exhibit101-truistxamneal






Execution Version  AmericasActive:17030364.10      $350,000,000  REVOLVING CREDIT AGREEMENT,  dated as of June 2, 2022,  among  AMNEAL PHARMACEUTICALS LLC,  as the Borrower,  THE LENDERS PARTY HERETO,  TRUIST BANK  as Administrative Agent and Collateral Agent,  TRUIST SECURITIES, INC.,  JPMORGAN CHASE BANK, N.A., and  BANK OF AMERICA, N.A.  as Bookrunners, Joint Lead Arrangers and   as Co-Syndication Agents  and  MUFG UNION BANK, N.A.,  as Documentation Agent    





 






  i  AmericasActive:17030364.10  TABLE OF CONTENTS  Page  ARTICLE I DEFINITIONS ........................................................................................................... 1  Section 1.01 Defined Terms .................................................................................................. 1  Section 1.02 Terms Generally.............................................................................................. 83  Section 1.03 Accounting Terms; GAAP; Fair Market Value .............................................. 84  Section 1.04 Effectuation of Transfers ................................................................................ 84  Section 1.05 Currencies ....................................................................................................... 85  Section 1.06 [Reserved]. ...................................................................................................... 85  Section 1.07 Certifications ................................................................................................... 85  Section 1.08 Pro Forma Calculations................................................................................... 85  Section 1.09 LCA Election .................................................................................................. 86  ARTICLE II THE CREDITS........................................................................................................ 88  Section 2.01 Commitments .................................................................................................. 88  Section 2.02 Loans and Borrowings .................................................................................... 90  Section 2.03 Requests for Borrowings................................................................................. 91  Section 2.04 Swingline Commitment .................................................................................. 92  Section 2.05 Letters of Credit .............................................................................................. 94  Section 2.06 Funding of Borrowings ................................................................................. 102  Section 2.07 Interest Elections ........................................................................................... 103  Section 2.08 Termination and Reduction of Commitments............................................... 104  Section 2.09 Promise to Pay; Evidence of Debt ................................................................ 105  Section 2.10 Optional Repayment of Loans ...................................................................... 105  Section 2.11 Mandatory Repayment of Loans ................................................................... 106  Section 2.12 Fees ............................................................................................................... 106  Section 2.13 Interest........................................................................................................... 108  Section 2.14 Alternate Rate of Interest; Benchmark Replacement Setting ....................... 109  Section 2.15 Increased Costs ............................................................................................. 111  Section 2.16 Break Funding Payments .............................................................................. 112  Section 2.17 Taxes ............................................................................................................. 113  Section 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs .................... 117  Section 2.19 Mitigation Obligations; Replacement of Lenders ......................................... 121  Section 2.20 Illegality ........................................................................................................ 122  Section 2.21 Incremental Facilities .................................................................................... 122  Section 2.22 Refinancing Amendments ............................................................................. 126  Section 2.23 Extensions of Loans and Revolving Commitments ...................................... 127  Section 2.24 Defaulting Lenders........................................................................................ 129  ARTICLE III REPRESENTATIONS AND WARRANTIES .................................................... 132  Section 3.01 Organization; Powers .................................................................................... 132  Section 3.02 Authorization; No Contravention ................................................................. 133  Section 3.03 Enforceability ................................................................................................ 133  





 






  ii  AmericasActive:17030364.10  Section 3.04 Governmental Approvals .............................................................................. 134  Section 3.05 Title to Properties; Liens ............................................................................... 134  Section 3.06 Subsidiaries ................................................................................................... 134  Section 3.07 Litigation; Compliance with Laws ................................................................ 134  Section 3.08 Federal Reserve Regulations......................................................................... 136  Section 3.09 Investment Company Act ............................................................................. 136  Section 3.10 Use of Proceeds............................................................................................. 136  Section 3.11 Tax Returns ................................................................................................... 136  Section 3.12 No Material Misstatements ........................................................................... 136  Section 3.13 Environmental Matters.................................................................................. 137  Section 3.14 Security Documents ...................................................................................... 138  Section 3.15 Location of Real Property and Leased Premises .......................................... 138  Section 3.16 Solvency ........................................................................................................ 139  Section 3.17 Financial Statements; No Material Adverse Effect ...................................... 139  Section 3.18 Insurance ....................................................................................................... 140  Section 3.19 USA PATRIOT Act; Anti-Corruption; Sanctions ........................................ 140  Section 3.20 Intellectual Property Rights; Licenses, Etc ................................................... 141  Section 3.21 Employee Benefit Plans ................................................................................ 141  Section 3.22 Labor Matters ................................................................................................ 142  Section 3.23 Borrowing Base Certificate........................................................................... 142  ARTICLE IV CONDITIONS OF LENDING ............................................................................ 142  Section 4.01 Closing Date Conditions Precedent .............................................................. 142  Section 4.02 All Credit Events After the Closing Date ..................................................... 143  ARTICLE V AFFIRMATIVE COVENANTS ........................................................................... 144  Section 5.01 Existence; Businesses and Properties ........................................................... 145  Section 5.02 Insurance ....................................................................................................... 145  Section 5.03 Taxes ............................................................................................................. 146  Section 5.04 Financial Statements, Reports, etc ................................................................ 146  Section 5.05 Litigation and Other Notices ......................................................................... 149  Section 5.06 Compliance with Laws ................................................................................. 150  Section 5.07 Maintaining Records; Access to Properties and Inspections; Appraisals ..... 151  Section 5.08 Use of Proceeds............................................................................................. 153  Section 5.09 Compliance with Environmental Laws ......................................................... 153  Section 5.10 Further Assurances; Additional Security ...................................................... 153  Section 5.11 Cash Management Systems; Application of Proceeds of Accounts ............. 155  Section 5.12 Post-Closing Matters ..................................................................................... 157  ARTICLE VI NEGATIVE COVENANTS ................................................................................ 158  Section 6.01 Indebtedness .................................................................................................. 158  Section 6.02 Liens .............................................................................................................. 164  Section 6.03 [Reserved] ..................................................................................................... 170  Section 6.04 Investments, Loans and Advances ................................................................ 170  





