender that acts as 

the Administrative Agent may not be replaced hereunder except in accordance with Article 9.

Section 3.07. Survival. All of the Borrower’s obligations under this Article 3 shall survive 

termination of the Commitments and repayment of all other Obligations hereunder.

ARTICLE 4

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

Section 4.01. Effective Date. This Agreement shall become effective on the first date on 

which the following conditions precedent have been satisfied (or waived in accordance with 

Article 9):

(a) The Administrative Agent and the Required Lenders shall have received the 

following, each properly executed by a Responsible Officer of the signing Loan Party (or, in the 

case of the Borrower, each Responsible Officer of the Borrower), each dated as of the Effective 

Date:

(i) executed counterparts of this Agreement duly executed by the Borrower and 

each Guarantor; 

(ii) the ABL Intercreditor Agreement duly executed by the parties thereto; and

(iii) the Administrative Agent Fee Letter duly executed by the respective parties 

thereto.

(b) Each of the ABL Credit Agreement and Tranche B-2 Term Loan Credit Agreement 

shall have been amended pursuant to amendment agreements, in form and substance reasonably 

satisfactory to the Required Lenders in their sole discretion.
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Section 4.02. Initial Funding Date . The obligation of each UST Tranche B Term Lender 

to make the UST Tranche B Term Loans on the Initial Funding Date shall be subject to the 

occurrence of the Effective Date and satisfaction (or waiver pursuant to Article 9) of the following 

conditions precedent:

(a) Each Lender that has requested a Term Note at least two Business Days in advance 

of the Effective Date shall have received such Term Note executed by the Borrower in favor of 

such Lender, properly executed by each Responsible Officer of the Borrower, dated as of the 

Effective Date.

(b) The Administrative Agent and the Required Lenders shall have received, on behalf 

of themselves, the Collateral Agent and the Lenders, an opinion of (i) Kirkland & Ellis LLP, 

counsel for the Loan Parties, and (ii) from each local counsel for the Loan Parties listed on 

Schedule 4.02(b), in each case, dated the Initial Funding Date and addressed to the Administrative 

Agent, the Collateral Agent and the Lenders and in customary form and substance, and the 

Borrower hereby requests such counsel to deliver such opinions.

(c) The Administrative Agent and the Required Lenders shall have received (i) a copy 

of the certificate or articles of incorporation or organization or certificate of formation, including 

all amendments thereto, of each Loan Party, certified, if applicable, as of a recent date by the 

Secretary of State of the state of its organization, and a certificate as to the good standing (to the 

extent applicable) of each Loan Party as of a recent date, from such Secretary of State or similar 

Governmental Authority; (ii) a certificate of the Secretary or Assistant Secretary of each Loan 

Party dated the Initial Funding Date and certifying (A) that attached thereto is a true and complete 

copy of the by-laws or operating (or limited liability company) agreement of such Loan Party as 

in effect on the Initial Funding Date and at all times since a date prior to the date of the resolutions 

described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions 

duly adopted by the board of directors (or equivalent governing body) of such Loan Party 

authorizing the execution, delivery and performance of the Loan Documents to which such Loan 

Party is a party and, in the case of the Borrower, the borrowings hereunder, and that such 

resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that 

the certificate or articles of incorporation or organization or certificate of formation of such Loan 

Party have not been amended since the date of the last amendment thereto shown on the certificate 

of good standing furnished pursuant to clause (i) above, (D) as to the incumbency and specimen 

signature of each officer executing any Loan Document or any other document delivered in 

connection herewith on behalf of such Loan Party on the Initial Funding Date, and (E) as to the

absence of any proceeding for the dissolution or liquidation of such Loan Party; and (iii) a 

certificate of another officer as to the incumbency and specimen signature of the Secretary or 

Assistant Secretary executing the certificate pursuant to clause (ii) above.

(d) (i) The Administrative Agent and the Required Lenders shall have received the 

results of (x) searches of the Uniform Commercial Code filings (or equivalent filings) and (y) 

judgment and tax lien searches, made with respect to each Loan Party in the states or other 

jurisdictions of formation of such Loan Party and with respect to such other locations and names 

listed on the Perfection Certificate, together with copies of the financing statements (or similar 

documents) disclosed by such search and (ii) each of the Intellectual Property Security Agreement 

shall have been duly executed and delivered by each Loan Party that is to be a party thereto, 
87

together with (x) certificates, if any, representing the Equity Interests pledged by the Borrower and 

the Guarantors accompanied by undated stock powers executed in blank and (y) copies of

documents and instruments to be recorded or filed that the Required Lenders may deem, subject 

to Section 6.13, reasonably necessary to satisfy the Collateral and Guarantee Requirement.

(e) Prior to or substantially concurrently with the funding of the Loans on the Initial 

Funding Date, the IBT Agreement shall be in full force and effect. 

(f) Immediately after giving effect to the transactions contemplated hereby, the 

Borrower and the Subsidiaries shall have outstanding no Indebtedness for borrowed money other 

than (i) Indebtedness outstanding under this Agreement, (ii) the ABL Facility Indebtedness, (iii) 

the Tranche B-2 Term Loan Facility Indebtedness, (iv) the UST Tranche A Term Loan Facility 

Indebtedness and (v) Indebtedness permitted pursuant to Section 7.03.

(g) The Administrative Agent and the Required Lenders shall have received a solvency 

certificate, substantially in the form set forth in Exhibit H, from the chief financial officer or chief 

accounting officer or other officer with equivalent duties of the Borrower, or in lieu thereof at the 

option of the Borrower, an opinion of a nationally recognized valuation firm as to the solvency (on 

a consolidated basis) of the Borrower and its Subsidiaries as of the Initial Funding Date.

(h) The Administrative Agent, the Collateral Agent and the Required Lenders shall 

have received all documentation and other information about the Borrower and the Guarantors 

required under applicable “know your customer” and anti-money laundering rules and regulations, 

including the USA PATRIOT Act, including without limitation, a duly executed W-9 tax form (or 

such other applicable IRS tax form) of the Borrower, that has been reasonably requested in writing 

at least five Business Days prior to the Initial Funding Date.

(i) The Administrative Agent and the Required Lenders shall have received a 

certificate from an officer of the Borrower certifying that since December 31, 2019, there has not 

occurred any Material Adverse Effect.

(j) The Administrative Agent, the Collateral Agent and the Required Lenders shall 

have received all applicable fees and other amounts due and payable on or prior to the Initial

Funding Date, including, to the extent invoiced at least three Business Days prior to the Initial 

Funding Date (except as otherwise reasonably agreed by the Borrower), reimbursement or 

payment of all out-of-pocket expenses (including the fees and expenses of legal counsel) required 

to be reimbursed or paid by the Borrower hereunder or under any other Loan Document on or prior 

to the Initial Funding Date; provided, that, Borrower hereby acknowledges and agrees that any 

such amounts which shall be due and payable to the Administrative Agent and the Collateral Agent

shall be paid to the Administrative Agent and the Collateral Agent on or prior to the Initial Funding

Date regardless of the date when such amounts are invoiced to the Borrower.

(k) To the extent required by Section 6.07, the Administrative Agent shall have 

received evidence that the insurance required by Section 6.07 is in effect, for the benefit of the 

Collateral Agent, as additional insured on behalf of the Secured Parties or as loss payee 

thereunder.
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(l) The representations and warranties set forth in Article 5 and in each other Loan 

Document shall be true and correct in all material respects on and as of the Initial Funding Date 

with the same effect as though made on and as of such date, except to the extent such 

representations and warranties expressly relate to an earlier date, in which case they shall be true 

and correct in all material respects as of such earlier date; provided, that any such representation 

and warranty that is qualified by “materiality”, “material adverse effect” or similar language 

shall be true and correct in all respects (after giving effect to such qualification therein) on and as 

of the Initial Funding Date with the same effect as though made on and as of such date or such 

earlier date, as applicable.

(m) (x) No Default shall exist or would result from the proposed Credit Extension on 

the Initial Funding Date or from the application of the proceeds therefrom and (y) no “default” (or 

similar event) under (i) the ABL Facility Documentation or any Permitted Refinancing thereof, 

(ii) the Tranche B-2 Term Loan Facility Documentation or any Permitted Refinancing thereof, (iii) 

the UST Tranche A Term Loan Facility Documentation or any Permitted Refinancing thereof or 

(iv) any other Indebtedness for borrowed money, with an aggregate principal amount (in the case 

of this clause (iv)) in excess of the Threshold Amount, in each case of clauses (i) through (iv), 

shall exist or would result from the proposed Credit Extension on the Initial Funding Date or from 

the application of the proceeds therefrom.

(n) The Administrative Agent shall have received a Request for Credit Extension in 

accordance with the requirements hereof.

(o) The Borrower shall have established the UST Tranche B Controlled Account.

(p) The Administrative Agent and the Required Lenders shall have received a capital 

expenditure plan in reasonable detail describing the Borrower’s plan to borrow the full amount of 

the UST Tranche B Term Loan Commitments and to fully utilize the UST Tranche B Term 

Loans to finance the purchase of Rolling Stock, in each case within two years following the 

Effective Date (together with the financial information and projections delivered in connection 

therewith, the “Initial CapEx Plan”).

(q) The Administrative Agent and the Required Lenders shall have received the most 

recent Approved CapEx Plan for the quarter during which the Initial Funding Date shall occur 

pursuant to Section 6.02(l).

(r) The aggregate amount of the Borrowing on the Initial Funding Date shall not 

exceed the amount of capital expenditures allocated to the fiscal quarter in which the Initial 

Funding Date occurs for the purchase of Rolling Stock with the proceeds of the Term Loans 

pursuant to the most recent Approved CapEx Plan.

(s) The Administrative Agent and the Required Lenders shall have received the 

following, each properly executed by a Responsible Officer of the signing Loan Party (or, in the 

case of the Borrower, each Responsible Officer of the Borrower), each dated as of the Effective 

Date:

(i) the Security Agreement duly executed by the parties thereto; and
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(ii) the Custodial Administration Agreement duly executed by the parties 

thereto.

The Request for Credit Extension submitted by the Borrower in connection with the 

making of the UST Tranche B Term Loans on the Initial Funding Date shall be deemed to be a 

representation and warranty by the Borrower that the conditions specified in Sections 4.02(e), (f), 

(l) and (m) have been satisfied or waived on and as of the Initial Funding Date. Unless the 

Administrative Agent receives notice from the Required Lenders one Business Day prior to the 

Funding Date, it may conclusively assume that all conditions precedent in this Section have been 

met.

Section 4.03. Conditions to each Funding Date after the Initial Funding Date and each 

Disbursement made on or after the Initial Funding Date. The obligation of each UST Tranche B

Term Lender to make the UST Tranche B Term Loans on each Funding Date after the Initial 

Funding Date and the disbursement of amounts in the UST Tranche B Controlled Account on or 

after the Initial Funding Date shall be subject to the satisfaction (or waiver pursuant to Article 9) 

of the following conditions precedent:

(a) The representations and warranties set forth in Article 5 and in each other Loan 

Document shall be true and correct in all material respects on and as of such date with the same 

effect as though made on and as of such date, except to the extent such representations and 

warranties expressly relate to an earlier date, in which case they shall be true and correct in all 

material respects as of such earlier date; provided, that any such representation and warranty that 

is qualified by “materiality”, “material adverse effect” or similar language shall be true and correct 

in all respects (after giving effect to such qualification therein) on and as of such date with the 

same effect as though made on and as of such date or such earlier date, as applicable.

(b) (x) No Default shall exist or would result from the proposed funding or 

disbursement on such Funding Date or date of disbursement, as applicable, or from the application 

of the proceeds therefrom and (y) no “default” (or similar event) under (i) the ABL Facility 

Documentation or any Permitted Refinancing thereof, (ii) the Tranche B-2 Term Loan Facility 

Documentation or any Permitted Refinancing thereof, (iii) the UST Tranche A Term Loan Facility 

Documentation or any Permitted Refinancing thereof or (iv) any other Indebtedness for borrowed 

money, with an aggregate principal amount (in the case of this clause (iv)) in excess of the 

Threshold Amount, in each case of clauses (i) through (iv), shall exist or would result from such 

proposed funding or disbursement on such Funding Date or date of disbursement, as applicable, 

or from the application of the proceeds therefrom.

(c) With respect to each Funding Date, the Administrative Agent shall have received a 

Request for Credit Extension in accordance with the requirements hereof.

(d) With respect to any disbursement, the Administrative Agent shall have received a 

Request for Disbursement in accordance with the requirements hereof and the amount of such 

disbursement shall be consistent with the most recent Approved Capex Plan.

(e) The consummation of the Treasury Equity Issuance pursuant to Section 6.18.
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(f) The receipt by the Treasury from the Borrower of a closing opinion reasonably 

satisfactory to the Treasury in customary form for a primary issuance of common stock.

(g) The Administrative Agent and the Required Lenders shall have received the most 

recent Approved CapEx Plan for the quarter during which such Funding Date or date of 

disbursement shall occur pursuant to Section 6.02(l).

(h) The aggregate amount of any Borrowing on such Funding Date shall not exceed, 

together with the aggregate amount of all other Borrowings during the fiscal quarter in which 

such Funding Date occurs, the amount of capital expenditures allocated to such fiscal quarter for 

the purchase of Rolling Stock with the proceeds of the Term Loans pursuant to the most recent 

Approved CapEx Plan

Each Request for Credit Extension and each Request for Disbursement submitted by the 

Borrower shall be deemed to be a representation and warranty by the Borrower that the 

conditions specified in Sections 4.03(a) and (b) have been satisfied or waived on and as of the

applicable Funding Date or date of the applicable disbursement, respectively. Unless the

Administrative Agent receives notice from the Required Lenders one Business Day prior to the

Funding Date, it may conclusively assume that all conditions precedent in this Section have been 

met.

ARTICLE 5

REPRESENTATIONS AND WARRANTIES

Each of the Borrower and each of the Guarantors party hereto represents and warrants to 

the Administrative Agent, the Collateral Agent and each of the Lenders that:

Section 5.01. Existence, Qualification and Power; Compliance with Laws. Each Loan 

Party and each Restricted Subsidiary (a) is a Person duly organized or formed, validly existing and 

in good standing (where relevant) under the Laws of the jurisdiction of its incorporation or 

organization, (b) has all requisite organizational power and authority to execute, deliver and 

perform its obligations under the Loan Documents to which it is a party and, in the case of the 

Borrower, to borrow hereunder, (c) is duly qualified and in good standing (where relevant) under 

the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct 

of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and 

injunctions, and (e) has all requisite franchises, licenses, authorizations, qualifications, consents 

and approvals to operate its business as currently conducted; except in each case, referred to in 

clause (a) (other than with respect to any Loan Party), (c), (d) or (e), to the extent that failure to do 

so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse 

Effect.

Section 5.02. Authorization; No Contravention. The execution, delivery and performance 

by each Loan Party of each Loan Document to which such Person is a party, and the consummation 

of the Transactions, (a) are within such Loan Party’s organizational powers, (b) have been duly 

authorized by all necessary corporate or other organizational action, and (c) do not (i) contravene 

the terms of any of such Person’s Organization Documents, (ii) conflict with or result in any breach 

or contravention of, or the creation of (or the requirement to create) any Lien under (other than as 
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permitted by Section 7.01), or require any payment to be made under (x) any Indebtedness of such 

Person in excess of the Threshold Amount or (y) any material order, injunction, writ or decree of 

any Governmental Authority or any arbitral award to which such Person or its property is subject; 

or (iii) violate any material Law; except with respect to any conflict, breach or contravention or 

payment (but not creation of Liens) referred to in clause (c)(ii)(x), to the extent that such violation, 

conflict, breach, contravention or payment, individually or in the aggregate, could not reasonably 

be expected to have a Material Adverse Effect.

Section 5.03. Governmental Authorization; Other Consents. No approval, consent, 

exemption, authorization, or other action by, or notice to, or filing with, any Governmental 

Authority is necessary or required in connection with (a) the execution, delivery or performance 

by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for 

the consummation of the Transactions, (b) the grant by any Loan Party of the Liens granted by it 

pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under 

the Collateral Documents (including the priority thereof) to the extent required thereunder or (d) 

the exercise by the Administrative Agent, the Collateral Agent or any Lender of its rights under 

the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral 

Documents, except for (i) approvals, consents, exemptions, authorizations or other actions by, or 

notices to, or filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in 

favor of the Secured Parties (or release existing Liens), (ii) the approvals, consents, exemptions, 

authorizations, actions, notices and filings which have been duly obtained, taken, given or made 

and are in full force and effect (except to the extent not required to be obtained, taken, given or 

made or to be in full force and effect pursuant to the Collateral and Guarantee Requirement) and 

(iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the 

failure of which to obtain or make, individually or in the aggregate, could not reasonably be 

expected to have a Material Adverse Effect.

Section 5.04. Binding Effect. This Agreement and each other Loan Document has been 

duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each 

other Loan Document constitutes a legal, valid and binding obligation of each such Loan Party, 

enforceable against each Loan Party that is a party thereto in accordance with its terms, except as 

such enforceability may be limited by Debtor Relief Laws and by general principles of equity.

Section 5.05. Financial Statements; No Material Adverse Effect.

(a) (i) The Audited Financial Statements fairly present in all material respects the 

financial condition of the Borrower and its consolidated Subsidiaries as of the dates thereof and 

their results of operations for the period covered thereby in accordance with GAAP consistently 

applied throughout the periods covered thereby, except as otherwise expressly noted therein.

(ii) The Unaudited Financial Statements fairly present in all material respects 

the financial condition of the Borrower and its consolidated Subsidiaries as of the dates 

thereof and their results of operations for the period covered thereby in accordance with 

GAAP consistently applied throughout the periods covered thereby, except as otherwise 

expressly noted therein and the absence of footnotes.
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(b) The forecasts of income statements of the Borrower and its Subsidiaries which have 

been furnished to the Administrative Agent and the Required Lenders prior to the Effective Date 

have been prepared in good faith on the basis of the assumptions stated therein, which assumptions 

were believed to be reasonable at the time of preparation of such forecasts it being understood by 

the Agents and the Lenders that such projections as to future events (i) are not to be viewed as 

facts, (ii)(A) are subject to significant uncertainties and contingencies, which may be beyond the 

control of the Borrower and its Restricted Subsidiaries, (B) no assurance is given by the Borrower 

and its Restricted Subsidiaries that the results or forecast in any such projections will be realized 

and (C) the actual results may differ from the forecast results set forth in such projections and such 

differences may be material and (iii) are not a guarantee of performance and that actual results 

during the period or periods covered by any such projections may vary significantly from the 

projected results and such differences may be material.

(c) Since December 31, 2019, there has been no event or circumstance, either 

individually or in the aggregate, that has had or would reasonably be expected to have a Material 

Adverse Effect.

Section 5.06. Compliance With Laws. Neither the Borrower nor any of the Restricted 

Subsidiaries or any of their respective properties or assets is in violation of, nor will the continued 

operation of their properties and assets as currently conducted violate, any law, rule or regulation 

(including any zoning, building, ordinance, code or approval or any building permits) or any 

restrictions of record or agreements affecting the Mortgaged Property, or is in default with respect 

to any judgment, writ, injunction, decree or order of any Governmental Authority, where in each 

case such violation or default, individually or in the aggregate, would reasonably be expected to 

result in a Material Adverse Effect.

Section 5.07. Ownership of Property; Liens.

(a) Schedule 1.01(c) sets forth a true, complete and correct list of all Real Property 

owned (whether in fee or through a leasehold estate under any ground lease) by Borrower and 

the Restricted Subsidiaries as of the Effective Date.

(b) Each of the Borrower and the Restricted Subsidiaries has good record title to, or 

valid leasehold interests in, or easements or other limited property interests in, all its properties 

and assets (including all Mortgaged Property material to its business), free and clear of all Liens 

except for minor defects in title that do not materially interfere with its ability to conduct its 

business or to utilize such assets for their intended purposes and except where the failure to have 

such title or interest would not reasonably be expected to have, individually or in the aggregate, a 

Material Adverse Effect.

(c) As of the Effective Date, Schedule 9 to the Perfection Certificate dated the Effective 

Date contains a true and complete list of each Material Real Property owned by the Borrower each 

other Loan Party and its Restricted Subsidiaries.

(d) As of the Effective Date, except as otherwise disclosed in writing to the Collateral 

Agent and the Required Lenders, no Mortgage encumbers improved Mortgaged Property that is 

located in an area that has been identified by the Secretary of Housing and Urban Development as 
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an area having special flood hazards within the meaning of the Flood Laws unless Evidence of 

Flood Insurance has been delivered to the Collateral Agent.

Section 5.08. Environmental Matters. Except as would not reasonably be expected to 

have, individually or in the aggregate, a Material Adverse Effect:

(a) Each Loan Party and each Restricted Subsidiary is and has been in compliance with 

all Environmental Laws, which includes obtaining and maintaining all Environmental Permits 

required under such Environmental Laws to carry on the business of the Loan Parties and the 

Restricted Subsidiaries;

(b) the Loan Parties and the Restricted Subsidiaries have not received notice alleging 

any Environmental Liability or proposing or seeking to revoke, modify or deny the renewal of any 

Environmental Permit required to be held by the Loan Parties or the Restricted Subsidiaries, and 

neither the Loan Parties nor the Restricted Subsidiaries have become subject to any Environmental 

Liability;

(c) there has been no Release, discharge or disposal of Hazardous Materials (i) on, to, 

at, under or from any Real Property or any vehicles or facilities owned or leased by any of the 

Loan Parties or the Restricted Subsidiaries, or, to the knowledge of the Borrower, formerly owned, 

operated or leased by any Loan Party or any Restricted Subsidiary, or (ii) arising out of the conduct 

of the Loan Parties or the Restricted Subsidiaries that, in the case of (i) or (ii), could reasonably be 

expected to require investigation, remedial activity or corrective action or cleanup by or on behalf 

of any Loan Party or any Restricted Subsidiary or for which any Loan Party or Restricted 

Subsidiary reasonably could be expected to otherwise incur any Environmental Liability; and

(d) there are no facts, circumstances or conditions arising out of or relating to, and there 

are no pending or reasonably anticipated requirements under Environmental Law associated with, 

the operations of the Loan Parties or the Restricted Subsidiaries or any Real Property, vehicles or 

facilities currently or, to the knowledge of the Borrower, previously owned or leased by the Loan 

Parties or any Restricted Subsidiary that, in such case, are known to or would reasonably be likely 

to require investigation, remedial activity or corrective action or cleanup by or on behalf of any 

Loan Party or any Restricted Subsidiary or that are known to or would reasonably be likely to 

result in the Borrower or any other Loan Party or Restricted Subsidiary incurring any 

Environmental Liability or capital expenditures to achieve or maintain compliance with 

Environmental Laws.

Section 5.09. Taxes. Except as would not, either individually or in the aggregate, 

reasonably be expected to result in a Material Adverse Effect: each of the Loan Parties and their 

Restricted Subsidiaries have timely filed all tax returns required to be filed (taking into account 

any extensions), and have paid all Taxes levied or imposed upon them or their properties, that are 

due and payable (including in their capacity as a withholding agent), except those which are being 

contested in good faith by appropriate proceedings diligently conducted if such contest shall have 

the effect of suspending enforcement or collection of such Taxes and for which adequate reserves 

have been provided in accordance with GAAP. There is no proposed Tax deficiency or assessment 

known to any Loan Party against any Loan Party or any Restricted Subsidiary that would, if made, 

individually or in the aggregate, have a Material Adverse Effect.
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Section 5.10. ERISA Compliance.

Except as would not, either individually or in the aggregate, reasonably be expected to 

result in a Material Adverse Effect:

(a) Each Plan is in compliance with the applicable provisions of ERISA, the Code and 

other Federal or state Laws (and the regulations and published interpretations thereunder).

(b) The Loan Parties, their Restricted Subsidiaries and their respective ERISA 

Affiliates may incur liability for ordinary course contributions to (and make payments in 

satisfaction of such liabilities) plans listed on Schedule 5.10(b), which are Multiemployer Plans.

(c) No ERISA Event has occurred.

Section 5.11. Subsidiaries. As of the Effective Date (after giving effect to the 

Transactions), no Loan Party has any direct or indirect Restricted Subsidiaries other than those 

specifically disclosed in Schedule 5.11, and all of the outstanding Equity Interests owned by the 

Loan Parties (or a Restricted Subsidiary of any Loan Party) in such Subsidiaries have been validly 

issued and are fully paid and (if applicable) non-assessable and all Equity Interests owned by a 

Loan Party (or a Restricted Subsidiary of any Loan Party) in such Subsidiaries are owned free and 

clear of all Liens except (a) those created under the Collateral Documents or under the ABL 

Facility Documentation, the Tranche B-2 Term Loan Facility Documentation and the UST Tranche 

A Term Loan Facility Documentation (which Liens shall be subject to the ABL Intercreditor 

Agreement and any Junior Lien Intercreditor Agreement, as applicable) and (b) any other Lien that 

is permitted under Section 7.01. As of the Effective Date, (i) Section 2(c) of the Perfection 

Certificate sets forth the name and jurisdiction of each Loan Party and (ii) Schedule 5 to the 

Perfection Certificate sets forth the direct ownership interest of the Borrower and any Loan Party 

thereof in each such Subsidiary, including the percentage of such ownership.

Section 5.12. Margin Regulations; Investment Company Act.

(a) No Loan Party or Restricted Subsidiary is engaged nor will it engage, principally, 

or as one of its important activities in the business of purchasing or carrying Margin Stock, or 

extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any 

Borrowings will be used, whether directly or indirectly, and whether immediately, incidentally or 

ultimately, for any purpose that entails a violation of the provisions of the Regulations of the Board, 

including Regulation T, U or X.

(b) Neither the Borrower, nor any of the Restricted Subsidiaries is or is required to be 

registered as an “investment company” under the Investment Company Act of 1940.

Section 5.13. Disclosure. No report, financial statement, certificate or other written 

information furnished by or on behalf of any Loan Party (other than projected financial 

information, pro forma financial information, budgets, estimates and information of a general 

economic or industry nature) to any Agent or any Lender about the Borrower and its Subsidiaries 

in connection with the transactions contemplated hereby and the negotiation of this Agreement or 

delivered hereunder or under any other Loan Document (as modified or supplemented by other 

information so furnished) when taken as a whole contains or will contain any material 
95

misstatement of fact or omits or will omit to state any material fact necessary to make the 

statements therein (when taken as a whole), in the light of the circumstances under which they 

were or will be made, not materially misleading. With respect to projected financial information 

and pro forma financial information, the Borrower represents that such information was prepared 

in good faith based upon assumptions believed to be reasonable at the time of preparation; it being 

understood and agreed by the Agents and the Lenders that such projections as to future events (i) 

are not to be viewed as facts, (ii) are subject to significant uncertainties and contingencies, which 

may be beyond the control of the Borrower and its Restricted Subsidiaries and (iii) are not a 

guarantee of performance and that actual results during the period or periods covered by any such 

projections may vary significantly from the projected results and such differences may be material.

Section 5.14. Labor Matters.

(a) Except as, in the aggregate, would not reasonably be expected to result in a Material 

Adverse Effect: (i) there are no strikes or other labor disputes against the Borrower or any of its 

Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened in writing; (ii) 

hours worked by and payment made to employees of the Borrower or any of its Restricted 

Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable 

Law dealing with such matters; and (iii) all payments due from the Borrower or any of its 

Restricted Subsidiaries on account of employee health and welfare insurance and pension 

obligations have been paid or accrued as a liability on the books of the relevant party. Except as 

disclosed on Schedule 5.14, as of the Effective Date no Loan Party is a party to or bound by any 

collective bargaining agreement or, with respect to any Foreign Subsidiary, any similar agreement. 

To the knowledge of any Loan Party, the consummation of the transactions contemplated by the 

Loan Documents will not give rise to any right of termination or right of renegotiation on the part 

of any union under any collective bargaining agreement to which any Loan Party is bound to the 

extent that such would be reasonably expected to result in a Material Adverse Effect.

(b) (i) The IBT Agreement is in full force and effect and (ii) other than as contemplated 

by the IBT Transactions, the IBT Agreement has not been amended, waived or otherwise modified 

in any respect materially adverse to the Borrower and its Subsidiaries (taken as a whole). For 

purposes of this Section 5.14(b), it is understood that the resolution in the ordinary course of 

business of an employee grievance seeking to enforce the IBT Agreement terms will not be deemed 

to constitute an amendment, waiver or other modification to the IBT Agreement.

Section 5.15. Insurance. Each of the Borrower and its Subsidiaries maintains, with 

financially sound and reputable insurance companies, insurance in such amounts and against such 

risks as are customarily maintained by companies engaged in the same or similar businesses 

operating in the same or similar locations; provided, that each of the Borrower and its Subsidiaries 

may self-insure to the same extent as other companies engaged in similar businesses and owning 

similar properties in the same general areas in which the Borrower or each such Subsidiary, as 

applicable, operates.

Section 5.16. Solvency. As of each Funding Date and each date of disbursement of

proceeds from the UST Tranche B Controlled Account, immediately after giving effect to the 

consummation of the Transactions to occur on such Funding Date, including the making of the 

Loans under this Agreement, and immediately after giving effect to the application of the proceeds 
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of such Loans on the disbursement date, as applicable, (a) the fair value of the assets of the 

Borrower and its Subsidiaries, on a consolidated basis (on a going concern basis), exceeds, on a 

consolidated basis, their debts and liabilities, subordinated, contingent or otherwise; (b) the present 

fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is 

greater than the amount that will be required to pay the probable liability, on a consolidated basis, 

of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other 

liabilities become absolute and matured in the ordinary course of business; (c) the Borrower and 

its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, 

contingent or otherwise, as such liabilities become absolute and matured; and (d) the Borrower 

and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, 

business for which they have unreasonably small capital. For purposes of this Section 5.16, the 

amount of any contingent liability at any time shall be computed as the amount that would 

reasonably be expected to become an actual and matured liability in the ordinary course of 

business.

Section 5.17. No Other Borrowed Money Indebtedness. Immediately after giving effect 

to the consummation of the Transactions to occur on each Funding Date the Borrower and its 

Subsidiaries shall have outstanding no Indebtedness for borrowed money other than (a) 

Indebtedness outstanding under this Agreement, (b) the ABL Facility Indebtedness, (c) the 

Tranche B-2 Term Loan Facility Indebtedness, (d) the UST Tranche A Term Loan Facility 

Indebtedness, (e) Indebtedness set forth on Schedule 7.03(b) and (f) Indebtedness permitted 

pursuant to Section 7.03.

Section 5.18. Collateral Documents.

(a) Valid Liens. The Collateral Documents are, or on execution and delivery thereof 

by the parties thereto will be, effective to create in favor of the Collateral Agent for the benefit of 

the Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Collateral 

described therein to the extent intended to be created thereby, except as the enforceability thereof 

may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and 

subject to general principles of equity and (i) when financing statements and other filings in 

appropriate form are filed in the offices specified in Section 2 of the Perfection Certificate (and 

payments of all fees) and (ii) upon the taking of possession or control by the Collateral Agent of 

such Collateral with respect to which a security interest may be perfected only by possession or 

control (which possession or control shall be given to the Collateral Agent to the extent possession 

or control by the Collateral Agent is required by the Security Agreement), and (iii) upon the 

notating of the Lien of the Collateral Agent on all certificates of title in respect of any Collateral, 

the Liens created by the Collateral Documents (other than the Mortgages) shall constitute fully 

perfected Liens on, and security interests in, all right, title and interest of the grantors in such 

Collateral, in each case prior and superior in right to any other Person, other than Liens permitted 

by Section 7.01 (other than Liens securing Permitted Junior Priority Additional Debt or any 

Permitted Refinancing thereof and Liens securing ABL Facility Indebtedness, UST Tranche A 

Term Loan Facility Indebtedness and Tranche B-2 Term Loan Facility Indebtedness or, in each 

case, a Permitted Refinancing thereof, that are intended to be junior to the Liens of the Collateral 

Documents).
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(b) PTO Filing; Copyright Office Filing. When the Security Agreement or a short form 

thereof is properly filed (and payments of all fees) in the United States Patent and Trademark 

Office and the United States Copyright Office, to the extent such filings may perfect such interests, 

the Liens created by such Security Agreement shall constitute fully perfected Liens on, and 

security interests in, all right, title and interest of the grantors thereunder in Patents and Trademarks 

(each as defined in the Security Agreement) registered or applied for with the United States Patent 

and Trademark Office or Copyrights (as defined in such Security Agreement) registered or applied 

for with the United States Copyright Office, as the case may be, in each case prior and superior in 

right to any other Person, other than Liens permitted by Section 7.01 (other than Liens securing 

Permitted Junior Priority Additional Debt or any Permitted Refinancing thereof and Liens securing 

ABL Facility Indebtedness or Permitted Refinancing thereof, that are intended to be junior to the 

Liens of the Collateral Documents) (it being understood that subsequent recordings in the United 

States Patent and Trademark Office and the United States Copyright Office may be necessary to 

establish a Lien on registered Patents, Trademarks and Copyrights acquired by the grantors thereof 

after the Effective Date).

(c) Mortgages. Upon recording thereof in the appropriate recording office (and 

payments of all applicable fees), each Mortgage (or, if applicable, each Existing Mortgage as 

amended by a Mortgage Amendment) is effective to create, in favor of the Collateral Agent, for 

its benefit and the benefit of the Secured Parties, legal, valid and enforceable (except as the 

enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting 

creditors’ rights generally and subject to general principles of equity) perfected Liens on, and a 

security interest in, all of the Loan Parties’ right, title and interest in and to the Mortgaged Property 

thereunder and the proceeds thereof, subject only to Liens permitted hereunder, and when such 

Mortgage (or, if applicable, Mortgage Amendment) is filed in the offices specified in the local 

counsel opinion delivered with respect thereto in accordance with the provisions of Sections 6.11

and 6.13, such Mortgage (or Existing Mortgage, as amended by a Mortgage Amendment) shall 

constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan 

Party to such Mortgage (or Existing Mortgage, as amended by a Mortgage Amendment) in the 

Mortgaged Property described therein and the proceeds thereof, in each case prior and superior in 

right to any other Person, other than Liens permitted by Section 7.01.

(d) Rolling Stock. Upon the recording thereof on the applicable certificate of title (and 

filing of financing statements and payment of applicable fees, which shall be for the account of 

the Borrower), the notation of the Administrative Agent’s lien on any rolling stock or other goods 

subject to a certificate of title is effective to create, in favor of the Collateral Agent, for its benefit 

and the benefit of the Secured Parties, legal, valid and enforceable (except as the enforceability 

thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights 

generally and subject to general principles of equity) perfected Liens on, and a security interest in, 

all of the Loan Parties’ right, title and interest in and to such Collateral and the proceeds thereof, 

subject only to Liens permitted hereunder, in each case prior and superior in right to any other 

Person, other than Liens permitted by Section 7.01.

Notwithstanding anything herein (including this Section 5.18 or Section 5.04) or in any 

other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any 

representation or warranty as to (A) [reserved], (B) the pledge or creation of any security interest, 

or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or 
98

security interest to the extent such pledge, security interest, perfection or priority is not required 

pursuant to the Collateral and Guarantee Requirement or (C) on the Initial Funding Date and until 

required pursuant to Section 6.13, the pledge or creation of any security interest, or the effects of 

perfection or non-perfection, the priority or enforceability of any pledge or security interest to the 

extent not required on the Initial Funding Date pursuant to Section 4.02(d) or Section 4.02(o).

Section 5.19. Compliance with Anti-Terrorism and Corruption Laws.

(a) To the extent applicable, the Borrower and the Restricted Subsidiaries are in 

compliance, in all material respects, with (i) the Trading with the Enemy Act and each of the 

foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, 

Chapter V) and any other enabling legislation or executive order relating thereto, and (ii) the USA 

PATRIOT Act.

(b) None of the Borrower or any Restricted Subsidiary nor, to the knowledge of the 

Borrower, any director, officer, agent, employee or controlled Affiliate of the Borrower or any 

Restricted Subsidiary, (i) is a Blocked Person or (ii) is currently subject to any U.S. sanctions 

administered by OFAC that could, individually or in the aggregate, reasonably be expected to have 

a Material Adverse Effect; and none of the Borrower or any Restricted Subsidiary will use the 

proceeds of the Loans for the purpose of financing the activities of any Person currently subject to 

any U.S. sanctions administered by OFAC.

No part of the proceeds of the Loans will be used by the Borrower or any of the Restricted 

Subsidiaries, directly or indirectly, for any payments to any governmental official or employee, 

political party, official of a political party, candidate for political office or anyone else acting in an 

official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in 

violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

Section 5.20. Real Property Permits. Borrower has all Permits, all of which are in full 

force and effect as of the date hereof required by the applicable Governmental Authorities in 

connection with the ownership and operation of any Material Real Property, except to the extent 

that the failure to have any such Permits would not, individually or in the aggregate, reasonably 

be expected to have a Material Adverse Effect.

Section 5.21. Treasury Equity. The Treasury Equity to be issued pursuant to the Treasury 

Equity Issuance shall (i) have been approved for listing on the NASDAQ Stock Market LLC, 

subject to notice of issuance and (ii) other than restrictions on transfer pursuant to applicable 

securities laws and the terms of the Voting Trust, be freely transferable, duly authorized, validly 

issued, fully paid and non-assessable, be free of any Liens, and will not be issued in violation of 

any options, warrants, convertible or exchangeable securities or other rights, however 

denominated, to subscribe for, purchase or otherwise acquire any security of any class, with or 

without payment of additional consideration in cash or property. The Treasury Equity Issuance (x) 

has been duly authorized by all necessary corporate or other organizational action of Borrower and 

(y) does not (i) conflict with or result in any breach or contravention of, or the creation of (or the 

requirement to create) any Lien under (other than as permitted by Section 7.01), or require any 

payment to be made under (a) any Indebtedness of such Person in excess of the Threshold Amount 

or (b) any material order, injunction, writ or decree of any Governmental Authority or any arbitral 
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award to which such Person or its property is subject; or (ii) violate any material Law; except with 

respect to any conflict, breach or contravention or payment (but not creation of Liens) referred to 

in clause (y)(i)(a), to the extent that such violation, conflict, breach, contravention or payment, 

individually or in the aggregate, could not reasonably be expected to have a Material Adverse 

Effect.

Section 5.22. No Transaction Benefits.

(a) Neither the execution or delivery of the Loan Documents (or any other instrument 

or document furnished pursuant the Loan Documents) nor the consummation of the Transactions 

will, alone or together with any other event, cause or result in any Transaction Benefit. 

(b) To the extent necessary, the Borrower and each Restricted Subsidiary have taken 

all actions required to ensure that the execution and delivery of the Loan Documents (and any 

other instrument or document furnished pursuant the Loan Documents) and the consummation of 

the Transactions shall not, alone or together with any other event, cause or result in any Transaction 

Benefit or provide a basis for any current or former employee, director or other service provider 

of the Borrower or any Restricted Subsidiary to allege entitlement to any Transaction Benefit, 

including, without limitation, by securing any appropriate written waivers or consents from any 

such current or former employees, directors or other service providers of the Borrower or any 

Restricted Subsidiary.

Section 5.23. Statutory Conflicts. The Borrower is not a covered entity, as such term is 

defined in Section 4019 of the CARES Act.

ARTICLE 6

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder or any Loan or other 

Obligation (other than contingent indemnification or reimbursement obligations) hereunder which 

is accrued or payable shall remain unpaid or unsatisfied, then from and after the Effective Date, 

the Borrower shall and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 

6.03 and 6.15) cause each of the Restricted Subsidiaries to:

Section 6.01. Financial Statements, Reports, Etc. In the case of the Borrower, deliver to 

the Administrative Agent for prompt further distribution to each Lender:

(a) within 90 days after the end of each fiscal year of the Borrower (beginning with the 

fiscal year ending December 31, 2019), a consolidated balance sheet of the Borrower and its 

Subsidiaries as at the end of such fiscal year, and the related consolidated statements of operations, 

changes in shareholders’ equity and cash flows for such fiscal year, setting forth in each case in 

comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in 

accordance with GAAP, audited and accompanied by a report and opinion of KPMG LLP, any 

other independent registered public accounting firm of nationally recognized standing or any other 

independent registered public accounting firm approved by the Administrative Agent and the 

Required Lenders (such approval not to be unreasonably withheld, conditioned or delayed), which 

report and opinion (i) shall be prepared in accordance with generally accepted auditing standards, 
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(ii) shall not be subject to qualifications or exceptions as to the scope of such audit, (iii) shall be 

without a “going concern” disclosure or like qualification or exception (other than with respect to, 

or disclosure or an exception or qualification solely resulting from, (x) the impending maturity of 

any Indebtedness, (y) any prospective or actual default under any financial covenant or (z) the 

impact of COVID 19 on the business of the Borrower and its Subsidiaries) and (iv) shall be 

accompanied with customary management discussion and analysis;

(b) within 45 days after the end of each of the first three (3) fiscal quarters of each 

fiscal year of the Borrower (commencing with the fiscal quarter ended September 30, 2019), a 

consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, 

and the related (x) consolidated statements of income or operations for such fiscal quarter and for 

the portion of the fiscal year then ended and (y) consolidated statements of cash flows for such 

fiscal quarter and the portion of the fiscal year then ended, setting forth in each case in comparative 

form the figures for the corresponding fiscal quarter of the previous fiscal year and the 

corresponding portion of the previous fiscal year, all in reasonable detail and certified by each

Responsible Officer of the Borrower as fairly presenting in all material respects the financial 

condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance 

with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and 

accompanied by customary management discussion and analysis; and

(c) within 90 days after the end of each fiscal year (commencing with the fiscal year 

ending December 31, 2019) of the Borrower, a reasonably detailed consolidated budget for the 

following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the 

Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated 

statements of projected cash flows and projected income and a summary of the material underlying 

assumptions applicable thereto) (collectively, the “Projections”), which Projections shall in each 

case be accompanied by a certificate of each Responsible Officer of the Borrower stating that such 

Projections have been prepared in good faith on the basis of the assumptions stated therein, which 

assumptions were believed to be reasonable at the time of preparation of such Projections, it being 

understood by the Agents and the Lenders that such projections as to future events (i) are not to be 

viewed as facts, (ii)(A) are subject to significant uncertainties and contingencies, which may be 

beyond the control of the Borrower and its Restricted Subsidiaries, (B) no assurance is given by 

the Borrower and its Restricted Subsidiaries that the results or forecast in any such projections will 

be realized and (C) the actual results may differ from the forecast results set forth in such 

projections and such differences may be material and (iii) are not a guarantee of performance and 

that actual results during the period or periods covered by any such projections may vary 

significantly from the projected results and such differences may be material.

Notwithstanding the foregoing, the obligations in paragraphs (a) and (b) of this Section 

6.01 or Section 6.02(b) may be satisfied with respect to information of the Borrower and the 

Subsidiaries by furnishing within the time period specified in the applicable paragraph (A) the 

applicable financial statements of the Borrower or (B) the Borrower’s Form 10-K or 10-Q, as 

applicable, filed with the SEC; provided that, with respect to clauses (A) and (B), to the extent 

such information is in lieu of information required to be provided under Section 6.01(a), such 

materials are accompanied by a report and opinion of KPMG LLP, any other independent 

registered public accounting firm of nationally recognized standing or any other independent 

registered public accounting firm approved by the Required Lenders (such approval not to be 
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unreasonably withheld, conditioned or delayed), which report and opinion (i) shall be prepared in 

accordance with generally accepted auditing standards, (ii) shall not be subject to qualifications or 

exceptions as to the scope of such audit and (iii) shall be without a “going concern” disclosure or 

like qualification or exception (other than with respect to, or disclosure or an exception or 

qualification solely resulting from, (A) the impending maturity of any Indebtedness, (B) any 

prospective or actual default under any financial covenant or (C) the impact of COVID 19 on the 

business of the Borrower and its Subsidiaries).

Documents required to be delivered pursuant to Section 6.01(a), (b), (c) and (d) or Section 

6.02(b) or (c) may be delivered electronically and if so delivered, shall be deemed to have been 

delivered on the earliest date on which (i) Borrower posts such documents, or provides a link 

thereto on Borrower’s website on the Internet and provides notice thereof to the Administrative 

Agent; (ii) such documents are posted on Borrower’s behalf on IntraLinks/IntraAgency or another 

website, if any, to which each Lender and the Administrative Agent have access (whether a 

commercial, third-party website or whether sponsored by the Administrative Agent), or (iii) such 

financial statements and/or other documents are posted on the SEC’s website on the internet at 

www.sec.gov; provided that: (i) promptly following written request by the Administrative Agent, 

the Borrower shall deliver paper copies of such documents to the Administrative Agent for further 

distribution to each Lender until a written request to cease delivering paper copies is given by the 

Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic 

mail) the Administrative Agent of the posting of any such documents and provide to the 

Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. 

Each Lender shall be solely responsible for timely accessing posted documents or requesting 

delivery of paper copies of such documents from the Administrative Agent and maintaining its 

copies of such documents. Notwithstanding anything contained herein, in every instance the 

Borrower shall be required to provide paper copies of the Compliance Certificates required by 

Section 6.02(a) to the Administrative Agent; provided, however, that if such Compliance 

Certificate is first delivered by electronic means, the date of such delivery by electronic means 

shall constitute the date of delivery for purposes of compliance with Section 6.02(a).

Section 6.02. Certificates; Other Information. Deliver to the Administrative Agent for 

prompt further distribution to each Lender:

(a) no later than five (5) Business Days after the delivery of the financial statements 

referred to in Sections 6.01(a) and 6.01(b) (or the date on which such delivery is required), 

commencing with the first full fiscal quarter completed after the Effective Date, a duly completed 

Compliance Certificate signed by each Responsible Officer of the Borrower; it being understood 

that , if applicable for such period of delivery, such Compliance Certificate shall include (i) 

information about Net Proceeds received in the period for individual amounts greater than 

$5,000,000 and set forth statements of the Borrower’s intention regarding the use of any portion 

of such Net Proceeds to acquire, maintain, develop, construct, improve, upgrade or repair assets 

useful in the business of the Borrower or its Restricted Subsidiaries or to make Permitted 

Acquisitions or any acquisition permitted hereunder of all or substantially all the assets of, or all 

the Equity Interests (other than directors qualifying shares) in a Person, division or line of business 

previously acquired) and (ii) calculations setting forth in reasonable detail the amount of any 

Cumulative Credit available at the beginning of the applicable period and at the end of such period 

and the amount and application of any Cumulative Credit during such period (it being understood 
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that the Borrower has the right to reallocate usage of the Cumulative Credit in accordance with 

Section 1.02(i) from time to time);

(b) promptly after the same are publicly available, copies of all annual, regular, 

periodic and special reports and registration statements which the Borrower or any Restricted 

Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor 

(other than amendments to any registration statement (to the extent such registration statement, in 

the form it became effective, is delivered), exhibits to any registration statement and, if applicable, 

any registration statement on Form S-8) and in any case not otherwise required to be delivered to 

the Administrative Agent pursuant hereto;

(c) (i) promptly after the furnishing thereof, copies of any material notices of default 

received by any Loan Party or Restricted Subsidiary (other than in the ordinary course of business) 

or furnished to any holder of Indebtedness or debt securities of any Loan Party or of any of its 

Restricted Subsidiaries pursuant to the terms of the ABL Facility Documentation, the Tranche B2 Term Loan Facility Documentation, the UST Tranche A Term Loan Facility Documentation, 

any Junior Financing Documentation, any Permitted Additional Debt or any Permitted 

Refinancing of any thereof, in each case in a principal amount in excess of the Threshold Amount 

and not otherwise required to be furnished to the Lenders pursuant to any clause of this Section 

6.02 and (ii) promptly after the execution thereof, copies of any amendments, modifications or 

waivers to the ABL Facility Documentation and the Tranche B-2 Term Loan Facility 

Documentation;

(d) together with the delivery of each Compliance Certificate pursuant to Section 

6.02(a), (i) in the case of annual Compliance Certificates only, a report setting forth the information 

required by sections of the Perfection Certificate describing the legal name and the jurisdiction of 

organization or formation of each Loan Party and the location of the chief executive office of each 

Loan Party or confirming that there has been no change in such information since the Effective 

Date or the date of the last such report, (ii) a description of each (x) event, condition or 

circumstance during the last fiscal quarter covered by such Compliance Certificate requiring a 

mandatory prepayment under Section 2.13(a) and (y) Disposition of owned Real Property on 

which sits a trucking terminal and adjacent/vacant land located nearby and (iii) a list of each 

Subsidiary of the Borrower that identifies each Subsidiary as a Loan Party or a non-Loan Party as 

of the date of delivery of such Compliance Certificate;

(e) promptly, such additional information regarding the business, legal, financial or 

corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, including 

the business performance and tax and collateral due diligence of the Borrower and its Restricted 

Subsidiaries, as the Administrative Agent or any Lender through the Administrative Agent may 

from time to time reasonably request;

(f) promptly after the written request by any Lender, all documentation and other 

information that such Lender reasonably requests in order to comply with its ongoing obligations 

under applicable “know your customer” and anti-money laundering rules and regulations, 

including the USA PATRIOT Act;
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(g) promptly after the receipt thereof by the Borrower or any of the Restricted 

Subsidiaries, a copy of any final “management letter” received by any such Person from its 

certified public accountants and the management’s response thereto; 

(h) promptly following any request therefor by the Administrative Agent or any 

Lender, copies of (i) any material documents described in Section 101(k) of ERISA that any Loan 

Party may request with respect to any Multiemployer Plan and (ii) any material notices described 

in Section 101(l) of ERISA that any Loan Party may request with respect to any Plan or 

Multiemployer Plan, provided that if any Loan Party has not requested such material documents 

or material notices from the administrator or sponsor of the applicable Plan or Multiemployer Plan, 

such Loan Party shall make a request for such material documents or material notices from the 

such administrator or sponsor at the earliest date on which such Loan Party determines that it is 

commercially reasonable to so request in order to avoid the occurrence of an event that could 

reasonably be expected to result in a material liability, and shall provide copies of such material 

documents and material notices promptly after receipt thereof; 

(i) commencing as of the Effective Date and promptly after the written request by the 

Administrative Agent or any Lender, (i) such reasonably available information with respect to

purchases of Rolling Stock exceeding $5,000,000 after the Effective Date as the Administrative 

Agent or such Lender shall request, (ii) all invoices, receipts, agreements or other information 

detailing or otherwise relating to any Disposition by any Loan Party of Rolling Stock of such Loan 

Party, which Disposition or series of Dispositions, in each case, results in at least $250,000 of 

aggregate Net Proceeds during any 12-month period, 

(j) during the Specified Period, prior to 5:00 p.m. New York time on the third Business

Day of every second week after the Effective Date (i.e., the first delivery date hereunder will be 

Wednesday July 15, 2020), deliver to the Lenders a liquidity report (each, a “Liquidity Report”) 

setting forth the aggregate amount of Liquidity of the Loan Parties as of the end of the immediately 

preceding week (ending on the Sunday immediately preceding the applicable third Business Day 

reporting deadline; i.e. with respect to the reporting deadline occurring on Wednesday July 15, 

2020, the week ending Sunday July 12, 2020) and a comparison of the amount set forth on the 

prior delivered Liquidity Report;

(k) within fifteen (15) calendar days following the end of each fiscal quarter, a (x) 

report reconciling (each, a “Reconciliation Report”) the disbursements from the UST Tranche B 

Controlled Account during such fiscal quarter and the amount expended (in respect of the UST 

Tranche B Term Loans and otherwise) in connection with the acquisition of Rolling Stock during 

such fiscal quarter and (y) schedule setting forth a list of the Rolling Stock acquired during such 

fiscal quarter and the Vehicle Identification Numbers and acquisition cost (including source of 

funds) for each such Rolling Stock acquired;

(l) on or prior to the date that is thirty (30) calendar days prior to the first day of each 

fiscal quarter (or, in the case of the Initial Funding Date if the Initial Funding Date occurs during 

the fiscal quarter ending September 30, 2020, ten (10) Business Days before the Initial Funding 

Date), a capital expenditure plan setting forth in reasonable detail the amount of Rolling Stock

(which for the avoidance of doubt, shall be limited to Rolling Stock constituting tractors and 

trailers) intended to be acquired by the Borrower and its Restricted Subsidiaries during such fiscal 
104

quarter and the amount of disbursements from the UST Tranche B Controlled Account intended

to be requested during such fiscal quarter (each such capital expenditure plan, if in form and 

substance acceptable to the Required Lenders, an “Approved CapEx Plan”);

(m) together with the delivery of each Compliance Certificate pursuant to Section 

6.02(a), the Borrower shall promptly deliver to the Administrative Agent or such Lender a list of 

its Rolling Stock specifying whether such Rolling Stock is (A) Non-UST Tranche B Term Priority 

Collateral, (B) UST Tranche B Joint Collateral or (C) UST Tranche B Priority Collateral and shall 

provide such information as the Administrative Agent or any Lender may request to verify such 

designation of Rolling Stock;

(n) promptly after the furnishing thereof (and in no event later than three Business Days 

after the delivery thereof), a copy of each borrowing base certificate delivered under the ABL 

Credit Agreement; and

(o) promptly after the furnishing thereof (and in no event later than three Business Days 

after the delivery thereof), a copy of each Cash Flow Forecast and Variance Report (each as 

defined in the Tranche B-2 Term Loan Credit Agreement) delivered under the Tranche B-2 Term 

Loan Credit Agreement.

Notwithstanding anything to the contrary, neither the Borrower nor any Restricted Subsidiary will 

be required to disclose or permit the inspection or discussion of, any document, information or 

other matter (i) that constitutes trade secrets or proprietary information, (ii) in respect of which 

disclosure to the Administrative Agent or any Lender (or their representatives or contractors) is 

prohibited by law or any binding agreement, or (iii) that is subject to attorney client or similar 

privilege or constitutes attorney work product.

Section 6.03. Notices. Promptly after the Borrower or any Guarantor has obtained 

knowledge thereof, notify the Administrative Agent (which shall provide notice to the Lenders):

(a) of the occurrence of any Default;

(b) of any matter that has resulted or could reasonably be expected to result in a 

Material Adverse Effect;

(c) of the filing or commencement of, or any written threat or written notice of intention 

of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in 

equity by or before any Governmental Authority, against the Borrower or any of its Restricted 

Subsidiaries that has a reasonable likelihood of adverse determination and such determination 

could reasonably be expected to result in a Material Adverse Effect; and

(d) of the occurrence of any ERISA Event following the Effective Date that, alone or 

together with any other ERISA Events that have occurred following the Effective Date, could 

reasonably be expected to result in a Material Adverse Effect.

Each notice pursuant to this Section shall be accompanied by a written statement of each

Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to Section 

6.03(a), (b), (c), or (d) (as applicable) and (y) setting forth details of the occurrence referred to in 
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Section 6.03(a), (b), (c), or (d), as applicable, and stating what action the Borrower has taken and 

proposes to take with respect thereto.

Section 6.04. Payment of Taxes. Promptly pay, discharge or otherwise satisfy as the same 

shall become due and payable in the normal conduct of its business, all its obligations and liabilities 

in respect of Taxes imposed upon it or upon its income or profits or in respect of its property, 

except, to the extent any such Tax is being contested in good faith and by appropriate proceedings 

for which appropriate reserves have been established in accordance with GAAP if such contest 

shall have the effect of suspending enforcement or collection of such Taxes or, where the failure 

to pay, discharge or otherwise satisfy the same would not reasonably be expected to have, 

individually or in the aggregate, a Material Adverse Effect. 

Section 6.05. Preservation of Existence, Etc. (a) Preserve, renew and maintain in full 

force and effect its legal existence under the Laws of the jurisdiction of its organization except in 

a transaction permitted by Section 7.04 or Section 7.05 and (b) obtain, maintain, renew, extend 

and keep in full force and effect all rights, privileges (including its good standing where applicable 

in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal 

conduct of its business, except, in the case of clause (a) (other than with respect to the Borrower) 

or (b), to the extent that failure to do so would not reasonably be expected to have, individually or 

in the aggregate, a Material Adverse Effect.

Section 6.06. Maintenance of Properties. Except if the failure to do so could not 

reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a) 

maintain, preserve and protect all of its properties and equipment necessary in the operation of its 

business in satisfactory working order, repair and condition, ordinary wear and tear excepted and 

fire, casualty or condemnation excepted, and (b) make all necessary renewals, replacements, 

modifications, improvements, upgrades, extensions and additions thereof or thereto in accordance 

with prudent industry practice and in the normal conduct of its business.

Section 6.07. Maintenance of Insurance.

Generally. Maintain with financially sound and reputable insurance companies, insurance 

with respect to its properties and business consistent in all material respects with the insurance 

maintained by Borrower and/or such Restricted Subsidiaries (as applicable) as of the Effective 

Date, which insurance shall insure against loss or damage of the kinds customarily insured against 

by Persons engaged in the same or similar business, and which insurance shall be of such types 

and in such amounts (after giving effect to any self-insurance reasonable and customary for 

similarly situated Persons engaged in the same or similar businesses as the Borrower and the 

Restricted Subsidiaries) as are customarily carried under similar circumstances by such other 

Persons in such similar or same locations.

(a) Requirements of Insurance. (A) Use commercially reasonable efforts to cause, 

not later than 30 days after the Effective Date (or such longer period as the Required Lenders may 

agree in writing in their reasonable discretion), all insurance required pursuant to Section 6.07(a) 

and (d) (x) to provide (and to continue to provide at all times thereafter) that it shall not be canceled, 

materially modified or not renewed (i) by reason of nonpayment of premium upon not less 

than 10 days’ prior written notice thereof by the insurer to the Administrative Agent and the 
106

Collateral Agent or (ii) for any other reason upon not less than 20 days’ prior written notice thereof 

by the insurer to the Administrative Agent and the Collateral Agent and (y) subject to the terms, 

conditions and provisions of the ABL Intercreditor Agreement and any Junior Lien Intercreditor 

Agreement, to name the Collateral Agent as additional insured on behalf of the Secured Parties (in 

the case of liability insurance) or loss payee (in the case of property insurance), as applicable (and 

to continue to so name the Collateral Agent at all times thereafter), (B) use commercially 

reasonable efforts to deliver, not later than 30 days after the Effective Date (or such longer period 

as the Required Lenders may agree in writing in their reasonable discretion), a copy of the policy 

(and to the extent any such policy is cancelled or not renewed, a renewal or replacement policy) 

or other evidence thereof to the Administrative Agent and the Collateral Agent, or insurance 

certificate with respect thereto, and (C) in the case of all property insurance policies located in the 

United States, not later than 30 days after the Effective Date (or such longer period as the Required 

Lenders may agree in writing in their reasonable discretion) cause such policies to be endorsed or 

otherwise amended to include a “standard” or “New York” lender’s loss payable endorsement, in 

form and substance reasonably satisfactory to the Required Lenders, which endorsement shall 

provide that, from and after such date, if the insurance carrier shall have received written notice 

from the Administrative Agent or the Collateral Agent of the occurrence of an Event of Default, 

the insurance carrier shall pay all proceeds otherwise payable to the Borrower or the Loan Parties 

under such policies directly to the Collateral Agent during the continuance of such Event of 

Default.

(b) Flood Insurance. Following the Effective Date, the Borrower shall deliver to the 

Collateral Agent and the Required Lenders annual renewals of the flood insurance policy under 

the property policy or annual renewals of a force-placed flood insurance policy.

(c) Environmental Insurance. Maintain with financially sound and reputable insurance 

companies, a premises pollution liability portfolio insurance and storage tank third-party liability, 

corrective and clean-up insurance policy with respect to its properties and business for an initial 

three year policy period commencing on the date hereof and with limits not less than, and with

terms and conditions comparable to, the limits, terms and conditions in such policies that are in 

effect as of the date hereof, and subject to annual renewals after such initial three year policy 

period, which insurance shall be reasonably satisfactory to the Required Lenders. The Borrower 

shall purchase such insurance required under this Section 6.07(d) within 30 days following the 

Effective Date and provide evidence thereof to the Administrative Agent.

(d) Notify the Administrative Agent (for distribution to the Lenders) and the Collateral 

Agent promptly whenever any separate insurance concurrent in form or contributing in the event 

of material loss with that required to be maintained under this Section 6.07 is taken out by the 

Borrower or another Loan Party; and promptly deliver to the Administrative Agent and the 

Collateral Agent a duplicate original copy of such policy or policies, or an insurance certificate 

with respect thereto once available.

Section 6.08. Compliance with Laws. Comply with the requirements of all Laws and all 

orders, writs, injunctions and decrees applicable to it or to its business or property, except if the 

failure to comply therewith would not reasonably be expected to have, individually or in the 

aggregate, a Material Adverse Effect.
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Section 6.09. Books and Records. Maintain proper books of record and account, in which 

entries are made that are full, true and correct in all material respects and are in conformity with 

GAAP (except as noted therein) and which reflect all material financial transactions and matters 

involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be.

Section 6.10. Inspection Rights. Permit representatives and independent contractors of the 

Required Lenders to visit and inspect any of its properties, to examine its corporate, financial and 

operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, 

finances and accounts with its directors, officers, and independent public accountants (subject to 

such accountants’ customary policies and procedures), all at the reasonable expense of the 

Borrower and subject to bona fide confidentiality obligations, limitations imposed by law and 

attorney-client privilege and at such reasonable times during normal business hours and as often 

as may be reasonably desired, upon reasonable advance notice to the Borrower; provided that, 

excluding any such visits and inspections during the continuation of an Event of Default, the 

Required Lenders shall not exercise such rights more often than one time during any calendar year;

provided further that when an Event of Default exists, any Lender (or any of their respective 

representatives or independent contractors) may do any of the foregoing at the expense of the 

Borrower at any time during normal business hours and upon reasonable advance notice. The 

Required Lenders shall give the Borrower the opportunity to participate in any discussions with 

the Borrower’s independent public accountants.

Section 6.11. Additional Collateral; Additional Guarantors. Subject to the terms, 

conditions and provisions of each Intercreditor Agreement, at the Borrower’s expense, the 

Borrower shall take all reasonable actions which are necessary or reasonably requested by the 

Administrative Agent or the Collateral Agent to ensure that the Collateral and Guarantee 

Requirement continues to be satisfied, including:

(a) Upon (x) the formation or acquisition of any new direct or indirect Subsidiary (in 

each case, other than an Excluded Subsidiary) by the Borrower or (y) any Subsidiary that is an 

Excluded Subsidiary ceasing to be an Excluded Subsidiary:

(i) within 60 days after such formation, acquisition, designation or other event, 

or such longer period as the Required Lenders may agree in writing in their reasonable 

discretion (not to be unreasonably withheld, delayed, conditioned or denied):

(A) causing each such Subsidiary to duly execute and deliver to the 

Administrative Agent or the Collateral Agent (as appropriate) joinders to this Agreement as 

Guarantors, Security Agreement Supplements, Intellectual Property Security Agreements, a 

counterpart of the Intercompany Note and other security agreements (including Mortgages) and 

documents (including, (I) with respect to any Foreign Subsidiary, local law security agreements 

and documents in each case consistent with market practice, and (II) with respect to such 

Mortgages, the documents described in the definition of Collateral and Guarantee Requirement, as 

reasonably requested by the Required Lenders and in form and substance reasonably satisfactory 

to the Required Lenders and the Borrower (consistent with the Mortgages (or Existing Mortgage, 

as amended), Security Agreement, Intellectual Property Security Agreements and other security 

agreements in effect on the Effective Date), in each case granting Liens required by the Collateral 

and Guarantee Requirement;
108

(B) causing each such Subsidiary (and the parent of each such Subsidiary that 

is a Loan Party) to deliver to the Collateral Agent any and all certificates representing Equity 

Interests (to the extent certificated) and intercompany notes (to the extent certificated) that are 

required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by 

undated stock powers or other appropriate instruments of transfer executed in blank;

(C) taking and causing each such Restricted Subsidiary and each direct or 

indirect parent of such Restricted Subsidiary to take whatever action (including the recording of 

Mortgages, the filing of UCC financing statements and the delivery of stock and membership 

interest certificates) as may be necessary in the reasonable opinion of the Required Lenders to vest 

in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and 

perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to 

otherwise comply with the requirements of the Collateral and Guarantee Requirement;

(ii) if reasonably requested by the Required Lenders, Administrative Agent or 

the Collateral Agent, within 45 days after such request (or such longer period as the 

Required Lenders may agree in writing in their reasonable discretion), delivering to the 

Administrative Agent a signed copy of an opinion, addressed to the Administrative Agent 

and the Lenders, of counsel for the Loan Parties as to such matters set forth in this Section 

6.11(a) as the Administrative Agent and the Required Lenders may reasonably request; and

(iii) promptly after the reasonable request therefor by the Administrative Agent 

or Collateral Agent, delivering to the Collateral Agent with respect to each Material Real 

Property, any existing surveys, title reports, abstracts or environmental assessment reports, 

to the extent available and in the possession or control of the Borrower; provided, however, 

that there shall be no obligation to deliver to the Collateral Agent any existing 

environmental assessment report whose disclosure to the Collateral Agent would require 

the consent of a Person other than the Borrower or one of its Subsidiaries, and where, 

despite the commercially reasonable efforts of the Borrower to obtain such consent, such 

consent cannot be obtained.

(b) if reasonably requested by the Required Lenders, Administrative Agent or the 

Collateral Agent, within 60 days after such request (or such longer period as the Required Lenders

may agree in writing in their reasonable discretion), delivering to the Collateral Agent any other 

items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect 

to the validity, perfection, existence and priority of security interests with respect to property of 

any Guarantor acquired after the Effective Date and subject to the Collateral and Guarantee 

Requirement, but not specifically covered by the preceding clauses (i), (ii) or (iii) or clause (c) 

below.

(c) not later than 120 days after (i) the acquisition by any Loan Party of Material Real 

Property or (ii) the release of any first lien security interest on any Real Property securing the 

obligations under the Contribution Deferral Agreement, in each case, that is required to be 

provided as Collateral pursuant to the Collateral and Guarantee Requirement (or such longer period 

as the Required Lenders may agree in writing in their reasonable discretion), which Material Real 

Property would not be automatically subject to another Lien pursuant to pre-existing Collateral 

Documents, causing such property to be subject to a Lien in favor of the Collateral Agent for the 
109

benefit of the Secured Parties and taking, or causing the relevant Loan Party to take, such actions 

as shall be necessary or reasonably requested by the Required Lenders, Administrative Agent or 

the Collateral Agent to grant and perfect or record such Lien, in each case to the extent required 

by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and 

to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

Section 6.12. Compliance with Environmental Laws. Except, in each case, to the extent 

that the failure to do so could not reasonably be expected to have, individually or in the aggregate, 

a Material Adverse Effect: (a) comply, and take all reasonable actions to cause all lessees and other 

Persons operating or occupying its properties to comply, with all applicable Environmental Laws 

and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its 

operations and properties; and, (c) in each case to the extent the Loan Parties or the Restricted 

Subsidiaries are required to do so by Environmental Laws, conduct any investigation, remedial or 

other corrective action necessary to address Hazardous Materials at any property or facility in 

accordance with applicable Environmental Laws.

Section 6.13. Further Assurances and Post-Closing Conditions.

(a) Within the time periods after the Effective Date set forth in Schedule 6.13(a), 

deliver each Collateral Document set forth on Schedule 6.13(a), duly executed by each Loan Party 

party thereto, together with all documents and instruments required to perfect the security interest 

of the Collateral Agent in the Collateral free of any other pledges, security interests or mortgages, 

except Liens expressly permitted hereunder, to the extent required pursuant to the Collateral and 

Guarantee Requirement.

(b) Promptly upon reasonable request by the Required Lenders, Administrative 

Agent or the Collateral Agent (i) correct any material defect or error that may be discovered in the 

execution, acknowledgment, filing or recordation of any Collateral Document or other document 

or instrument relating to any Collateral (including, without limitation, any defect or error related 

to certificates of title for vehicles and other rolling stock) as to which the Borrower reasonably 

agrees is a defect or error, and (ii) subject to the terms of the Collateral Documents, do, execute, 

acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further 

acts, deeds, certificates, assurances and other instruments as the Required Lenders, the 

Administrative Agent or the Collateral Agent may reasonably request from time to time in order 

to carry out more effectively the purposes of the Loan Documents and to cause the Collateral and 

Guarantee Requirement to be and remain satisfied. If the Required Lenders, Administrative Agent 

or the Collateral Agent reasonably determines that it is required by applicable Law to have 

appraisals prepared in respect of any Material Real Property of any Loan Party subject to a 

Mortgage (or Existing Mortgage, as amended by a Mortgage Amendment), the Borrower shall 

cooperate with the Required Lenders, Administrative Agent and/or Collateral Agent, as applicable, 

in obtaining such appraisals and shall pay all reasonable out-of-pocket costs and expenses relating 

thereto.

Section 6.14. [Reserved]. 
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Section 6.15. Maintenance of Ratings. In the case of the Borrower, use commercially 

reasonable efforts to maintain a public corporate rating from S&P and a public corporate family 

rating from Moody’s, in each case in respect of the Borrower.

Section 6.16. Use of Proceeds. The Borrower shall use the proceeds of the Term Loans 

borrowed on each Funding Date solely to fund the UST Tranche B Controlled Account on such

Funding Date, the disbursements from which shall be used solely to finance the purchase of Rolling 

Stock constituting tractors and trailers substantially consistent with the most recent Approved 

Capex Plan.

Section 6.17. Compliance with Regulations. The Borrower shall comply with the 

provisions of 31 U.S.C. 1352, as amended, and with the regulations at 31 CFR Part 21.

Section 6.18. Equity Issuance. (a) Prior to any disbursement of amounts in the UST 

Tranche B Controlled Account, the Borrower shall (i) consummate the Treasury Equity Issuance, 

(ii) enter into a Voting Trust Agreement with the trustee thereunder and Treasury having 

substantially the terms set forth in Annex A attached hereto and (iii) enter into a Registration Rights 

Agreement with the Treasury with respect to the Treasury Equity having substantially the terms 

set forth in Annex B attached hereto.

(b) The Borrower shall cooperate with, and perform all acts necessary in connection with, 

any transfer of Treasury Equity made in accordance with the Voting Trust, including the issuance 

of instructions to the transfer agent for the shares of Common Stock.

Section 6.19. Treasury Access. Provide Treasury, the Treasury Inspector General, and 

such other entities as authorized by Treasury timely and unrestricted access to all documents, 

papers, or other records, including electronic records, of the Borrower related to the Loans, to 

enable Treasury and the Treasury Inspector General to make audits, examinations, and otherwise 

evaluate the Borrower’s compliance with the terms of this Agreement. This right also includes 

timely and reasonable access to the Lender’s and its Affiliates’ personnel for the purpose of 

interview and discussion related to such documents.

Section 6.20. Reconciliation Top-Up. Following the delivery of each Reconciliation 

Report, if the disbursements from the UST Tranche B Controlled Account during the fiscal 

quarter in respect of such Reconciliation Report is greater than the amount of the UST Tranche B 

Term Loans utilized to purchase Rolling Stock during such fiscal quarter, the Borrower shall, 

within five (5) Business Days following the delivery of such Reconciliation Report, deposit cash 

in the UST Tranche B Controlled Account in an amount equal to such excess.

ARTICLE 7

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder or any Loan or other 

Obligation (other than contingent indemnification or reimbursement obligations) hereunder which 

is accrued or payable shall remain unpaid or unsatisfied, then from and after the Effective Date:
111

Section 7.01. Liens. The Borrower shall not, nor shall it permit any Restricted Subsidiary 

to, directly or indirectly, create, incur, assume or suffer to exist any Lien upon any of its property, 

assets or revenues, whether now owned or hereafter acquired, other than the following:

(a) Liens created pursuant to any Loan Document;

(b) Liens existing or contemplated on the Effective Date and listed on Schedule 

7.01(b); provided that, (i) the Lien does not extend to any additional property other than any 

replacements of such property or assets and additions and accessions thereto, after-acquired 

property subjected to a Lien securing Indebtedness and other obligations incurred prior to such 

time and which Indebtedness and other obligations are permitted hereunder that require, pursuant 

to their terms at such time, a pledge of after-acquired property (it being understood that such 

requirement shall not be permitted to apply to any property to which such requirement would not 

have applied but for such acquisition, or asset of the Borrower or any Restricted Subsidiary and 

the proceeds and the products thereof and customary security deposits in respect thereof and in the 

case of multiple financings of equipment provided by any lender, other equipment financed by 

such lender), and (ii) such Lien does not secure any obligation (including unused commitments) 

other than those it secured on the Effective Date or, to the extent constituting Indebtedness, any 

Permitted Refinancing of the Indebtedness secured thereby on the Effective Date and any 

extensions, renewals, restructurings, refinancings and replacements thereof;

(c) Liens for unpaid utilities, taxes, assessments or governmental charges that are (i) 

not overdue for a period of more than thirty (30) days and are not otherwise delinquent, securing 

obligations in an amount not to exceed $500,000, or that are being contested in good faith and by 

appropriate actions, if adequate reserves with respect thereto are maintained on the books of the 

applicable Person in accordance with GAAP or (ii) otherwise not required to be paid pursuant to 

Section 6.04;

(d) Statutory, lease or common law Liens of landlords, sublandlords, carriers, 

warehousemen, mechanics, materialmen, repairmen, construction contractors or other like Liens, 

or other customary Liens (other than in respect of Indebtedness) in favor of landlords, in each case 

arising in the ordinary course of business that secure amounts not overdue for a period of more 

than thirty (30) days or if more than thirty (30) days overdue, that either secure obligations in an 

amount not to exceed $1,000,000 or are being contested in good faith and by appropriate actions, 

if adequate reserves with respect thereto are maintained on the books of the applicable Person in 

accordance with GAAP;

(e) (i) Liens in the ordinary course of business in connection with workers’ 

compensation, unemployment insurance and other social security legislation (other than any Lien 

imposed pursuant to Section 430(k) of the Code or Section 303(k) of ERISA or a violation of 

Section 436 of the Code) and (ii) Liens in the ordinary course of business securing liability for 

reimbursement or indemnification obligations of (including obligations in respect of letters of 

credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or 

liability insurance to the Borrower or any of its Restricted Subsidiaries; provided that this Section 

7.01(e) shall not permit liens securing letters of credit;
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(f) Liens to secure the performance of bids, trade contracts, governmental contracts 

and leases (in the case of each of the foregoing, other than for Indebtedness for borrowed money), 

statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other 

obligations of a like nature (including those to secure health, safety and environmental 

obligations), in each case incurred in the ordinary course of business; provided that this Section 

7.01(f) shall not permit liens securing letters of credit;

(g) (i) easements, rights-of-way, restrictions (including zoning restrictions and other 

land use regulations), encroachments, protrusions, reservations and other similar encumbrances 

and minor title defects affecting Real Property that do not in the aggregate materially interfere with 

the ordinary conduct of the business of the Borrower and the Restricted Subsidiaries, taken as a 

whole and (ii) ground leases in respect of Real Property on which facilities owned or leased by the 

Borrower or any of the Restricted Subsidiaries are located; provided in the case of this clause (ii) 

that such ground leases do not confer rights on the counter-party(ies) thereto superior to those of 

the Collateral Agent in the relevant property;

(h) Liens securing judgments not constituting an Event of Default under Section 

8.01(h);

(i) leases, licenses, subleases or sublicenses granted to others in the ordinary course of 

business which do not (i) interfere in any material respect with the business of the Borrower and 

the Restricted Subsidiaries, taken as a whole, or (ii) secure any Indebtedness;

(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to 

secure payment of customs duties in connection with the importation of goods in the ordinary 

course of business or (ii) on specific items of inventory or other goods and proceeds thereof of any 

Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit 

issued or created for the account of such person to facilitate the purchase, shipment or storage of 

such inventory or such other goods in the ordinary course of business;

(k) Liens (i) of a collection bank arising under Section 4-210 of the Uniform 

Commercial Code on items in the course of collection and (ii) arising in the ordinary course of 

business in favor of a banking or other financial institution arising as a matter of Law or under 

customary general terms and conditions encumbering deposits or other funds maintained with a 

financial institution (including the right of set-off) and that are within the general parameters 

customary in the banking industry or arising pursuant to the general terms and conditions of such 

banking institutions;

(l) Liens (i) on cash earnest money deposits or other cash advances in favor of the 

seller of any property to be acquired in an Investment permitted pursuant to Sections 7.02(e), (h), 

(l), (p), (r) or (v), in each case to be applied against the purchase price for such Investment, and 

(ii) consisting of an agreement to Dispose of any property in a Disposition permitted under Section 

7.05, in each case, solely to the extent such Investment or Disposition, as the case may be, would 

have been permitted on the date of the creation of such Lien;
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(m) Liens (i) in favor of the Borrower or a Restricted Subsidiary on assets of a 

Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted under Section 7.03

and (ii) in favor of the Borrower or any Guarantor;

(n) any interest or title (and all encumbrances and other matters affecting such interest 

or title) of a lessor, sublessor, licensor or sublicensor under leases, subleases, licenses or 

sublicenses entered into by the Borrower or any of the Restricted Subsidiaries in the ordinary 

course of business; provided, that no such lease or sublease shall constitute a Capitalized Lease;

(o) Liens deemed to exist in connection with Investments in repurchase agreements 

permitted under Section 7.02(a);

(p) Liens encumbering reasonable customary initial deposits and margin deposits and 

similar Liens attaching to commodity accounts or other brokerage accounts incurred in the 

ordinary course of business and not for speculative purposes;

(q) Liens (including any interest or title (and all encumbrances and other matters 

affecting such interest or title) of a lessor or sublessor under Capitalized Leases) securing 

Indebtedness constituting Capital Leases and purchase money security interests permitted under 

Section 7.03(e) or Section 7.03(ff); provided that (i) such Liens are created within 270 days of the 

acquisition, construction, repair, lease or improvement, as applicable, of the property subject to 

such Liens, (ii) such Liens do not at any time encumber property (except for replacements, 

additions and accessions to such property) other than the property financed by such Indebtedness 

and the proceeds and products thereof and customary security deposits, and (iii) such Liens do not 

at any time extend to or cover any assets (except for replacements, additions and accessions to 

such assets) other than the assets subject to Capitalized Leases and the proceeds and products 

thereof and customary security deposits; provided that individual financings of equipment 

provided by one lender may be cross collateralized to other financings of equipment provided by 

such lender;

(r) Liens on property (i) of any Foreign Subsidiary that is not a Loan Party and (ii) that 

does not constitute Collateral, which Liens secure Indebtedness of the applicable Foreign 

Subsidiary that is not a Loan Party permitted under Section 7.03;

(s) Liens existing on property at the time of its acquisition or existing on the property 

of any Person at the time such Person becomes a Restricted Subsidiary, in each case after the 

Effective Date; provided that (i) such Lien was not created in contemplation of such acquisition or 

such Person becoming a Restricted Subsidiary, (ii) such Lien does not extend to or cover any other 

assets or property (other than the proceeds or products thereof and other than after-acquired 

property subjected to a Lien securing Indebtedness and other obligations incurred prior to such 

time and which Indebtedness and other obligations are permitted hereunder that require, pursuant 

to their terms at such time, a pledge of after-acquired property, it being understood that such 

requirement shall not be permitted to apply to any property to which such requirement would not 

have applied but for such acquisition), and (iii) the Indebtedness secured thereby is permitted under 

Section 7.03;
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(t) Liens arising from precautionary Uniform Commercial Code financing statements 

or similar filings;

(u) Liens on insurance policies and the proceeds thereof securing the financing of the 

premiums with respect thereto in the ordinary course of business;

(v) Liens on the Collateral (other than the UST Tranche B Only Collateral) securing 

Indebtedness permitted under Section 7.03(o) or other obligations otherwise secured pursuant to 

or in connection with the documents governing such Indebtedness; provided that (A) in the case 

of Indebtedness permitted pursuant to Section 7.03(o)(x) and all other obligations otherwise 

secured pursuant to or in connection with the documents governing such Indebtedness, the 

representative in respect thereof shall have entered into the ABL Intercreditor Agreement as the 

ABL Agent, on behalf of the holders of such Indebtedness, and such Indebtedness and other 

obligations shall at all times be subject to the ABL Intercreditor Agreement as “ABL Obligations”; 

(B) in the case of Indebtedness and all other obligations permitted pursuant to Section 7.03(o)(y) 

or other obligations otherwise secured pursuant to or in connection with the documents governing 

such Indebtedness, the representative in respect thereof shall have entered into the ABL 

Intercreditor Agreement as the Tranche B-2 Term Agent, on behalf of the holders of such 

Indebtedness, and such Indebtedness and other obligations shall at all times be subject to the ABL 

Intercreditor Agreement as “Tranche B-2 Obligations”; and (C) in the case of Indebtedness or 

other obligations permitted pursuant to Section 7.03(o)(z) and all other obligations otherwise 

secured pursuant to or in connection with the documents governing such Indebtedness, the 

representative in respect thereof shall have entered into the ABL Intercreditor Agreement as the 

UST Tranche A Term Agent, on behalf of the holders of such Indebtedness, and such Indebtedness 

and other obligations shall at all times be subject to the ABL Intercreditor Agreement as “UST 

Tranche A Obligations”;

(w) Liens on the Collateral securing Credit Agreement Refinancing Indebtedness that 

is Permitted Junior Priority Additional Debt and any Permitted Refinancing of the foregoing; 

provided, that any such Liens are secured on a junior lien basis to the Liens securing the 

Obligations pursuant to, and subject at all times to, the Junior Lien Intercreditor Agreement;

(x) Liens on the Equity Interests of any joint venture entity of the Borrower consisting 

of a transfer restriction, purchase option, call or similar right of a third party joint venture partner;

(y) [reserved];

(z) [reserved];

(aa) Liens on (i) the Securitization Assets arising in connection with a Qualified 

Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables 

Facility;

(bb) Liens (i) arising out of conditional sale, title retention, consignment or similar 

arrangements for the sale of goods or (ii) encumbering deposits made to secure obligations arising 

from contractual or warranty requirements;

(cc) Utility and similar deposits in the ordinary course of business;
115

(dd) [reserved];

(ee) Liens related to Sale and Leaseback Transactions in an aggregate amount of 

$25,000,000; provided that, during the Specified Period (and during the continuance of an Event 

of Default at any time after the end of the Specified Period), this clause (ee) shall be unavailable 

for use under this Agreement and the dollar amount specified in this clause (ee) shall be $0;

(ff) other Liens with respect to property or assets securing obligations of the Borrower 

or any Restricted Subsidiary in an aggregate principal amount outstanding at any time not to 

exceed $5,000,000; provided that such Liens do not secure Indebtedness for borrowed money and 

are not incurred in respect of any pension obligations of the Borrower or any of its Restricted 

Subsidiaries; and

(gg) Liens on Pension Real Property related to or arising on account of Indebtedness in 

respect of Specified Pension Fund Obligations permitted pursuant to Section 7.03(u); provided

that the aggregate amount of Indebtedness in respect of Specified Pension Fund Obligations 

permitted to be secured by such Liens on Pension Real Property under this Section 7.01(gg) shall 

not at any time exceed (x) the aggregate amount of Specified Pension Fund Obligations that are 

secured by such Liens on Pension Real Property on the Effective Date less (y) payments of 

Specified Pension Fund Obligations after the Effective Date.

Section 7.02. Investments. The Borrower shall not, nor shall it permit any Restricted 

Subsidiary to, directly or indirectly, make or hold any Investments, except:

(a) Investments by the Borrower or any of the Restricted Subsidiaries in cash or Cash 

Equivalents;

(b) loans or advances to officers, directors and employees of any Loan Party or any of 

its Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, 

relocation and analogous ordinary business purposes, in each case, consistent with past practice 

(including pursuant to use of any credit cards, credit card processing services, debit cards, stored 

value cards, purchase cards (including so-called "procurement cards" or "P-cards") or other similar 

cash management services) and (ii) for any other corporate purposes not described in the foregoing 

clauses (i) and (ii); provided that the aggregate principal amount of loans and advances outstanding 

at any time under this Section 7.02(b)(ii) and (iii) shall not exceed $2,000,000;

(c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party (or 

any newly formed wholly owned Restricted Subsidiary that is not an Excluded Subsidiary and is 

to become a Loan Party in accordance with Section 6.11), (ii) by any Restricted Subsidiary that is 

not a Loan Party in any other Restricted Subsidiary that is not a Loan Party and (iii) by any Loan 

Party in a Restricted Subsidiary that is not a Loan Party; provided, that the aggregate amount of 

Investments at any time outstanding under this clause (iii) shall not exceed (x) during the Specified 

Period, $5,000,000, and (y) after the Specified Period shall have ended, $15,000,000, provided 

that, if after the end of the Specified Period an Event or Default shall occur and be continuing, 

such dollar amount in this clause (y) shall be reduced to $5,000,000;
116

(d) Investments consisting of extensions of credit in the nature of accounts receivable 

or notes receivable arising from the grant of trade credit or other credits to suppliers in the ordinary 

course of business;

(e) Investments (i) existing or contemplated on the Effective Date and set forth on 

Schedule 7.02(e) (including unused commitments) and any modification, replacement, renewal or 

extension thereof and (ii) existing on the Effective Date by the Borrower or any other Restricted 

Subsidiary in any Restricted Subsidiary and any modification, replacement, renewal or extension 

thereof; provided, that in the case of clause (i) and clause (ii) the amount of the original Investment 

is not increased except by the terms of such original Investment as set forth on Schedule 7.02(e) 

or as otherwise permitted by this Section 7.02 (and in such case made in reliance on the other 

paragraph of this Section 7.02 so permitting such modification, replacement, renewal or extension 

thereof);

(f) Investments in Swap Contracts permitted under Section 7.03;

(g) promissory notes and other non-cash consideration received in connection with 

Dispositions permitted by Section 7.05;

(h) any acquisition by the Borrower or any Restricted Subsidiary of all or substantially 

all the assets of, or all the Equity Interests (other than directors’ qualifying shares, shares issued to 

foreign nationals as required by applicable law or any options for Equity Interests that cannot, as 

a matter of law, be cancelled, redeemed or otherwise extinguished without the express agreement 

of the holder thereof at or prior to acquisition) in, a Person or division, business unit or line of 

business of a Person (or any subsequent investment made in a Person, division, business unit or 

line of business previously acquired in a Permitted Acquisition), in each case in a single transaction 

or series of related transactions, if (i) no Event of Default shall have occurred and be continuing 

or would result therefrom at the time of entering in the agreement to consummate such acquisition; 

(ii) all transactions related thereto shall be consummated in all material respects in accordance with 

applicable Laws; (iii) as of the most recently ended fiscal quarter for which financial statements 

of the Borrower and the target are available, (A) the Borrower and the Restricted Subsidiaries shall 

be in compliance, on a Pro Forma Basis, with the covenant set forth in Section 7.10 and (B) the 

Total Leverage Ratio, on a Pro Forma Basis, for the Test Period most recently ended shall not be 

greater than 3.00:1.00, in each case, after giving effect to such acquisition or investment and any 

related transactions; (iv) any acquired or newly formed Restricted Subsidiary shall not be liable 

for any Indebtedness except for Indebtedness otherwise permitted by Section 7.03; (v) to the extent 

required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses 

acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly 

created or acquired Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in 

each case, to the extent required by and in accordance with Section 6.11; (vi) the businesses 

acquired in such purchase or other acquisition shall be in compliance with Section 7.07; and (vii) 

the Borrower shall have delivered to the Administrative Agent a certificate of each Responsible 

Officer of the Borrower certifying that the conditions set forth in the preceding clauses (i) through 

(v) have been satisfied (any such acquisition, a “Permitted Acquisition”); provided that the 

aggregate amount of Investments made by Loan Parties pursuant to this Section 7.02(h) in assets 

that are not (or do not become) owned by a Loan Party or in Equity Interests in Persons that do not 

become Loan Parties upon consummation of such Permitted Acquisition shall not exceed 
117

$15,000,000 at any time outstanding; provided, further, that notwithstanding anything to the 

contrary, during the Specified Period, this clause (h) shall be unavailable under this Agreement 

and no Permitted Acquisitions may be made (and Permitted Acquisitions shall be disregarded in 

any reference in any other term or provision herein);

(i) Investments in the ordinary course of business consisting of UCC Article 3 

endorsements for collection or deposit and UCC Article 4 customary trade arrangements with 

customers consistent with past practices;

(j) Investments (including debt obligations and Equity Interests) received in 

connection with the bankruptcy or reorganization of suppliers and customers or in settlement of 

delinquent obligations of, or other disputes with, customers and suppliers;

(k) advances of payroll payments to employees in the ordinary course of business;

(l) Investments to the extent that payment for such Investments is made with Equity 

Interests (other than Disqualified Equity Interests) of the Borrower or the Net Proceeds received 

from the issuance thereof;

(m) Investments of a Restricted Subsidiary acquired after the Effective Date pursuant 

to a Permitted Acquisition or of a corporation merged or amalgamated or consolidated into the 

Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary, in each case in 

accordance with this Section 7.02 and Section 7.04 after the Effective Date, to the extent that such 

Investments were not made in contemplation of or in connection with such acquisition, merger, 

amalgamation or consolidation and were in existence on the date of such acquisition, merger or 

consolidation;

(n) Investments made by any Restricted Subsidiary that is not a Loan Party to the extent 

such Investments are financed with the proceeds received by such Restricted Subsidiary from an 

Investment in such Restricted Subsidiary made pursuant to Section 7.02(c)(iii) or Section 7.02(p); 

(o) Guarantees by the Borrower or any Restricted Subsidiary of operating leases (other 

than Capitalized Leases) or of other obligations that do not constitute Indebtedness, in each case, 

which leases or other obligations are entered into by the Borrower or any Guarantor in the ordinary 

course of business;

(p) other Investments (including after the Specified Period for Permitted Acquisitions) 

in an aggregate amount outstanding pursuant to this clause (p) at any time not to exceed (x) 

together with (I) the aggregate amount of Restricted Payments made under sub-clause (x) of 

Section 7.06(e) and (II) the aggregate amount of prepayments, redemptions, purchases, 

defeasances and other payments made pursuant to sub-clause (x) of Section 7.13(a)(vi), (A) during 

the Specified Period, $20,000,000, and (B) after the Specified Period shall have ended, 

$30,000,000 plus, (y) the portion, if any, of the Cumulative Credit on the date of such election that 

the Borrower elects to apply to this subclause (y); provided, that with respect to any Investment 

made pursuant to this Section 7.02(p), (A) no Event of Default shall have occurred and be 

continuing or would result from the making of any such Investment and (B) with respect to 

Investments made in reliance on this subclause (y) (i) other than Investments made in Restricted 

Subsidiaries organized under the laws of Canada or Mexico or, in each case, any political 
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subdivision thereof, on a Pro Forma Basis after giving effect thereto the Total Leverage Ratio is 

equal to or less than 2.00:1.00 or (ii) with respect to Investments in Restricted Subsidiaries 

organized under the laws of Canada or Mexico or, in each case, any political subdivision thereof, 

on a Pro Forma Basis after giving effect thereto the Total Leverage Ratio is equal to or less than 

4.00:1.00;

(q) (i) make lease, utility and other similar deposits or any other advance or deposit 

permitted by this Agreement in the ordinary course of business or (ii) make prepayments and 

deposits to suppliers in the ordinary course of business;

(r) to the extent constituting Investments, capital expenditures otherwise permitted 

under this Agreement;

(s) Investments in deposit accounts or securities accounts opened in the ordinary 

course of business;

(t) repurchase, retirement or repayment of any Indebtedness to the extent not otherwise 

prohibited by this Agreement, including, without limitation, acquisitions of Tranche B-2 Term 

Loan Facility Indebtedness in accordance with the Tranche B-2 Term Loan Credit Agreement;

(u) (a) Investments (including by consideration in the form of cash, Cash Equivalents, 

contributing receivables and through subordinated notes) in any Receivables Facility or any 

Securitization Subsidiary or other Subsidiary that in turn then transfers Securitization Assets to a 

Securitization Subsidiary in order to effectuate a Qualified Securitization Financing, including the 

ownership of Equity Interests in such Securitization Subsidiary and (b) distributions or payments 

of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a 

Securitization Purchase Obligation in connection with a Qualified Securitization Financing or a 

Receivables Facility;

(v) Investments consisting of or resulting from (i) Indebtedness permitted under 

Section 7.03, (ii) Liens permitted under Section 7.01, (iii) Restricted Payments permitted under 

Section 7.06, (iv) Dispositions permitted by Section 7.05 and (v) fundamental changes permitted 

by Section 7.04;

(w) Investments solely to the extent such Investments reflect an increase in the value of 

Investments otherwise permitted under this Section 7.02;

(x) loans and advances to Borrower in lieu of, and not in excess of the amount of (after 

giving effect to any other such loans or advances or Restricted Payments in respect thereof), 

Restricted Payments to the extent permitted to be made in accordance with Section 7.06 (other 

than Section 7.06(i)); and

(y) Guarantee obligations of the Borrower or any Restricted Subsidiary in respect of 

letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any 

Restricted Subsidiary of the Borrower to the extent required by law or in connection with any 

statutory filing or the delivery of audit opinions performed in jurisdictions other than within the 

United States. 
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Section 7.03. Indebtedness. The Borrower shall not, nor shall it permit any Restricted 

Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness, 

except:

(a) Indebtedness of any Loan Party under the Loan Documents;

(b) (i) Indebtedness outstanding on the Effective Date and listed on Schedule 7.03(b)

and any Permitted Refinancing thereof and (ii) intercompany Indebtedness outstanding on the 

Effective Date and any Permitted Refinancing thereof; provided, that (x) any intercompany 

Indebtedness shall be evidenced by an Intercompany Note and (y) any intercompany Indebtedness 

of any Loan Party owed to any Person that is not a Loan Party shall be unsecured and subordinated 

to the Obligations pursuant to the subordination provisions reasonably acceptable to the Required 

Lenders;

(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of 

Indebtedness of the Borrower or any Restricted Subsidiary of the Borrower otherwise permitted 

hereunder; provided that (i) no Guarantee by any Restricted Subsidiary of any ABL Facility 

Indebtedness, any Tranche B-2 Term Loan Facility Indebtedness, any UST Tranche A Term Loan 

Facility Indebtedness, any Junior Financing, any Permitted Additional Debt or any Permitted 

Refinancing of any of the foregoing shall be permitted unless such guaranteeing party shall have 

also provided a Guarantee of the Obligations on the terms set forth herein (provided further that, 

clause (i) shall not apply in the case of a Guarantee by any Foreign Subsidiary that is not a Loan 

Party of any Indebtedness of another Foreign Subsidiary that is not a Loan Party), and (ii) if the 

Indebtedness being Guaranteed is Junior Financing that is, or is required by this Agreement to be, 

Subordinated Indebtedness, such Guarantee shall be subordinated to the Guarantee of the 

Obligations on terms (taken as a whole) at least as favorable to the Lenders as those contained in 

the subordination of such Junior Financing;

(d) Indebtedness (other than Indebtedness permitted under Section 7.03(b)) of the 

Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary 

(or consisting of a Guaranty on behalf of any Loan Party or any other Restricted Subsidiary) to the 

extent constituting an Investment permitted by Section 7.02 (other than clause (v) thereof);

provided that (x) all such Indebtedness shall be evidenced by an Intercompany Note and (y) all 

such Indebtedness of any Loan Party owed to any Person that is not a Loan Party shall be unsecured 

and subordinated to the Obligations pursuant to the subordination provisions reasonably acceptable 

to the Required Lenders;

(e) Attributable Indebtedness and other Indebtedness of the Borrower or any Restricted 

Subsidiary (including Capitalized Leases) financing an acquisition, construction, repair, 

replacement, lease or improvement of a fixed or capital asset incurred prior to or within 270 days 

after the acquisition, lease or improvement of the applicable asset in an aggregate amount (together 

with any Permitted Refinancings thereof) not to exceed $25,000,000 at any time outstanding;

(f) Indebtedness in respect of Swap Contracts designed to hedge against the 

Borrower’s or any Restricted Subsidiary’s exposure to interest rates, foreign exchange rates or 

commodities (including fuel) pricing risks incurred not for speculative purposes;
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(g) Indebtedness of the Borrower or any Restricted Subsidiary assumed in connection 

with any Permitted Acquisition or other Investment permitted hereunder, provided, that (w) such 

Indebtedness is not incurred in contemplation of such Permitted Acquisition or Investment, and 

any Permitted Refinancing thereof, (x) such Indebtedness and all Indebtedness resulting from a 

Permitted Refinancing thereof is unsecured (except for Liens permitted by Section 7.01(s)), and 

(y) both immediately prior and after giving effect thereto, (1) no Event of Default shall exist or 

result therefrom, and (2) immediately after giving effect to the related Permitted Acquisition or 

Investment and the assumption of Indebtedness, the Total Leverage Ratio, on a Pro Forma Basis, 

for the Test Period most recently ended shall not be greater than 3.00:1.00;

(h) Indebtedness representing deferred compensation to employees of the Borrower or 

any of its Restricted Subsidiaries incurred in the ordinary course of business and other obligations 

and liabilities arising under employee benefit plans in the ordinary course of business;

(i) [reserved];

(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in a 

Permitted Acquisition, any other Investment expressly permitted hereunder or any Disposition 

expressly permitted hereunder, in each case, constituting indemnification obligations or 

obligations in respect of purchase price (including earnouts and holdbacks) or other similar 

adjustments;

(k) Indebtedness in respect of treasury, depository, credit card, debit card and cash 

management services or automated clearinghouse transfer of funds, overdraft or any similar 

services incurred in the ordinary course of business or any similar cash management services 

relating or secured pursuant to the ABL Facility and any hedges related to the ABL Facility;

(l) Indebtedness consisting of the financing of insurance premiums or take-or-pay 

obligations contained in supply arrangements that do not constitute Guarantees, in each case, in 

the ordinary course of business;

(m) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in 

respect of letters of credit, bank guarantees, bankers’ acceptances or similar instruments issued or

created in the ordinary course of business and not in connection with the borrowing of money, 

including in respect of workers compensation claims, health, disability or other employee benefits 

or property, casualty or liability insurance or self-insurance or other Indebtedness incurred in the 

ordinary course of business with respect to reimbursement-type obligations regarding workers 

compensation claims;

(n) obligations in respect of performance, bid, appeal and surety bonds and 

performance and completion guarantees and similar obligations provided by the Borrower or any 

of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar 

instruments related thereto, in each case in the ordinary course of business or consistent with past 

practice and not in connection with the borrowing of money or Swap Contracts;

(o) (x) (i) ABL Facility Indebtedness and (ii) any Permitted Refinancing thereof, in 

each case, of the Loan Parties; provided that the aggregate principal amount outstanding at any 

time of all such Indebtedness under clauses (i) and (ii) of this Section 7.03(o)(x) and Section 
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7.03(z) shall not exceed $500,000,000, (y) (i) Tranche B-2 Term Loan Facility Indebtedness and 

(ii) any Permitted Refinancing thereof, in each case, of the Loan Parties; provided that the 

aggregate principal amount (excluding interest paid-in-kind or otherwise capitalized to principal)

outstanding at any time of all such Indebtedness under clauses (i) and (ii) of this Section 7.03(o)(y)

shall not exceed $615,000,000 and (z) (i) UST Tranche A Term Loan Facility Indebtedness and 

(ii) any Permitted Refinancing thereof, in each case, of the Loan Parties;

(p) [reserved];

(q) (i) Credit Agreement Refinancing Indebtedness (other than any Credit Agreement 

Refinancing Indebtedness incurred pursuant to a Refinancing Amendment) and (ii) any Permitted 

Refinancing thereof;

(r) [reserved];

(s) [reserved];

(t) all premiums (if any), interest (including post-petition interest and interest paid in 

kind), fees, expenses, charges and additional or contingent interest on obligations described in 

clauses (a) through (q) above and (u) through (ff) below;

(u) (i) Indebtedness in respect of the Specified Pension Fund Obligations and 

Guarantees thereof, to the extent existing on the Effective Date, in an aggregate principal amount 

at any time outstanding not to exceed the amount outstanding as of the Effective Date (and as 

adjusted from time to time pursuant to any audits), plus any interest paid in kind thereon and any 

accrued but unpaid interest thereon, and (ii) any Permitted Refinancing (disregarding clauses (b) 

and (c) of the definition of such term) thereof;

(v) [reserved];

(w) [reserved];

(x) Indebtedness in respect of taxes, assessments or governmental charges to the extent 

that payment thereof shall not at the time be required to be made hereunder;

(y) [reserved];

(z) Indebtedness of (i) any Securitization Subsidiary arising under any Securitization 

Facility or (ii) the Borrower or any Restricted Subsidiary arising under any Receivables Facility 

or Qualified Securitization Financing; provided that the aggregate principal amount of 

Indebtedness permitted under this Section 7.03(z), together with the aggregate principal amount 

of Indebtedness permitted under Section 7.03(o)(x), shall not exceed $500,000,000 at any one time 

outstanding;

(aa) Indebtedness in respect of Sale and Leaseback Transactions in an amount not to 

exceed $25,000,000 at any time outstanding; provided that, during the Specified Period, this clause 

(aa) shall be unavailable for use under this Agreement and the dollar amount specified in this 

clause (aa) shall be $0;
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(bb) Indebtedness in respect of Investments not prohibited by Section 7.02 (other than 

clause (v) thereof);

(cc) [reserved];

(dd) Indebtedness incurred in respect of credit cards, credit card processing services, 

debit cards, stored value cards, purchase cards (including so-called "procurement cards" or "Pcards") or other similar cash management services, in each case, incurred in the ordinary course of 

business consistent with past practice;

(ee) [reserved];

(ff) other Indebtedness of the Borrower or any of its Restricted Subsidiaries, in an 

aggregate principal amount at any time outstanding not to exceed $30,000,000; provided that the 

aggregate principal amount of Indebtedness of Restricted Subsidiaries that are not Guarantors 

permitted under this Section 7.03(ff) at any time outstanding shall not exceed $5,000,000; and

(gg) obligations, charges or liabilities incurred in the ordinary course of business (and 

not representing Indebtedness for borrowed money) outstanding as of the Effective Date and in an 

aggregate amount not to exceed $185,000,000.

Section 7.04. Fundamental Changes. The Borrower shall not, nor shall it permit any 

Restricted Subsidiary to, directly or indirectly, merge, dissolve, liquidate, consolidate with or into 

another Person, or Dispose of (whether in one transaction or in a series of related transactions) all 

or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any 

Person, except that:

(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the 

Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new 

jurisdiction); provided that (w) no Event of Default exists or would result therefrom, (x) the 

Borrower shall be the continuing or surviving Person, (y) such transaction does not result in the 

Borrower ceasing to be organized under the laws of the United States, any State thereof or the 

District of Columbia and (z) such transaction does not have an adverse effect in any material 

respect on the perfection or priority of the Liens granted under the Collateral Documents or (ii) 

one or more other Restricted Subsidiaries; provided, in the case of this clause (ii), that when such 

transaction involves a Loan Party, a Loan Party shall be the continuing or surviving Person except 

to the extent otherwise constituting an Investment permitted by Section 7.02;

(b) (i) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or 

consolidate with or into any other Restricted Subsidiary that is not a Loan Party and (ii) any 

Restricted Subsidiary may liquidate or dissolve or change its legal form if the Borrower determines 

in good faith that such action is in the best interest of the Borrower and the Restricted Subsidiaries 

and is not disadvantageous to the Lenders in any material respect (it being understood that (other 

than a transaction constituting a permitted Investment under Section 7.02 or involving an Excluded 

Subsidiary) in the case of any liquidation or dissolution of a Guarantor, such Guarantor shall 

transfer its assets to a Loan Party, and in the case of any change in legal form, a Restricted 

Subsidiary that is a Guarantor will remain a Guarantor and such transaction shall not have an 

adverse effect on the perfection or priority of the Liens granted under the Collateral Documents);
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(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon 

voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; provided

that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor 

or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a 

permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in 

accordance with Sections 7.02 and 7.03, respectively;

(d) so long as no Event of Default exists or would result therefrom, the Borrower may 

merge with any other Person; provided that (i) the Borrower shall be the continuing or surviving 

corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the 

Borrower (any such Person, the “Successor Borrower”), (A) the Successor Borrower shall be an 

entity organized or existing under the Laws of the United States, any state thereof or the District 

of Columbia and such transaction shall not have an adverse effect in any material respect on the 

perfection or priority of the Liens granted under the Collateral Documents, (B) the Successor 

Borrower shall expressly assume all the obligations of the Borrower under this Agreement and the 

other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto 

in form reasonably satisfactory to the Administrative Agent and the Borrower, (C) each Guarantor, 

unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee 

shall apply to the Successor Borrower’s obligations under the Loan Documents, (D) each 

Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement 

to the Security Agreement and other applicable Collateral Documents confirmed that the collateral 

granted by it to secure its obligations thereunder shall apply to secure its and the Successor 

Borrower’s obligations under the Loan Documents, (E) if reasonably requested by the Collateral 

Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or 

consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other 

instrument reasonably satisfactory to the Collateral Agent) confirmed that the collateral granted 

by it to secure its obligations thereunder shall apply to secure its and the Successor Borrower’s 

obligations under the Loan Documents, and (F) the Borrower shall have delivered to the 

Administrative Agent an officer’s certificate and an opinion, each stating that such merger or 

consolidation and such supplement to this Agreement or any Collateral Document comply with 

this Agreement; provided further, that if the foregoing are satisfied (or waived), the Successor 

Borrower will succeed to, and be substituted for, the Borrower under this Agreement; provided

further that the Borrower agrees to provide any documentation and other information about the 

Successor Borrower as shall have been reasonably requested in writing by the Administrative 

Agent, the Collateral Agent or any Lender through the Administrative Agent that is required by 

regulatory authorities or under applicable “know your customer” and anti-money laundering rules 

and regulations, including without limitation the USA Patriot Act;

(e) any Restricted Subsidiary may merge, amalgamate or consolidate with any other 

Person (other than the Borrower) in order to effect an Investment permitted pursuant to Section 

7.02; provided that either (x) the continuing or surviving Person shall be a Restricted Subsidiary, 

which together with each of its Restricted Subsidiaries, shall have complied with the requirements 

of Section 6.11 to the extent required pursuant to the Collateral and Guarantee Requirement or (y) 

the transaction shall otherwise constitute a permitted Investment;
124

(f) any Restricted Subsidiary may effect a merger, dissolution, liquidation or 

consolidation, the purpose of which is to effect a Disposition permitted pursuant to Section 7.05; 

and

(g) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon 

voluntary liquidation or otherwise) to the extent that such Disposition (or series of related 

Dispositions) is not prohibited under Section 7.05.

Section 7.05. Dispositions. The Borrower shall not, nor shall it permit any Restricted 

Subsidiary to, directly or indirectly, make any Disposition, except:

(a) (i) Dispositions (including abandonment) of obsolete or worn out property, whether 

now owned or hereafter acquired, in the ordinary course of business, (ii) Dispositions (including 

abandonment) in the ordinary course of business of surplus property or property no longer used or 

useful in the conduct of the business of the Borrower or any of the Restricted Subsidiaries, (iii) 

Dispositions of immaterial assets (considered in the aggregate) in the ordinary course of business 

and (iv) Dispositions to landlords of improvements made to leased real property pursuant to 

customary terms of leases entered into in the ordinary course of business;

(b) Dispositions of property to the extent that (i) such property or an interest therein is 

exchanged for credit against the purchase price of similar replacement property, (ii) the proceeds 

of such Disposition are promptly applied to the purchase price of such replacement property, or 

(iii) such property is swapped in exchange for services or other assets of comparable or greater 

value or usefulness to the business of the Borrower and the Subsidiaries as whole, as determined 

in good faith by the management of the Borrower;

(c) Dispositions of property to the Borrower or any Restricted Subsidiary; provided

that if the transferor of such property is a Loan Party (i) the transferee thereof must be a Loan Party 

and if such property constitutes Collateral, it shall continue to constitute Collateral after such 

Disposition or (ii) if such transaction constitutes an Investment, such transaction is permitted under 

Section 7.02;

(d) Dispositions of cash and Cash Equivalents;

(e) leases, subleases, licenses, sublicenses (including the provision of software under 

an open source license) or any abandonment thereof, in each case (i) in the ordinary course of 

business and (ii) without interfering in any material respect with the business of the Borrower or 

any of its Restricted Subsidiaries;

(f) transfers of property subject to Casualty Events upon the receipt (where practical) 

of the Net Proceeds of such Casualty Event;

(g) Dispositions (including write-offs, discounts, and compromises in clause (b) above) 

or discounts without recourse of accounts receivable and related assets in connection with the 

compromise or collection thereof in the ordinary course of business;

(h) [reserved];
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(i) [reserved];

(j) Dispositions of Investments in joint ventures or other non-wholly owned 

Subsidiaries to the extent required by, or made pursuant to, customary buy/sell arrangements 

between the joint venture parties set forth in joint venture arrangements and similar binding 

arrangements;

(k) the unwinding of any Swap Contract or cash management agreement;

(l) Dispositions of property not otherwise permitted under this Section 7.05; provided

that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally 

binding commitment entered into at a time when no Event of Default exists), no Event of Default 

shall exist or would result from such Disposition, (ii) any prepayment required to be made in 

connection with the receipt of Net Proceeds in respect of such Disposition pursuant to Section 2.13 

shall be made in accordance therewith, (iii) the Borrower or any of the Restricted Subsidiaries 

shall receive not less than 75% of the consideration for such Disposition in the form of cash or 

Cash Equivalents (in each case, free and clear of all Liens at the time received, other than 

nonconsensual Liens permitted by Section 7.01 and Liens permitted by Section 7.01(a), (c), (d), 

(f), (i), (j), (k), (l), (o), (p), (v), (w), (z), (aa), (bb), (cc) and (ee), (iv) any portion of the consideration 

for such Disposition that is not in the form of cash or Cash Equivalents shall become Collateral, 

(v) this Section 7.05(l) shall not permit the Disposition of all or substantially all of the assets of 

the Borrower and its Subsidiaries (taken as a whole), and (vi) during the Specified Period, (A) no 

Dispositions shall be permitted under this Section 7.05(l) except for (1) Dispositions of Real 

Property specified in Schedule 7.05(l)(i) (such Real Property, “Scheduled Property”) to the extent 

(x) such Real Property is subject to a bone fide sale agreement with a third party purchaser entered 

into prior to March 23, 2020 and (y) the Disposition of such Real Property shall be made for gross 

consideration not less than the amount specified for such Scheduled Property identified to the 

Lenders as of the Effective Date (subject to customary purchase price adjustments and working 

capital adjustments), (2) Dispositions of property (other than Real Property), provided that the 

aggregate fair market value of property Disposed of pursuant to this clause (vi)(A)(2) shall not 

exceed $10,000,000 in the aggregate during the Specified Period, and (3) Dispositions of Pension 

Real Property set forth on Schedule 7.05(l)(ii) and (B) the Net Proceeds of each Disposition 

permitted under the foregoing clause (vi)(A) shall be applied to the prepayment of the Term Loans 

in accordance with Section 2.13(a)(ii) without giving effect to any thresholds or reinvestment 

rights;

(m) (i) any Disposition of Securitization Assets or Receivables Assets, or participations 

therein, in connection with any Qualified Securitization Financing or Receivables Facility, in the 

case of this clause (i) to the extent permitted under Section 7.03(z), or (ii) the Disposition of an 

account receivable in connection with the collection or compromise thereof in the ordinary course 

of business or consistent with past practice;

(n) [reserved];

(o) dispositions from and after the Effective Date of non-core or obsolete assets 

acquired in connection with any Permitted Acquisition or other permitted Investments; provided

that, during the Specified Period, no Dispositions shall be permitted under this clause (o);
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(p) the incurrence of Liens permitted hereunder;

(q) sales or dispositions of Equity Interests of any Subsidiary (other than the Borrower) 

in order to qualify members of the governing body of such Subsidiary if required by applicable 

law;

(r) [reserved];

(s) Restricted Payments made pursuant to Section 7.06; and

(t) Sale and Leaseback Transactions in an aggregate principal amount not to exceed 

$25,000,000 during the term of this Agreement; provided that, during the Specified Period, this 

clause (t) shall be unavailable for use under this Agreement and the dollar-amount specified in the 

clause (t) shall be $0.

provided that any Disposition of any property pursuant to this Section 7.05 (except pursuant to 

Sections 7.05(a), (c), (e), (f), (g), (i), (j), (k), (m), (n), (o), (p), (q), (r) and (s) and except for 

Dispositions from a Loan Party to any other Loan Party) shall be for no less than the fair market 

value of such property at the time of such Disposition. To the extent any Collateral is Disposed of 

as expressly permitted by this Section 7.05 to any Person other than a Loan Party, such Collateral 

shall be automatically sold free and clear of the Liens created by the Loan Documents, and, if 

requested by the Borrower, upon the certification delivered to the Administrative Agent by the 

Borrower that such Disposition is permitted by this Agreement, the Administrative Agent or the 

Collateral Agent, as applicable, shall be authorized to take, and shall take, any actions reasonably 

requested by the Borrower in order to effect the foregoing (at the Borrower’s expense) and/or to 

expressly subordinate any Lien in favor of the Collateral Agent on such Collateral that is disposed 

of.

Notwithstanding anything herein to the contrary in this Agreement, (i) during the Specified Period,

the Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or indirectly, make 

any Disposition of Real Property (other than (a) Dispositions of Scheduled Property pursuant to 

Section 7.05(l), (b) leases of Real Property entered into in the ordinary course of business 

(excluding Sale and Leaseback Transactions), (c) transfers of property subject to condemnation 

and Casualty Events) and (d) Dispositions of Pension Real Property set forth on Schedule 

7.05(l)(ii) so long as the proceeds thereof are applied to repay CDA First Lien Obligations (or, if 

the CDA First Lien Obligations shall have been paid in full, to prepay the Term Loans in 

accordance with Section 2.13(a)(ii) without giving effect to any thresholds or reinvestment rights), 

(ii) notwithstanding anything to the contrary in this Agreement, during the Specified Rolling Stock 

Prepayment Period, all Net Proceeds from any Disposition of Rolling Stock in excess of the 

Specified Rolling Stock Reinvestment Threshold in any fiscal year shall be applied (x) with respect 

to any Rolling Stock constituting UST Tranche B Priority Collateral to prepay the Term Loans in 

accordance with this Agreement, (y) with respect to any Rolling Stock constituting UST Tranche 

B Joint Collateral 67% to prepay the Term Loans in accordance with this Agreement and 33% to 

prepay the Tranche B-2 Term Loan Facility in accordance with the Tranche B-2 Term Loan Credit 

Agreement and (z) with respect to any Rolling Stock constituting Non-UST Tranche B Term 

Priority Collateral to prepay the Tranche B-2 Term Loan Facility in accordance with the Tranche 

B-2 Term Loan Credit Agreement, in each case of clauses (x), (y) and (z) above, without giving 
127

effect to any thresholds (other than such Specified Rolling Stock Reinvestment Threshold) or 

reinvestment rights, (iii) pending reinvestment in accordance with this proviso, (A) proceeds from 

the Disposition of Rolling Stock constituting (x) Non-UST Tranche B Term Priority Collateral 

shall, not later than the date that is five (5) Business Days after the end of the calendar month in 

which such Disposition is made, be deposited and maintained in a Non-UST Tranche B Priority 

Account (as defined in the ABL Intercreditor Agreement), (y) UST Tranche B Priority Collateral 

shall, not later than the date that is five (5) Business Days after the end of the calendar month in 

which such Disposition is made, be deposited and maintained in a UST Tranche B Priority Account 

(as defined in the ABL Intercreditor Agreement) and (z) UST Tranche B Joint Collateral shall, not 

later than the date that is five (5) Business Days after the end of the calendar month in which such 

Disposition is made, be deposited and maintained in a UST Tranche B Joint Account (as defined 

in the ABL Intercreditor Agreement), (iv) the Borrower shall not, nor shall it permit any Restricted 

Subsidiary to, Dispose of Rolling Stock that does not constitute UST Tranche B Priority Collateral 

or UST Tranche B Joint Collateral with an aggregate fair market value in any fiscal year in excess 

of $5,000,000 without the prior consent of the Required Lenders and (v) any Dispositions of 

Rolling Stock shall be for no less than the fair market value of such property at the time of such 

Disposition.

Section 7.06. Restricted Payments. The Borrower shall not, nor shall it permit any 

Restricted Subsidiary to, directly or indirectly, declare or make, directly or indirectly, any 

Restricted Payment, except:

(a) each Restricted Subsidiary may make Restricted Payments to the Borrower or any 

other Restricted Subsidiary (and, in the case of a Restricted Payment by a non-wholly owned 

Restricted Subsidiary, to the Borrower and any other Restricted Subsidiary and to each other owner 

of Equity Interests of such Restricted Subsidiary based on their relative ownership interests of the 

relevant class of Equity Interests);

(b) the Borrower and each Restricted Subsidiary may declare and make dividend 

payments or other Restricted Payments payable solely in the Equity Interests (other than 

Disqualified Equity Interests unless such Disqualified Equity Interests would be permitted by 

Section 7.03) of such Person;

(c) (i) repurchases of Equity Interests in the Borrower deemed to occur upon the 

exercise of stock options or warrants or the settlement or vesting of other equity awards if such 

Equity Interests represent a portion of the exercise price of such options or warrants, (ii) cash 

payments in lieu of the issuance of fractional shares in connection with the exercise of stock 

options, warrants or other securities convertible into or exchangeable for Equity Interests of the 

Borrower or (iii) Restricted Payments made in respect of any other transaction involving fractional 

shares; provided, however, that any such cash payment shall not be for the purpose of evading the 

limitations of this Agreement;

(d) the Borrower may pay for the repurchase, retirement or other acquisition or 

retirement for value of Equity Interests of the Borrower held by any present or former employee, 

officer, director or consultant of the Borrower or any Restricted Subsidiary or equity based awards 

held by such Persons, in each case, upon the death, disability, retirement or termination of 

employment of any such Person or pursuant to any employee or director equity plan, employee or 
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director stock option plan or any other employee or director benefit plan or any agreement 

(including any stock subscription or shareholder agreement) with any employee, director, officer 

or consultant of the Borrower or any Restricted Subsidiary; provided, that the aggregate amount 

of Restricted Payments made pursuant to this clause (d) shall not exceed (i) $7,500,000 in any

fiscal year plus (ii) the then applicable Cumulative Credit plus (iii) the proceeds of any key man 

insurance policies; provided, further, that to the extent that the aggregate amount of Restricted 

Payments made by the Borrower and the Restricted Subsidiaries pursuant to this clause (d) in any 

fiscal year is less than the amount set forth above, 100% of the amount of such difference may be 

carried forward and used to make such Restricted Payments pursuant to this clause (d) in the next 

two succeeding fiscal years (provided, that any such amount carried forward shall be deemed to 

be used to make such Restricted Payments in any fiscal year after the amount set forth above for 

such fiscal year shall be deemed to be used to make such Restricted Payments for such fiscal year);

(e) the Borrower may make Restricted Payments in an aggregate amount not to exceed 

(x) together with (I) the aggregate amount of Investments made under sub-clause (x) of Section 

7.02(p) and (II) the aggregate amount of prepayments, redemptions, purchases, defeasances and 

other payments made pursuant to sub-clause (x) of Section 7.13(a)(vi), $30,000,000, plus (y) the 

portion, if any, of the Cumulative Credit on such date that the Borrower elects to apply to this 

subclause (y); provided that (A) with respect to any Restricted Payment made pursuant to this 

Section 7.06(e), (1) no Event of Default has occurred and is continuing or would result therefrom

and (2) on a Pro Forma Basis after giving effect thereto the Total Leverage Ratio is equal to or less 

than 2.00:1.00, and (B) no Restricted Payments shall be permitted under this clause (e) until the 

Specified Period shall have ended;

(f) distributions or payments of Securitization Fees, sales, contributions and other 

transfers of Securitization Assets or Receivables Assets and purchases of Securitization Assets or 

Receivables Assets pursuant to a Securitization Purchase Obligations, in each case in connection 

with a Qualified Securitization Financing or a Receivables Facility;

(g) [reserved];

(h) the Restricted Subsidiaries may make a Restricted Payment in connection with the 

acquisition of additional Equity Interests in any Restricted Subsidiary from minority shareholders 

(in accordance with Section 7.08, if applicable);

(i) Restricted Payments made (i) in respect of working capital adjustments or purchase 

price adjustments pursuant to any Permitted Acquisition or other permitted Investments (other than 

pursuant to Section 7.02(x)) and (ii) to satisfy indemnity and other similar obligations under the 

Permitted Acquisitions or other permitted Investments; provided that no Restricted Payments shall 

be permitted under this clause (i) during (x) the Specified Period and (y) during the continuance 

of an Event of Default at any time after the end of the Specified Period;

(j) [reserved]; and

(k) Restricted Payments in respect of transactions related to (i) fundamental changes 

permitted under Section 7.04 and (ii) Investments permitted under Section 7.02 (other than clause 

(v) thereof). 
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Section 7.07. Change in Nature of Business; Organization Documents.

(a) The Borrower shall not, nor shall the Borrower permit any of the Restricted 

Subsidiaries to, directly or indirectly, engage in any material line of business substantially different 

from those lines of business conducted by the Borrower and the Restricted Subsidiaries on the 

Effective Date or any business reasonably related, complementary, synergistic or ancillary thereto 

or reasonable extensions thereof.

(b) The Borrower shall not, nor shall the Borrower permit any of the Restricted 

Subsidiaries to, amend, restate, supplement or otherwise modify to, or waive of any of its rights 

under, its Organization Documents to the extent any of the foregoing could reasonably be expected 

to be material and adverse to the Lenders (in their capacities as such).

Section 7.08. Transactions with Affiliates. The Borrower shall not, nor shall it permit any 

Restricted Subsidiary to, directly or indirectly, enter into any transaction of any kind with any of 

its Affiliates, whether or not in the ordinary course of business, other than (a) transactions between 

or among Loan Parties or any entity that becomes a Loan Party as a result of such transaction and 

transactions between or among Restricted Subsidiaries that are not Loan Parties, (b) on terms 

(taken as a whole) substantially not less favorable to the Borrower in any material respect or such 

Restricted Subsidiary as would be obtainable by the Borrower or such Restricted Subsidiary at the 

time in a comparable arm’s-length transaction with a Person other than an Affiliate, (c) the 

Transactions and the payment of fees and expenses (including Transaction Expenses) as part of or 

in connection with the Transactions, (d) the issuance of Equity Interests or equity based awards to 

any officer, director, employee or consultant of the Borrower or any of its Restricted Subsidiaries 

in the ordinary course of business, (e) Investments made pursuant to Section 7.02, Indebtedness 

incurred pursuant to Section 7.03 and Restricted Payments permitted under Section 7.06, 

(f) customary employment, consulting and severance arrangements between the Borrower and the 

Restricted Subsidiaries and their respective officers and employees in the ordinary course of 

business and transactions pursuant to stock option plans and employee benefit plans and similar 

arrangements in the ordinary course of business, (h) the payment of customary fees and reasonable 

out of pocket costs to, and customary indemnities provided on behalf of, directors, officers, 

employees and consultants of the Borrower and the Restricted Subsidiaries in the ordinary course 

of business, (i) any customary transaction with a Receivables Facility or a Securitization 

Subsidiary effected as part of a Qualified Securitization Financing, (j) transactions pursuant to 

registration rights agreements and similar arrangements, (k) transactions in which the Borrower or 

any Restricted Subsidiary, as the case may be, delivers to the Administrative Agent and the 

Required Lenders a letter from an independent financial advisor stating that such transaction is fair 

to the Borrower or such Restricted Subsidiary from a financial point of view or meets the 

requirements of clause (b) of this Section 7.08 and (l) transactions pursuant to agreements in 

existence on the Effective Date and set forth on Schedule 7.08 or any amendment thereto to the 

extent such an amendment (taken as a whole) is not adverse to the Lenders in any material respect.

Section 7.09. Burdensome Agreements. The Borrower shall not, nor shall it permit any 

Restricted Subsidiary to, directly or indirectly, enter into or permit to exist any Contractual 

Obligation (other than (i) this Agreement or any other Loan Document, (ii) any ABL Facility 

Documentation, (iii) any Tranche B-2 Term Loan Facility Documentation, (iv) any UST Tranche 

A Term Loan Facility Documentation, (v) any documents governing Credit Agreement 
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Refinancing Indebtedness, or a Permitted Refinancing of (ii)-(v) or (vi) any Treasury Equity

Documents or documents governing Treasury Equity) that limits the ability of (a) any Restricted 

Subsidiary that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor 

or to make or repay loans or advances to or otherwise transfer assets to or make Investments in the 

Borrower or any Restricted Subsidiary that is a Guarantor or (b) any Loan Party to create, incur, 

assume or suffer to exist Liens on property of such Person to secure the Obligations; provided that 

the foregoing clauses (a) and (b) shall not apply to Contractual Obligations which (i) (x) exist on 

the Effective Date and (to the extent not otherwise permitted by this Section 7.09) are listed on 

Schedule 7.09 hereto and (y) to the extent Contractual Obligations permitted by clause (x) are set 

forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any 

permitted modification, replacement, renewal, extension or refinancing of such Indebtedness so 

long as such modification, replacement, renewal, extension or refinancing does not expand the 

scope of such Contractual Obligation in any material respect (as determined in good faith by the 

Borrower), (ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first 

becomes a Restricted Subsidiary, so long as such Contractual Obligations were not entered into in 

contemplation of such Person becoming a Restricted Subsidiary, (iii) represent Indebtedness of a 

Restricted Subsidiary which is not a Loan Party which is permitted by Section 7.03, (iv) arise in 

connection with any Disposition permitted by Section 7.04 or 7.05 and relate solely to the assets 

or Person subject to such Disposition, (v) are customary provisions in joint venture agreements 

and other similar agreements applicable to joint ventures or other non-wholly owned Subsidiaries 

permitted under Section 7.02 and applicable solely to such joint venture or other non-wholly 

owned Subsidiaries and are entered into in the ordinary course of business, (vi) are negative 

pledges and restrictions on Liens in favor of any holder of Indebtedness (other than any Junior 

Financing) permitted under Section 7.03(e) or (g) but solely to the extent any negative pledge 

relates to the property financed by such Indebtedness, (vii) are customary restrictions in leases, 

subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions 

relate only to the assets subject thereto, (viii) comprise restrictions imposed by any agreement 

governing secured Indebtedness permitted pursuant to Section 7.03 to the extent that such 

restrictions apply only to the property or assets securing such Indebtedness, (ix) are customary 

provisions restricting subletting or assignment of any lease governing a leasehold interest of the 

Borrower or any Restricted Subsidiary entered into in the ordinary course of business, (x) are 

customary provisions restricting assignment of any agreement entered into in the ordinary course 

of business, (xi) are customary restrictions contained in the ABL Facility Documentation, any 

Qualified Securitization Financing, the Tranche B-2 Term Loan Facility Documentation and the

UST Tranche A Term Loan Facility Documentation, (xii) arise in connection with cash or other 

deposits permitted under Sections 7.01 and 7.02 and limited to such cash or deposit or (xiii) 

comprise restrictions imposed by any agreement governing Indebtedness entered into on or after 

the Effective Date and permitted under Section 7.03 if the restrictions contained in any such 

agreement taken as a whole (a) are not materially less favorable to the Secured Parties than the 

encumbrances and restrictions contained in the Loan Documents (as determined by the Borrower) 

or (b) either (I) the Borrower determines at the time of entry into such agreement or instrument 

that such encumbrances or restrictions will not adversely affect, in any material respect, the 

Borrower’s ability to make principal or interest payments required hereunder or (II) such 

encumbrance or restriction applies only during the continuance of a default relating to such 

agreement or instrument.
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Section 7.10. Financial Covenant. The Borrower shall not permit Consolidated EBITDA 

for any Test Period, commencing with the Test Period ending as of the end of the fiscal quarter 

ending December 31, 2021, to be less than the amount set forth for such Test Period, below:

Test Period Ending Minimum EBITDA

December 31, 2021 $100,000,000

March 31, 2022 $150,000,000

June 30, 2022 and the last day of each 

Fiscal Quarter thereafter 

$200,000,000

Section 7.11. Minimum Liquidity. During the Liquidity Test Period, the Borrower shall 

not permit Liquidity to be less than $125,000,000 on Tuesday and Friday of each week (or if any 

such day is not a Business Day, then the next succeeding Business Day) during the Liquidity Test 

Period.

Section 7.12. Fiscal Year. The Borrower shall not make any change in its fiscal year or 

fiscal quarters (it being understood that the Borrower’s fiscal year ends on December 31 of each 

year, and that each of the first three fiscal quarters of each fiscal year of the Borrower ends on the 

March 31, June 30 and September 30, respectively); provided, however, that the Borrower may, 

upon written notice to the Administrative Agent and the Required Lenders, change its fiscal year 

and fiscal quarters to any other fiscal year (and any other fiscal quarters) reasonably acceptable to 

the Administrative Agent and the Required Lenders, in which case, the Borrower and the 

Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to 

this Agreement that are necessary to reflect such changes.

Section 7.13. Prepayments, Etc. of Indebtedness.

(a) The Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or 

indirectly, voluntarily prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled 

maturity thereof in any manner (it being understood that payments of regularly scheduled interest 

shall be permitted unless such payments violate any subordination terms of any Junior Financing 

Documentation) (x) any Permitted Additional Debt (or any Permitted Refinancing thereof) or (y) 

any Junior Financing that constitutes Subordinated Indebtedness (or any Permitted Refinancing 

thereof), or make any payment in violation of any subordination terms of any Junior Financing 

Documentation, if any, except (i) any Permitted Refinancing permitted in respect thereof 

(including any Permitted Refinancing set forth in Section 7.03(u) hereof), (ii) the conversion of 

any Permitted Additional Debt (or any Permitted Refinancing thereof) or Junior Financing that 

constitutes Subordinated Indebtedness (or any Permitted Refinancing thereof) to Equity Interests 

(other than Disqualified Equity Interests) of the Borrower, (iii) the prepayment of Indebtedness of 

the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary to the 

extent not prohibited by applicable subordination provisions, (iv) prepayments, redemptions, 

purchases, defeasances and other payments or satisfaction from the proceeds of equity issuances

by the Borrower, (v) AHYDO “catch up” payments, and (vi) prepayments, redemptions, 
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purchases, defeasances and other payments in respect of Permitted Additional Debt (or any 

Permitted Refinancing thereof) and Junior Financings that constitutes Subordinated Indebtedness 

(or any Permitted Refinancing thereof) prior to their scheduled maturity in an aggregate amount 

not to exceed (x) together with (I) the aggregate amount of Investments made under sub-clause (x) 

of Section 7.02(p) and (II) the aggregate amount of Restricted Payments made pursuant to subclause (x) of Section 7.06(e), $15,000,000, plus (y) the portion, if any, of the Cumulative Credit 

on such date that the Borrower elects to apply to this subclause (y); provided that (A) no 

prepayment, redemption, purchase, defeasance or other payment shall be made pursuant to this 

clause (vi) if an Event of Default has occurred and is continuing or would result therefrom and (B) 

no prepayments, redemptions, purchases, defeasances and other payments in respect of Permitted 

Additional Debt shall be permitted under this clause (vi) until the Specified Period shall have 

ended. For greater certainty, nothing in this Section 7.13(a) or elsewhere in this Agreement shall 

limit or restrict the ability of the Borrower or any Restricted Subsidiary to prepay, redeem, 

purchase, defease or otherwise satisfy prior to the scheduled maturity thereof (x) any ABL Facility 

Indebtedness or other obligations also secured pursuant to the ABL Credit Agreement, (y) any 

Tranche B-2 Term Loan Facility Indebtedness or other obligations also secured pursuant to the 

Tranche B-2 Term Loan Credit Agreement or (z) any UST Tranche A Term Loan Facility 

Indebtedness or other obligations also secured pursuant to the UST Tranche A Term Loan Credit 

Agreement.

(b) The Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or 

indirectly, amend, modify, change, terminate or release in any manner materially adverse to the 

interests of the Lenders any term or condition of any Junior Financing Documentation or the 

documentation governing any Permitted Additional Debt (or any Permitted Refinancing thereof) 

if the effect thereof would be to cause such Junior Financing or Permitted Additional Debt to no 

longer constitute Junior Financing or Permitted Additional Debt, as the case may be, without the 

consent of the Required Lenders (which consent shall not be unreasonably withheld, conditioned 

or delayed); provided, that none of the ABL Facility Indebtedness, the Tranche B-2 Term Loan 

Facility Indebtedness or the UST Tranche A Term Loan Facility Indebtedness shall be subject to 

this clause (b) unless expressly designated as Permitted Junior Priority Additional Debt.

Section 7.14. Prepayments, Etc. of Single-Employer Plans. The Borrower shall 

not, except to the extent required by ERISA or other applicable Law, make any early lump sum 

payment to satisfy any liability under any Single-Employer Plan, in each case, directly from the 

cash or Cash Equivalents of the Borrower or the Restricted Subsidiaries (including, for the 

avoidance of doubt, the proceeds of any borrowing under the ABL Facility).

ARTICLE 8

EVENTS OF DEFAULT AND REMEDIES

Section 8.01. Events of Default. Any of the following from and after the Effective Date 

shall constitute an event of default (an “Event of Default”):

(a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid 

herein or in any other Loan Document, any amount of principal of any Loan, (ii) within five (5) 

Business Days after the same becomes due, any interest on any Loan, or (iii) within ten (10) days 
133

after the same becomes due, any other amount payable hereunder or with respect to any other Loan 

Document; or

(b) Specific Covenants. The Borrower fails to perform or observe any term, covenant 

or agreement contained in any of Sections 6.03(a) (provided that the delivery of a notice of Default 

or Event of Default at any time will cure an Event of Default under Section 6.03(a) arising from 

the failure of the Borrower to timely deliver such notice of Default or Event of Default), 6.05(a)

(solely with respect to the Borrower), 6.18 (and, in the case of Section 6.18(b), such failure 

continues for five (5) Business Days after receipt by the Borrower of written notice thereof from 

the Administrative Agent or the Required Lenders), 6.20, Article 7 or Article 12; or

(c) Other Defaults. Any Loan Party fails to perform or observe any other term, 

covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan 

Document on its part to be performed or observed and such failure continues for thirty (30) days 

after receipt by the Borrower of written notice thereof from the Administrative Agent or the 

Required Lenders; or

(d) Representations and Warranties. Any representation, warranty, certification or 

statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party 

herein, in any other Loan Document, or in any Compliance Certificate or other document required 

to be delivered in connection herewith or therewith shall be incorrect or misleading in any material 

respect when made or deemed made; or

(e) Cross-Default. Any Loan Party or any Restricted Subsidiary (i) fails to make any 

payment after the applicable grace period with respect thereto, if any, (whether by scheduled 

maturity, required prepayment, acceleration, demand, or otherwise) in respect of (x) any other 

Indebtedness (other than Indebtedness hereunder ) having an outstanding aggregate principal 

amount of not less than the Threshold Amount, (y) the Tranche B-2 Term Loan Facility 

Indebtedness or (z) the UST Tranche A Term Loan Facility Indebtedness or (ii) fails to observe or 

perform any other agreement or condition relating to any such Indebtedness, or any other event 

occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events 

or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any other 

default thereunder by any Loan Party), after all grace periods having expired and all required 

notices having been given, the effect of which default or other event is to cause, or to permit the 

holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or 

beneficiary or beneficiaries) to cause, after all grace periods having expired and all required notices 

having been given, such Indebtedness to become due or to be repurchased, prepaid, defeased or 

redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such 

Indebtedness to be made, prior to its stated maturity; provided that any such failure or the 

occurrence of any such other event referred to in subclause (ii) relating to Indebtedness under the 

ABL Credit Agreement or the Tranche B-2 Term Loan Credit Agreement, or, in each case, any 

Permitted Refinancing thereof shall not constitute an Event of Default under this Section 8.01(e)

until the earlier of (x) thirty days after the expiration of all grace periods relating to such failure or 

occurrence thereunder and (y) any acceleration of the ABL Obligations (as defined in the ABL 

Intercreditor Agreement) outstanding under the ABL Credit Agreement or the Tranche B-2 

Obligations (as defined in the ABL Intercreditor Agreement) outstanding under the Tranche B-2 

Term Loan Credit Agreement, as applicable, whether automatic or otherwise; provided further that 
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this clause (e)(ii) shall not apply to (I) secured Indebtedness that becomes due as a result of the 

voluntary sale or transfer of the property or assets securing such Indebtedness, (II) Indebtedness 

which is convertible into Equity Interest and converts to Equity Interests in accordance with its 

terms or (III) any breach or default that (X) is remedied by the Borrower or the applicable 

Restricted Subsidiary or (Y) waived (including in the form of amendment) by the requisite holders 

of the applicable item of Indebtedness, in either case, prior to the acceleration of all the Loans 

pursuant to this Section 8.01; or

(f) Insolvency Proceedings, Etc. Any Loan Party or any Restricted Subsidiary 

institutes or consents to the institution of any voluntary or involuntary proceeding under any 

Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or 

consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, 

rehabilitator, administrator, administrative receiver or similar officer for it or for all or substantially 

all of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, 

administrator, administrative receiver or similar officer is appointed without the application or 

consent of such Person and the appointment continues undischarged or unstayed for sixty (60) 

consecutive calendar days; or any proceeding under any Debtor Relief Law relating to any such 

Person or to all or substantially all of its property is instituted without the consent of such Person 

and continues undismissed or unstayed for sixty (60) consecutive calendar days, or an order for 

relief is entered in any such proceeding; or

(g) Inability to Pay Debts; Attachment. Any Loan Party or any Restricted Subsidiary 

becomes generally unable or admits in writing its general inability or fails generally to pay its 

debts as they become due, or any writ or warrant of attachment or execution or similar process is 

issued or levied against all or substantially all of the property of the Borrower and the Restricted 

Subsidiaries, taken as a whole, and is not released, vacated or fully bonded within sixty (60) 

consecutive days after its issue or levy; or

(h) Judgments. There is entered against any Loan Party or any Restricted Subsidiary a 

final judgment or order for the payment of money in an aggregate amount exceeding the Threshold 

Amount (to the extent not covered by independent third-party insurance or indemnity as to which 

the insurer or third party indemnitor has been notified of such judgment or order and has not denied 

coverage) and such judgment or order shall not have been satisfied, vacated, discharged or stayed 

or bonded pending an appeal for a period of sixty (60) consecutive days; or

(i) Invalidity of Loan Documents. Any material provision of the Loan Documents, at 

any time after their execution and delivery and for any reason other than as expressly permitted 

hereunder or thereunder (including as a result of a transaction permitted under Section 7.04 or 

7.05) or as a result of acts or omissions by the Administrative Agent or Collateral Agent or any 

Lender or the satisfaction in full of all the Obligations (other than other than contingent 

obligations), ceases to be in full force and effect; or any Loan Party contests in writing the validity 

or enforceability of any provision of any Loan Document; or any Loan Party denies in writing that 

it has any or further liability or obligation under any Loan Document (other than as a result of 

repayment in full of the Obligations), or purports in writing to revoke or rescind any Loan 

Document; or

(j) Change of Control. There occurs any Change of Control; or
135

(k) Collateral Documents. The Collateral Documents after delivery thereof pursuant 

to Sections 4.02, 6.11 or 6.13 shall for any reason (other than pursuant to the terms hereof or 

thereof including as a result of a transaction permitted under Section 7.04 or 7.05) cease to create, 

or shall be asserted by any Loan Party not to create, a valid and perfected Lien, with the priority 

required by the Collateral Documents on and security interest in Collateral purported to be covered 

thereby with an aggregate value equal to or greater than $25,000,000, subject to Liens permitted 

under Section 7.01, (i) except to the extent that any such perfection or priority is not required 

pursuant to the Collateral and Guarantee Requirement or results from the failure of the 

Administrative Agent or the Collateral Agent to maintain possession or control of certificates 

representing securities, other collateral requiring possession or control, or motor vehicle 

certificates of title (or notation thereon) pledged under the Collateral Documents, in each case 

actually delivered to it and (ii) except as to Collateral consisting of Real Property to the extent that 

such losses are covered by a lender’s title insurance policy and such insurer has not denied 

coverage; or

(l) ERISA. (i) An ERISA Event that occurs after the Effective Date that, alone or 

together with any other ERISA Events that have occurred after the Effective Date, has resulted or 

could reasonably be expected to result in liability of a Loan Party, any Restricted Subsidiary or 

any of their respective ERISA Affiliates in an aggregate amount at any particular time that would 

reasonably be expected to have a Material Adverse Effect, or (ii) a Loan Party, any Restricted 

Subsidiary or any of their respective ERISA Affiliates fails to pay when due, after the expiration 

of any applicable grace period, any installment payment with respect to its Withdrawal Liability 

under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount, that, alone or 

together with any other such failures to pay, has resulted or would reasonably be expected to result 

in a Material Adverse Effect; or (iii) as of any date, a Loan Party, any Restricted Subsidiary or any 

of their respective ERISA Affiliates (x) shall have made contributions to any Multiemployer Plan 

during the immediately preceding twelve month period ending on such date that exceed in value 

in the aggregate among all such Persons the Pension Contribution Cap for such period or (y) is 

projected or reasonably expected (in each case by the Borrower in good faith) to make 

contributions to any Multiemployer Plan in the next twelve month period that exceed in the 

aggregate among all such Persons the Pension Contribution Cap for such period (provided that 

such Pension Contribution Cap may be exceeded solely to facilitate a compromise, settlement, 

rearrangement or other restructuring of liabilities under such Multiemployer Plan with the consent 

of the Required Lenders (such consent not to be unreasonably withheld, delayed or conditioned or 

denied)); provided that this clause (iii) shall not apply if on the applicable date of determination 

Consolidated EBITDA for the most recent Test Period ending prior to such date of determination 

as set forth in the most recent Compliance Certificate received by the Administrative Agent 

pursuant to Section 6.02(a) on or prior to such date of determination exceeds $400,000,000; or

(m) Junior Financing Documentation. (i) Any of the Obligations of the Loan Parties 

under the Loan Documents for any reason shall cease to be, or shall be asserted by any Loan Party 

not to be, “Senior Indebtedness” (or any comparable term) or “Senior Secured Financing” (or any 

comparable term) under, and as defined in, any Junior Financing Documentation in respect of any 

Junior Financing that is, or is required by this Agreement to be, Subordinated Indebtedness or (ii) 

the subordination provisions set forth in any Junior Financing Documentation in respect of any 

Junior Financing that is, or is required by this Agreement to be, Subordinated Indebtedness shall, 

in whole or in part, cease to be, or shall be asserted by any Loan Party not to be, effective or legally 
136

valid, binding and enforceable against the holders of any such Junior Financing, if applicable 

(other than as a result of acts or omissions by the Administrative Agent or Collateral Agent or the 

satisfaction in full of all the Obligations (other than contingent obligations)); or

(n) IBT Agreement. The IBT Agreement shall be declared invalid or illegal, shall be 

terminated, or shall no longer be in full force and effect.

Section 8.02. Remedies Upon Event of Default. If any Event of Default occurs and is 

continuing the Administrative Agent, at the request of the Required Lenders shall, take any or all 

of the following actions:

(i) declare the commitment of each Lender to make Loans to be terminated, 

whereupon such commitments shall be terminated;

(ii) declare the unpaid principal amount of all outstanding Loans, all interest 

accrued and unpaid thereon, premium and all other amounts owing or payable or accrued 

hereunder or under any other Loan Document to be immediately due and payable, without 

presentment, demand, protest or other notice of any kind, all of which are hereby expressly 

waived (to the extent permitted by applicable law) by the Borrower and each other Loan 

Party; and

(iii) subject to the terms, conditions and provisions of any Intercreditor 

Agreement, exercise on behalf of itself and the Lenders all rights and remedies available 

to it and the Lenders under the Loan Documents or applicable Law;

provided that upon the occurrence of an actual or deemed entry of an order for relief with respect 

to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to 

make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans 

and all interest, premium and other amounts as aforesaid shall automatically become due and 

payable, in each case without further act of the Administrative Agent or any Lender, and without 

presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived 

(to the extent permitted by applicable law) by the Borrower and each other Loan Party.

Section 8.03. Exclusion of Immaterial Subsidiaries. Solely for the purpose of determining 

whether a Default or an Event of Default has occurred under clause (f) or (g) of Section 8.01, any 

reference in any such clause to any Restricted Subsidiary or Loan Party shall be deemed not to 

include any Restricted Subsidiary affected by any event or circumstances referred to in any such 

clause that was, as of the last day of the most recent completed fiscal quarter of the Borrower, an 

Immaterial Subsidiary.

Section 8.04. Application of Funds. Subject to the terms, conditions and provisions of 

each Intercreditor Agreement, after the exercise of remedies provided for in Section 8.02 (or after 

the Loans have automatically become immediately due and payable as set forth in the proviso to 

Section 8.02), any amounts received on account of the Obligations shall be applied by the 

Administrative Agent in the following order (to the fullest extent permitted by mandatory 

provisions of applicable Law):
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First, to payment of that portion of the Obligations constituting fees, indemnities, 

expenses and other amounts (other than principal and interest, but including Attorney Costs 

payable under Section 10.05 and amounts payable under Article 3) payable to the Administrative 

Agent or the Collateral Agent in its capacity as such;

Second, to payment of that portion of the Obligations constituting fees, indemnities, 

premium and other amounts (other than principal and interest) payable to the Lenders (including 

Attorney Costs payable under Section 10.05 and amounts payable under Article 3), ratably among 

them in proportion to the amounts described in this clause Second payable to them;

Third, to payment of that portion of the Obligations constituting accrued and unpaid 

interest on the Loans, ratably among the Secured Parties in proportion to the respective amounts 

described in this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid principal 

of the Loans, ratably among the Secured Parties in proportion to the respective amounts described 

in this clause Fourth held by them;

Fifth, to the payment of all other Obligations of the Borrower that are due and 

payable to the Administrative Agent, the Collateral Agent and the other Secured Parties on such 

date, ratably based upon the respective aggregate amounts of all such Obligations owing to the 

Administrative Agent and the other Secured Parties on such date; and

Last, the balance, if any, after all of the Obligations (other than contingent 

obligations) have been paid in full, to the Borrower or as otherwise required by Law.

ARTICLE 9

THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

Each Lender hereby irrevocably appoints the Administrative Agent and the Collateral 

Agent (for purposes of this Article 9, the Administrative Agent and the Collateral Agent are 

referred to collectively as the “Agents”) its agent and authorizes the Agents to take such actions 

on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan 

Documents, together with such actions and powers as are reasonably incidental or related thereto. 

Without limiting the generality of the foregoing, the Agents are hereby expressly authorized to (i) 

execute any and all documents (including releases) with respect to the Collateral and the rights of 

the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions 

of this Agreement and the Collateral Documents (including, for the avoidance of doubt, (x) the 

ABL Intercreditor Agreement, including any amendment or supplement expressly contemplated 

thereby and (y) upon the incurrence of any Permitted Junior Priority Additional Debt, a Junior

Lien Intercreditor Agreement) and (ii) negotiate, enforce or settle any claim, action or proceeding 

affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which 

negotiation, enforcement or settlement will be binding upon each Lender.

The institution serving as the Administrative Agent and/or the Collateral Agent hereunder 

shall have the same rights and powers in its capacity as a Lender, if it is a Lender, as any other 

Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates 

may accept deposits from, lend money to and generally engage in any kind of business with the 
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Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent hereunder. The 

Agents shall not, except as expressly set forth herein and in the other Loan Documents, have any 

duty to disclose, and shall not be liable for the failure to disclose, any information relating to the 

Borrower or any Loan Party that is communicated or obtained by the Person serving as 

Administrative Agent or Collateral Agent, as applicable, or any of their Affiliates in any capacity.

Neither Agent shall have any duties or obligations except those expressly set forth in the 

Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent shall be 

subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and 

is continuing, except that The Bank of New York Mellon shall always have a fiduciary duty to 

the Department of the Treasury while serving as its Agent, (b) neither Agent shall have any duty 

to take any discretionary action or exercise any discretionary powers, except discretionary rights 

and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by 

the Required Lenders (or such other number or percentage of the Lenders as shall be necessary 

under the circumstances as provided in Section 10.08), and (c) except as expressly set forth in the 

Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable for the 

failure to disclose, any information relating to the Borrower or any of the Subsidiaries that is 

communicated to or obtained by the bank serving as Administrative Agent and/or Collateral 

Agent or any of its Affiliates in any capacity. Neither Agent shall be required to expend or risk 

its own funds or otherwise incur liability in the performance of any of its duties hereunder or 

under any other Loan Document or in the exercise of any of its rights or powers. 

Notwithstanding anything in any Loan Document to the contrary, prior to taking any action 

under this Agreement or any other Loan Document, each Agent shall be entitled to 

indemnification satisfactory to it in its sole discretion against all losses and expenses in 

connection with taking such action. Neither Agent shall be liable for any action taken or not 

taken by it with the consent or at the request of the Required Lenders (or such other number or 

percentage of the Lenders as shall be necessary under the circumstances as provided in Section 

10.08) or in the absence of its own gross negligence or willful misconduct as determined by the 

final non-appealable judgment of a court of competent jurisdiction. Notwithstanding the 

foregoing, no action nor any omission to act, taken by either Agent at the direction of the 

Required Lenders (or such other number of percentage of Lenders as shall be expressly provided 

for herein or in the other Loan Documents) shall constitute gross negligence or willful 

misconduct. Neither Agent shall be deemed to have knowledge of any Default unless and until 

written notice thereof, conspicuously labeled as a “notice of default” and specifically describing 

such Default, is given to an Agent Responsible Officer by the Borrower or a Lender, and neither 

Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, 

warranty or representation made in or in connection with any Loan Document, (ii) the contents 

of any certificate, report or other document delivered thereunder or in connection therewith, (iii) 

the performance or observance of any of the covenants, agreements or other terms or conditions 

set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of 

any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of 

any condition set forth in Article 4 or elsewhere in any Loan Document, other than to confirm 

receipt of items expressly required to be delivered to such Agent.

Notwithstanding anything to the contrary in any Loan Document, the Agent shall not be 

responsible for the existence, genuineness or value of any of the Collateral; for filing any 

financing or continuation statements or recording any documents or instruments in any public 
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office or otherwise perfecting or maintaining the perfection of any security interest in the 

Collateral; for the validity, perfection, priority or enforceability of the Liens in any of the 

Collateral; for the validity or sufficiency of the Collateral or any agreement or assignment 

contained therein; for the validity of the title of any grantor to the Collateral; for insuring the 

Collateral; or for the payment of taxes, charges or assessments on the Collateral.

In no event shall either Agent be responsible or liable for any failure or delay in the 

performance of its obligations hereunder or under any other Loan Document arising out of or 

caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, 

work stoppages, epidemics, accidents, acts of war or terrorism, civil or military disturbances, 

nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, 

communications or computer (software and hardware) services (it being understood that such

Agent shall use reasonable efforts which are consistent with accepted practices in the banking 

industry to resume performance as soon as practicable under the circumstances).

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying 

upon, any notice, request, certificate, opinion, consent, statement, instrument, document or other 

writing believed by it in good faith to be genuine and to have been signed or sent by the proper 

Person. Each Agent may also rely upon any statement made to it orally or by telephone and 

believed by it in good faith to have been made by the proper Person, and shall not incur any 

liability for relying thereon. Delivery of reports, information and documents to an Agent is for 

informational purposes only and an Agent’s receipt of the foregoing will not constitute actual or 

constructive knowledge or notice of any information contained therein or determinable from 

information contained therein, including the Borrower’s compliance with any of its covenants 

hereunder. Each Agent may consult with legal counsel (who may be counsel for the Borrower), 

independent accountants and other experts selected by it, and shall not be liable for any action 

taken or not taken by it in accordance with the advice of any such counsel, accountants or 

experts. The Agents shall not be liable for any errors of judgment made in good faith by an 

Agent Responsible Officer, unless it shall be proved that the Agent Responsible Officer was 

grossly negligent in ascertaining the pertinent facts. Any funds held by an Agent shall, unless 

otherwise agreed in writing with the Borrower, be held uninvested in a non-interest bearing 

account.

The calculation of any ratio, including the Total Leverage Ratio, shall not be a duty or 

obligation of either Agent.

Each Agent may perform any and all its duties and exercise its rights and powers by or 

through any one or more sub-agents or attorneys appointed by it and will not be responsible for 

the misconduct or negligence of any agent appointed with due care. Each Agent and any such 

sub-agent may perform any and all its duties and exercise its rights and powers by or through 

their respective Related Parties (other than Disqualified Lenders). The exculpatory provisions of 

the preceding paragraphs shall apply to any such sub-agent and to the Related Parties (other than 

Disqualified Lenders) of each Agent and any such sub-agent, and shall apply to their respective 

activities in connection with the arrangement of the Facilities as well as activities as Agent.

Either Agent may resign at any time by notifying the Lenders and the Borrower in writing, 

and either Agent may be removed at any time with or without cause by an instrument or concurrent 
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instruments in writing delivered to the Borrower and such Agent and signed by the Required 

Lenders. Upon any such resignation or removal, the Required Lenders shall have the right, with 

the consent of the Borrower (which consent shall not be required during the continuance of an 

Event of Default under Sections 8.01(a), (f) or (g)), to appoint a successor. If no successor shall 

have been so appointed by the Required Lenders (with the consent of the Borrower (which consent 

shall not be required during the continuance of an Event of Default under Sections 8.01(a), (f) or 

(g))) and shall have accepted such appointment within 30 days after (i) the retiring Agent gives 

notice of its resignation or (ii) the Required Lenders delivers removal instructions, then the retiring 

or removed Agent may, on behalf of the Lenders (with the consent of the Borrower (which consent 

shall not be required during the continuance of an Event of Default under Sections 8.01(a), (f) or 

(g))), appoint a successor Agent which shall be a bank with an office in New York, New York, or 

an Affiliate of any such bank. If no successor Agent has been appointed pursuant to the 

immediately preceding sentence, such Agent’s resignation or removal shall become effective and 

the Required Lenders shall thereafter perform all the duties of such Agent hereunder and/or under 

any other Loan Document until such time, if any, as the Required Lenders (with the consent of the 

Borrower (which consent shall not be required during the continuance of an Event of Default under 

Sections 8.01(a), (f) or (g))) appoint a successor Administrative Agent and/or Collateral Agent, as 

the case may be. Upon the acceptance of its appointment as Agent hereunder by a successor, such 

successor shall succeed to and become vested with all the rights, powers, privileges and duties of 

its predecessor Agent, and its predecessor Agent shall be discharged from its duties and obligations 

hereunder. The fees payable by the Borrower to a successor Agent shall be the same as those 

payable to its predecessor unless otherwise agreed between the Borrower and such successor. 

After an Agent’s resignation hereunder, the provisions of this Article and Section 10.05 shall 

continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related 

Parties (other than Disqualified Lenders) in respect of any actions taken or omitted to be taken by 

any of them while acting as Agent.

Each Lender acknowledges that it has, independently and without reliance upon the Agents 

or any other Lender and based on such documents and information as it has deemed appropriate, 

made its own credit analysis and decision to enter into this Agreement. Each Lender also 

acknowledges that it will, independently and without reliance upon the Agents or any other Lender 

and based on such documents and information as it shall from time to time deem appropriate, 

continue to make its own decisions in taking or not taking action under or based upon this 

Agreement or any other Loan Document, any related agreement or any document furnished 

hereunder or thereunder.

Each Lender acknowledges and agrees that The Bank of New York Mellon or one or more 

of its Affiliates may (but is not obligated to) act as collateral agent or representative for the holders 

of ABL Facility Indebtedness, Tranche B-2 Term Loan Facility Indebtedness, UST Tranche A

Term Loan Facility Indebtedness, Permitted Junior Priority Additional Debt, any Extended Term 

Loan or any Permitted Refinancing thereof under the collateral agreements with respect thereto 

and/or under the ABL Intercreditor Agreement or any Junior Lien Intercreditor Agreement. Each 

Lender waives any conflict of interest, now contemplated or arising hereafter, in connection 

therewith and agrees not to assert against The Bank of New York Mellon or any of its Affiliates 

any claims, causes of action, damages or liabilities of whatever kind or nature relating thereto.
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In case of the pendency of any case or proceeding under any insolvency or other similar 

law or any other judicial proceeding relative to any Loan Party, the Administrative Agent 

(irrespective of whether the principal of any Loan shall then be due and payable as herein expressed 

or by declaration or otherwise and irrespective of whether the Administrative Agent shall have

made any demand on the Borrower) shall be entitled and empowered (but not obligated) by 

intervention in such proceeding or otherwise: (a) to file and prove a claim for the whole amount 

of the principal and interest owing and unpaid in respect of the Loans and all other Obligations 

that are owing and unpaid and to file such other documents as may be necessary or advisable in 

order to have the claims of the Lenders and the Agents (including any claim for the reasonable 

compensation, expenses, disbursements and advances of the Lenders and the Agents and their 

respective agents and counsel and all other amounts due the Lenders, the Agents under Section 

2.05, Section 3.01, and Section 10.05) allowed in such judicial proceeding; and (b) to collect and 

receive any monies or other property payable or deliverable on any such claims and to distribute 

the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar 

official in any such judicial proceeding is hereby authorized by each Lender to make such 

payments to the Administrative Agent and, in the event that the Administrative Agent shall consent 

to the making of such payments directly to the Lenders, to pay to the Agents any amount due for 

the reasonable compensation, expenses, disbursements and advances of the Administrative Agent 

and its agents and counsel, and any other amounts due to the Agents under Section 2.05 and Section 

10.05. Nothing contained herein shall be deemed to authorize the Administrative Agent to 

authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, 

arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or 

to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such 

proceeding.

The Lenders hereby irrevocably authorize the Administrative Agent, at the direction of the 

Required Lenders, to credit bid all or any portion of the Obligations (including accepting some or 

all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of 

foreclosure or otherwise) and in such manner purchase (either directly or through one or more 

acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the 

provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 

1129 of the Bankruptcy Code of the United States, or any similar laws in any other jurisdictions 

to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in 

lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent 

(whether by judicial action or otherwise) in accordance with any amounts owed to the Agents shall 

be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to 

contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable 

basis that would vest upon the liquidation of such claims in an amount proportional to the 

liquidated portion of the contingent claim amount used in allocating the contingent interests) in 

the asset or assets so purchased (or in the stock or debt instruments of the acquisition vehicle or 

vehicles that are used to consummate such purchase). In connection with any such bid (i) the 

Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid, 

(ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles 

(provided, that, any actions by the Administrative Agent with respect to such acquisition vehicle 

or vehicles, including any disposition of the assets or stock thereof shall be governed, directly or 

indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement, 

(iii) the Administrative Agent shall be authorized to assign the relevant Obligations to any such 
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acquisition vehicle pro rata by the Lenders, as a result of which each of the Lenders shall be deemed 

to have received a pro rata portion of any stock and/or debt instruments issued by such an 

acquisition vehicle on account of the assignment of the Obligations to be credit bid, all without the 

need for the Administrative Agent or acquisition vehicle to take any further action, and (iv) to the 

extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral 

for any reason (as a result of another bid being higher or better, because the amount of Obligations 

assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle 

or otherwise), such Obligations shall automatically be reassigned to the each Lenders pro rata and 

the stock and/or debt instruments issued by any acquisition vehicle on account of the Obligations 

that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need 

for the Administrative Agent or any acquisition vehicle to take any further action.

ARTICLE 10

MISCELLANEOUS

Section 10.01. Notices; Electronic Communications. Notices and other communications 

provided for herein shall be in writing and shall be delivered by hand or overnight courier service, 

mailed by certified or registered mail or sent by email or fax, as follows:

(a) if to the Borrower or any other Loan Party, to it at:

YRC Worldwide Inc.

Attention of Chief Financial Officer and General Counsel

10990 Roe Avenue

Overland Park, Kansas 66211

Fax No. 913-696-6116

Tel. No. 913-696-6529 or 913-696-6132

Email: stephanie.fisher@yrcw.com and jim.fry@yrcw.com

With copy to:

Kirkland & Ellis LLP

Attention of Michelle Kilkenney, P.C., Esq.

300 North LaSalle

Chicago, Illinois 60654

Fax No. 312-862-2200

Tel. No. 312-862-2487

Email: michelle.kilkenney@kirkland.com

(b) if to the Administrative Agent or the Collateral Agent, to:

The Bank of New York Mellon

240 Greenwich Street 7th Floor

New York, NY 10286

Attention: Joanna Shapiro, Managing Director

Tel. No: 212-815-4949

joanna.g.shapiro@bnymellon.com with a copy to 

UST.Cares.Program@bnymellon.com
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With a copy to (which shall not constitute notice):

Hogan Lovells US LLP

390 Madison Avenue

New York, New York 10017

Fax No.: 212-918 3100

Tel. No.: 212-909 0616

Attention: Robert A. Ripin

Email: Robert.ripin@hoganlovells.com 

With a copy to (which shall not constitute notice):

United States Department of the Treasury

1500 Pennsylvania Ave., NW,

Washington, D.C. 20220

Attention: Eric Froman

Assistant General Counsel (Banking & Finance)

e-mail: Eric.Froman@treasury.gov

With a copy to (which shall not constitute notice):

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: James A. Florack

e-mail: james.florack@davispolk.com

(c) if to a Lender, to it at its address (email address or fax number) set forth on Schedule 

2.01 or in the Assignment and Acceptance or Refinancing Amendment pursuant to which such 

Lender shall have become a party hereto.

All notices and other communications given to any party hereto in accordance with the 

provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered 

by hand or overnight courier service or sent by fax or on the date three Business Days after dispatch 

by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) 

to such party as provided in this Section 10.01 or in accordance with the latest unrevoked direction 

from such party given in accordance with this Section 10.01. As agreed to among the Borrower, 

the Administrative Agent, the Collateral Agent and the applicable Lenders from time to time, 

notices and other communications may also be delivered by e-mail to the e-mail address of a 

representative of the applicable Person provided from time to time by such Person.

The Borrower hereby agrees, unless directed otherwise by the Required Lenders, the 

Administrative Agent, the Collateral Agent or unless the electronic mail address referred to below 

has not been provided by the Administrative Agent or the Collateral Agent to the Borrower, that 

it will, or will cause its Restricted Subsidiaries to, provide to the Administrative Agent, the 
144

Collateral Agent and/or the Required Lenders all information, documents and other materials that 

it is obligated to furnish to the Administrative Agent, the Collateral Agent and/or the Required 

Lenders pursuant to the Loan Documents or to the Lenders under Article 6, including all notices, 

requests, financial statements, financial and other reports, certificates and other information 

materials, but excluding any such communication that (i) is or relates to a Request for Credit 

Extension or a notice pursuant to Section 2.10, (ii) relates to the payment of any principal or other 

amount due under this Agreement prior to the scheduled date therefor, or (iii) provides notice of 

any Default or Event of Default under this Agreement or any other Loan Document, (all such nonexcluded communications being referred to herein collectively as “Communications”), by 

transmitting the Communications in an electronic/soft medium that is properly identified in a 

format reasonably acceptable to the Administrative Agent, the Collateral Agent and/or the 

Required Lenders to an electronic mail address as directed by the Administrative Agent, the 

Collateral Agent and/or the Required Lenders. In addition, the Borrower agrees, and agrees to 

cause its Restricted Subsidiaries, to continue to provide the Communications to the Administrative 

Agent, the Collateral Agent, the Required Lenders or the Lenders, as the case may be, in the 

manner specified in the Loan Documents but only to the extent requested by the Administrative 

Agent.

The Borrower hereby acknowledges that (a) the Administrative Agent will make available 

to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder 

(collectively, the “Borrower Materials”) by posting the Borrower Materials on Intralinks or 

another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “publicside” Lenders (i.e., Lenders that do not wish to receive material non-public information with 

respect to the Borrower, its Restricted Subsidiaries or any of their respective securities) (each, a 

“Public Lender”). The Borrower hereby agrees (w) to use commercially reasonable effort to 

make all Borrower Materials that are to be made available to Public Lenders clearly and 

conspicuously “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear 

prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the 

Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat 

such Borrower Materials as not containing any material non-public information with respect to the 

Borrower or any of its securities for purposes of United States federal and state securities laws 

(provided, however, that to the extent such Borrower Materials constitute Information, they shall 

be treated as set forth in Section 10.16); (y) all Borrower Materials marked “PUBLIC” are 

permitted to be made available through a portion of the Platform designated as “Public Investor;” 

and (z) the Administrative Agent shall be entitled to treat any Borrower Materials that are not 

marked “PUBLIC” as being suitable only for posting on a portion of the Platform not marked as 

“Public Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be 

marked “PUBLIC”, unless the Borrower notifies the Administrative Agent promptly that any such 

document contains material non-public information: (1) the Loan Documents, (2) financial 

statements and related documentation, in each case, provided pursuant to Section 6.01(a) or 6.01(b)

and (3) notification of changes in the terms of the Facilities.

Each Public Lender agrees to cause at least one individual at or on behalf of such Public 

Lender to at all times have selected the “Private Side Information” or similar designation on the 

content declaration screen of the Platform in order to enable such Public Lender or its delegate, in 

accordance with such Public Lender’s compliance procedures and applicable Law, including 

United States Federal and state securities laws, to make reference to Communications that are not 
145

made available through the “Public Side Information” portion of the Platform and that may contain 

material non-public information with respect to the Borrower, its Restricted Subsidiaries or any of 

their respective securities for purposes of United States Federal or state securities laws.

THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. NEITHER THE 

ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE 

ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY 

OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR 

OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, 

IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, 

FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY 

RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE 

ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH 

THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE 

ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY 

TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF 

ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY, ARISING OUT OF ANY 

LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF 

COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE 

LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL NON-APPEALABLE RULING 

BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH 

PERSON’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR BAD FAITH, IN EACH 

CASE, AS DETERMINED BY THE FINAL NON-APPEALABLE JUDGMENT OF A COURT 

OF COMPETENT JURISDICTION AND SHALL HAVE NO LIABILITY TO ANY LOAN 

PARTY, ANY LENDER OR ANY OTHER PERSON FOR DIRECT OR INDIRECT, SPECIAL, 

INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN 

TORT, CONTRACT OR OTHERWISE).

The Administrative Agent agrees that the receipt of the Communications by the 

Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the 

Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender 

agrees that receipt of notice to it (as provided in the next sentence) specifying that the 

Communications have been posted to the Platform shall constitute effective delivery of the 

Communications to such Lender for purposes of the Loan Documents. Each Lender agrees to 

notify the Administrative Agent in writing (including by electronic communication) from time to 

time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic 

transmission and that the foregoing notice may be sent to such e-mail address.

Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give 

any notice or other communication pursuant to any Loan Document in any other manner specified 

in such Loan Document.

Section 10.02. Survival of Agreement. All covenants, agreements, representations and 

warranties made by the Borrower herein and in the certificates or other instruments prepared or 

delivered in connection with or pursuant to this Agreement or any other Loan Document shall be 

considered to have been relied upon by the Lenders and shall survive the making by the Lenders 

of the Loans, regardless of any investigation made by the Lenders or on their behalf or that any 
146

Agent or Lender may have had notice of any Default or Event of Default at the time of any Credit 

Extension, and shall continue in full force and effect as long as the principal of or any accrued 

interest on any Loan or any Fee or any other amount payable under this Agreement or any other 

Loan Document is outstanding and unpaid and so long as the Commitments have not been 

terminated. The provisions of Sections 3.01, 3.03, 3.04 and 10.05 shall remain operative and in 

full force and effect regardless of the expiration of the term of this Agreement, the consummation 

of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the 

Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any 

other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the 

Collateral Agent or any Lender.

Section 10.03. Binding Effect. This Agreement shall become effective when it shall have 

been executed and delivered by the Borrower, each other Loan Party party hereto on the Effective 

Date, the Collateral Agent and the Administrative Agent and when the Administrative Agent shall 

have received counterparts hereof which, when taken together, bear the signatures of each of the 

other parties hereto.

Section 10.04. Successors and Assigns.

(a) Whenever in this Agreement any of the parties hereto is referred to, such reference 

shall be deemed to include the permitted successors and assigns of such party; and all covenants, 

promises and agreements by or on behalf of the Borrower, the Administrative Agent, the Collateral 

Agent or the Lenders that are contained in this Agreement shall bind and inure to the benefit of 

their respective permitted successors and assigns.

(b) Each Lender may assign to one or more Eligible Assignees all or a portion of its 

interests, rights and obligations under this Agreement (including all or a portion of the Loans at 

the time owing to it), with the prior written consent of the Administrative Agent (not to be 

unreasonably withheld, conditioned or delayed); provided, however, that (i) if the approval of the 

Borrower is required for any such assignment pursuant to the definition of “Eligible Assignee”, 

then the Borrower must also give its prior written consent to such assignment (which consent shall 

not be unreasonably withheld, conditioned or delayed), and the Borrower shall be deemed to have 

consented to any such assignment unless it shall have objected thereto by written notice to the 

Administrative Agent within three (3) Business Days after the Borrower having received written 

notice thereof, (ii) the amount of the Commitment or Loans of the assigning Lender subject to each 

such assignment (determined as of the date the Assignment and Acceptance with respect to such 

assignment is delivered to the Administrative Agent) shall be in an integral multiple of, and not 

less than, $1,000,000 (or, if less, the entire remaining amount of such Lender’s Commitment or 

Loans of the relevant Class) unless the Administrative Agent otherwise agrees; provided that 

simultaneous assignments by two or more Related Funds shall be combined for purposes of 

determining whether the minimum assignment requirement is met, (iii) the parties to each 

assignment shall (A) execute and deliver to the Administrative Agent an Assignment and 

Acceptance via an electronic settlement system acceptable to the Administrative Agent or (B) if 

previously agreed with the Administrative Agent, manually execute and deliver to the 

Administrative Agent an Assignment and Acceptance, and, in each case, shall pay to the 

Administrative Agent a processing and recordation fee of $3,500; provided that (x) simultaneous 

assignments by two or more Related Funds shall require the payment of a single processing and 
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recordation fee of $3,500 and (y) such processing and recordation fee may be waived or reduced 

in the sole discretion of the Administrative Agent and (iv) the assignee, if it shall not be a Lender, 

shall deliver to the Administrative Agent an Administrative Questionnaire (in which the assignee 

shall designate one or more credit contacts to whom all Lender-level information (which may 

contain material non-public information about the Loan Parties and their Related Parties or their 

respective securities) will be made available and who may receive such information in accordance 

with the assignee’s compliance procedures and applicable Laws, including Federal and state 

securities laws), all documentation and other information reasonably determined by the 

Administrative Agent or the Collateral Agent to be required by applicable regulatory authorities 

under applicable “know your customer” and anti-money laundering rules and regulations, 

including the USA PATRIOT Act, and all applicable tax forms (including such documentation 

required under Section 3.01(d)). Upon acceptance and recording pursuant to paragraph (e) of this 

Section 10.04, from and after the effective date specified in each Assignment and Acceptance, (A) 

the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such 

Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement 

and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such 

Assignment and Acceptance, be released from its obligations under this Agreement (and, in the 

case of an Assignment and Acceptance covering all or the remaining portion of an assigning 

Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto 

but shall continue to be entitled to the benefits of Sections 3.01, 3.03, 3.04 and 10.05). Upon 

request and the surrender by the assigning Lender of its Term Note (if any), the Borrower (at its 

expense) shall execute and deliver a Term Note to the assignee Lender.

(c) By executing and delivering an Assignment and Acceptance, the assigning Lender 

thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other 

and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and 

beneficial owner of the interest being assigned thereby free and clear of any adverse claim and the 

outstanding balances of its Term Loans without giving effect to assignments thereof which have 

not become effective, are as set forth in such Assignment and Acceptance; (ii) except as set forth 

in (i) above, such assigning Lender makes no representation or warranty and assumes no 

responsibility with respect to any statements, warranties or representations made in or in 

connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, 

sufficiency or value of this Agreement, any other Loan Document or any other instrument or 

document furnished pursuant hereto, or the financial condition of the Borrower or any Subsidiary 

or the performance or observance by the Borrower or any Subsidiary of any of its obligations under 

this Agreement, any other Loan Document or any other instrument or document furnished pursuant 

hereto; (iii) such assignee represents and warrants that it is an Eligible Assignee legally authorized 

to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has received a 

copy of this Agreement and the other Loan Documents, together with copies of the most recent 

financial statements referred to in Section 5.05 or delivered pursuant to Section 6.01 and such other 

documents and information as it has deemed appropriate to make its own credit analysis and 

decision to enter into such Assignment and Acceptance; (v) such assignee will independently and 

without reliance upon the Administrative Agent, the Collateral Agent, such assigning Lender or 

any other Lender and based on such documents and information as it shall deem appropriate at the 

time, continue to make its own credit decisions in taking or not taking action under this Agreement; 

(vi) such assignee appoints and authorizes the Administrative Agent and the Collateral Agent to 

take such action as agent on its behalf and to exercise such powers under this Agreement and the 
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other Loan Documents as are delegated to the Administrative Agent and the Collateral Agent, 

respectively, by the terms hereof or thereof, together with such powers as are reasonably incidental 

or related thereto; and (vii) such assignee agrees that it will perform in accordance with their terms 

all the obligations which by the terms of this Agreement are required to be performed by it as a 

Lender.

(d) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the 

Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered 

to it and a register for the recordation of the names and addresses of the Lenders, and the 

Commitment of, and principal amount of and the interest on the Loans owing to, each Lender 

pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall 

be conclusive absent manifest error and the Borrower, the Administrative Agent, the Collateral 

Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to 

the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice 

to the contrary. The Register shall be available for inspection by the Borrower, the Collateral 

Agent and, as to entries pertaining to it, any Lender, at any reasonable time and from time to time 

upon reasonable prior written notice. Upon reasonable request by a Lender, the Administrative 

Agent shall make available to such Lender a schedule of Disqualified Lenders, to the extent the 

Borrower has provided such a schedule to the Administrative Agent. This Section 10.04(d) shall 

be construed so that all Loans are at all times maintained in “registered form” within the meaning 

of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or 

any other relevant or successor provisions of the Code or of such Treasury regulations).

(e) Upon its receipt of, and consent to, a duly completed Assignment and Acceptance 

executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in 

respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing 

and recordation fee referred to in paragraph (b) above, if applicable, and the written consent of the 

Administrative Agent and, if required, the Borrower, to such assignment, and “know your 

customer” information requested by the Administrative Agent and the Collateral Agent, and any 

applicable tax forms (including such documentation required under Section 3.01(d)), the 

Administrative Agent shall promptly (i) accept such Assignment and Acceptance and (ii) record 

the information contained therein in the Register. No assignment shall be effective unless it has 

been recorded in the Register as provided in this paragraph (e).

(f) Each Lender may without the consent of the Borrower or the Administrative Agent 

sell participations to one or more banks or other Persons (other than Disqualified Lenders) in all 

or a portion of its rights and obligations under this Agreement (including all or a portion of its 

Commitment and the Loans owing to it); provided, however, that (i) such Lender’s obligations 

under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to 

the other parties hereto for the performance of such obligations, (iii) the participating banks or 

other Persons shall be entitled to the benefit of the cost protection provisions contained in Sections 

3.01, 3.03 and 3.04 (subject to the requirements and limitations therein, including the requirements 

under Section 3.01(d) (it being understood that the documentation required under Section 3.01(d)

shall be delivered to the participating Lender)) to the same extent as if they were Lenders (but with 

respect to any particular participant, to no greater extent than the Lender that sold the participation 

to such participant and only if such participant has complied with the requirements of such 

provisions as if it were a Lender) and (iv) the Borrower, the Administrative Agent, the Collateral 
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Agent and the Lenders shall continue to deal solely and directly with such Lender in connection 

with such Lender’s rights and obligations under this Agreement, and such Lender shall retain the 

sole right to enforce the obligations of the Borrower relating to the Loans and to approve any 

amendment, modification or waiver of (or consent under) any provision of this Agreement or any 

other Loan Document (provided that the agreement or instrument pursuant to which such Lender 

has sold a participation may provide that such Lender shall not agree to the following amendments 

without the consent of such participating bank or Person hereunder: amendments, modifications 

or waivers decreasing any fees payable to such participating bank or Person hereunder or the 

amount of principal of or the rate at which interest is payable on the Loans in which such 

participating bank has an interest; extending any scheduled principal payment date or scheduled 

date fixed for the payment of interest on the Loans in which such participating bank or Person has 

an interest; increasing or extending the Commitments in which such participating bank or Person 

has an interest; releasing all or substantially all of the Guarantors (other than in connection with 

the sale of any such Guarantor in a transaction permitted by Section 7.05) releasing all or 

substantially all of the Collateral or the Term Priority Collateral or reductions in the voting 

thresholds; or modifying the pro rata requirements of Section 2.13(b), Section 2.13(c) or Section 

2.14, in each case, which directly and adversely affects such participants; provided, further, that, 

notwithstanding the foregoing, only the consent of the Required Lenders shall be required in 

respect of any amendment, modification or waiver of (i) the payment of default interest, (ii) the 

occurrence of a default or an Event of Default, (iii) the mandatory prepayment requirements of 

Section 2.13 or (iv) the payment or receipt of the fee or premium pursuant to Section 2.12(d)). To 

the extent permitted by law, each participating bank or other Person also shall be entitled to the 

benefits of Section 10.06 as though it were a Lender, provided such participating bank or other 

Person agrees to be subject to Section 2.15 as though it were a Lender. Each Lender that sells a 

participation or exercises its option under section 10.04(i) with respect to an SPV shall, acting 

solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it 

enters the name and address of each participant and SPV (other than any SPV that is treated as a 

disregarded entity of the Granting Lender for U.S. federal income tax purposes) and the principal 

amounts (and interest thereon) of each participant’s interest in the Loans or other Obligations under 

this Agreement (the “Participant Register”); provided that no Lender shall have any obligation 

to disclose all or any portion of the Participant Register (including the identity of any Participant 

or SPV or any information relating to a Participant’s or a SPV’s interest in any commitments, 

loans, letters of credit or its other obligations under any Loan Document) to any Person except to 

the extent that such disclosure is necessary in connection with a Tax audit or other proceeding to 

establish that such commitment, loan, letter of credit or other obligation is in registered form under 

United States Treasury Regulations Section 5f.103-1(c) and proposed United States Treasury 

Regulations Section 1.163-5(b) (or any amended or successor version). The entries in the 

Participant Register shall be conclusive absent manifest error, and the Borrower, the Lenders and 

each Agent shall treat each Person whose name is recorded in the Participant Register as the owner 

of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.

(g) Any Lender or participant may, in connection with any assignment or participation 

or proposed assignment or participation pursuant to this Section 10.04, disclose to the assignee or 

participant or proposed assignee or participant any information relating to the Borrower furnished 

to such Lender by or on behalf of the Borrower; provided that (except during the arrangement by 

the Required Lenders when customary confidentiality arrangements shall apply), prior to any such 

disclosure of Information, each such assignee or participant or proposed assignee or participant 
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shall execute an agreement whereby such assignee or participant shall agree to preserve the 

confidentiality of such confidential information on terms no less restrictive in any material respect 

than those applicable to the Lenders pursuant to Section 10.16 for the benefit of (and enforceable 

by) the Borrower.

(h) Any Lender may at any time assign all or any portion of its rights under this 

Agreement to secure extensions of credit to such Lender or in support of obligations owed by such 

Lender; provided that no such assignment shall release a Lender from any of its obligations 

hereunder or substitute any such assignee for such Lender as a party hereto.

(i) Notwithstanding anything to the contrary contained herein, any Lender (a 

“Granting Lender”) may grant to a special purpose funding vehicle (an “SPV”), identified as 

such in writing from time to time by the Granting Lender to the Administrative Agent and the 

Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting 

Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement;

provided that (i) nothing herein shall constitute a commitment by any SPV to make any Loan, (ii) 

if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such 

Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof, and 

(iii) the Granting Lender shall for all purposes remain the Lender hereunder. The making of a 

Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, 

and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no 

SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all 

liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each 

party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, 

prior to the date that is one year and one day after the payment in full of all outstanding commercial 

paper or other senior indebtedness of any SPV, it will not institute against, or join any other Person 

in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or 

liquidation proceedings under the laws of the United States or any State thereof. In addition, 

notwithstanding anything to the contrary contained in this Section 10.04, any SPV may (i) with 

notice to, but without the prior written consent of, the Borrower and the Administrative Agent and 

without paying any processing fee therefor, assign all or a portion of its interests in any Loans to 

the Granting Lender or to any financial institutions (consented to by the Borrower and 

Administrative Agent) providing liquidity and/or credit support to or for the account of such SPV 

to support the funding or maintenance of Loans, and (ii) disclose on a confidential basis any nonpublic information relating to its Loans to any rating agency, commercial paper dealer or provider 

of any surety, guarantee or credit or liquidity enhancement to such SPV.

(j) The Borrower (except as expressly permitted by clause (ii) of Section 7.04(d)) shall 

not assign or delegate any of its rights or duties hereunder without the prior written consent of the 

Administrative Agent and each Lender, and any attempted assignment without such consent shall 

be null and void.

Section 10.05. Expenses; Indemnity.

(a) The Borrower agrees (i) promptly following (and in any event within thirty (30) 

days of) written demand (including documentation reasonably supporting such request) therefor, 

to pay or reimburse the Administrative Agent, the Collateral Agent and the Lenders for all 
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reasonable and documented out-of-pocket costs and expenses incurred in connection with the 

preparation, negotiation and execution of this Agreement and the other Loan Documents, and any 

amendment, waiver, consent or other modification of the provisions hereof and thereof (whether 

or not the transactions contemplated thereby are consummated), and the consummation and 

administration of the transactions contemplated hereby and thereby (including Attorney Costs 

which shall be limited to Attorney Costs of one counsel to the Agents, and one counsel to the 

Lenders (and one local counsel in each applicable jurisdiction for each group and, in the event of 

any actual or reasonably perceived conflict of interest, one additional counsel of each type to 

similarly situated parties)) and (ii) from and after the Effective Date, promptly following (and in 

any event within thirty (30) days of) written demand (including documentation reasonably 

supporting such request) therefor, to pay or reimburse the Administrative Agent and the Collateral 

Agent and each Lender promptly following written demand for all reasonable and documented 

out-of-pocket costs and expenses incurred in connection with the enforcement (whether through 

negotiations, legal proceedings or otherwise) of any rights or remedies under this Agreement or 

the other Loan Documents (including all such out-of-pocket costs and expenses incurred during 

any legal proceeding, including any proceeding under any Debtor Relief Law, and including all 

respective Attorney Costs which shall be limited to Attorney Costs of one counsel to the Agents 

and one counsel to the Lenders (and one local counsel in each applicable jurisdiction for each 

group and, in the event of any actual or reasonably perceived conflict of interest, one additional 

counsel of each type to similarly situated parties)). To the extent otherwise reimbursable by the 

foregoing sentence of this section, the foregoing costs and expenses shall include all reasonable 

search, filing, recording, title insurance, survey, environmental, property condition report and 

zoning report charges and fees related thereto, and other reasonable and documented out of pocket 

expenses incurred by any Agent. The foregoing costs and expenses shall also include all mortgage 

recording, recording and filing fees charged by governmental authorities to record and/or file 

Collateral Documents.

(b) Whether or not the transactions contemplated hereby are consummated, the Loan 

Parties shall, jointly and severally, indemnify and hold harmless the Administrative Agent, the 

Collateral Agent and their respective Affiliates, successors and permitted assigns (or the directors, 

officers, employees, agents, advisors and members of each of the foregoing) (each an “Agent 

Indemnitee” and collectively, the “Agent Indemnitees”) and each Lender and their respective 

Affiliates, successors and permitted assigns (or the directors, officers, employees, agents, advisors 

and members of each of the foregoing) (each a “Lender Indemnitee” and collectively, the 

“Lender Indemnitees”; together with, the Agent Indemnitees, collectively the “Indemnitees”) 

from and against any and all actual losses, damages, claims, liabilities and reasonable documented 

out-of-pocket costs and expenses (including Attorney Costs which shall be limited to Attorney 

Costs of one outside counsel for the Agent Indemnitees and Attorney Costs of one outside counsel 

for the Lender Indemnitees (and, if necessary, one local counsel in each applicable jurisdiction 

and, in the event of any actual or reasonably perceived conflict of interest, one additional counsel 

in each jurisdiction for each type of similarly situated affected Indemnitees)) of any kind or nature 

whatsoever which may at any time be imposed on, incurred by or asserted against any Agent 

Indemnitee or Lender Indemnitee in any way relating to or arising out of or in connection with (i) 

the execution, delivery, enforcement, performance or administration of any Loan Document or any 

other agreement, letter or instrument delivered in connection with the transactions contemplated 

thereby or the consummation of the Transactions or the other transactions contemplated thereby, 

(ii) any Commitment or Loan or the use or proposed use of the proceeds therefrom, (iii) any actual 
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or alleged presence or Release of Hazardous Materials at, on, under or from any property, vehicle 

or facility currently or formerly owned, leased or operated by the Loan Parties or any Subsidiary, 

or any other Environmental Liability related in any way to any Loan Parties or any Subsidiary, or 

(iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the 

foregoing, whether based on contract, tort or any other theory (including any investigation of, 

preparation for, or defense of any pending or threatened claim, investigation, litigation or 

proceeding) and regardless of whether any Agent Indemnitee or Lender Indemnitee is a party 

thereto and regardless of whether such matter is initiated by a third party or by the Borrower or 

any of its Affiliates or equityholders in all cases, whether or not caused by or arising, in whole or 

in part, out of the negligence of any such Agent Indemnitee or Lender Indemnitee; provided that, 

notwithstanding the foregoing, such indemnity shall not, as to any Indemnitee, be available to the 

extent that such losses, damages, claims, liabilities and expenses resulted from (x) the gross 

negligence, bad faith or willful misconduct of such Indemnitee, as determined by the final nonappealable judgment of a court of competent jurisdiction or (y) any dispute solely among the 

Indemnitees other than (1) any claim against an Indemnitee in its capacity or in fulfilling its role 

as Administrative Agent, Collateral Agent or similar role and (2) any claim arising out of any act 

or omission of the Borrower or any of its Affiliates, as determined by the final non-appealable 

judgment of a court of competent jurisdiction. No Indemnitee or any other party hereto shall be 

liable for any damages arising from the use by others of any information or other materials obtained 

through IntraLinks or other similar information transmission systems in connection with this 

Agreement except to the extent that such damages resulted from the (A) gross negligence, bad 

faith or willful misconduct of such Indemnitee or of any affiliate, director, officer, employee, 

counsel, agent or attorney-in-fact of such Indemnitee, as determined by the final non-appealable 

judgment of a court of competent jurisdiction or (B) the material breach by such Indemnitee of its 

or of any affiliate, director, officer, employee, counsel, agent or attorney-in-fact of such 

Indemnitee’s obligations under the Loan Documents, as determined by the final non-appealable 

judgment of a court of competent jurisdiction. In the case of a claim, investigation, litigation or 

other proceeding to which the indemnity in this Section 10.05 applies, such indemnity shall be 

effective whether or not such claim, investigation, litigation or proceeding is brought by any Loan 

Party, any Subsidiary of any Loan Party, any Loan Party’s directors, stockholders or creditors or 

other Affiliates or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise 

a party thereto and whether or not any of the transactions contemplated hereunder or under any of 

the other Loan Documents are consummated. For the avoidance of doubt, this paragraph shall not 

apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising 

from any non-Tax claim. 

(c) Each Lender (other than Treasury) shall indemnify and hold harmless the Agent 

Indemnitees (to the extent not indefeasibly and timely indemnified by or on behalf of the Borrower 

and without limiting the obligation of the Borrower to do so), based on and to the extent of such 

Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or 

indemnity payment is sought), from and against any and all losses, claims, damages, liabilities and 

related expenses (including reasonable and documented or invoiced out-of-pocket fees and 

expenses of a primary counsel for the Agent Indemnitees, taken as a whole (and, if necessary, one 

local counsel in each applicable jurisdiction) and, in the event of any actual or reasonably perceived 

conflict of interest, one additional counsel in each jurisdiction for the conflicted Agent 

Indemnitees, and excluding any allocated costs of in-house legal counsel and any other third parties 

and consultants) of any kind or nature whatsoever which may at any time be imposed on, incurred 
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by or asserted against any Agent Indemnitee in any way relating to or arising out of or in 

connection with this Agreement or any other Loan Document or any action taken or omitted to be 

taken by any Agent Indemnitee (solely to the extent, in each case, that the Borrower is required to 

so indemnify and hold harmless the Administrative Agent Indemnitees pursuant to (and subject to 

the limitations of) this Section 10.05). Without limiting the foregoing, each Lender (other than 

Treasury) shall promptly following written demand therefor, pay or reimburse the Administrative 

Agent based on and to the extent of such Lender’s pro rata share of all reasonable and documented 

out-of-pocket costs and expenses incurred in connection with the enforcement (whether through 

negotiations, legal proceedings or otherwise) of any rights or remedies under this Agreement or 

the other Loan Documents including all such out-of-pocket costs and expenses incurred during 

any legal proceeding, including any proceeding under any Debtor Relief Law, and including all 

respective fees, charges and disbursements of a primary counsel and local counsel for the Agent 

Indemnitees, to the extent that the Agent Indemnitees are not timely reimbursed for such expenses 

by or on behalf of the Borrower. For purposes hereof, a Lender’s “pro rata share” shall be 

determined based upon its share of the outstanding Loans and unused Commitments at such time 

(or, if such indemnity payment is sought after the date on which the Loans have been paid in full 

and the Commitments are terminated, in accordance with such Lender’s pro rata share immediately 

prior to the date on which the Loans are paid in full and the Commitments are terminated). Each 

Lender (other than Treasury) hereby authorizes the Administrative Agent to set off and apply any 

and all amounts at any time owing to such Lender under any Loan Document or otherwise payable 

by the Administrative Agent to such Lender from any source against any amount due to the 

Administrative Agent under this paragraph (c).

(d) To the extent permitted by applicable Law, (i) no Loan Party shall assert, and each 

hereby waives, any claim against any Indemnitee and (ii) no Indemnitee shall assert, and each 

hereby waives, any claim against any Loan Party, on any theory of liability, for special, indirect, 

consequential or punitive damages (as opposed to direct or actual damages) arising out of, in 

connection with, or as a result of, this Agreement, any other Loan Document or any agreement or 

instrument contemplated hereby or thereby, the Transactions or any Loan or the use of the proceeds 

thereof (whether before or after the Effective Date); provided that the foregoing shall in no event 

limit the Borrower’s indemnification obligations under clause (b) above.

(e) The provisions of this Section 10.05 shall remain operative and in full force and 

effect regardless of the expiration of the term of this Agreement, the consummation of the 

transactions contemplated hereby, the repayment of any of the Loans, the expiration of the 

Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any 

other Loan Document, any investigation made by or on behalf of the Administrative Agent, the 

Collateral Agent or any Lender or the resignation or removal of any Agent. All amounts due under 

this Section 10.05 shall be payable within 30 days after written demand therefor (including 

documentation reasonably supporting such request).

Section 10.06. Right of Setoff. In addition to any rights and remedies of the Lenders 

provided by Law, upon the occurrence and during the continuance of any Event of Default, each 

Lender and its Affiliates (and the Agents, in respect of any unpaid fees, costs, expenses, 

indemnities and other amounts payable hereunder) is authorized at any time and from time to time 

(with the prior consent of the Administrative Agent), without prior notice to any Loan Party, any 

such notice being waived by each Loan Party (on its own behalf and on behalf of each of its 
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Subsidiaries), to the fullest extent permitted by applicable Law, to set off and apply any and all 

deposits (general or special, time or demand, provisional or final) (other than payroll accounts, 

trust accounts, escrow accounts, employee benefits accounts or petty cash accounts) at any time 

held by, and other indebtedness at any time owing by, such Lender and its Affiliates or the 

Administrative Agent or Collateral Agent to or for the credit or the account of the respective Loan 

Parties against any and all matured Obligations owing to such Lender and its Affiliates or the 

Administrative Agent or the Collateral Agent hereunder or under any other Loan Document, now 

or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate shall 

have made demand under this Agreement or any other Loan Document and although such 

Obligations may be denominated in a currency different from that of the applicable deposit or 

Indebtedness. Each Lender agrees promptly to notify the Borrower and the Administrative Agent 

after any such set off and application made by such Lender; provided, that the failure to give such 

notice shall not affect the validity of such setoff and application. The rights of the Administrative 

Agent, the Collateral Agent and each Lender under this Section 10.06 are in addition to other rights 

and remedies (including other rights of setoff) that the Administrative Agent, the Collateral Agent 

and such Lender may have at Law.

Section 10.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN 

DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN 

DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY 

THE FEDERAL LAW OF THE UNITED STATES. INSOFAR AS THERE MAY BE NO 

APPLICABLE FEDERAL LAW, THIS AGREEMENT AND THE OTHER LOAN 

DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN 

DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY 

THE LAWS OF THE STATE OF NEW YORK.

Section 10.08. Waivers; Amendment.

(a) No failure or delay of the Administrative Agent, the Collateral Agent or any Lender 

in exercising any power or right hereunder or under any other Loan Document shall operate as a 

waiver thereof, nor shall any single or partial exercise of any such right or power, or any 

abandonment or discontinuance of steps to enforce such a right or power, preclude any other or 

further exercise thereof or the exercise of any other right or power. The rights and remedies of the 

Administrative Agent, the Collateral Agent and the Lenders hereunder and under the other Loan 

Documents are cumulative and are not exclusive of any rights or remedies that they would 

otherwise have. No waiver of any provision of this Agreement or any other Loan Document or 

consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be 

effective unless the same shall be permitted by paragraph (b) below, and then such waiver or 

consent shall be effective only in the specific instance and for the purpose for which given. No 

notice or demand on the Borrower in any case shall entitle the Borrower to any other or further 

notice or demand in similar or other circumstances.

(b) Except as provided in Section 2.18, with respect to any Refinancing Amendment, 

in Section 2.19 with respect to an Extension Offer or as otherwise provided herein or in a Loan 

Document, neither this Agreement nor any other Loan Document nor any provision hereof or 

thereof may be waived, amended or modified except (x) in the case of this Agreement, pursuant 

to an agreement or agreements in writing entered into by the Borrower and the Required Lenders 
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and (y) in the case of any other Loan Document, pursuant to an agreement or agreements in writing 

entered into by each party thereto with the consent of the Required Lenders (provided, that 

amendments to the ABL Intercreditor Agreement or any Junior Lien Intercreditor Agreement shall 

require the agreement of the Loan Parties (or any of them) only to the extent required pursuant to 

the terms thereof); provided, however, that no such agreement shall (i) decrease the principal 

amount of, or extend the maturity of or any scheduled principal payment date or date for the 

payment of any fee or any interest on any Loan, or waive or excuse any such payment or any part 

thereof (other than with respect to any default interest), or decrease the amount of any fee or the 

rate of interest on any Loan (other than with respect to any default interest), without the prior 

written consent of each Lender directly and adversely affected thereby (it being understood that 

(x) the waiver of (or amendment to the terms of) any mandatory prepayment of the Loans shall not 

constitute a postponement of any date scheduled for the payment of principal or interest, (y) any 

change to the definition of “Consolidated EBITDA” or in the component definitions thereof shall 

not constitute a reduction or forgiveness in any rate of interest pursuant to this clause (i), (ii) 

increase or extend the Commitment of any Lender without the prior written consent of such Lender 

(it being understood that a waiver of any condition precedent or of any Default or Event of Default, 

mandatory prepayment or mandatory reduction of the Commitments shall not constitute an 

extension or increase of any Commitment of any Lender), (iii) amend or modify the pro rata 

requirements of Section 2.13(b), Section 2.13(c) or Section 2.14, the provisions of Section 10.04(j)

or the provisions of this Section or release all or substantially all of the Guarantors (other than in 

connection with the sale of such Guarantors in a transaction permitted by Sections 7.04 or 7.05) 

or all or substantially all of the Collateral (other than as permitted hereby), without the prior written 

consent of each Lender directly and adversely affected thereby (or, in the case of Section 10.04(j), 

each Lender), (iv) change the provisions of any Loan Document in a manner that by its terms 

materially and adversely affects the rights of Lenders holding Loans of one Class differently from 

the rights of Lenders holding Loans of any other Class without the prior written consent of the 

Required Class Lenders with respect to each materially and adversely affected Class, (v) modify 

the protections afforded to an SPV pursuant to the provisions of Section 10.04(i) without the 

written consent of such SPV (vi) reduce the percentage contained in the definition of the term 

“Required Lenders” without the prior written consent of each Lender (it being understood that, 

with the consent of the Required Lenders (if such consent is otherwise required), additional 

extensions of credit pursuant to this Agreement may be included in the determination of the 

Required Lenders on substantially the same basis as the Term Loan Commitments on the Effective 

Date) or (vii) modify the definition of “Required Class Lenders” without the consent of the 

Required Class Lenders with respect to each Class of Loans or Commitments; provided further

that (w) no Lender consent is required to effect a Refinancing Amendment or an Extension (except 

as expressly provided in 2.18 or 2.19, as applicable) or to effect any amendment expressly 

contemplated by Section 7.12, (x) [reserved], (y) modifications to Section 2.14, 2.15 or any other 

provision requiring pro rata payments or sharing of payments in connection with (I) [reserved], 

(II) [reserved] or (III) any Extension, shall only require approval (to the extent any such approval 

is otherwise required) of the Lenders participating and (z) no Lender consent other than the consent 

of the Required Lenders is required to effect any amendment or supplement to the ABL 

Intercreditor Agreement or any Junior Lien Intercreditor Agreement (I) that the Administrative 

Agent is otherwise authorized to enter into with only the consent of the Required Lenders by 

Section 10.23, (II) that is for the purpose of adding the holders of Permitted Junior Priority 

Additional Debt, (or a Junior Representative with respect thereto) as parties thereto, as expressly 
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contemplated by the Junior Lien Intercreditor Agreement (it being understood that any such 

amendment or supplement may make such other changes to the applicable intercreditor agreement 

as, in the good faith determination of the Administrative Agent, are required to effectuate the 

foregoing and provided, that such other changes are not adverse, in any material respect, to the 

interests of the Lenders) or (III) that is expressly contemplated by Section 5.2(c) or the second 

paragraph of Section 7.4 of the ABL Intercreditor Agreement (or the comparable provisions, if 

any, of any Junior Lien Intercreditor Agreement); provided further that no such agreement shall 

amend, modify or otherwise adversely affect the rights or duties of the Administrative Agent or 

the Collateral Agent hereunder or under any other Loan Document without the prior written 

consent of the Required Lenders, Administrative Agent or the Collateral Agent, as applicable.

Notwithstanding any other language to the contrary contained herein, with respect to any 

amendment, waiver or modification to which the Administrative Agent’s consent is not required, 

the parties agree to deliver to the Administrative Agent and the Collateral Agent a copy of each 

such amendment, waiver or modification; provided that, (i) no party shall be liable for its failure 

to comply with this sentence and (ii) each of the Administrative Agent and the Collateral Agent

shall not be bound by any such amendment unless and until it has received a copy thereof.

(c) Notwithstanding the foregoing, this Agreement and any other Loan Document may 

be amended solely with the consent of the Administrative Agent, the Required Lenders and the 

Borrower without the need to obtain the consent of any other Lender if such amendment is 

delivered in order to if such amendment is delivered in order to correct or cure (x) ambiguities, 

errors, omissions, defects, (y) to effect administrative changes of a technical or immaterial nature 

or (z) incorrect cross references or similar inaccuracies in this Agreement or the applicable Loan 

Document. This Agreement, guarantees, collateral documents, security documents, intercreditor 

agreements, and related documents executed in connection with this Agreement may be in a form 

reasonably determined by the Administrative Agent or Collateral Agent, as applicable, and may 

be amended, modified, terminated or waived, and consent to any departure therefrom may be 

given, without the consent of any Lender if such amendment, modification, waiver or consent is 

given in order to (x) comply with local law or advice of counsel or (y) cause such guarantee, 

collateral document, security document or related document to be consistent with this Agreement 

and the other Loan Documents. The Borrower, the Required Lenders and the Administrative 

Agent may, without the consent of any other Lender, effect amendments to this Agreement and 

the other Loan Documents as may be necessary in the reasonable opinion of the Borrower, the 

Required Lenders and the Administrative Agent to effect the provisions of Section 2.05, Section 

2.17, Section 2.18 and Section 2.19. Notwithstanding anything to the contrary contained herein, 

such amendment shall become effective without any further consent of any other party to such 

Loan Document.

Section 10.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, 

if at any time the interest rate applicable to any Loan, together with all fees, charges and other 

amounts which are treated as interest on such Loan under applicable Law (collectively the 

“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be 

contracted for, charged, taken, received or reserved by the Lender holding such Loan or 

participation in accordance with applicable Law, the rate of interest payable in respect of such 

Loan or participation hereunder, together with all Charges payable in respect thereof, shall be 

limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have 
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been payable in respect of such Loan or participation but were not payable as a result of the 

operation of this Section 10.09 shall be cumulated and the interest and Charges payable to such 

Lender in respect of other Loans or participations or periods shall be increased (but not above the 

Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal 

Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Section 10.10. Entire Agreement. This Agreement and the other Loan Documents 

constitute the entire contract between the parties relative to the subject matter hereof. Any other 

previous agreement among the parties with respect to the subject matter hereof is superseded by 

this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan 

Documents, expressed or implied, is intended to confer upon any Person (other than the parties 

hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent 

expressly contemplated hereby, the Related Parties of each of the Required Lenders, 

Administrative Agent, the Collateral Agent and the Lenders) any rights, remedies, obligations or 

liabilities under or by reason of this Agreement or the other Loan Documents.

Section 10.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 

WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT 

IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR 

INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT 

OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES 

THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS 

REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD 

NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER 

AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN 

INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, 

AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND 

CERTIFICATIONS IN THIS SECTION 10.11.

Section 10.12. Severability. In the event any one or more of the provisions contained in 

this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in 

any respect, the validity, legality and enforceability of the remaining provisions contained herein 

and therein shall not in any way be affected or impaired thereby (it being understood that the 

invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the 

validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith 

negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the 

economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable 

provisions.

Section 10.13. Counterparts; Electronic Signatures. This Agreement may be executed in 

counterparts (and by different parties hereto on different counterparts), each of which shall 

constitute an original but all of which when taken together shall constitute a single contract, and 

shall become effective as provided in Section 10.03. Delivery of an executed signature page to 

this Agreement by facsimile or other electronic imaging transmission shall be as effective as 

delivery of a manually signed counterpart of this Agreement. For all purposes of this Agreement 

and any document to be signed or delivered in connection with or pursuant to this Agreement, the 

words "execution," "signed," "signature," "delivery," and words of like import shall be deemed to 
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include electronic signatures, deliveries or the keeping of records in electronic form, as the case 

may be, each of which shall be of the same legal effect, validity or enforceability as a manually 

executed signature, physical delivery or the use of a paper-based recordkeeping system, as the case 

may be.

Section 10.14. Headings. Article and Section headings and the Table of Contents used 

herein are for convenience of reference only, are not part of this Agreement and are not to affect 

the construction of, or to be taken into consideration in interpreting, this Agreement.

Section 10.15. Jurisdiction; Consent to Service of Process.

(a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself 

and its property, to the exclusive jurisdiction of the United States District Court for the District of 

Columbia or the United States Court of Federal Claims, and any appellate court from any thereof, 

in any action or proceeding arising out of or relating to this Agreement or the other Loan 

Documents, or for recognition or enforcement of any judgment, and each of the parties hereto 

hereby irrevocably and unconditionally agrees that all claims in respect of any such action or 

proceeding shall be heard and determined in such Federal court. Each of the parties hereto agrees 

that a final judgment in any such action or proceeding shall be conclusive and may be enforced in 

other jurisdictions by suit on the judgment or in any other manner provided by law.

(b) Each of the parties hereto hereby irrevocably and unconditionally waives, to the 

fullest extent it may legally and effectively do so, any objection which it may now or hereafter 

have to the laying of venue of any suit, action or proceeding arising out of or relating to this 

Agreement or the other Loan Documents in any such Federal court. Each of the parties hereto 

hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient 

forum to the maintenance of such action or proceeding in any such court.

(c) Each party to this Agreement irrevocably consents to service of process in the 

manner provided for notices in Section 10.01. Nothing in this Agreement will affect the right of 

any party to this Agreement to serve process in any other manner permitted by law.

Section 10.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent 

and the Lenders agrees to maintain the confidentiality of the Information (as defined below), 

except that Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees 

and agents, including accountants, financing sources, legal counsel and other advisors involved in 

the Transaction on a “need to know” basis (it being understood that the Persons to whom such 

disclosure is made will be informed of the confidential nature of such Information and instructed 

to keep such Information confidential), (b) to the extent requested by any regulatory authority or 

quasi-regulatory authority (such as the National Association of Insurance Commissioners), (c) to 

the extent required by applicable Laws or regulations (including in connection with any reporting 

obligations under the CARES Act or Congressional inquiries, as determined in the sole discretion 

of the Secretary of the Treasury) or by any subpoena or similar legal process, or if otherwise 

consistent with the purposes of the CARES Act, as determined in the sole discretion of the 

Secretary of the Treasury (and in each such case, such Person shall promptly notify the Borrower 

of such disclosure), (d) in connection with the exercise of any remedies hereunder or under the 

other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights 
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hereunder or thereunder, (e) subject to an agreement containing provisions substantially the same 

as those of this Section 10.16, to (i) any actual or prospective assignee of or participant in any of 

its rights or obligations under this Agreement and the other Loan Documents or (ii) any actual or 

prospective counterparty (or its advisors) to any swap or derivative transaction relating to the 

Borrower or any Subsidiary or any of their respective obligations, (f) with the prior written consent 

of the Borrower, (g) on a confidential basis to (x) any rating agency in connection with rating the 

Borrower or its Subsidiaries or the Facility or (y) the CUSIP Service Bureau or any similar agency 

in connection with the issuance and monitoring of CUSIP numbers with respect to the Facility, or 

(h) to the extent such Information becomes publicly available other than as a result of a breach of 

this Section 10.16 or other confidentiality obligation owed to the Borrower or any of its 

Subsidiaries. For the purposes of this Article, “Information” shall mean all information received 

from the Borrower and related to the Borrower, its business, other than any such information that 

was available to the Administrative Agent, the Collateral Agent or any Lender on a nonconfidential 

basis prior to its disclosure by the Borrower not in violation of any confidentiality or obligation 

owed to the Borrower and the Subsidiaries. In addition, each Agent and each Lender may disclose 

the existence of this Agreement and the information about this Agreement to market data 

collectors, similar services providers to the lending industry, and service providers to the Agents 

and the Lenders in connection with the administration and management of this Agreement and the 

other Loan Documents. Any Person required to maintain the confidentiality of Information as 

provided in this Section 10.16 shall be considered to have complied with its obligation to do so if 

such Person has exercised the same degree of care to maintain the confidentiality of such 

Information as such Person would accord its own confidential information.

Section 10.17. Lender Action. Each Lender agrees that it shall not take or institute any 

actions or proceedings, judicial or otherwise, for any right or remedy against any Loan Party or 

any other obligor under any of the Loan Documents (including the exercise of any right of setoff, 

rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any 

actions or proceedings, or otherwise commence any remedial procedures, with respect to any 

Collateral or any other property of any such Loan Party, unless expressly provided for herein or in 

any other Loan Document, without the prior written consent of the Administrative Agent (which 

shall be given at the direction of the Required Lenders).

Section 10.18. USA PATRIOT Act Notice. Each Lender and the Agents (for themselves

and not on behalf of any Lender) hereby notifies the Borrower and, in the case of the Agents, the 

Lenders, that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, 

verify and record information that identifies the Borrower, and, in the case of the Agents, the 

Lenders, which information includes the name and address of the Borrower and, in the case of the 

Agents, the Lenders and other information that will allow such Lender or the Agents, as applicable, 

to identify the Borrower and, in the case of the Agents, the Lenders, in accordance with the USA 

PATRIOT Act.

Section 10.19. Collateral And Guaranty Matters. The Lenders irrevocably agree:

(a) that any Lien on any property granted to or held by the Administrative Agent or the 

Collateral Agent under any Loan Document shall be automatically released (i) upon termination 

of all Commitments hereunder and payment in full of all Obligations (other than contingent 

obligations not yet accrued or payable), (ii) at the time the property subject to such Lien is disposed 
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as part of or in connection with any disposition permitted hereunder or under any other Loan 

Document to any Person other than a Person required to grant a Lien to the Administrative Agent 

or the Collateral Agent under the Loan Documents (or, if such transferee is a Person required to 

grant a Lien to the Administrative Agent or the Collateral Agent on such asset, at the option of the 

applicable Loan Party, such Lien on such asset may still be released in connection with the transfer 

so long as (x) the transferee grants a new Lien to the Administrative Agent or Collateral Agent on 

such asset substantially concurrently with the transfer of such asset, (y) the transfer is between 

parties organized under the laws of different jurisdictions and at least one of such parties is a 

Foreign Subsidiary and (z) the priority of the new Lien is the same as that of the original Lien), 

(iii) subject to Section 10.08, if the release of such Lien is approved, authorized or ratified in 

writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Guarantor, 

upon release of such Guarantor from its obligations under its Guaranty pursuant to Section 11.10,

(v) any such property constitutes Excluded Property or (vi) in accordance with any Intercreditor 

Agreement;

(b) to release or subordinate any Lien on any property granted to or held by the 

Administrative Agent or the Collateral Agent under any Loan Document to the holder of any Lien 

on such property that is permitted by Sections 7.01(b), 7.01(g), 7.01(q) or 7.01(s) (in the case of 

Section 7.01(s), to the extent required by the terms of the obligations secured by such Liens); and

(c) that any Guarantor shall be automatically released from its obligations under the 

Guaranty as provided in Section 11.10.

Upon request by the Administrative Agent or the Collateral Agent at any time, the Required 

Lenders will confirm in writing the Administrative Agent’s or the Collateral Agent’s authority to 

release or subordinate its interest in particular types or items of property, or to release any 

Guarantor from its obligations under the Guaranty pursuant to this Section 10.19. In each case as 

specified in this Section 10.19, the Administrative Agent or the Collateral Agent will (and each 

Lender irrevocably authorizes the Administrative Agent and the Collateral Agent to), at the 

Borrower’s expense, execute and deliver to the applicable Loan Party such documents as the 

Borrower may reasonably request to evidence the release or subordination of such item of 

Collateral from the assignment and security interest granted under the Collateral Documents, or to 

evidence the release of such Guarantor from its obligations under the Guaranty, in each case in 

accordance with the terms of the Loan Documents and this Section 10.19.

Section 10.20. Limitation on Liability. TO THE EXTENT PERMITTED BY 

APPLICABLE LAW, AND NOTWITHSTANDING ANY OTHER PROVISION OF THIS 

AGREEMENT OR THE OTHER LOAN DOCUMENTS: (A) NO INDEMNITEE SHALL BE 

LIABLE TO ANY PARTY FOR ANY INDIRECT, SPECIAL, PUNITIVE OR 

CONSEQUENTIAL DAMAGES IN CONNECTION WITH THEIR RESPECTIVE 

ACTIVITIES RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, THE 

TRANSACTIONS CONTEMPLATED THEREBY, THE TERM LOANS, OR OTHERWISE IN 

CONNECTION WITH THE FOREGOING; (B) WITHOUT LIMITING THE FOREGOING, NO 

INDEMNITEE SHALL BE SUBJECT TO ANY EQUITABLE REMEDY OR RELIEF, 

INCLUDING SPECIFIC PERFORMANCE OR INJUNCTION ARISING OUT OF OR 

RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE 

TRANSACTIONS CONTEMPLATED THEREBY; (C) NO INDEMNITEE SHALL HAVE 
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ANY LIABILITY TO THE LOAN PARTIES, FOR DAMAGES OR OTHERWISE, ARISING 

OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR 

THE TRANSACTIONS CONTEMPLATED THEREBY UNTIL THE EFFECTIVE DATE HAS 

OCCURRED; AND (D) IN NO EVENT SHALL ANY INDEMNITEE’S LIABILITY TO THE 

LOAN PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER 

LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED THEREBY EXCEED 

ACTUAL DIRECT DAMAGES INCURRED BY THE LOAN PARTIES OF UP TO $10,000,000 

IN THE AGGREGATE; PROVIDED THAT THE FOREGOING SHALL IN NO EVENT LIMIT 

THE LENDERS’ INDEMNIFICATION OBLIGATIONS TO THE AGENT INDEMNITEES 

UNDER SECTION 10.05 OF THIS AGREEMENT; PROVIDED FURTHER THAT SUCH 

LIMITATION OF LIABILITY IN CLAUSE (D) SHALL NOT APPLY TO LIABILITY 

RESULTING FROM FRAUD BY THE INDEMNITEES.

Section 10.21. Payments Set Aside. To the extent that any payment by or on behalf of the 

Borrower or any other Loan Party is made to any Agent or any Lender, or any Agent or any Lender 

exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is 

subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including 

pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid 

to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief 

Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally 

intended to be satisfied shall, to the fullest extent possible under provisions of applicable Law, be 

revived and continued in full force and effect as if such payment had not been made or such setoff 

had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon 

demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest 

thereon from the date of such demand to the date such payment is made at a rate per annum equal 

to the applicable Federal Funds Effective Rate from time to time in effect.

Section 10.22. No Advisory or Fiduciary Responsibility.

(a) In connection with all aspects of each transaction contemplated hereby, each Loan 

Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that (i) the 

facilities provided for hereunder and any related arranging or other services in connection 

therewith (including in connection with any amendment, waiver or other modification hereof or of 

any other Loan Document) are an arm’s-length commercial transaction between the Borrower and 

its Subsidiaries, on the one hand, and the Agents and the Lenders, on the other hand, and the 

Borrower and its Subsidiaries are capable of evaluating and understanding and understands and 

accepts the terms, risks and conditions of the transactions contemplated hereby and by the other 

Loan Documents (including any amendment, waiver or other modification hereof or thereof), (ii) 

the Agents, the Lenders and their respective Affiliates may be engaged in a broad range of 

transactions that involve interests that differ from, and may conflict with, those of the Borrower 

and its Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such 

interests by virtue of any advisory, agency or fiduciary relationship, and (iii) the Agents and the 

Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice 

with respect to any of the transactions contemplated hereby (including any amendment, waiver or 

other modification hereof or of any other Loan Document) and the Loan Parties have consulted 

their own legal, accounting, regulatory and tax advisors to the extent they have deemed 

appropriate.
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(b) Each Loan Party acknowledges and agrees that each Lender and any of its affiliates 

may lend money to, invest in, and generally engage in any kind of business with, the Borrower, 

any of its Affiliates or any other person or entity that may do business with or own securities of 

any of the foregoing, all as if such Lender or Affiliate thereof were not a Lender (or an agent or 

any other person with any similar role under the Facilities) and without any duty to account therefor 

to any other Lender, the Borrower or any Affiliate of the foregoing. Each Lender and any of its 

Affiliates may accept fees and other consideration from the Borrower or any of its Affiliates for 

services in connection with this Agreement, the Facilities, the commitment letter or otherwise 

without having to account for the same to any other Lender, the Borrower or any Affiliate of the 

foregoing.

Section 10.23. Intercreditor Agreements.

(a) The Administrative Agent and the Collateral Agent are authorized and directed to 

become a party to the ABL Intercreditor Agreement (and enter into the ABL Intercreditor 

Agreement in respect of any Permitted Refinancing of ABL Facility Indebtedness), and each of 

the parties hereto acknowledges that it has received a copy of the ABL Intercreditor Agreement 

and that the ABL Intercreditor Agreement is binding upon it. Each Lender (a) hereby consents to 

the subordination of the Liens on the ABL Priority Collateral securing the Obligations on the terms 

set forth in the ABL Intercreditor Agreement, (b) hereby agrees that it will be bound by and will 

take no actions contrary to the provisions of the ABL Intercreditor Agreement and (c) hereby 

authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the ABL 

Intercreditor Agreement and any amendments or supplements expressly contemplated thereby, and 

to subject the Liens on the ABL Priority Collateral securing the Obligations to the provisions of 

the ABL Intercreditor Agreement. The foregoing provisions are intended as an inducement to the 

ABL Secured Parties to extend credit to the borrowers under the ABL Credit Agreement and such 

ABL Secured Parties are intended third-party beneficiaries of such provisions and the provisions 

of the ABL Intercreditor Agreement.

(b) The Administrative Agent and the Collateral Agent are authorized and directed to 

enter into the Junior Lien Intercreditor Agreement, and each of the parties hereto acknowledges 

that such agreement shall be binding upon it. Each Lender (a) hereby consents to the intercreditor 

agreements in respect of the Collateral securing the Obligations on the terms set forth in the Junior

Lien Intercreditor Agreement, (b) hereby agrees that it will be bound by and will take no actions 

contrary to the provisions of the Junior Lien Intercreditor Agreement and (c) hereby authorizes 

and instructs the Administrative Agent and the Collateral Agent to enter into the Junior Lien 

Intercreditor Agreement and, without the further consent, direction or other action of any Lender, 

to enter into any amendments or supplements thereto, in each case solely if the form of the 

agreement as so amended or supplemented would constitute the Junior Lien Intercreditor 

Agreement, as applicable, if being entered into as an original agreement. The foregoing provisions 

are intended as an inducement to the parties providing any Permitted Junior Priority Additional 

Debt to extend credit to the borrowers thereof and such parties are intended third-party 

beneficiaries of such provisions and the provisions of the Junior Lien Intercreditor Agreement.

(c) The extent of any conflict between the Loan Documents, on the one hand, and the 

ABL Intercreditor Agreement or other intercreditor agreement contemplated by this Section 10.23, 

on the other hand, such intercreditor agreement shall control.
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Section 10.24. Alternative Interest Rates.

(a) If at least two (2) Business Days prior to the commencement of any Interest Period 

for a Eurodollar Borrowing, the Required Lenders reasonably determine that for any reason, 

adequate and reasonable means do not exist for determining the Adjusted LIBO Rate for any 

requested Interest Period with respect to a proposed Eurodollar Loan, or that the Adjusted LIBO 

Rate for any requested Interest Period with respect to a proposed Eurodollar Loan does not 

adequately and fairly reflect the cost to such Lenders of funding such Loan, or that deposits are 

not being offered to banks in the relevant interbank market for the applicable amount and the 

Interest Period of such Eurodollar Loan, the Required Lenders shall notify the Administrative 

Agent in writing, and thereafter the Administrative Agent will promptly so notify the Borrower 

and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar 

Loans shall be suspended and (y) in the event of a determination described in the preceding 

sentence with respect to the Adjusted LIBO Rate component of the Alternate Base Rate, the 

utilization of the Adjusted LIBO Rate component in determining the Alternate Base Rate shall be 

suspended, in each case until the Administrative Agent (upon the written instruction of the 

Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke 

any pending request for a Borrowing of or continuation of Eurodollar Loans or, failing that, will 

be deemed to have converted such request into a request for a Borrowing of ABR Loans 

(determined without reference to the Adjusted LIBO Rate component thereof) in the amount 

specified therein; provided, that such ABR Loans will be deemed “Eurodollar Loans” for purposes 

of Article 2 hereof.

(b) If the Required Lenders and the Borrower shall reasonably agree that either (i) the 

circumstances set forth in clause (a) of this Section 10.24 have arisen and such circumstances are 

unlikely to be temporary or (ii) the circumstances set forth in clause (a) of this Section 10.24 have 

not arisen but the supervisor for the administrator of the LIBO Rate (or any component thereof) or 

a Governmental Authority having jurisdiction over the Administrative Agent has made a public 

statement identifying a specific date after which the LIBO Rate (or any component thereof) shall 

no longer be published for use in determining interest rates for loans (in the case of either such 

clause (i) or (ii), an “Alternative Interest Rate Election Event”), then then the LIBO Rate, for 

any day, shall mean the rate per annum equal to the Federal Funds Rate in effect on such day plus 

one half of one percent (0.50%) (subject at all times to the requirement that such rate per annum 

shall not be less than one percent (1.00%) per annum). 

(c) Notwithstanding anything to the contrary herein or in any other Loan Document, 

if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related 

Benchmark Replacement Date have occurred prior to the Reference Time in respect of any 

setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in 

accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such 

Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for 

all purposes hereunder and under any Loan Document in respect of such Benchmark setting and 

subsequent Benchmark settings without any amendment to, or further action or consent of any 

other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement 

is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for 

such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark 

for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at 
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or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of 

such Benchmark Replacement is provided to the Lenders without any amendment to, or further 

action or consent of any other party to, this Agreement or any other Loan Document so long as 

the Administrative Agent has not received, by such time, written notice of objection to such 

Benchmark Replacement from Lenders comprising the Required Lenders.

(d) In connection with the implementation of a Benchmark Replacement, the 

Required Lenders will have the right to make Benchmark Replacement Conforming Changes 

from time to time and, notwithstanding anything to the contrary herein or in any other Loan 

Document, any amendments implementing such Benchmark Replacement Conforming Changes 

will become effective without any further action or consent of any other party to this Agreement 

or any other Loan Document.

(e) The Required Lenders will promptly notify the Administrative Agent of, and the 

Administrative Agent will, following receipt of such notice, promptly notify the Borrower and 

the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, 

as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any 

Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming 

Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) 

below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any 

determination, decision or election that may be made by the Required Lenders or, if applicable, 

any Lender (or group of Lenders) pursuant to this Section 10.24(e) including any determination 

with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, 

circumstance or date and any decision to take or refrain from taking any action or any selection, 

will be conclusive and binding absent manifest error and may be made in its or their sole 

discretion and without consent from any other party to this Agreement or any other Loan 

Document, except, in each case, as expressly required pursuant to this Section 10.24(e).

Notwithstanding anything to the contrary herein or in any other Loan Document, the 

Administrative Agent will promptly inform the Required Lenders if any change to be made is not 

administratively feasible. If the Required Lenders are so notified, such change will not be 

implemented and the Required Lenders shall substitute such change with a change that is 

administratively feasible.

(f) Notwithstanding anything to the contrary herein or in any other Loan Document, 

at any time (including in connection with the implementation of a Benchmark Replacement), (i) 

if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either 

(A) any tenor for such Benchmark is not displayed on a screen or other information service that 

publishes such rate from time to time as selected by the Required Lenders in their reasonable

discretion (and is available to the Administrative Agent) or (B) the regulatory supervisor for the 

administrator of such Benchmark has provided a public statement or publication of information 

announcing that any tenor for such Benchmark is or will be no longer representative, then the 

Required Lenders may modify the definition of “Interest Period” for any Benchmark settings at 

or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that 

was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or 

information service for a Benchmark (including a Benchmark Replacement) that is available to 

the Administrative Agent or (B) is not, or is no longer, subject to an announcement that it is or 

will no longer be representative for a Benchmark (including a Benchmark Replacement), then 
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the Required Lenders may modify the definition of “Interest Period” for all Benchmark settings 

at or after such time to reinstate such previously removed tenor.

(g) Upon the Borrower’s receipt of notice of the commencement of a Benchmark 

Unavailability Period, the Borrower may revoke any request for a Eurodollar Borrowing of, 

conversion to or continuation of Eurodollar Loans to be made, converted or continued during any 

Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted 

any such request into a request for a Borrowing of or conversion to ABR Loans. During any 

Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not 

an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor 

for such Benchmark, as applicable, will not be used in any determination of ABR.

Section 10.25. Investment Purpose. Treasury acknowledges that the Treasury Equity has 

not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or under 

any state securities laws. Treasury (a) is acquiring the Treasury Equity pursuant to an exemption 

from registration under the Securities Act solely for investment without a view to sell and with no 

present intention to distribute them to any person in violation of the Securities Act or any 

applicable U.S. state securities laws; (b) will not sell or otherwise dispose of any of the Treasury 

Equity, except in compliance with the registration requirements or exemption provisions of the 

Securities Act and any applicable U.S. state securities laws; and (c) has such knowledge and 

experience in financial and business matters and in investments of this type that it is capable of 

evaluating the merits and risks of the Treasury Equity and of making an informed investment 

decision.

ARTICLE 11

GUARANTEE

Section 11.01. The Guarantee. Each Guarantor hereby jointly and severally with the other 

Guarantors guarantees, as a primary obligor and not as a surety to each Secured Party and their 

respective permitted successors and assigns, the prompt payment in full when due (whether at 

stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the 

principal of and interest (including any interest, fees, costs or charges that would accrue but for 

the provisions of (i) Title 11 of the United States Code after any bankruptcy or insolvency petition 

under Title 11 of the United States Code and (ii) any other Debtor Relief Laws, whether or not 

such items are allowed or allowable as a claim in any applicable proceeding) on the Loans made 

by the Lenders to, and the Term Notes (if any) issued hereunder and held by each Lender of, the 

Borrower, and all other Obligations from time to time owing to the Secured Parties by any Loan 

Party under any Loan Document strictly in accordance with the terms thereof (such obligations 

being herein collectively called the “Guaranteed Obligations”). The Guarantors hereby jointly 

and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due 

(whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the 

Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and 

that in the case of any extension of time of payment or renewal of any of the Guaranteed 

Obligations, the same will be promptly paid in full when due (whether at extended maturity, by 

acceleration or otherwise) in accordance with the terms of such extension or renewal.

Section 11.02. Obligations Unconditional. The obligations of the Guarantors under 

Section 11.01 shall constitute a guaranty of payment and to the fullest extent permitted by 
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applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the 

value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the 

Borrower or any other Guarantor under this Agreement, any Term Notes issued under this 

Agreement, or any other agreement or instrument referred to herein or therein, or any substitution, 

release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, 

and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or 

equitable discharge or defense of a surety or Guarantor (except for payment). Without limiting 

the generality of the foregoing, it is agreed that the occurrence of any one or more of the following 

shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, 

irrevocable and unconditional under any and all circumstances as described above:

(a) at any time or from time to time, without notice to the Guarantors, to the extent 

permitted by Law, the time for any performance of or compliance with any of the Guaranteed 

Obligations shall be extended, or such performance or compliance shall be waived;

(b) any of the acts mentioned in any of the provisions of this Agreement or the Term 

Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or 

omitted;

(c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of 

the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents 

or any other agreement or instrument referred to herein or therein shall be amended or waived in 

any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor 

shall be released or exchanged in whole or in part or otherwise dealt with;

(d) any Lien or security interest granted to, or in favor of, any Secured Party or Agent 

as security for any of the Guaranteed Obligations shall fail to be perfected; or

(e) the release of any other Guarantor pursuant to Section 11.10.

Section 11.03. Certain Waivers. Etc. The Guarantors hereby expressly waive (to the 

extent permitted by applicable Law) diligence, presentment, demand of payment, protest and, to 

the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party 

exhaust any right, power or remedy or proceed against the Borrower under this Agreement or the 

Term Notes issued hereunder, if any, or any other agreement or instrument referred to herein or 

therein, or against any other person under any other guarantee of, or security for, any of the 

Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice 

of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed 

Obligations and notice of or proof of reliance by any Secured Party upon this Guarantee or 

acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively 

be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all 

dealings between the Borrower and the Secured Parties shall likewise be conclusively presumed 

to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be 

construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without 

regard to any right of offset with respect to the Guaranteed Obligations at any time or from time 

to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder 

shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other Person 
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at any time of any right or remedy against the Borrower or against any other Person which may be 

or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral 

security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain 

in full force and effect and be binding in accordance with and to the extent of its terms upon the 

Guarantors and the successors and permitted assigns thereof, and shall inure to the benefit of the 

Secured Parties, and their respective successors and permitted assigns, notwithstanding that from 

time to time during the term of this Agreement there may be no Guaranteed Obligations 

outstanding. Each Guarantor waives (to the extent permitted by Law) any rights and defenses that 

are or may become available to it by reason of §§ 2787 to 2855, inclusive, and §§ 2899 and 3433 

of the California Civil Code. As provided in Section 10.07, the provisions of this Article 11 shall 

be governed by, and construed in accordance with, the laws of the State of New York. The 

foregoing waivers and the provisions hereinafter set forth in this Article 11 which pertain to 

California law are included solely out of an abundance of caution, and shall not be construed to 

mean that any of the above-referenced provisions of California law are in any way applicable to 

this Article 11, to any other provision of this Agreement or to the Obligations.

Section 11.04. Reinstatement. The obligations of the Guarantors under this Article 11

shall be automatically reinstated if and to the extent that for any reason any payment by or on 

behalf of the Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded 

or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a 

result of any proceedings in bankruptcy or reorganization or otherwise.

Section 11.05. Subrogation; Subordination. Each Guarantor hereby agrees that until the 

payment and satisfaction in full in cash of all Guaranteed Obligations (other than contingent 

obligations) and the expiration and termination of the Commitments of the Lenders under this 

Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, 

arising by reason of any performance by it of its guarantee in Section 11.01, whether by 

subrogation or otherwise, against the Borrower or any other Guarantor of any of the Guaranteed 

Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Loan 

Party to any Person that is not a Loan Party permitted pursuant to Section 7.03(b) or 7.03(d) shall 

be subordinated to such Loan Party’s Obligations in an manner reasonably acceptable to the 

Required Lenders.

Section 11.06. Remedies. The Guarantors jointly and severally agree that, as between the 

Guarantors and the Lenders, the obligations of the Borrower under this Agreement and the Term 

Notes issued hereunder, if any, may be declared to be forthwith due and payable as provided in 

Section 8.02 (and shall be deemed to have become automatically due and payable in the 

circumstances provided in Section 8.02) for purposes of Section 11.01, notwithstanding any stay, 

injunction or other prohibition preventing such declaration (or such obligations from becoming 

automatically due and payable) as against the Borrower and that, in the event of such declaration 

(or such obligations being deemed to have become automatically due and payable), such 

obligations (whether or not due and payable by the Borrower) shall forthwith become due and 

payable by the Guarantors for purposes of Section 11.01.

Section 11.07. Instrument for the Payment of Money. Each Guarantor hereby 

acknowledges that the guarantee in this Article 11 constitutes an instrument for the payment of 

money, and consents and agrees that any Secured Party or Agent, at its sole option, in the event of 
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a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to 

bring a motion-action under New York CPLR Section 3213.

Section 11.08. Continuing Guarantee. The guarantee in this Article 11 is a continuing 

guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

Section 11.09. General Limitation on Guarantee Obligations. In any action or proceeding 

involving any state corporate, limited partnership or limited liability company law, or any 

applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting 

the rights of creditors generally, if the obligations of any Guarantor under Section 11.01 would 

otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to 

the claims of any other creditors, on account of the amount of its liability under Section 11.01, 

then, notwithstanding any other provision to the contrary, the amount of such liability shall, 

without any further action by such Guarantor, any Loan Party or any other Person, be automatically 

limited and reduced to the highest amount (after giving effect to the right of contribution 

established in Section 11.11) that is valid and enforceable and not subordinated to the claims of 

other creditors as determined in such action or proceeding.

Section 11.10. Release of Guarantors. If, in compliance with the terms and provisions of

the Loan Documents, (i) all or substantially all of the Equity Interests or property of any Guarantor 

are sold or otherwise transferred to a Person or Persons none of which is a Loan Party or (ii) any 

Guarantor becomes an Excluded Subsidiary (any such Guarantor, and any Guarantor referred to 

in clause (i), a “Transferred Guarantor”), such Transferred Guarantor shall, upon (x) the 

consummation of such sale or transfer or other transaction or (y) becoming an Excluded Subsidiary 

pursuant to clause (e) of the definition thereof, be automatically released from its obligations under 

this Agreement (including under Section 10.05 hereof) and its obligations to pledge and grant any 

Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of all or 

substantially all of the Equity Interests of the Transferred Guarantor, the pledge of such Equity 

Interests to the Collateral Agent pursuant to the Collateral Documents shall be automatically 

released, and, the Collateral Agent shall, at the cost and direction of the Borrower, take such actions 

as are reasonably necessary to effect each release described in this Section 11.10 in accordance 

with the relevant provisions of the Collateral Documents; provided, that no Guarantor shall be 

released as provided in this paragraph if such Guarantor continues to be a guarantor in respect of 

any Indebtedness incurred pursuant to Section 7.03(o), any Permitted Additional Debt, any Junior 

Financing, any Tranche B-2 Term Loan Facility Indebtedness, UST Tranche A Term Loan Facility 

Indebtedness or any Permitted Refinancing of any of the foregoing. Notwithstanding anything 

herein to the contrary, if any Guarantor becomes an Excluded Subsidiary pursuant to clause (a) of 

the definition of Excluded Subsidiary, such Guarantor shall only be permitted to be released from 

its Guarantee so long as the fair market value of any and all Investments then held by the Loan 

Parties in such Person are permitted as an Investment under Section 7.02(c)(iii) and Section 7.02(p)

at the time such Person becomes an Excluded Subsidiary pursuant to clause (a) of the definition 

of “Excluded Subsidiary”.

When all Commitments hereunder have terminated, and all Loans or other Obligations 

hereunder which are accrued and payable have been paid or satisfied, this Agreement and the 

Guarantees made herein shall automatically terminate with respect to all Obligations, except with 
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respect to Obligations that expressly survive such repayment pursuant to the terms of this 

Agreement.

Section 11.11. Right of Contribution. Each Guarantor hereby agrees that to the extent that 

a Guarantor shall have paid more than its proportionate share of any payment made hereunder, 

such Guarantor shall be entitled to seek and receive contribution from and against any other 

Guarantor hereunder which has not paid its proportionate share of such payment. Each 

Guarantor’s right of contribution shall be subject to the terms and conditions of Section 11.05. 

The provisions of this Section 11.11 shall in no respect limit the obligations and liabilities of any 

Guarantor to the Administrative Agent, the Collateral Agent and the Secured Parties, and each 

Guarantor shall remain liable to the Administrative Agent, the Collateral Agent and the Secured 

Parties for the full amount guaranteed by such Guarantor hereunder.

Section 11.12. Additional Guarantor Waivers and Agreements.

(a) Each Guarantor understands and acknowledges that if the Collateral Agent or any 

other Secured Party forecloses judicially or nonjudicially against any real property security for the 

Obligations, that foreclosure could impair or destroy any ability that such Guarantor may have to 

seek reimbursement, contribution, or indemnification from the Borrower or others based on any 

right such Guarantor may have of subrogation, reimbursement, contribution, or indemnification for 

any amounts paid by such Guarantor under the Guaranty. Each Guarantor further understands and 

acknowledges that in the absence of this paragraph, such potential impairment or destruction of 

such Guarantor’s rights, if any, may entitle such Guarantor to assert a defense to this Guaranty 

based on Section 580d of the California Code of Civil Procedure as interpreted in Union Bank v. 

Gradsky, 265 Cal. App. 2d 40 (1968). By executing this Guaranty, each Guarantor freely, 

irrevocably, and unconditionally: (i) waives (to the extent permitted by Law) and relinquishes that 

defense and agrees that such Guarantor will be fully liable under this Guaranty even though the 

Collateral Agent or any other Secured Party may foreclose, either by judicial foreclosure or by 

exercise of power of sale, any deed of trust securing the Obligations; (ii) agrees that such Guarantor 

will not assert that defense in any action or proceeding which the Administrative Agent, the 

Collateral Agent or any other Secured Party may commence to enforce this Guaranty; (iii) 

acknowledges and agrees that the rights and defenses waived by such Guarantor in this Guaranty 

include any right or defense that such Guarantor may have or be entitled to assert based upon or 

arising out of any one or more of §§ 580a, 580b, 580d, or 726 of the California Code of Civil 

Procedure or § 2848 of the California Civil Code; and (iv) acknowledges and agrees that the 

Secured Parties are relying on this waiver in creating the Obligations, and that this waiver is a 

material part of the consideration which the Secured Parties are receiving for creating the 

Obligations.

(b) Each Guarantor waives (to the extent permitted by Law) all rights and defenses that 

such Guarantor may have because any of the Obligations is secured by real property. This means, 

among other things: (i) the Administrative Agent, the Collateral Agent and the other Secured 

Parties may collect from such Guarantor without first foreclosing on any real or personal property 

Collateral pledged by the other Loan Parties; and (ii) if the Collateral Agent or any other Secured 

Party forecloses on any real property Collateral pledged by the other Loan Parties: (A) the amount 

of the Obligations may be reduced only by the price for which that Collateral is sold at the 

foreclosure sale, even if the collateral is worth more than the sale price, and (B) the Administrative 
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Agent, the Collateral Agent and the other Secured Parties may collect from such Guarantor even if 

the Secured Parties, by foreclosing on the real property Collateral, have destroyed any right such 

Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver 

of any rights and defenses such Guarantor may have because any of the Obligations is secured by 

real property. These rights and defenses include, but are not limited to, any rights or defenses based 

upon § 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

(c) Each Guarantor waives (to the extent permitted by Law) any right or defense it may 

have at law or equity, including California Code of Civil Procedure § 580a, to a fair market value 

hearing or action to determine a deficiency judgment after a foreclosure.

Section 11.13. Parallel Debt. In this Section 11.13, (x) “Corresponding Liabilities” means 

the Obligations of a Loan Party, but excluding its Parallel Liability and (y) “Parallel Liability” 

means a Loan Party’s undertaking pursuant to this Section 11.13. Each Loan Party irrevocably 

and unconditionally undertakes to pay to the Collateral Agent an amount equal to the aggregate 

amount of its Corresponding Liabilities (as these may exist from time to time). For purposes of 

this Section 11.13: (a) a Loan Party’s Parallel Liability is due and payable at the same time as, for 

the same amount of and in the same currency as its Corresponding Liabilities; (b) a Loan Party’s 

Parallel Liability is decreased to the extent that its Corresponding Liabilities have been irrevocably 

paid or discharged and its Corresponding Liabilities are decreased to the extent that its Parallel 

Liability has been irrevocably paid or discharged; (c) a Loan Party’s Parallel Liability is 

independent and separate from, and without prejudice to, its Corresponding Liabilities, and 

constitutes a single obligation of that Loan Party to the Collateral Agent (even though that Loan 

Party may owe more than one Corresponding Liability to the Secured Parties under the Loan 

Documents) and an independent and separate claim of the Collateral Agent to receive payment of 

that Parallel Liability (in its capacity as the independent and separate creditor of that Parallel 

Liability and not as a co-creditor in respect of the Corresponding Liabilities); and (d) for purposes 

of this Section 11.13, the Collateral Agent acts in its own name and not as agent, representative or 

trustee of the Secured Parties and accordingly holds neither its claim resulting from a Parallel 

Liability nor any Lien securing a Parallel Liability on trust.

ARTICLE 12

CARES ACT REQUIREMENTS

Section 12.01. CARES Act Compliance. The Borrower hereby represents, warrants and 

covenants that the Borrower and each of its Affiliates are in compliance, and will at all times

comply, with all applicable requirements under Title IV of the CARES Act, including any 

applicable requirements pertaining to the Borrower’s eligibility to receive the Loan. The Borrower 

will provide any information requested by the Lenders or Agents to assess the compliance by the 

Borrower and its Affiliates with the applicable requirements under Title IV of the CARES Act or 

the Borrower’s eligibility to receive the Loan under the CARES Act.

Section 12.02. Dividends and Buybacks.

(a) Until the date that is 12 months after the date on which the Loan is no longer 

outstanding, neither the Borrower nor any of its Affiliates (other than an Affiliate that is a natural 

person) shall, in any transaction, purchase an equity security of the Borrower or of any direct or 
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indirect parent company of the Borrower or of any Subsidiary of the Borrower, in each case, that is 

listed on a national securities exchange, except to the extent required under a contractual obligation 

in effect as of the date of enactment of the CARES Act.

(b) Until the date that is 12 months after the date on which the Loan is no longer 

outstanding, the Borrower shall not pay dividends, or make any other capital distributions, with 

respect to the common stock of the Borrower.

Section 12.03. Maintenance of Employment Levels. Until the date that is 12 months after 

the Initial Funding Date, the Borrower shall maintain its employment levels as of March 24, 2020, 

to the extent practicable, and in any case shall not reduce its employment levels by more than ten 

(10) percent from the levels on March 24, 2020.

Section 12.04. United States Business. The Borrower hereby represents that it is created 

or organized in the United States or under the laws of the United States and has significant 

operations in and a majority of its employees based in the United States.

Section 12.05. Limitations on Certain Compensation.

(a) Beginning on the Effective Date and ending on the date that is one year after the 

date on which the Loan is no longer outstanding, the Borrower and its Affiliates shall not pay any 

of the Borrower’s Corporate Officers or Employees whose Total Compensation exceeded $425,000 

in calendar year 2019 or the Subsequent Reference Period (other than an Employee whose 

compensation is determined through an existing collective bargaining agreement entered into 

before March 1, 2020):

(i) Total Compensation which exceeds, during any 12 consecutive months of 

the period beginning on the Effective Date, and ending on the date that is one year after 

the date on which the Loan is no longer outstanding, the Total Compensation the 

Corporate Officer or Employee received in calendar year 2019 or the Subsequent 

Reference Period; or

(ii) Severance Pay or Other Benefits in connection with a termination of 

employment with the Borrower which exceed twice the maximum Total Compensation 

received by such Corporate Officer or Employee in calendar year 2019 or the Subsequent 

Reference Period.

(b) Beginning on the Effective Date, and ending on the date that is one year after the 

date on which the Loan is no longer outstanding, the Borrower and its Affiliates shall not pay any 

of the Borrower’s Corporate Officers or Employees whose Total Compensation exceeded 

$3,000,000 in calendar year 2019 or the Subsequent Reference Period Total Compensation in 

excess of the sum of:

(i) $3,000,000; and

(ii) 50 percent of the excess over $3,000,000 of the Total Compensation 

received by such Corporate Officer or Employee in calendar year 2019 or the Subsequent 

Reference Period.
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(c) For purposes of determining applicable amounts under this Section 12.05 with 

respect to any Corporate Officer or Employee who was employed by the Borrower or any of its 

Affiliates for less than all of calendar year 2019, the amount of Total Compensation in calendar 

year 2019 shall mean such Corporate Officer’s or Employee’s Total Compensation on an 

annualized basis.

Section 12.06. Additional Defined Terms. As used in this Article 12, the following terms 

have the meanings specified below:

“Benefits” means, without duplication of any amounts counted as Salary or Wages, 

pension expenses (including company retirement or 401(k) plan contributions and direct annuity 

payments) in respect of Employees, all expenses for accident, sickness, hospital, and death 

benefits to Employees, and the cost of insurance (or self-insured costs) to provide such benefits; 

any Severance Pay or Other Benefits payable to Employees pursuant to a bona fide voluntary 

early retirement program or voluntary furlough; and any other similar expenses paid by the 

Borrower for the benefit of Employees, including other fringe benefit expenses (such as those 

relating to travel, meals, lodging, trade memberships, dues and registrations, tools or uniforms, 

moving and relocation costs, education, medical and recreational programs, and company 

contributions for group accident, health or life insurance) but excluding any Federal, state, or 

local payroll taxes paid by the Borrower. 

“Corporate Officer” means, with respect to the Borrower, its president; any vice 

president in charge of a principal business unit, division, or function (such as sales, 

administration or finance); any other officer who performs a policy-making function; or any 

other person who performs similar policy making functions for the Borrower. Executive officers 

of subsidiaries or parents of the Borrower may be deemed Corporate Officers of the Borrower if 

they perform such policy-making functions for the Borrower. 

“Employee” has the meaning given to the term in section 2 of the National Labor 

Relations Act (29 U.S.C. 152 and includes any individual employed by an employer subject to 

the Railway Labor Act (45 U.S.C. 151 et seq.), and for the avoidance of doubt includes all 

individuals who are employed by the Borrower who are not Corporate Officers.

“Salary” means, without duplication of any amounts counted as Benefits, a 

predetermined regular payment, typically paid on a weekly or less frequent basis but which may 

be expressed as an hourly, weekly, annual or other rate, as well as cost-of-living differentials, 

vacation time, paid time off, sick leave, and overtime pay, paid by the Borrower to its 

Employees, but excluding any Federal, state, or local payroll taxes paid by the Borrower.

“Severance Pay or Other Benefits” means any severance payment or other similar 

benefits, including cash payments, health care benefits, perquisites, the enhancement or 

acceleration of the payment or vesting of any payment or benefit or any other in-kind benefit 

payable (whether in lump sum or over time, including after March 24, 2022) by the Borrower to 

a Corporate Officer or Employee in connection with any termination of such Corporate Officer’s 

or Employee’s employment (including, without limitation, resignation, severance, retirement, or 

constructive termination), which shall be determined and calculated in respect of any Employee 

or Corporate Officer of the Borrower in the manner prescribed in 17 CFR 229.402(j) (without 
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regard to its limitation to the five most highly compensated executives and using the actual date 

of termination of employment rather than the last business day of the Borrower’s last completed 

fiscal year as the trigger event).

“Subsequent Reference Period” means (i) for a Corporate Officer or Employee whose 

employment with the Borrower or an Affiliate started during 2019 or later, the 12-month period 

starting from the end of the month in which the officer or employee commenced employment, if 

such officer’s or employee’s total compensation exceeds $425,000 (or $3,000,000) during such 

period and (ii) for a Corporate Officer or Employee whose Total Compensation first exceeds 

$425,000 during a 12-month period ending after 2019, the 12-month period starting from the end 

of the month in which the Corporate Officer’s or Employee’s Total Compensation first exceeded 

$425,000 (or $3,000,000).

“Total Compensation” means Salary, bonuses, awards of stock and other financial 

benefits provided by the Borrower to a Corporate Officer or Employee of the Borrower.

“Wage” means, without duplication of any amounts counted as Benefits, a payment, 

typically paid on an hourly, daily, or piecework basis, including cost-of-living differentials, 

vacation, paid time off, sick leave, and overtime pay, paid by the Borrower to its Employees, but 

excluding any Federal, state, or local payroll taxes paid by the Borrower.
[Signature Page to Credit Agreement] 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as 

of the date first written above. 

YRC WORLDWIDE INC.

By:

Name: Mark D. Boehmer 

Title: Vice President 

EXPRESS LANE SERVICE, INC.

By:_

Name: Mark D. Boehmer 

Title: Vice President 

NEW PENN MOTOR EXPRESS LLC 

(F/K/A NEW PENN MOTOR EXPRESS INC.)

By:

Name: Mark D. Boehmer 

Title: Vice President 

ROADWAY EXPRESS INTERNATIONAL, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

ROADWAY LLC 

By:

Name: Mark D. Boehmer 

Title: Vice President 
ROADWAY NEXT DAY CORPORATION 

By:

Name: Mark D. Boehmer 

Title: Vice President 

HNRY LOGISTICS, INC. 

By:_______________________________ 

Name: Jason W. Bergman 

Title: President 

USF BESTWAY INC. 

By:_

Name: Mark D. Boehmer 

Title: Vice President 

USF DUGAN INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President

USF GLEN MOORE INC. 

By:_

Name: Mark D. Boehmer 

Title: Vice President 

USF HOLLAND LLC 

(F/K/A USF HOLLAND INC.) 

By:

Name: Mark D. Boehmer 

Title: Vice President 

[Signature Page to Credit Agreement] 
ROADWAY NEXT DAY CORPORATION 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

HNRY LOGISTICS, INC. 

By:_

Name: Jason W. Bergman 

Title: President 

USF BESTWAY INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

USF DUGAN INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President

USF GLEN MOORE INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

USF HOLLAND LLC 

(F/K/A USF HOLLAND INC.) 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

[Signature Page to Credit Agreement] 
USF REDSTAR LLC 

By:

Name: Mark D. Boehmer 

Title: Vice President 

USF REDDAWAY INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC ASSOCIATION SOLUTIONS, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC INTERNATIONAL INVESTMENTS, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC LOGISTICS SERVICES, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC MORTGAGES, LLC 

By:

Name: Mark D. Boehmer 

Title: Vice President 

[Signature Page to Credit Agreement] 
YRC ENTERPRISE SERVICES, INC. 

By:_

Name: Mark D. Boehmer 

Title: Vice President 

YRC REGIONAL TRANSPORTATION, INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

[Signature Page to Credit Agreement 
[Signature Page to Credit Agreement]

1105481 ONTARIO INC. 

By:

Name: Mark D. Boehmer 

Title: Vice President 

YRC LOGISTICS INC. 

By:_

Name: Mark D. Boehmer 

Title: Vice President 

USF HOLLAND INTERNATIONAL SALES 

CORPORATION 

By:_______________________________ 

Name: Thomas J. O’Connor 

Title: President 

YRC FREIGHT CANADA COMPANY 

By:

Name: Mark D. Boehmer 

Title: Vice President 
[Signature Page to Credit Agreement]

1105481 ONTARIO INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

YRC LOGISTICS INC. 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 

USF HOLLAND INTERNATIONAL SALES 

CORPORATION 

By:

Name: Thomas J. O’Connor 

Title: President 

YRC FREIGHT CANADA COMPANY 

By:_______________________________ 

Name: Mark D. Boehmer 

Title: Vice President 
RBIMBR HOLDING B.V. 

Namc: M.F,A. van Schijndel 

Title: Direeb:lr A 

[Signature Page to Credit Agreement]
!!"#$%&'()*+%#)*&,*-()."&*/#())0)$&*1*2!3*3(%$45)*6"

!"#$%&'($)*$'#+$,)-($

.#//)'$#%&#'()*+*&,-%,*./#'0/+,#%+(#

1233%,/-%3#'0/+,##

456#

7%)/6#4-/,#89#;/-)%+#

<*,3/6# =*>/#?-/&*(/+,#
UNITED STATES DEPA RTMENT OF 

THE

By: 

Title: 

[Signature Page to Credit Agreement- UST Tranche B] 

Name: Brent J. McIntosh

Title: Under Secretary for International Affairs

 United States Department of the Treasury
41112.00012

#93420437v6 

Schedule 1.01(a) Excluded Real Property 

Property 

Number Property Name Address City State Zip Loan Party 

Y326L Kansas City, MO 8724 Leeds Road Kansas City MO 64129 YRC Inc. 

R524 Burlington, WA 9501 24th Pl West Everett WA 98204 USF Reddaway Inc. 

YR98 Goodland, KS 2815 S Highway 27 Goodland KS 67735 YRC Inc. 

Y409 Huntsville, AL 1901 Highway 20 West Decatur AL 35601 YRC Inc. Y490 Dothan, AL 686 Murray Road Dothan AL 36303 YRC Inc. Y429 Mobile, AL 1111 Virginia Street Mobile AL 36604 YRC Inc. Y415 Montgomery, AL 5680 Old Hayneville Road Montgomery AL 36108 YRC Inc. Y581 Springdale, AR 1543 Ford Avenue Springdale AR 72764 YRC Inc. 

R316 Lake Havasu City, AZ 1951 San Juan Drive Lake Havasu City AZ 86403 USF Reddaway Inc. 

Y835 Flagstaff, AZ 1814 N Main Street Flagstaff AZ 86004 YRC Inc. Y809 Sacramento, CA 3210 52nd Avenue Sacramento CA 95823 YRC Inc. 

R515 Sacramento, CA 620 Harbor Boulevard W Sacramento CA 95691 USF Reddaway Inc. 

Y894 Grand Junction, CO 3207 "F" Road Clifton CO 81520 YRC Inc. Y412 LaGrange, GA 677 Hudson Road LaGrange GA 30240 YRC Inc. Y414 Macon, GA 4241 Interstate Drive Macon GA 31210 YRC Inc. Y685 Savannah, GA 3501 Edwin Avenue Savannah GA 31405 YRC Inc. Y860 Sioux City, IA 2425 Bridgeport Drive Sioux City IA 51111 YRC Inc. Y389 Mason City, IA 1514 S Pierce Avenue Mason City IA 50401 YRC Inc. Y344 Quincy, IL 2620 N 36th Street Quincy IL 62301 YRC Inc. Y404 Alexandria, LA 333 N 3rd Street Alexandria LA 71301 YRC Inc. Y480 Monroe, LA 158 Parker Road Monroe LA 71202 YRC Inc. Y263 Saginaw, MI 3770 Hess Avenue Saginaw MI 48601 YRC Inc. 
 2 

Property 

Number Property Name Address City State Zip Loan Party 

H357 Worthington, MN 172 Industrial Parkway Jackson MN 56143 USF Holland LLC Y370 Duluth, MN 4425 W First Street Duluth MN 55807 YRC Inc. Y462 Tupelo, MS 2226 McCullough Boulevard Tupelo MS 38801 YRC Inc. Y679 Fayetteville, NC 1061 River Road Fayetteville NC 28301 YRC Inc. Y656 Jacksonville, NC 161 Center Street Jacksonville NC 28540 YRC Inc. Y623 Wilmington, NC 3511 Highway 421 N Wilmington NC 28401 YRC Inc. Y864 Fargo, ND 2502 7th Avenue N Fargo ND 58102 YRC Inc. Y863 Kearney, NE 614 Third Avenue Kearney NE 68847 YRC Inc. Y165 Atlantic City, NJ 1641 Eden Road Millville NJ 08332 YRC Inc. Y212 Youngstown, OH 3020 Gale Drive Hubbard OH 44425 YRC Inc. Y290 Parkersburg, WV 300 Drag Strip Road Belpre OH 45714 YRC Inc. Y250 Lima, OH 1505 Bowman Road Lima OH 45804 YRC Inc. Y232 Erie, PA 3111 McCain Avenue Erie PA 16510 YRC Inc. N005 Providence, RI 2110 Plainfield Pike Cranston RI 02910 

New Penn 

Motor Express 

LLC 

Y695 Florence, SC 2257 S Main Street Florence SC 29501 YRC Inc. Y523 Wichita Falls, TX 4020 Reilly Road Wichita Falls TX 76305 YRC Inc. Y574 Waco, TX 3230 Clay Avenue Waco TX 76711 YRC Inc. Y515 Sherman, TX 211 Dorset Drive Sherman TX 75092 YRC Inc. Y394 Madison, WI 2573 Progress Road Madison WI 53716 YRC Inc. Y336 Eau Claire, WI 3617 McIntyre Avenue Eau Claire WI 54703 YRC Inc. Y220 Clarksburg, WV 6399 Saltwell Road Bridgeport WV 26330 YRC Inc. 
#93420437v6 

Schedule 1.01(b) Guarantors 

Exact Legal Name of Each Grantor 

YRC Worldwide Inc. 

1105481 Ontario Inc. 

Express Lane Service, Inc. 

HNRY Logistics, Inc. 

New Penn Motor Express LLC 

Reimer Holding B.V. 

Roadway Express International, Inc. 

Roadway LLC 

Roadway Next Day Corporation 

USF Bestway Inc. 

USF DUGAN INC. 

USF Glen Moore Inc. 

USF Holland LLC 

USF Holland International Sales Corporation 

USF RedStar LLC 

USF Reddaway Inc. 

YRC Association Solutions, Inc. 

YRC Freight Canada Company 

YRC Inc. 

YRC International Investments, Inc. 

YRC Logistics Inc. 

YRC LOGISTICS SERVICES, INC. 

YRC MORTGAGES, LLC 

YRC Enterprise Services, Inc. 

YRC Regional Transportation, Inc. 
#93420437v6 

Schedule 1.01(c) Mortgaged Properties 

Location Street Address City State Zip Code Gra

Buffalo, NY 6640 Transit Road Williamsville NY 14221 New Penn Motor Camp Hill, PA 475 Terminal Road Camp Hill PA 17011 New Penn Motor Cinnaminson, NJ 2300 Garry Road Cinnaminson NJ 08077 New Penn Motor Lebanon, PA - Office 625 S 5th Avenue Lebanon PA 17042 New Penn Motor Pittsburgh, PA 2950 Grand Avenue Neville Island PA 15225 New Penn Motor Reading, PA 3725 Pottsville Pike Reading PA 19605 New Penn Motor Rochester, NY 35 Transport Drive Rochester NY 14623 New Penn Motor Southington, CT 130 Canal Street Southington CT 06489 New Penn Motor Syracuse, NY 7173 Schuyler Road East Syracuse NY 13057 New Penn Motor Trenton, NJ 15 Thomas J. Rhodes Industrial Mercerville NJ 08619 New Penn Motor Akron, OH 3140 Massillon Road Akron OH 44312 USF Holland LLC Atlanta, GA 4700 Highway 42 Ellenwood GA 30294 USF Holland LLC Birch Run, MI 11740 Dixie Highway Birch Run MI 48415 USF Holland LLC 
 5 

#93420437v6 

Location Street Address City State Zip Code Gra

Birmingham, AL 480 Republic Circle Birmingham AL 35214 USF Holland LLC Buffalo, NY 6650 Transit Road Williamsville NY 14221 USF Holland LLC Charlotte, NC 5201 Sunset Road Charlotte NC 28213 USF Holland LLC Chicago, IL 8601 W 53rd Street McCook IL 60525 USF Holland LLC Cleveland, OH 10720 Memphis Avenue Brooklyn OH 44144 USF Holland LLC Columbia, SC 3705 Highway 321 West Columbia SC 29172 USF Holland LLC Columbus, OH 4800 Journal Street Columbus OH 43228 USF Holland LLC Danville, IL 72 Eastgate Drive Danville IL 61832 USF Holland LLC Dayton, OH 2700 Valley Pike Dayton OH 45404 USF Holland LLC Des Moines, IA 6144 NE 22nd Street Des Moines IA 50313 USF Holland LLC Detroit, MI 27411 Wick Road Romulus MI 48174 USF Holland LLC Evansville, IN 8901 N Kentucky Avenue Evansville IN 47711 USF Holland LLC Fort Wayne, IN 4320 Merchant Road Fort Wayne IN 46818 USF Holland LLC Gaylord, MI 1830 Calkins Road Gaylord MI 49735 USF Holland LLC 
 6 

#93420437v6 

Location Street Address City State Zip Code Gra

Greensboro, NC 201 Stage Coach Trail Greensboro NC 27409 USF Holland LLC Huntington, OH 95 Holland Drive Gallipolus OH 45631 USF Holland LLC Indianapolis, IN 2530 S Tibbs Avenue Indianapolis IN 46241 USF Holland LLC Jackson, MI 1059 Hurst Road Jackson MI 49201 USF Holland LLC Joplin, MO 2702 Newman Road Joplin MO 64801 USF Holland LLC Kansas City, KS 9711 State Avenue Kansas City KS 66111 USF Holland LLC Knoxville, TN 5409 National Avenue Knoxville TN 37914 USF Holland LLC Lexington, KY 461 Transport Court Lexington KY 40511 USF Holland LLC Lincoln, IL 700 NE Arch Street Atlanta IL 61723 USF Holland LLC Louisville, KY 4885 Keystone Boulevard Jeffersonville IN 47130 USF Holland LLC Memphis, TN 8100 W Sandidge Road Olive Branch MS 38654 USF Holland LLC Nashville, TN 500 Oak Bluff Lane Goodlettsville TN 37072 USF Holland LLC Omaha, NE 3219 Nebraska Avenue Council Bluffs IA 51501 USF Holland LLC Owatonna, MN 200 32nd Avenue NW Owatonna MN 55060 USF Holland LLC 
 7 

#93420437v6 

Location Street Address City State Zip Code Gra

St. Louis, MO 24 Gateway Commerce Edwardsville IL 62025 USF Holland LLC Toledo, OH 20820 Midstar Drive Bowling Green OH 43402 USF Holland LLC Wausau, WI 501 Spring Road Mosinee WI 54455 USF Holland LLC Wheeling, IL 1100 Chaddick Drive Wheeling IL 60090 USF Holland LLC Youngstown, OH 10855 Market Street N Lima OH 44452 USF Holland LLC Bakersfield, CA 4901 Lisa Marie Court Bakersfield CA 93313 USF Reddaway InFresno, CA 4556 S Chestnut Avenue Fresno CA 93725 USF Reddaway InLos Angeles, CA 575 E Weber Avenue Compton CA 90222 USF Reddaway InMedford, OR 4000 Hamrick Road Central Point OR 97502 USF Reddaway InPhoenix, AZ 3045 S 43rd Avenue Phoenix AZ 85009 USF Reddaway InSalt Lake City, UT 4375 W 1385 S Salt Lake City UT 84104 USF Reddaway InSan Fernando Valley, CA 12100 Montague Street Pacoima CA 91331 USF Reddaway InAkron, OH 1275 Ohio Ave Copley OH 44321 YRC Inc. Albany, GA 326 Cordele Road Albany GA 31705 YRC Inc. 
 8 

#93420437v6 

Location Street Address City State Zip Code Gra

Albany, NY 37 Frontage Road Glenmont NY 12077 YRC Inc. Albuquerque, NM 900 64th Street NW Albuquerque NM 87121 YRC Inc. Augusta, GA 4200 Wheeler Road Martinez GA 30907 YRC Inc. Austin, TX 9018 Tuscany Way Austin TX 78754 YRC Inc. Baltimore, MD 6311 E Lombard Street Baltimore MD 21224 YRC Inc. Baton Rouge, LA 956 Hwy 190 West Port Allen LA 70767 YRC Inc. Beaumont, TX 4650 Lafin Drive Beaumont TX 77705 YRC Inc. Bellows Falls, VT 17 Transport Park Bellows Falls VT 05101 YRC Inc. Birmingham, AL 99 Murphree Road Birmingham AL 35217 YRC Inc. Boston, MA 95 Concord Street North Reading MA 01864 YRC Inc. Bowling Green, KY 300 New Porter Pike Bowling Green KY 42103 YRC Inc. Buffalo, NY 66 Milens Road Tonawanda NY 14150 YRC Inc. Charleston, SC 2243 Wren Street Charleston SC 29418 YRC Inc. Chattanooga, TN 345 Roadway Drive Ringgold GA 30736 YRC Inc. 
 9 

#93420437v6 

Location Street Address City State Zip Code Gra

Chicago Heights, IL 2000 East Lincoln Highway Chicago Heights IL 60411 YRC Inc. Chicago North, IL 1000 Chaddick Drive Wheeling IL 60090 YRC Inc. Cincinnati, OH 10074 Princeton-Glendale Road Cincinnati OH 45246 YRC Inc. Cleveland, OH 5250 Brecksville Road Richfield OH 44286 YRC Inc. Columbia, MO 8989 E Columbus Court Columbia MO 65201 YRC Inc. Columbia, SC 1308 Pineview Drive Columbia SC 29209 YRC Inc. Columbus, OH 5400 Fisher Road Columbus OH 43228 YRC Inc. Dallas, TX 200 North Beltline Road Irving TX 75061 YRC Inc. Dayton, OH 2801 Valley Pike Dayton OH 45404 YRC Inc. Des Moines, IA 5337 NE 22nd Street Des Moines IA 50313 YRC Inc. Detroit, MI 22701 Van Born Road Taylor MI 48180 YRC Inc. El Paso, TX 1330 Henry Brennan Drive El Paso TX 79936 YRC Inc. Evansville, IN 8600 Baumgart Road Evansville IN 47725 YRC Inc. Fort Myers, FL 2635 Rockfill Road Fort Myers FL 33916 YRC Inc. 
 10 

#93420437v6 

Location Street Address City State Zip Code Gra

Fort Wayne, IN 3513 Adams Center Road Fort Wayne IN 46806 YRC Inc. Fort Worth, TX 5501 Campus Drive Fort Worth TX 76140 YRC Inc. Fresno, CA 2440 E Church Avenue Fresno CA 93706 YRC Inc. Grand Rapids, MI 2180 Chicago Drive SW Wyoming MI 49509 YRC Inc. Greenville, SC 580 Shackelford Road Piedmont SC 29673 YRC Inc. Hagerstown, MD 311 East Oak Ridge Drive Hagerstown MD 21740 YRC Inc. Harrisburg, PA 100 Roadway Drive Carlisle PA 17015 YRC Inc. Honolulu, HI 94-164 Leokane Street Waipahu HI 96797 YRC Inc. Indianapolis, IN 1818 S High School Road Indianapolis IN 46241 YRC Inc. Jackson, MS 102 Carrier Boulevard Richland MS 39218 YRC Inc. Jackson, TN 88 E L Morgan Drive Jackson TN 38305 YRC Inc. Jacksonville, FL 3404 Clifford Lane Jacksonville FL 32209 YRC Inc. Knoxville, TN 1212 Hilton Road Knoxville TN 37921 YRC Inc. Lansdale, PA 750 County Line Road Line Lexington PA 18932 YRC Inc. 
 11 

#93420437v6 

Location Street Address City State Zip Code Gra

Laredo, TX 8011 Killam Industrial Boulevard Laredo TX 78045 YRC Inc. Las Vegas, NV 5049 W Post Road Las Vegas NV 89118 YRC Inc. Lexington, KY 460 Transport Court Lexington KY 40511 YRC Inc. Little Rock, AR 4500 W 65th Street Little Rock AR 72209 YRC Inc. Long Island, NY 99 Express Street Plainview NY 11803 YRC Inc. Manchester, NH 9 Cote Lane Bedford NH 03110 YRC Inc. Maybrook, NY 1000 Homestead Avenue Maybrook NY 12543 YRC Inc. Memphis, TN 3310 Gill Road Memphis TN 38109 YRC Inc. Milwaukee, WI 6880 S Howell Avenue Oak Creek WI 53154 YRC Inc. Nashville, TN 7300 Centennial Boulevard Nashville TN 37209 YRC Inc. New Orleans, LA 12169 Old Gentilly Road New Orleans LA 70129 YRC Inc. Nogales, AZ 2859 W Valle Verde Drive Nogales AZ 85621 YRC Inc. Norfolk, VA 1313 Cavalier Boulevard Chesapeake VA 23323 YRC Inc. Oklahoma City, OK 8000 SW 15th Street Oklahoma City OK 73128 YRC Inc. 
 12 

#93420437v6 

Location Street Address City State Zip Code Gra

Omaha, NE 4480 S 90th Street Omaha NE 68127 YRC Inc. Oxnard, CA 2685 Sherwin Avenue Ventura CA 93003 YRC Inc. Paducah, KY 5151 Charter Oak Drive Paducah KY 42001 YRC Inc. Peoria, IL 780 W Birchwood Street Morton IL 61550 YRC Inc. Philadelphia, PA 2627 State Road Bensalem PA 19020 YRC Inc. Pontiac, MI 1280 Joslyn Avenue Pontiac MI 48340 YRC Inc. Portland, OR 10510 N Vancouver Way Portland OR 97217 YRC Inc. Providence, RI 55 Industrial Road Cumberland RI 02864 YRC Inc. Richmond, VA 9600 Express Lane Richmond VA 23237 YRC Inc. Rochester, NY 1575 Emerson Street Rochester NY 14606 YRC Inc. Rock Island, IL 3700 78th Avenue West Rock Island IL 61201 YRC Inc. Rockford, IL 2630 Mason Avenue Rockford IL 61109 YRC Inc. Salisbury, MD 26902 Bethel Concord Road Seaford DE 19973 YRC Inc. San Antonio, TX 111 Gembler Road San Antonio TX 78219 YRC Inc. 
 13 

#93420437v6 

Location Street Address City State Zip Code Gra

Scranton, PA 1284 S Main Road Mountain Top PA 18707 YRC Inc. Springfield, MO 5575 E State Hwy 00 Strafford MO 65757 YRC Inc. St. Louis, MO 400 Barton Street St. Louis MO 63104 YRC Inc. St. Paul, MN 12400 Dupont Avenue S Burnsville MN 55337 YRC Inc. Syracuse, NY 7138 Northern Boulevard East Syracuse NY 13057 YRC Inc. Toledo, OH 4431 South Avenue Toledo OH 43615 YRC Inc. Tracy, CA 1535 E Pescadero Avenue Tracy CA 95304 YRC Inc. Tucson, AZ 601 W Flores Street Tucson AZ 85705 YRC Inc. Washington, DC 7600 Preston Drive Landover MD 20785 YRC Inc. Waterville, ME 44 Sheridan Drive Fairfield ME 04937 YRC Inc. West Palm Beach, FL 1400 SW 30th Avenue Boynton Beach FL 33426 YRC Inc. Wilmington, DE 316 New Churchmans Road New Castle DE 19720 YRC Inc. Wilson, NC 555 Jeffreys Road Rocky Mount NC 27804 YRC Inc. Winston-Salem, NC 1255 NC Highway 66 S Kernersville NC 27284 YRC Inc. 
 14 

#93420437v6 

Location Street Address City State Zip Code Gra

Worcester, MA 464 Hartford Turnpike Shrewsbury MA 01545 YRC Inc. Whitby, ON, Canada 

285 Blair Street Whitby ON L1N 9V9 YRC Freight Cana

(f/k/a/Reimer) 

Woodstock, ON, Canada 

1187 Welford Place Woodstock ON N4S 7Y5 YRC Freight Cana

(f/k/a/Reimer) 
#93420437v6 

Schedule 1.01(d) Pension Fund Entities 

 Central States, Southeast and Southwest Areas Pension Fund 

 Western Conference of Teamsters Pension Trust Fund 

 I.B. of T. Union Local No. 710 Pension Fund 

 Central Pennsylvania Teamsters Pension Fund 

 Road Carriers Local 707 Pension Fund 

 Teamsters Local 641 Pension Fund 

 Teamsters Pension Trust Fund of Philadelphia and Vicinity 

 Western Conference of Teamsters Supplemental Benefit Trust Fund 

 Suburban Teamsters of No. IL. Pension Fund 

 Freight Drivers and Helpers Local 557 Pension Fund 

 Teamsters JC 83 Pension Fund 

 Hagerstown Motor Carriers and Teamsters Pension Plan 

 Trucking Employees of North Jersey Welfare Fund Inc. - Pension Fund 

 Mid-Jersey Trucking Ind. & Teamsters Local 701 Pension Fund 

 Management Labor Welfare & Pension Funds Local 1730, I.L.A. 

 Employer-Teamsters Local Nos. 175/505 Pension Trust Fund 

 International Association of Machinists Motor City Pension Fund 

 Hawaii Truckers-Teamsters Union Pension Fund 

 Southwestern Pennsylvania and Western Maryland Teamsters & Employers Pension Fund 
#93420437v6 

Schedule 2.01 Lenders and Commitments 

Lender UST Tranche B Term Loan 

Commitment 

United States Department of the Treasury $400,000,000 

TOTALS $400,000,000 
#93420437v6 

Schedule 4.02(b) Local Counsel Opinions 

Credit Agreement Opinions 

Law Firm State 

Snell & Wilmer L.L.P. AZ 

Stinson LLP KS 

Stoel Rives LLP OR 

Morgan, Lewis & Bockius LLP PA 

Mortgage Opinions 

As agreed with the Required Lenders and the Borrower 
#93420437v6 

Schedule 5.10(b) Multiemployer Plans 

Multiemployer Plans 

Central States, Southeast and Southwest Areas Pension Plan 

Teamsters National 401K Savings Plan (formerly Western Conference of Teamsters Pension 

Plan) 

I.B.of T. Union Local No 710 Pension Fund 

Central Pennsylvania Teamsters Defined Benefit Plan 

New York State Teamsters Conference Pension & Retirement Fund 

Road Carriers Local 707 Pension Fund 

New England Teamsters & Trucking Industry Pension 

Teamsters Local 641 Pension Fund 

Local 705 Int’l Brotherhood of Teamsters Pension Tr. Fd. 

Teamsters Pension Trust Fund of Philadelphia & Vicinity 

Western Pennsylvania Teamsters and Employers Pension Plan 

Freight Drivers and Helpers Local Union No. 557 Pension Plan 

Teamsters Joint Council No. 83 of Virginia Pension Fund 

Hagerstown Motor Carriers & Teamsters Pension Fund 

Pension Plan of the Welfare and Pension Fd Mid-Jersey Trucking (Local 701) 

Trucking Employees of North Jersey Pension Fund 

Suburban Teamsters of Northern Illinois Pension Plan 

Teamsters Local 639 - Employers Pension Trust Fund 

Management-Labor Pension Fund Local 1730 ILA 

National Pension Plan 

Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund 

Pension Fund Local 445 

International Association of Machinists Motor City Pension Fund 

District No. 9 International Association of Machinists and Aerospace Workers Pension Plan 

(Local 777 & 737) 

Automobile Mechanics’ Local 701 Union and Industry Welfare Fund 

Local 805 Pension & Retirement Fund 

Minnesota Teamsters Member 401K Plan 

Transportation Communications Int’l Union Pension 

Teamsters Local 617 Pension Fund 

Southwestern Pennsylvania & Western Maryland Area Teamsters & Employers Pension Fund 

Hawaii Truckers - Teamsters Union Pension Plan 

Western States Office 

Western Conference of Teamsters Supplemental Benefit Plan 

National IAM Pension Fund (SoCal 1186) 

Hawaii Truckers Union Pension Fund 

IAM National Pension Fund (BUF 447) 

Machinist Money Purchase Pension Fund 

IAM National Pension Fund (St Paul 737) 

Central States Pension Fund (Local 778 Mechanics) 

IAM National Pension Fund (Local 778 Mechanics) 
#93420437v6 

Schedule 5.11 Subsidiaries and Other Equity Interests 

Loan Parties as of the Restatement Effective Date 

Subsidiary Direct Owner 

Express Lane Service, Inc. YRC Worldwide Inc. 

HNRY Logistics, Inc. YRC Inc. 

New Penn Motor Express LLC YRC Worldwide Inc. 

Roadway Express International, Inc. YRC Inc. 

Roadway LLC YRC Worldwide Inc. 

Roadway Next Day Corporation Roadway LLC 

USF Bestway Inc. YRC Regional Transportation, Inc. 

USF Dugan Inc. YRC Regional Transportation, Inc. 

USF Glen Moore Inc. YRC Regional Transportation, Inc. 

USF Holland LLC YRC Worldwide Inc. 

USF Reddaway Inc. YRC Regional Transportation Inc. 

USF RedStar LLC YRC Regional Transportation, Inc. 

YRC Association Solutions, Inc. YRC Worldwide Inc. 

YRC Enterprise Services, Inc. YRC Worldwide Inc. 

YRC Inc. Roadway LLC 

YRC Logistics Services, Inc. YRC Regional Transportation, Inc. 

YRC Mortgages, LLC YRC Worldwide Inc. 

YRC Regional Transportation, Inc. YRC Worldwide Inc. 

Reimer Holding B.V. YRC Inc. 

1105481 Ontario, Inc. YRC Worldwide Inc. 

USF Holland International Sales 

Corporation USF Holland LLC 

YRC International Investments, Inc. YRC Worldwide Inc. 

YRC Logistics Inc. YRC Logistics Services, Inc. 

YRC Freight Canada Company Reimer Holding B.V. 

Non-Loan Parties as of the Restatement Effective Date 

Subsidiary Direct Owner 

OPK Insurance Co. Ltd. YRC Worldwide Inc. 

PT Meridian IQ Indonesia 

International YRC Logistics Asia Limited 

Roadway Express, S.A. de C. V. YRC Inc. 

Transcontinental Lease, S. de R.L. 

de C.V. YRC Inc. 

YRC Logistics Asia Limited YRC Worldwide Inc. 

YRC Services S. de R.L. de C.V. YRC Transportation, S.A. de C.V. 

YRC Transportation, S.A. de C.V. YRC Inc. 
#93420437v6 

Schedule 5.14 Labor Matters 

 IBT Agreement 

Other Collective Bargaining Agreements 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Holland Office and Clerical 

Employees Agreement 

Teamsters Local 

Union No. 364 Teamsters 

Holland St. Louis Office Employees 

Rider 

Teamsters Local 

Union No. 688 Teamsters 

Holland 

Office Clerical 

Supplemental / NMFA 

Agreement 

Teamsters Local 

No. 24 Teamsters 

Holland Office and Clerical 

Employees Agreement 

Local Union No. 

20 Teamsters 

Holland 

USF Holland Local Cartage 

Agreement of General 

Teamsters Local 179 

Local Union No. 

179 Teamsters 

Holland 

USF Holland and Teamsters 

Truck Drivers Union, Local 

No. 407 Cleveland Office 

Clerical 

Local Union No. 

407 Teamsters 

Holland 

USF Holland and General 

Drivers, Warehousemen and 

Helpers Teamsters Local 

Union No. 89 Louisville, 

KY Clerical Agreement 

Local Union No. 

89 Teamsters 

Holland 

Office Employees Rider to 

the National Master Freight 

Agreement and Central 

States Area Local Cartage 

Supplemental Agreement 

Teamsters Local 

688 Teamsters 

Holland 

USF Holland & Teamsters 

Local Union No. 371 Office 

Clerical Employees 

Addendum 

Teamsters Local 

Union No. 371 Teamsters 

Holland 

Agreement between 

Teamsters Local Union No. 

120 and USF Holland, Coon 

Rapids, MN Terminal 

NMFA Office Personnel 

Addendum 

Teamsters Local 

Union No. 120 Teamsters 
 21 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Holland 

Addendum to the National 

Master Freight Agreement 

and the Central States Area 

Local Cartage Supplement 

Agreement between USF 

Holland and Chauffeurs, 

Teamsters and Helpers 

Local #26 

Chauffeurs, 

Teamsters and 

Helpers Local #26 

Teamsters 

Holland 

USF Holland Motor 

Express, Inc. Office and 

Miscellaneous Truck 

Terminal Employee's 

Agreement Rockford, IL 

Teamsters Local 

Union No. 325 Teamsters 

Holland Kansas City Garage 

Addendum 

Teamsters Local 

Union #41 Teamsters 

Holland 

Agreement between Central 

States Motor Carriers 

Association, Inc. and IA of 

M & AW District Lodge 60 

IA of M & AW 

District Lodge 60 

and Local Union 

No. 698 

Machinists and 

Aerospace Workers 

Holland 

USF Holland, Inc. 

Youngstown Terminal 

Office Clerical 

Supplemental/NMFA 

Agreement 

Teamsters Local 

Union 377 Teamsters 

Holland 

Appleton Area and Vicinity 

Office and Clerical 

Employees Supplement to 

the Central States Area 

Local Cartage Supplemental 

Agreement to the National 

Master Freight Agreement 

Teamsters Local 

Union 662 Teamsters 

Holland 

Uniform Indiana 

Automotive Maintenance 

Agreement 

Teamsters Joint 

Council 69 Teamsters 

Holland Cincinnati Garage 

Employees Agreement 

Teamsters Local 

Union 100 Teamsters 

Holland 

Agreement Between 

Teamsters Local Union 160 

and USF Holland, 

Owatonna, MN Terminal 

Teamsters Local 

Union 160 Teamsters 

Holland 

Addendum to the 2008 - 

2013 Local 710 Dock 

Agreement Covering 

Custodial Employees 

Teamsters Local 

710 Teamsters 
 22 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Holland 

Central Region Local 

Cartage Supplemental 

Agreement 

Central Region of 

Teamsters Teamsters 

Holland 

Central Region Over-theRoad Supplemental 

Agreement 

Central Region of 

Teamsters Teamsters 

Holland 

Supplement to the Central 

Region Local Cartage 

Supplemental Agreement to 

the National Master Freight 

Agreement covering 

Milwaukee and Waukesha 

Areas 

Local Union No. 

200 Teamsters 

Holland Indiana Uniform Office 

Clerical Agreement 

Teamsters Local 

Unions 135, 215, 

364, 414 

Teamsters 

Holland 

Addendum to the National 

Master Freight Agreement 

and the Central States Area 

Local Cartage Supplemental 

Agreement 

Teamsters Local 

Union 554 Teamsters 

Holland 

Agreement between 

Mechanic's Local 701 IAM 

& AW and Central States 

Motor Carrier's Association 

(CSMCA) and Trucking 

Management Inc: For: YRC 

Inc; YRC Holland, Inc 

Mechanic's Local 

701 IAM & AW 

and Central States 

Motor Carrier's 

Association 

Machinists and 

Aerospace Workers 

Holland 

Supplement to the Central 

Region Over-the-Road 

Supplemental Agreement to 

the National Master Freight 

Agreement Covering 

Milwaukee-based Over-theRoad Drivers 

Teamsters Local 

Union 200 Teamsters 

Holland National Master Freight 

Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

Holland 

Teamsters State of Michigan 

Office Workers 

Supplemental Agreement to 

the National Master Freight 

Agreement 

Teamsters State of 

Michigan Teamsters 
 23 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Holland 

Southern Region Local 

Freight Forwarding Garage 

Supplemental Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

Holland 

Southern Region Area Overthe-Road Motor Freight 

Supplemental Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

Holland 

Upstate Michigan Garage 

Addendum to NMFA and 

Central States Area Local 

Cartage Supplemental 

Agreement 

Teamster Union 

406 Teamsters 

New Penn Mechanics Areawide 

Agreement 

Teamsters Local 

Union No. 677 Teamsters 

New Penn 

Appendix Covering the 

Classifications of Mechanics 

and Garage Employees 

Local Union 707 Teamsters 

New Penn 

Appendix to New Jersey / 

New York Area General 

Trucking Supplement 

Agreement 

Merchandise 

Drivers Local No. 

641 

Teamsters 

New Penn 

Highway and Local Motor 

Freight Drivers Dockmen 

and Helpers Local Union 

707 Clerical Appendix 

Local Union 707 Teamsters 

New Penn 

Addendum between New 

Penn and Teamsters Local 

Union No. 355 

Teamsters Local 

Union 355 Teamsters 

New Penn 

Mechanics Agreement 

between New Penn and 

Teamsters Local Union No. 

251 

Local Union 251 Teamsters 

New Penn 

National Master Freight 

Agreement and Central 

Pennsylvania Supplemental 

Agreement 

Central 

Pennsylvania and 

Local Cartage 

Unions 229, 401, 

429, 764, 777, 773 

and 776 

Teamsters 

New Penn PPA Pension Proposal 

Outline 

ILA Local Union 

1730 Longshoremen 

New Penn 

General Freight Agreement 

Between Inland Terminal 

Workers 1730 and New 

Penn Motor Express LLC 

ILA Local Union 

1730 Longshoremen 
 24 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

New Penn 

New York State Freight 

Division Supplemental 

Agreement Covering Over 

the Road and Cartage 

Locals 

118,118A,182, 

264, 264A, 294, 

317, 375, 449, 529, 

687, 693 

Teamsters 

New Penn 

Philadelphia, Pennsylvania 

and Vicinity Supplemental 

Agreement covering Local 

Cartage and Over the Road 

Highway Truck 

Drivers and 

Helpers Local No. 

107, 676, 

Teamsters Locals 

No. 312, 326, 331, 

470, Truck Drivers 

Chauffeurs Helpers 

Local 384, Food 

Drivers, Helpers 

and Warehouse 

Employees Local 

No. 500 

Teamsters 

New Penn 

Joint Council No. 40 Freight 

Council Supplemental 

Agreement 

Teamsters Local 

Unions 30, 110, 

249 261, 397, 491, 

538, 585 

Teamsters 

New Penn 

Central Pennsylvania 

Mechanics and Office 

Employees Agreement 

Teamsters Local 

Unions 229, 401, 

429, 764, 771, 773, 

776 

Teamsters 

New Penn 

Addendum to the Central 

Pennsylvania Mechanics and 

Office Employees 

Agreement 

Teamsters Local 

Unions 776 Teamsters 

New Penn National Master Freight 

Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

Reddaway USF Reddaway Western 

Contract 

Teamsters Local 

Unions Nos. 63, 

70, 104, 492 

Teamsters 

Reddaway 

Master Agreements, 

Supplement Agreements, 

and Letters of 

Understanding 

Teamsters Local 

Unions 162, 206, 

324, 962, 37, 174 

Teamsters 

Reddaway 

Master Agreement 

Supplemental Agreements 

and Memos of 

Understanding 

Teamsters Local 

Unions 63, 70, 

104, 492 

Teamsters 
 25 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

Reddaway 

USF Reddaway 

Negotiations Tentative 

Agreement on Economic 

Terms 

International 

Brotherhood of 

Teamsters 

Teamsters 

Reddaway 

Rider to the USF Reddaway 

Western Contract Regarding 

Freight Handler Employee 

Classification 

Teamsters Local 

Unions 63, 70, 

104, 492 

Teamsters 

YRC Freight National Master Freight 

Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

YRC Freight 

Upstate Michigan Garage 

Addendum to NMFA and 

Central States Area Local 

Cartage Supplemental 

Agreement 

Teamster Union 

406 Teamsters 

YRC Freight 

Tentative Agreement St. 

Louis Addendum to the 

Multi-States Area 

Agreement International 

Association of Machinists 

and Aerospace Workers, 

YRC Freight. 

International 

Association of 

Machinists and 

Aerospace 

Workers 

Machinists and 

Aerospace Workers 

YRC Freight Office Agreement Teamsters Local 

Union No. 251 Teamsters 

YRC Freight 

Agreement between YRC 

Freight and General Drivers 

and Helpers, Local Union 

No. 823 

Local Union No. 

823 Teamsters 

YRC Freight 

Agreement between YRC 

Inc. and General Drivers and 

Helpers, Local Union No. 

696 

Local Union No. 

696 Teamsters 

YRC Freight 

Carolina Freight Council 

City Cartage Supplemental 

Agreement 

All terminals in 

North and South 

Carolina 

Teamsters 

YRC Freight 

West Virginia Freight 

Council of the Eastern 

Region of Teamsters 

Supplemental Agreement 

Teamsters Local 

Union 175 Teamsters 
 26 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Freight 

Office Employees 

Agreement Appendix to 

New Jersey-New York Area 

General Trucking 

Supplemental Agreement 

Teamsters Local 

Union 641 Teamsters 

YRC Freight 

Virginia Freight Council 

Over-the-Road 

Supplemental Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

YRC Freight 

Virginia Freight Council 

City Pickup and Delivery 

Over-the-Road 

Supplemental Agreement 

Teamsters Local 

Unions 29, 171, 

592, 822 

Teamsters 

YRC Freight 

Teamsters State of Michigan 

Office Workers 

Supplemental Agreement to 

the National Master Freight 

Agreement 

Teamsters State of 

Michigan Teamsters 

YRC Freight 

Southern Region Office 

Clerical Employees 

Supplemental Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

YRC Freight 

Addendum to the National 

Master Freight Agreement 

and the Central States Area 

Local Cartage Supplemental 

Agreement 

Teamsters Local 

Union 554 Teamsters 

YRC Freight 

Southern Region Local 

Freight Forwarding Garage 

Supplemental Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

YRC Freight 

Mechanics Agreement 

Appendix to New JerseyNew York Area General 

Trucking Supplemental 

Agreement 

Teamsters Local 

Union 641 Teamsters 

YRC Freight 

New Jersey-New York 

General Trucking 

Supplemental Agreement 

and Local 701 

Teamsters Local 

Union 701 Teamsters 

YRC Freight 

New Jersey-New York 

Over-the-Road 

Supplemental Agreement 

Covering Employers of 

Private, Common and 

Contract Carriers 

Teamsters Local 

Union 701 Teamsters 
 27 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Freight 

New Jersey-New York 

General Trucking 

Supplemental Agreement 

Teamsters Local 

Union 701 Teamsters 

YRC Freight 

Maintenance Employees 

(Porters) Agreement 

Appendix to New JerseyNew York Area General 

Trucking Supplemental 

Agreement 

Teamsters Local 

Union 560 Teamsters 

YRC Freight 

International Association of 

Machinists and Aerospace 

Workers, IAM and AW 

IAM District 9 Machinists and 

Aerospace Workers 

YRC Freight 

International Association of 

Machinists and Aerospace 

Workers, IAM and AW 

(Kansas City Addendum) 

IAM Local Lodge 

778 

Machinists and 

Aerospace Workers 

YRC Freight 

International Association of 

Machinists and Aerospace 

Workers, IAM and AW 

(Twin Cities Addendum) 

IAM District 77 Machinists and 

Aerospace Workers 

YRC Freight St. Louis Addendum to the 

Multi-States Agreement IAM District 9 Machinists and Aerospace Workers 

YRC Freight 

Agreement Between YRC 

Freight and Transportation 

Communications 

International Union 

Machinists Local 

Union 998, 1908 Machinists 

YRC Freight 

Appendix to the Western 

States Trucking 

Maintenance Agreement for 

the designated Southern 

California Area District 947 

and affiliated Lodges 

District 947 and 

Affiliated Lodges Machinists 

YRC Freight 

New York State Freight 

Division Supplemental 

Agreement Covering Over 

the Road and Cartage 

Locals 

118,118A,182, 

264, 264A, 294, 

317, 375, 449, 529, 

687, 693 

Teamsters 

YRC Freight Western States Area 

Supplemental Agreements 

The Western 

Master Freight 

Division and Local 

Union 

Teamsters 
 28 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Freight 

New Jersey - New York 

General Trucking 

Supplemental Agreement 

and Local 701 

Local 701 Teamsters 

YRC Freight 

Local 710 Dock Agreement 

Covering Custodial 

Employees 

Teamsters Local 

710 Teamsters 

YRC Freight 

Cincinnati Office Agreement 

between Local Union No. 

100 and YRC Freight 

Local Union No. 

100 Teamsters 

YRC Freight 

Southern Region Area Overthe-Road Motor Freight 

Supplemental Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

YRC Reimer 

Agreement Between Reimer 

Express Lines, Ltd. and 

General Teamsters Local 

Union 979 

Teamsters Local 

Union 979 Teamsters 

YRC Reimer 

Agreement between Reimer 

Express Line Employees 

Association and Reimer 

Express Lines Ltd 

Reimer Express 

Line Employees 

Association 

Teamsters 

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Ltd and General 

Teamsters Local Union No. 

979 

General Teamsters 

Local Union 

No.979 - Winnipeg 

Terminal 

Teamsters 

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Ltd and General 

Teamsters Local Union No. 

362 

General Teamsters 

Local Union 

No.362 - 

Edmonton 

Terminal 

Teamsters 

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Ltd and Teamsters 

Local Union No. 879 

(Woodstock) and Teamsters, 

Chauffeurs, Warehousemen 

and Helps of America Local 

880 and Teamsters Local 

Union 938 

Teamsters Union 

Local 880 and 879 Teamsters 

YRC Reimer 

Memorandum of Agreement 

between Reimer Express 

Lines Ltd and Teamsters 

Quebec Local 106 

Teamsters Quebec 

Local 106 Teamsters 
 29 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Limited (Clerical) and 

Teamsters, Chauffeurs, 

Warehousemen and Helpers 

Local Union No. 879 and 

Teamsters Canada 

Teamsters, 

Chauffeurs, 

Warehousemen 

and Helpers 

Local Union No. 

879 and Teamsters 

Canada 

Teamsters 

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Ltd Drivers and 

National Automobile, 

Aerospace, Transportation 

and General Workers Union 

of Canada (CAW-Canada) 

Local 4209 

National 

Automobile, 

Aerospace, 

Transportation and 

General Workers 

Union of Canada 

(CAW - Canada) 

Local 4209 

National 

Automobile, 

Aerospace, 

Transportation and 

General Workers 

Union of Canada 

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Ltd. Owner Operators 

and National Automobile, 

AeroSpace Transportation 

and General Workers Union 

of Canada (CAW-Canada) 

Local 4209 

National 

Automobile, 

AeroSpace 

Transportation and 

General Workers 

Union of Canada 

(CAW-Canada) 

Local 4209 

National 

Automobile, 

Aerospace, 

Transportation and 

General Workers 

Union of Canada 

YRC Reimer 

Agreement between Reimer 

Express Lines Ltd. 

Maintenance Facility 

Winnipeg and General 

Teamsters Local Union No. 

979 

General Teamsters 

Local Union No. 

979 

Teamsters 

YRC Reimer 

Collective Labour 

Agreement between 

Transport Drivers, 

Warehousemen and General 

Workers, Teamsters Quebec 

Section Locale 106 (FTQ) 

and Reimer Express Lines 

Ltd. 

Transport Drivers, 

Warehousemen 

and General 

Workers, 

Teamsters Quebec 

Section Locale 106 

(FTQ) 

Teamsters 

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Limited Ltd and 

Canada Council of 

Teamsters represented by 

Teamsters Local Unions 879 

and 880 

Teamsters Local 

Unions 879 and 

880 

Teamsters 
 30 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Ltd. and the Teamsters 

Local Unions No's 91, 879, 

938 and the Teamsters, 

Chauffeurs, Warehousemen 

and Helpers Local Union 

No, 880 

Teamsters Local 

Unions No's 91, 

879, 938 and the 

Teamsters, 

Chauffeurs, 

Warehousemen 

and Helpers Local 

Union No. 880 

Teamsters 

YRC Reimer 

Agreement Between Reimer 

Express Lines Ltd 

Employees Association and 

Reimer Express Lines Ltd. 

Reimer Express 

Lines Ltd. 

Employees 

Association 

Silent 

YRC Reimer 

Collective Agreement 

between Reimer Express 

Lines Ltd. And Teamsters, 

Chauffeurs, Warehousemen 

and Helpers Local Union 

No. 879 

Teamsters Local 

Union No. 879 Teamsters 

YRC Reimer 

Collective Agreement 

Between Reimer Express 

Lines Ltd. of British 

Columbia, Inc. and 

Teamsters Local Union No. 

31 

Teamsters Local 

Union 31 Teamsters 

YRC Inc. 

Office Agreement Between 

YRC Inc. - Office, Dayton, 

OH and Teamsters Local 

Union 957 

Teamsters Local 

Union 957 Teamsters 

YRC Inc. 

Central Region Local 

Cartage Supplement to the 

National Master Freight 

Agreement between 

Teamsters Union Local 795, 

Wichita, Kansas 

Teamsters Union 

Local 795 Teamsters 

YRC Inc. 

Agreement between 

Mechanic's Local 701 IAM 

& AW and Central States 

Motor Carrier's Association 

(CSMCA) and Trucking 

Management Inc: For: YRC 

Inc; YRC Holland, Inc 

Mechanic's Local 

701 IAM & AW 

and Central States 

Motor Carrier's 

Association 

Machinists and 

Aerospace Workers 
 31 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Inc. 

Addendum to the National 

Master Freight Agreement 

and the Carolina Automotive 

Maintenance Agreement 

Teamsters Local 

Union 509 Teamsters 

YRC Inc. 

Addendum to the National 

Master Freight Agreement 

and Carolina Supplemental 

Agreement Covering Janitor 

Employs Domiciled at YRC 

Inc. Charlotte, North 

Carolina 

Teamsters Local 

Union 71 Teamsters 

YRC Inc. 

Philadelphia, Pennsylvania 

and Vicinity Supplemental 

Agreement covering Local 

Cartage and Over the Road 

Highway Truck 

Drivers and 

Helpers Local No. 

107, 676, 

Teamsters Locals 

No. 312, 326, 331, 

470, Truck Drivers 

Chauffeurs Helpers 

Local 384, Food 

Drivers, Helpers 

and Warehouse 

Employees Local 

No. 500 

Teamsters 

YRC Inc. 

Joint Area Cartage 

Agreement Covering Local 

Cartage Employees of Road 

Carriers with Local 301 

Local Union No. 

179, 330 Teamsters 

YRC Inc. 

Central Region Local 

Cartage Supplemental 

Agreement 

Central Region of 

Teamsters Teamsters 

YRC Inc. 

Central Region Over-theRoad Supplemental 

Agreement 

Central Region of 

Teamsters Teamsters 

YRC Inc. 

Supplement to the Central 

Region Local Cartage 

Supplemental Agreement to 

the National Master Freight 

Agreement covering 

Milwaukee and Waukesha 

Areas 

Local Union No. 

200 Teamsters 
 32 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Inc. New England Supplemental 

Agreement 

Local Unions No. 

25, 59, 170, 191, 

251, 404, 443, 493, 

653, 671, 677 

Teamsters 

YRC Inc. 

Joint Council No. 7 Bay 

Area Local Pickup and 

Delivery Supplemental 

Agreement 

Locals 70, 287, 

315, 624, 890, 912, 

2785 

Teamsters 

YRC Inc. 

Carolina Freight Council 

Automotive Maintenance 

Supplemental Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

YRC Inc. 

Northern New England 

General Freight 

Supplemental Agreement to 

the National Master Freight 

Agreement 

International 

Brotherhood of 

Teamsters 

Teamsters 

YRC Inc. Mechanics Agreement Teamsters Local 

Union 560 Teamsters 

YRC Inc. Multi-Employer Kansas City 

City Office Contract 

Teamsters Local 

Union 41 Teamsters 

YRC Inc. Norfolk Office Agreement Teamsters Local 

Union 822 Teamsters 

YRC Inc. 

Milwaukee Area Office and 

Clerical Employees 

Supplement to the Central 

Region Local Cartage 

Supplemental Agreement to 

the National Master Freight 

Agreement 

Teamsters Local 

Union 200 Teamsters 

YRC Inc. 

Office Employee's Rider to 

the New York State 

Supplemental Freight 

Agreement 

Teamsters Local 

Union 294 Teamsters 

YRC Inc. 

710 Custodial Addendum to 

Cover Maintenance 

Employees 

Teamsters Local 

Union 710 Teamsters 

YRC Inc. Labor Contract and Working 

Agreement 

Teamsters Local 

Union 710 Teamsters 

YRC Inc. 

Addendum to the National 

Master Freight Agreement 

Between YRC Inc. - Office 

Personnel and Teamsters 

Local Union 120 

Teamsters Local 

Union 120 Teamsters 
 33 

#93420437v6 

OPERATING

COMPANY CONTRACT NAME UNION NAME UNION TYPE

YRC Inc. Indiana Uniform Office 

Clerical Agreement 

Teamsters Local 

Unions 135, 215, 

364, 414 

Teamsters 

YRC Inc. Indiana Maintenance 

Agreement 

Teamsters Local 

Union 135 Teamsters 

YRC Inc. Sacramento Janitor Teamsters Local 

Union 150 Teamsters 

YRC Inc. Mason City Office Contract Teamsters Local 

Union 238 Teamsters 

YRC Inc. Albuquerque Shop Teamsters Local 

Union 492 Teamsters 

YRC Inc. Albuquerque Janitor Teamsters Local 

Union 492 Teamsters 

YRC Inc. Denver Shop Teamsters Local 

Union 455 Teamsters 

YRC Inc. Denver Janitor Teamsters Local 

Union 455Fyel Teamsters 

YRC Inc. Charlotte Clerical Teamsters Local 

Union 71 Teamsters 

YRC Inc. Albany Office Clerical Teamsters Local 

294 Teamsters 

YRC Inc. Scranton Office Clerical Teamsters Local 

401 Teamsters 

YRC Inc. Scranton Garage Mechanics Teamsters Local 

401 Teamsters 

YRC Inc. Union City Mechanics Teamsters Local 

560 Teamsters 

YRC Inc. Union City Janitorial Teamsters Local 

560 Teamsters 
#93420437v6 

Schedule 6.13(a) Post-Closing Obligations 

1. Within the later of (i) 180 days of the Initial Funding Date and (ii) so long as the Loan Parties 

are diligently pursuing completion of the remaining obligations set forth in this Schedule 

6.13(a), 240 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, deliver Control Agreements required under Section 3.04(d) 

of the Security Agreement in form reasonably satisfactory to the Required Lenders. 

2. Within the later of (i) 180 days of the Initial Funding Date and (ii) so long as the Loan Parties 

are diligently pursuing completion of the remaining obligations set forth in this Schedule 

6.13(a), 240 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, evidence reasonably satisfactory to the Administrative 

Agent of the fulfillment by the custodial administrator of its obligations under the Custodial 

Administration Agreement. 

3. Within the later of (i) 180 days of the Initial Funding Date and (ii) so long as the Loan Parties 

are diligently pursuing completion of the remaining obligations set forth in this Schedule 

6.13(a), 240 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, deliver evidence reasonably satisfactory to the 

Administrative Agent and the Required Lenders that the Borrower has purchased the insurance 

required under Section 6.07(d) of the UST Tranche B Credit Agreement. 

4. Within the later of (i) 180 days of the Initial Funding Date and (ii) so long as the Loan Parties 

are diligently pursuing completion of the remaining obligations set forth in this Schedule 

6.13(a), 240 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, provide such Mortgages and/or Mortgage Amendments 

and satisfy as such other requirements as set forth in the definition of “Collateral and Guarantee 

Requirement” in the UST Tranche B Credit Agreement as required with respect to Material 

Real Property. 

5. The Loan Parties shall take all necessary actions to satisfy the items described below within 

the time periods described below (or, in each case, such longer periods as the Required Lenders 

may agree in their reasonable discretion): 

With respect to each of 1105481 Ontario, Inc., USF Holland International Sales Corporation, 

YRC Logistics Inc. and YRC Freight Canada Company, within the later of (x) 180 days of the 

Initial Funding Date and (y) so long as the Loan Parties are diligently pursuing completion of 

the remaining obligations set forth in this Schedule 6.13(a), 240 days of the Initial Funding 

Date (or such longer period as the Required Lenders may agree in their reasonable discretion): 

(a) deliver a Canadian law security agreement over substantially all of its assets, or 

otherwise provide for a lien over substantially all assets of such entity; 

(b) such perfection actions as are necessary under Canadian law to perfect the security 

interests contemplated by clause (i)(a); and 
 35 

#93420437v6 

(c) other resolutions, legal opinions, documents, instruments and other actions as may 

be necessary to effectuate the intent of the parties over the Collateral located in 

Canada to create a first priority perfected security interest therein in accordance 

with the terms of the UST Tranche B Credit Agreement and the applicable collateral 

document. 

6. With respect to Reimer Holdings B.V., within the later of (x) 180 days of the Initial 

Funding Date and (y) so long as the Loan Parties are diligently pursuing completion of the 

remaining obligations set forth in this Schedule 6.13(a), 240 days of the Initial Funding Date 

(or such longer period as the Required Lenders may agree in their reasonable discretion): 

(a) deliver a Dutch law security agreement over substantially all of its assets, or 

otherwise provide for a lien over substantially all assets of such entity; 

(b) such perfection actions as are necessary under the Laws of the Netherlands to create 

a perfected security interest in accordance with the terms of the UST Tranche B 

Credit Agreement; 

(c) a Canadian law share pledge agreement as shareholder or direct holding company 

of YRC Freight Canada Company relating to the pledge over its Equity Interests, 

together with any certificates or instruments representing or evidencing Equity 

Interests of YRC Freight Canada Company, or otherwise provide for a pledge of 

such Equity Interests. 

7. Within 60 days of the Initial Funding Date, or such later date as the Required Lenders may 

agree in their reasonable discretion, use the Loan Parties’ commercially reasonable efforts to 

deliver (i) insurance certificates with respect to insurance required under Section 6.07(a) of the 

UST Tranche B Credit Agreement and (ii) endorsements with respect to such insurance in 

accordance with Section 6.07(b) of the UST Tranche B Credit Agreement and in form and 

substance reasonably satisfactory to the Administrative Agent. 
#93420437v6 

Schedule 7.01(b) Existing Liens 

 Incorporated by reference are all capitalized lease obligations provided in Schedule 7.03(b). 

New Penn Motor Express LLC

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 6882185 

11/07/16 

New Penn Motor Express LLC 

Citizens Asset Finance, Inc. 

Specified Equipment 

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 7962739 

12/22/16 

New Penn Motor Express LLC 

Somerset Capital Group, Ltd.; and Wintrust Equipment Finance, a Division of Wintrust Asset Finance Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 0531431 

01/24/17 

New Penn Motor Express LLC 

BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 0914686 

02/09/17 

New Penn Motor Express LLC 

Crossroads Equipment Lease & Finance, LLC 

Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2012091300672 

09/11/12 

New Penn Motor Express, Inc. 

Utica Leaseco LLC as Collateral Agent 

Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2014050509960 

05/05/14 

New Penn Motor Express, Inc. 

ComSource, Inc. Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2014090205128 

09/02/14 

New Penn Motor Express, Inc. 

Phillips Facilities Management Group, Inc. dba Phillips Capital 

Specified Equipment
 37 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2014122205242 

12/22/14 

New Penn Motor Express, Inc. 

Harbor Capital Leasing, Inc.; Beverly Bank & Trust Company N.A.; Somerset Capital Group, Ltd.; Wintrust Equipment Finance, a division of WinTrust Asset Finance, Inc. 

Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2015011603218 

01/09/15 

New Penn Motor Express LLC 

Var Resources, Inc. Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2015011608131 

01/16/15 

New Penn Motor Express, Inc. 

Vendor Services Center Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2015032604621 

03/26/15 

New Penn Motor Express, Inc. 

Beverly Bank & Trust Company N.A. 

Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2015102200330 

10/16/15 

New Penn Motor Express, Inc. 

Nations Fund I, LLC Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2015110401342 

11/02/15 

New Penn Motor Express, Inc. 

Nations Fund I, LLC Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2016012200329 

01/15/16 

New Penn Motor Express, Inc. 

Nations Fund I, LLC Specified Equipment

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2016072500052 

07/22/16 

New Penn Motor Express, Inc. 

Investors Bank Specified Equipment
 38 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Pennsylvania - Secretary of Commonwealth 

UCC-1 thru 

07/15/19 

2016072900038 

07/28/16 

New Penn Motor Express, Inc. 

Investors Bank Specified Equipment 

Lebanon County, Pennsylvania 

UCC-1 filed 

06/30/2017 

2017-01153 New Penn Motor 

Express, Inc. 

HUTSON, DEMARCUS 

Civil Litigation – Complaint damages. 

Roadway, LLC

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

None 

USF Glen Moore Inc.

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Pennsylvania – Secretary of Commonwealth

Federal tax lien 

filed 

09/04/2013 

2013-05405 USF Glen Moore 

Inc. 

Department of the Treasury - Internal Revenue Service 

Total: $118,328.01
 39 

#93420437v6 

USF Holland LLC

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 5059132 

08/19/16 

USF Holland LLC CIT Bank, N.A. Specified Equipment 

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 7962721 

12/22/16 

USF Holland LLC Harbor Capital Leasing, 

Inc.; CIT Finance LLC; Somerset Capital Group, Ltd.; NewStar Equipment Finance I, LLC 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 0083466 

01/04/17 

USF Holland LLC BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 0207370 

01/10/17 

USF Holland LLC Growthfunding 

Equipment Finance, a Division of People’s Intermountain Bank 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 0524659 

01/24/17 

USF Holland LLC BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 0697349 

01/31/17 

USF Holland LLC Growthfunding 

Equipment Finance, a Division of People’s Intermountain Bank 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 0948312 

02/10/17 

USF Holland LLC VFI KR SPE I LLC Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 1983979 

03/27/17 

USF Holland LLC BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 7745203 

11/21/17 

USF Holland LLC Toyota Industries 

Commercial Finance, Inc. 

Specified Equipment
 40 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 2121107 

03/28/18 

YRC Enterprise Services, Inc.; and USF Holland LLC 

BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 6785923 

10/01/18 

YRC Enterprise Services, Inc.; and USF Holland LLC 

BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 7222462 

10/18/18 

USF Holland LLC Toyota Industries 

Commercial Finance, Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2019 0051982 

01/03/19 

USF Holland LLC Radius Bank Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2012129194-0 

09/11/12 

YRC, Inc. *originally filed under USF Holland LLC then amendment filed to change name to YRC, Inc. 

Utica Leaseco, LLC Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2013072622-3 

05/20/13 

USF Holland Inc. d/b/a Holland 

Stoughton Trailers Acceptance Company, LLC 

Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2013147568-7 

10/14/13 

USF Holland Inc. d/b/a Holland 

Stoughton Trailers Acceptance Company, LLC 

Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2014114549-0 

08/05/14 

USF Holland Inc. d/b/a Holland 

Stoughton Trailers Acceptance Company, LLC 

Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2014119503-9 

08/14/14 

USF Holland Inc. VFI KR SFE I LLC Specified Equipment
 41 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Michigan Department of State 

UCC-1 thru 

06/28/19 

2014131785-1 

09/10/14 

USF Holland Inc. d/b/a Holland 

Stoughton Trailers Acceptance Company, LLC 

Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2014148016-1 

10/14/14 

USF Holland Inc. Harbor Capital Leasing, 

Inc.; NewStar Commercial Lease Funding I, LLC; NewStar Equipment Finance I, LLC; and Somerset Capital Group, Ltd 

Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2014161493-8 

11/11/14 

USF Holland Inc. CIT Bank, N.A. Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2016102457-5 

07/22/16 

USF Holland Inc. Investors Bank Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

2016105932-6 

07/29/16 

USF Holland Inc. Investors Bank Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

20161123000114

-4 

11/23/16 

USF Holland LLC Xerox Financial 

Services 

Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

20170213000657

-8 

02/13/17 

USF Holland LLC Xerox Financial 

Services 

Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

20180102000772

-0 

01/02/18 

USF Holland, Inc. Nations Fund I, LLC Specified Equipment
 42 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Michigan Department of State 

UCC-1 thru 

06/28/19 

20180102000779

-3 

01/02/18 

USF Holland, Inc. Nations Fund I, LLC Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

20180131000792

-6 

01/31/18 

USF Holland, LLC Nations Fund I, LLC Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

20180131000798

-0 

01/31/18 

USF Holland, LLC Nations Fund I, LLC Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

20180228000794

-9 

02/28/18 

USF Holland, LLC Nations Fund I, LLC Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

20180228000835

-5 

02/28/18 

USF Holland, LLC Nations Fund I, LLC Specified Equipment

Michigan Department of State 

UCC-1 thru 

06/28/19 

20180320000339

-3 

03/19/18 

USF Holland LLC dba Holland 

Credit Suisse AG Cayman Island Branch; and RBS Citizens Capital as CA 

Equipment (2007 CAPACITY 

TRACTOR) 

USF Reddaway Inc.

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

8433679 

01/04/10 

USF Reddaway Inc. Fluid Connector 

Products, Inc. 

Specified Equipment 
 43 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

89759879 

06/18/13 

USF Reddaway Inc. d/b/a Reddaway 

Stoughton Trailers Acceptance Company, LLC 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

89890102 

11/19/13 

USF Reddaway Inc. d/b/a Reddaway 

Stoughton Trailers Acceptance Company, LLC 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

90322835 

12/23/14 

USF Reddaway Inc. Harbor Capital Leasing, 

Inc.; NewStar Commercial Lease Funding I, LLC; Wintrust Equipment Finance, a division of Wintrust Asset Finance Inc.; Somerset Capital Group, Ltd 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

90902020 

07/21/16 

USF Reddaway Inc. Investors Bank Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

90908739 

07/28/16 

USF Reddaway Inc. Investors Bank Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

90939058 

08/24/16 

USF Reddaway Inc. Wells Fargo Financial 

Leasing, Inc. 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

90976340 

10/04/16 

USF Reddaway Inc. Wells Fargo Financial 

Leasing, Inc. 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91034267 

12/08/16 

USF Reddaway Inc. Crossroads Equipment 

Lease & Finance, LLC 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91034301 

12/08/16 

USF Reddaway Inc. Crossroads Equipment 

Lease & Finance, LLC 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91044836 

12/21/16 

USF Reddaway Inc. Crossroads Equipment 

Lease & Finance, LLC 

Specified Equipment
 44 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91076390 

01/24/17 

USF Reddaway, Inc. Bofl Federal Bank Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91081128 

01/31/17 

USF Reddaway Inc. GrowthFunding 

Equipment Finance, a Division of People’s Intermountain Bank 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91173538 

05/01/17 

USF Reddaway Inc. CCA Financial, LLC Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91255920 

07/12/17 

USF Reddaway Inc. Wells Fargo Financial 

Leasing, Inc. 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91390373 

11/30/17 

USF Reddaway Inc. Pacific Western Bank Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91400010 

12/12/17 

USF Reddaway Inc. GrowthFunding 

Equipment Finance, a Division of People’s Intermountain Bank; and Continental Bank 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91433144 

01/16/18 

USF Reddaway Inc. GrowthFunding 

Equipment Finance, a Division of People’s Intermountain Bank; and First Utah Bank 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91475380 

03/02/18 

USF Reddaway Inc. Wintrust Commercial 

Finance, a division of Wintrust Asset Finance Inc. 

Specified Equipment

Oregon Secretary of State 

UCC-1 thru 

07/22/19 

91488529 

03/16/18 

USF Reddaway Inc. Les Schwab Warehouse 

Center, Inc. 

Specified Equipment
 45 

#93420437v6 

YRC Regional Transportation, Inc.

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

None 

YRC Inc.

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2012 1537473 

04/20/12 

YRC, Inc. Milestone Equipment 

Corporation 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2012 2075648 

05/30/12 

YRC, Inc. Milestone Equipment 

Corporation 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2012 2922427 

07/30/12 

YRC, Inc. Nations Fund I, Inc. Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2012 3001106 

08/03/12 

YRC, Inc. Milestone Equipment 

Corporation 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2012 3667005 

09/13/12 

YRC, Inc. PMC Financial 

Services Group, LLC 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2012 3592468 

09/18/12 

YRC, Inc. Utica Leaseco LLC as 

Collateral Agent 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2014 3154226 

08/07/14 

YRC, Inc. Susquehanna 

Commercial Finance, Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2015 1570091 

04/13/15 

YRC Inc. Newstar Equipment 

Finance I, LLC 

Specified Equipment
 46 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2015 2071438 

05/14/15 

YRC Inc. Newstar Commercial 

Lease Funding I, LLC 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2015 3935433 

09/08/15 

YRC Inc. Harbor Capital Leasing, 

Inc.; and Somerset Capital Group, Ltd. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2015 5388763 

11/16/15 

YRC Inc. HYG Financial 

Services, Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 2652426 

05/04/16 

YRC Inc. People’s Capital and 

Leasing Corp 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 2652483 

05/04/16 

YRC Inc. People’s Capital and 

Leasing Corp 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 2817326 

05/11/16 

YRC Inc. People’s Capital and 

Leasing Corp 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 3244926 

05/31/16 

YRC Inc.; and YRC Freight 

Crossroads Equipment Lease & Finance, LLC 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 4414387 

07/21/16 

YRC Inc. Investors Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 4576094 

07/28/16 

YRC Inc. Investors Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 5357205 

09/01/16 

YRC Inc. Investors Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 1042164 

02/15/17 

YRC Inc. LaSalle Solutions, a 

Division of MB Equipment Finance, LLC; Delaware Place Bank; Devon Bank; and MB Financial Bank, N.A. 

Specified Equipment
 47 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 6385162 

09/25/17 

YRC Inc. Growthfunding 

Equipment Finance, a Division of People’s Intermountain Bank 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 6640228 

10/05/17 

YRC Inc. HYG Financial 

Services, Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 7589874 

11/15/17 

YRC Inc. Growthfunding 

Equipment Finance, a Division of People’s Intermountain Bank; and First Utah Bank 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 8228233 

12/12/17 

YRC Inc. Growthfunding 

Equipment Finance, a Division of People’s Intermountain Bank; and Continental Bank 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 1525639 

03/06/18 

YRC Inc. Pacific Western Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 1531652 

03/06/18 

YRC Inc. BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 1753843 

03/14/18 

YRC Inc. Wintrust Commercial 

Finance, a Division of Wintrust Asset Finance Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 1793005 

03/15/18 

YRC Inc. BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 1809082 

03/15/18 

YRC Inc. Toyota Industries 

Commercial Finance, Inc. 

Specified Equipment
 48 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 1809439 

03/15/18 

YRC Inc. Toyota Industries 

Commercial Finance, Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 2253314 

04/03/18 

YRC Inc. Wintrust Commercial 

Finance, a Division of Wintrust Asset Finance Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 2253322 

04/03/18 

YRC Inc. Wintrust Commercial 

Finance, a Division of Wintrust Asset Finance Inc. 

Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

6896716 

04/23/12 

YRC, Inc. Milestone Equipment 

Corporation 

Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

6909402 

06/01/12 

YRC, Inc. Milestone Equipment 

Corporation 

Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

6924781 

07/31/12 

YRC, Inc. Nations Fund I, Inc. Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

6926026 

08/06/12 

YRC, Inc. Milestone Equipment 

Corporation 

Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

6933816 

09/07/12 

YRC Inc. PMC Financial 

Services Group, LLC 

Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

6936462 

09/19/12 

YRC Inc. Utica Leaseco LLC as 

Collateral Agent 

Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

6999189 

05/28/13 

YRC Inc. d/b/a YRC Freight 

Stoughton Trailers Acceptance Company, LLC 

Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

7185432 

10/14/15 

YRC Inc. Nations Fund I, LLC Specified Equipment
 49 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

7189319 

11/02/15 

YRC Inc. Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

7202211 

01/15/16 

YRC Inc. Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72631802 

12/12/17 

YRC Inc. Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72702223 

03/14/18 

YRC Inc. Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72702249 

03/14/18 

YRC Inc. Nations Fund I, LLC Specified Equipment

YRC Enterprise Services, Inc.

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2010 3749383 

10/26/10 

YRC Enterprise Services, Inc. 

MB Financial Bank, N.A. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2015 0730928 

02/20/15 

YRC Enterprise Services, Inc. 

DBD Trailer Leasing I LLC c/o Fortress Credit Advisors LLC 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2015 0731041 

02/20/15 

YRC Enterprise Services, Inc. 

Milestone Trailer Leasing, LLC 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2015 3717823 

08/25/15 

YRC Enterprise Services, Inc. 

North American Communications Resource, Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 8494637 

12/22/17 

YRC Enterprise Services, Inc. 

IBM Credit LLC Specified Equipment
 50 

#93420437v6 

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 2121107 

03/28/18 

YRC Enterprise Services, Inc.; and USF Holland LLC 

BOFI Federal Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2018 6785923 

10/01/18 

YRC Enterprise Services, Inc.; and USF Holland LLC 

BOFI Federal Bank Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72041705 

09/09/15 

YRC Enterprise Services, Inc. 

Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72051472 

09/22/15 

YRC Enterprise Services, Inc. 

Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72059715 

10/02/15 

YRC Enterprise Services, Inc. 

Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72068633 

10/15/15 

YRC Enterprise Services, Inc. 

Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72078376 

10/30/15 

YRC Enterprise Services, Inc. 

Nations Fund I, LLC Specified Equipment

Kansas Secretary of State 

UCC-1 thru 

07/16/19 

72085629 

11/10/15 

YRC Enterprise Services, Inc. 

Nations Fund I, LLC Specified Equipment

YRC Logistics Services, Inc.

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

None 
 51 

#93420437v6 

YRC Worldwide Inc.

JURISDICTION FILING 

TYPE/ 

SEARCHED 

THRU 

FILE 

NUMBER/ 

FILE DATE 

DEBTOR SECURED PARTY COLLATERAL DE

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 2882361 

05/13/16 

YRC Worldwide Inc. Huntington Technology 

Finance, Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 3715107 

06/21/16 

YRC Worldwide Inc. CCA Financial, LLC Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 3720743 

06/21/16 

YRC Worldwide Inc. CCA Financial, LLC Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2016 6933608 

11/09/16 

YRC Worldwide Inc. Wells Fargo Bank Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2017 0701893 

01/31/17 

YRC Worldwide Inc. Toyota Industries 

Commercial Finance, Inc. 

Specified Equipment

Delaware Secretary of State 

UCC-1 thru 

07/17/19 

2019 2074073 

03/26/19 

YRC Worldwide Inc. Toyota Material 

Handling, U.S.A., Inc. 

Specified Equipment

Kansas District – U.S. District Court

UCC-1 filed 

02/25/10 

2:10-cv-02106-

JWL-DJW 

YRC Worldwide Inc. YRC Worldwide, Inc. Civil Litigation – Complaint 

excess of $45,000,000 at issu

Kansas District – U.S. District Court 

UCC-1 filed 

03/08/19 

2:19-cv-02129-

KHV-KGG 

YRC Worldwide Inc. Southern Furniture 

Leasing, Inc. 

Civil Litigation 

Kansas District – U.S. District Court 

UCC-1 filed 

05/29/19 

2:19-cv-02266-

DDC-KGG 

YRC Worldwide Inc. Dalton Hastey Civil Litigation 
#93420437v6 

Schedule 7.02(e) Existing Investments 

 Included by reference are all Intercompany Notes listed on Schedule 7.03(b). 
#93420437v6 

Schedule 7.03(b) Existing Indebtedness 

 Included by reference are all liens listed on Schedule 7.01(b). 

Additional Outstanding Notes 

Maker Payee Principal Amo

Each Loan Party Each Loan Party N/A1YRC Inc. Roadway LLC $ 500,000,000.002YRC Inc. YRC Worldwide Inc. $ 200,000,000.003New Penn Motor Express Inc. Roadway LLC $ 150,000,000.004YRC Logistics Asia Limited YRC Worldwide Inc. $ 10,203,693.275YRC Logistics Asia Limited YRC Worldwide Inc. $1,563,062.026

1 That certain Intercompany Note, dated as of the Initial Funding Date, by and between each Loan Party signatory thereto, each as a 

principal amount of all loans and advances or other credit extensions made by any holder to such issuer thereunder. 

2 That certain Second Amended and Restated Promissory Note, dated as of December 10, 2013, by YRC Inc., as borrower, in favor 

lender, in the principal amount of $500,000,000.00. 

3 That certain Second Amended and Restated Promissory Note, dated as of January 1, 2014, by YRC Inc., as borrower, in favor of Y

lender, in the principal amount of $200,000,000.00. 

4 That certain Second Amended and Restated Promissory Note, dated as of December 10, 2013, by New Penn Motor Express, Inc., a

Roadway LLC, as lender, in the l principal amount of $150,000,000.00. 

5 That certain Intercompany Note, dated as of December 18, 2012, by YRC Logistics Asia Limited, as payor, in favor of YRC World

the principal amount of $10,203,693.27. 

6 That certain Intercompany Note, dated as of September 28, 2017, by YRC Logistics Asia Limited, as issuer, in favor of YRC Worl

the original principal amount of $1,563,062.02. 
 54 

#93420437v6 

Maker Payee Principal Amo

YRC Freight Canada Company (f/k/a Reimer Express Lines Ltd.) 

YRC Logistics Inc. $3,674,434.39 CAD

YRC Worldwide Inc. YRC Freight Canada 

Company (f/k/a Reimer Express Lines Ltd.) 

$31,000,000.008

YRC Inc. YRC Freight Canada 

Company (f/k/a Reimer Express Lines Ltd.) 

$5,870,361.00 CAD

YRC Transportation, S.A. de C.V. Transcontinental Lease, S. 

de R.L. de C.V. 

$1,047,718.92 MexiPesos 

YRC Inc. Transcontinental Lease, S. 

de R.L. de C.V. 

$548,476.13 

YRC Inc. Transcontinental Lease, S. 

de R.L. de C.V. 

$3,000,000 

YRC Transportation, S.A. de C.V. Transcontinental Lease, S. 

de R.L. de C.V. 

$4,277,885.26 MexiPesos 

7 That certain Promissory Note, dated as of August 13, 2010, by Reimer Express Lines, Ltd., as payor, in favor of YRC Logistics, In

original principal amount of $1,625,356 CAD. 

8 That certain Amended and Restated Intercompany Note, dated as of November 1, 2013, by YRC Worldwide Inc., as payor, in favo

Ltd., as payee, in the original principal amount of $19,000,000. 

9 That certain Intercompany Note, dated as of December 1, 2013, by YRC Inc., as payor, in favor of Reimer Express Lines Ltd., as p

principal amount of $5,870,361.00 CAD. 
 55 

#93420437v6 

Capitalized Lease Obligations 

Grantor / Lessee Lessor Operating Company Location/Description 

YRC Worldwide Inc. NATMI LPF Bloomington, LP YRC NAT #1 Bloomington - Terminal C4 YRC Worldwide Inc. 1313 Grand Street Realty, LLC YRC NAT #1 Brooklyn - Terminal C4 YRC Worldwide Inc. RealTerm NAT Property Holdings, LLC YRC NAT #1 Chula Vista - Terminal C4 YRC Worldwide Inc. Westfield-Freight, LLLP YRC NAT #1 Denver - Terminal C4 YRC Worldwide Inc. Prologis USLV NewCA 3, LLC URD NAT #1 Fontana - Terminal C4 YRC Worldwide Inc. Prologis Targeted U.S. Logistics Fund, LP YRC NAT #1 Gardena - Terminal C4 YRC Worldwide Inc. Highland Investments, LLLP URD NAT #1 Henderson - Terminal C4 YRC Worldwide Inc. Realterm Nat Property Holdings, LLC YRC NAT #1 Manassas - Terminal C4 YRC Worldwide Inc. Orange Batavia I LLC URD NAT #1 Orange - Terminal C4 YRC Worldwide Inc. GPT Santa Fe Springs Owner LP YRC NAT #1 Orlando - Terminal C4 YRC Worldwide Inc. Bel Air T.T., LLC YRC NAT #1 San Diego - Terminal C4 YRC Worldwide Inc. M4 Terminals, LLC YRC NAT #1 San Jose - Terminal C4 YRC Worldwide Inc. M4 Terminals, LLC URD NAT #1 Santa Clara - Terminal C4 YRC Worldwide Inc. Prologis USLV NewCA 3, LLC YRC NAT #1 Seattle - Terminal C4 YRC Worldwide Inc. Realterm NAT Property Holdings, LLC URD NAT #1 Sparks - Terminal C4 YRC Worldwide Inc. Realterm NAT Property Holdings, LLC NPM NAT #2 Billerica - Terminal C4 YRC Worldwide Inc. Terreno Dell LLC YRC NAT #2 Carlstadt - Terminal C4 YRC Worldwide Inc. GIJV IL7 LLC YRC NAT #3 - Houston - Terminal C4 YRC Worldwide Inc. Finlayson Logistics Assets LLC YRC NAT #3 Phoenix - Terminal C4 YRC Worldwide Inc. Madrona Cutter, LLC and Gulsons Cutter, LLC YRC NAT #3 Portland - Terminal C4 YRC Worldwide Inc. DCT Regentview Avenue LLC URD NAT #4 - Downey CA v2 - Terminal CYRC Worldwide Inc. DCT Eckhoff Street LLC YRC NAT #4 - Orange CA v2 - Terminal CYRC Worldwide Inc. DCT Peoria Street LLC YRC NAT #4 - Sun Valley CA - Terminal CYRC Worldwide Inc. GPT Santa Fe Springs Owner LP YRC NAT #5 - Deer Park NY - Terminal CYRC Worldwide Inc. Terreno Clawiter LLC YRC NAT #5 - Hayward/Oakland CA - Term

C4 

YRC Worldwide Inc. Prologis Targeted US Logistics Fund, LP YRC NAT #5 - Tacoma WA - Terminal C4 YRC Worldwide Inc. Estes Express Lines YRC Estes - Charlotte, NC - Terminal C4 YRC Worldwide Inc. Estes Express Lines UHL Estes - Coon Rapids - Terminal C4 
 56 

#93420437v6 

Grantor / Lessee Lessor Operating Company Location/Description 

YRC Worldwide Inc. Estes Express Lines URD Estes - Eugene, OR - Terminal C4 YRC Worldwide Inc. Estes Terminals LLC UHL Estes - Joilet - Terminal C4 YRC Worldwide Inc. Estes Express Lines YRC Estes - Kearny, NJ - Terminal C4 YRC Worldwide Inc. Estes Express Lines UHL Estes - Milwaukee - Terminal C4 YRC Worldwide Inc. Estes Express Lines YRC Estes - Morrisville, NC - Terminal C4 YRC Worldwide Inc. Estes Express Lines URD Estes - Redmond, OR - Terminal C4 YRC Worldwide Inc. Estes Terminals LLC UHL Estes - Rockford - Terminal C4 YRC Worldwide Inc. Estes Express Lines, Inc. UHL Estes - South Bend - Terminal C4 YRC Worldwide Inc. Estes Terminals LLC YRC Estes - Sparks, NV - Terminal C4 YRC Worldwide Inc. Estes Express Lines URD Estes - Tacoma, WA - Terminal C4 YRC Worldwide Inc. Estes Express Lines URD Estes - Three Forks, MT - Terminal CYRC Worldwide Inc. Estes Express Lines UHL Estes - Tomah Monroe County - TerminaYRC Worldwide Inc. Estes Express Lines YRC Estes - Wichita, KS - Terminal C4 YRC Worldwide Inc. EXOL Properties, LLC YRC EXOL - Boise ID - Terminal C4 YRC Worldwide Inc. EXOL Properties, LLC URD EXOL - Meridian ID - Terminal C4 YRC Worldwide Inc. Freight Line Properties, LLC YRC Freight Line - Salt Lake City, UT - Term

C4 

YRC Worldwide Inc. Kestrel Crossdock, LLC URD Kestrel Crossdock - Missoula, MT - Term

C4 

YRC Worldwide Inc. Mad Acquisitions, LLC YRC Other - Roanoke, VA - Terminal C4 YRC Worldwide Inc. RLR Investments, LLC UHL RLR - Appleton WI - Terminal C4 YRC Worldwide Inc. RLR Investments, LLC YRC RLR - Atlanta GA - Terminal C4 YRC Worldwide Inc. R.L. Roberts LLC YRC RLR - Chicago West IL - Terminal CYRC Worldwide Inc. RLF Booth SPE, LLC YRC RLR - Kansas City, MO - Terminal CYRC Worldwide Inc. R. L. Roberts, LLC NPM RLR - Scranton PA - Terminal C4 YRC Worldwide Inc. RLR Investments, LLC URD TAC - Spokane WA (URD) - Terminal YRC Worldwide Inc. Thunderbolt Management Group Inc. YRC Thunderbolt Colorado Springs CO - Term

C4 

YRC Worldwide Inc. Dauntless ULC YRCFCC Other - Mississauga/Toronto Canada 

Terminal C4 

YRC Worldwide Inc. Price Property and Investments LLC and Glen EG, LLC YRC Tower and 5200 Building - Terminal C
 57 

#93420437v6 

Grantor / Lessee Lessor Operating Company Location/Description 

YRC Worldwide Inc. GIJV IL7 LLC NPM SE - Elkridge/Baltimore MD - Terminal YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - Lubbock TX - Terminal C4 YRC Worldwide Inc. A. Duie Pyle, Inc. NPM SE - Maspeth - Terminal C4 YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - Odessa TX - Terminal C4 YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - McAllen, TX - Terminal C4 YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - Miami, FL - Terminal C4 YRC Worldwide Inc. Southeastern Freight Lines, Inc. YRC SE - Tulsa - Terminal C4 YRC Worldwide Inc. A. Duie Pyle, Inc. YRC SE - Westbrook (Portland, ME) - TerminaYRC Worldwide Inc. A. Duie Pyle, Inc. YRC SE - Williston - Terminal C4 YRC Worldwide Inc. 700 Waverly, LLC UHL 700 S Waverly Rd., Holland, MI – Corpo

Office 

USF Reddaway Inc. Wells Fargo Financial Leasing, Inc. URD Copiers at Terminals and Corporate Off

YRC Inc. LaSalle Solutions, a Division of Fifth Third Bank, NA YRC Panasonic Handheld ELD Devices 
#93420437v6 

Schedule 7.05(l)(i) Dispositions of Real Property 

Property Name Terminal Number Estimated Close Date 

Trenton, NJ N024 09/30/20 

 
 59 

#93420437v6 

Schedule 7.05(l)(ii) Dispositions of Pension Real Property 

Location Street Address City State Zip Code Operating 

Company 

Flagstaff, AZ 1814 N Main 

Street Flagstaff AZ 86004 YRC Inc. 

Grand Junction, CO 3207 "F" Road Clifton CO 81520 YRC Inc. 

Parkersburg, WV 300 Drag Strip 

Road Belpre OH 45714 YRC Inc. 

Wichita Falls, TX 4020 Reilly 

Road Wichita Falls TX 76305 YRC Inc. 

 
 60 

#93420437v6 

Schedule 7.08 Transactions with Affiliates 

Included by reference are all transactions with affiliates provided for in the 10-K filed on 

March 11, 2020 under the section titled “Related Party Transactions”, without giving effect to 

any amendments thereof after March 11, 2020. 
#93420437v6 

Schedule 7.09 Certain Contractual Obligations 

Included by reference are the contractual obligations expressly specified in the 10-Q filed on 

May 11, 2020 and the 10-K filed on March 11, 2020 by YRC Worldwide Inc., in each case, as in 

effect on the Restatement Effective Date. 
[Signature Page to UST Waiver Agreement Cover] 

Waiver Agreement Certification

This Waiver Agreement is entered into by the parties hereto in connection with the UST Tranche 

A Term Loan Credit Agreement dated as of July 7, 2020, and the UST Tranche B Term Loan 

Credit Agreement dated as of July 7, 2020, each entered into pursuant to Division A, Title IV, 

Subtitle A, section 4003 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act 

(P. L. 116-136), as amended. The party named below, and its undersigned authorized 

representatives acknowledge that a materially false, fictitious, or fraudulent statement (or 

concealment or omission of a material fact) in connection with this Waiver Agreement may 

result in administrative remedies as well as civil and/or criminal penalties.

YELLOW CORPORATION, 

as Borrower

By: 

First Authorized Representative: Darren D. Hawkins 

Title: Chief Executive Officer

By: 

Second Authorized Representative: Daniel L. Oliver

Title: Chief Financial Officer
2

WAIVER AGREEMENT

This waiver agreement (this “Waiver Agreement”) is dated as of July 7, 2023. Reference is 

made to that certain UST Tranche A Term Loan Credit Agreement and that certain UST Tranche 

B Term Loan Credit Agreement, each dated as of July 7, 2020, among YELLOW 

CORPORATION (formerly known as YRC WORLDWIDE INC.), a corporation organized 

under the laws of Delaware (the “Borrower”), the Guarantors party thereto from time to time, 

the UNITED STATES DEPARTMENT OF THE TREASURY (“Treasury”), and THE BANK 

OF NEW YORK MELLON, as administrative agent (in such capacity, including any permitted 

successor or assign thereto, the “Administrative Agent”) and as collateral agent (in such 

capacity, including any permitted successor or assign thereto, the “Collateral Agent”) for 

Treasury (each as amended, amended and restated, restated, supplemented, or otherwise 

modified from time to time, a “Credit Agreement,” and together, the “Credit Agreements”). 

Capitalized terms used herein but not otherwise defined herein shall have the respective 

meanings given to such terms in the relevant Credit Agreement.

RECITALS

WHEREAS, pursuant to Section 7.10 of each Credit Agreement, the Borrower 

covenanted to not permit the Consolidated EBITDA for the Test Period ending June 30, 2023, 

and for each Test Period thereafter, to fall below $200,000,000 (the “Financial Covenant”);

WHEREAS, the Borrower has requested that Treasury waive the Financial Covenant 

with respect to the Test Period ending June 30, 2023; 

WHEREAS, Treasury, constituting the Required Lenders (as defined in each Credit 

Agreement), has agreed to waive the Financial Covenant solely with respect to the Test Period 

ending June 30, 2023, pursuant to this Waiver Agreement on the terms and conditions set forth 

herein.

NOW, THEREFORE, in consideration of the premises set forth above, the terms and 

conditions contained herein, and other good and valuable consideration, the receipt and 

sufficiency of which are hereby acknowledged, the Borrower, the Guarantors party hereto, and 

the Required Lenders party hereto have agreed to enter into this Waiver Agreement:

1. Waiver. Subject to the satisfaction (or waiver by the Required Lenders) of the conditions 

precedent set forth in Section 2 below, effective as of June 30, 2023, the Financial Covenant 

is waived solely with respect to the Test Period ending June 30, 2023 (it being understood 

that the Financial Covenant shall next apply with respect to the Test Period ending 

September 30, 2023). 

2. Conditions Precedent. This Waiver Agreement shall become effective on the first date on 

which the following conditions precedent have been satisfied (or waived by the Required 

Lenders):

2.1. The Administrative Agent shall have received counterparts of this Waiver Agreement
3

duly executed by the Borrower, the Guarantors party hereto, and the Required Lenders 

and acknowledged by the Administrative Agent; 

2.2. (i) The Administrative Agent and the Required Lenders shall have received copies of 

Amendment No. 3 and Limited Waiver, dated on or about July 7, 2023, with an 

effective date of June 30, 2023, by and among the Borrower, the Guarantors party 

thereto, and Alter Domus Products Corp., as administrative and collateral agent (the 

“Tranche B-2 Term Loan Waiver”), duly executed by the parties thereto, in form and 

substance satisfactory to the Required Lenders in their sole discretion, and (ii) the 

conditions precedent set forth in the Tranche B-2 Term Loan Waiver shall have been 

satisfied; and

2.3. After giving effect to the waiver under Section 1 herein, no Default or Event of Default 

has occurred and is continuing, or would result from the execution of this Waiver 

Agreement or consummation of the transactions contemplated hereunder. 

3. Affirmative Covenants. From and after the date of this Waiver Agreement, theBorrower 

shall:

3.1. Comply with the covenant contained in subsection 6.13(c)(i) of Exhibit A to the 

Tranche B-2 Term Loan Waiver regarding the appointment of an operational advisor; 

and

3.2. (i) Comply with the requirements pursuant to subsections 6.02(l), 6.02(m), 6.02(n) and 

6.02(o) to Exhibit A to the Tranche B-2 Term Loan Waiver regarding delivery of certain 

documents and information, and (ii) deliver to the Administrative Agent, for distribution 

to each Lender, copies of each document or information so delivered no later than the 

date such document or information is required to be so delivered.

4. Representations and Warranties. The Borrower and each of the Guarantors party hereto 

hereby represents and warrants as follows: 

4.1. This Waiver Agreement has been duly authorized, executed, and delivered by the 

Borrower and each Guarantor, and this Waiver Agreement and the Credit Agreements 

constitute legal, valid, and binding obligations of the Borrower and the Guarantors and 

enforceable against the Borrower and the Guarantors in accordance with their terms, 

subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other laws 

affecting creditors’ rights generally and subject to general principles of equity, 

regardless of whether considered in a proceeding in equity or at law.

4.2. As of the date hereof, after giving effect to the waiver under Section 1 herein, the 

representations and warranties of the Borrower and the Guarantors set forth in Article 5 

of each Credit Agreement are true and correct in all material respects on and as of the 

date hereof, except to the extent such representations and warranties expressly relate to 

an earlier date, in which case they shall be true and correct in all material respects as of 

such earlier date; provided, that any such representation and warranty that is qualified 

by “materiality,” “material adverse effect,” or similar language shall be true and correct 
4

in all respects (after giving effect to such qualification therein) on and as of the date hereof 

with the same effect as though made on and as of such date or such earlier date, as applicable.

4.3. After giving effect to the waiver in Section 1 herein, no Default or Event of Default has 

occurred and is continuing or would result from the execution of this Waiver Agreement 

or consummation of the transactions contemplated hereunder. 

5. Limited Effect. This Waiver Agreement shall be limited as written and nothing herein shall 

be deemed to constitute an amendment or waiver of any other term, provision or condition of 

the Credit Agreements or any other Loan Documents in any other instance than as expressly 

set forth herein or prejudice any right or remedy that any Lender or the Administrative Agent 

or Collateral Agent may now have or may in the future have under any Loan Document. 

Nothing in this Waiver Agreement is intended to or shall be deemed or construed to establish 

a custom or course of dealing between the Loan Parties, on the one hand, and any Lender, on 

the other hand. Except as herein provided, the Credit Agreements and any other Loan 

Documents executed and delivered in connection therewith shall remain unchanged and in 

full force and effect and are hereby ratified and confirmed.

6. No Novation. This Waiver Agreement shall not constitute a novation of the Credit 

Agreements or any other Loan Documents. 

7. Loan Document. The parties hereto acknowledge that this Waiver Agreement is a Loan 

Document. 

8. Amendment, Modification and Waiver. This Waiver Agreement may not be amended, 

modified or waived except by an instrument or instruments in writing signed and delivered 

on behalf of each of the parties hereto.

9. Counterparts and Electronic Execution and Delivery. This Waiver Agreement may be 

executed in counterparts (and by different parties hereto in different counterparts), each of 

which shall constitute an original, but all of which when taken together shall constitute a 

single contract. Delivery of an executed counterpart of a signature page of this Waiver 

Agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format shall be effective as 

delivery of a manually executed counterpart of this Waiver Agreement. The words 

“executed,” “signature,” “delivery,” and words of like import shall be deemed to include 

electronic signatures, deliveries or the keeping of records in electronic form, as the case may 

be, each of which shall be of the same legal effect, validity or enforceability as a manually 

executed signature, physical delivery or the use of a paper-based recordkeeping system, as 

the case may be.

10. Direction to Administrative Agent. By its execution hereof, the Required Lenders direct the 

Administrative Agent to acknowledge this Waiver Agreement.
5

11. Governing Law; etc. Section 10.07 (Applicable Law), Section 10.11 (WAIVER OFJURY 

TRIAL), and Section 10.15 (Jurisdiction; Consent to Service of Process) of each Credit 

Agreement shall apply mutatis mutandis to this Waiver Agreement as if set out herein.

[Signature Pages to Follow] 
[Signature Page to UST Waiver Agreement] 

IN WITNESS WHEREOF, the Borrower and Treasury, constituting the Required Lenders, 

have caused this Waiver Agreement to be duly executed and delivered by their respective 

officers thereunto duly authorized. 

YELLOW CORPORATION, 

as Borrower

By: 

Name: Darren D. Hawkins 

Title: Chief Executive Officer

By: 

Name: Daniel L. Oliver

Title: Chief Financial Officer
[Signature Page to UST Waiver Agreement] 

1105481 ONTARIO INC. 

EXPRESS LANE SERVICE, INC.

NEW PENN MOTOR EXPRESS LLC 

ROADWAY EXPRESS INTERNATIONAL, INC.

ROADWAY LLC

ROADWAY NEXT DAY CORPORATION 

USF BESTWAY INC.

USF DUGAN INC.

USF HOLLAND INTERNATIONAL SALES 

CORPORATION

USF HOLLAND LLC 

USF REDDAWAY INC. 

USF REDSTAR LLC

YELLOW LOGISTICS, INC. (F/K/A HNRY 

LOGISTICS, INC.)

YRC ASSOCIATION SOLUTIONS, INC. 

YRC ENTERPRISE SERVICES, INC. 

YRC FREIGHT CANADA COMPANY 

YRC INC.

YRC INTERNATIONAL INVESTMENTS, INC.

YRC LOGISTICS INC.

YRC LOGISTICS SERVICES, INC. 

YRC MORTGAGES, LLC

YRC REGIONAL TRANSPORTATION, INC., 

each as a Guarantor

By: 

Name: Darren D. Hawkins

Title: Chief Executive Officer
8

UNITED STATES DEPARTMENT OF THE 

TREASURY, 

as Required Lenders

By: 

Name:

Title:

Jessica Milano

Chief Program Officer
9 

Acknowledged by: 

THE BANK OF NEW YORK MELLON, 

as Administrative Agent 

By: 

Name: Louis Abitante

Title: Vice President

Louis Abitante Digitally signed by Louis Abitante

DN: cn=Louis Abitante gn=Louis Abitante c=US United States l=US United 

States e=louis.abitante@bnymellon.com

Reason: I am approving this document

Location:

Date: 2023-07-07 13:53-04:00