 






  iii  AmericasActive:17030364.10  Section 6.05 Fundamental Changes ................................................................................... 176  Section 6.06 Dispositions................................................................................................... 177  Section 6.07 Restricted Payments ...................................................................................... 181  Section 6.08 Transactions with Affiliates .......................................................................... 185  Section 6.09 Business of the Borrower and its Subsidiaries .............................................. 188  Section 6.10 Burdensome Agreements .............................................................................. 188  Section 6.11 Limitation on Payments and Modifications of Certain Indebtedness;  Amendments of Certain Documents ............................................................. 190  Section 6.12 Use of Proceeds............................................................................................. 192  Section 6.13 Financial Performance Covenant .................................................................. 192  ARTICLE VII [RESERVED] ..................................................................................................... 193  ARTICLE VIII EVENTS OF DEFAULT .................................................................................. 193  Section 8.01 Events of Default .......................................................................................... 193  Section 8.02 Right to Cure ................................................................................................. 197  ARTICLE IX THE AGENTS ..................................................................................................... 197  Section 9.01 Appointment ................................................................................................. 197  Section 9.02 Delegation of Duties ..................................................................................... 199  Section 9.03 Exculpatory Provisions ................................................................................. 200  Section 9.04 Reliance by Administrative Agent ................................................................ 201  Section 9.05 Notice of Default........................................................................................... 201  Section 9.06 Non-Reliance on Agents and Other Lenders ................................................ 201  Section 9.07 Indemnification ............................................................................................. 202  Section 9.08 Agent in Its Individual Capacity ................................................................... 203  Section 9.09 Successor Agent ............................................................................................ 203  Section 9.10 Arrangers; Co-Syndication Agents; Co-Documentation Agents .................. 203  Section 9.11 Collateral and Guaranty Matters ................................................................... 203  Section 9.12 Certain ERISA Matters ................................................................................. 207  ARTICLE X MISCELLANEOUS ............................................................................................. 214  Section 10.01 Notices; Communications ............................................................................. 214  Section 10.02 Survival of Agreement .................................................................................. 215  Section 10.03 Binding Effect ............................................................................................... 216  Section 10.04 Successors and Assigns................................................................................. 216  Section 10.05 Expenses; Indemnity ..................................................................................... 222  Section 10.06 Right of Set-off ............................................................................................. 225  Section 10.07 Applicable Law ............................................................................................. 226  Section 10.08 Waivers; Amendment ................................................................................... 226  Section 10.09 Interest Rate Limitation ................................................................................ 230  Section 10.10 Entire Agreement .......................................................................................... 231  Section 10.11 WAIVER OF JURY TRIAL ......................................................................... 231  Section 10.12 Severability ................................................................................................... 231  





 






  iv  AmericasActive:17030364.10  Section 10.13 Counterparts .................................................................................................. 231  Section 10.14 Headings ....................................................................................................... 232  Section 10.15 Jurisdiction; Consent to Service of Process .................................................. 232  Section 10.16 Confidentiality .............................................................................................. 233  Section 10.17 Platform; Borrower Materials ....................................................................... 234  Section 10.18 [Reserved] ..................................................................................................... 235  Section 10.19 USA PATRIOT Act Notice .......................................................................... 235  Section 10.20 Intercreditor Agreements .............................................................................. 235  Section 10.21 No Advisory or Fiduciary Responsibility ..................................................... 236  Section 10.22 Private-Side Information Contacts ................................................................ 237  Section 10.23 Acknowledgement and Consent to Bail-In of EEA Financial Institutions ... 237  Section 10.24 Incorporation by Reference........................................................................... 238       





 






  v  AmericasActive:17030364.10  Exhibits and Schedules  Exhibit A Form of Assignment and Acceptance  Exhibit B Form of Borrowing Base Certificate  Exhibit C Form of Solvency Certificate  Exhibit D-1 Form of Borrowing Request  Exhibit D-2 Form of Letter of Credit Request  Exhibit D-3 Form of Swingline Borrowing Request  Exhibit E Form of Interest Election Request  Exhibit F [Reserved]  Exhibit G U.S. Tax Compliance Certificate  Exhibit H Form of Junior Lien Intercreditor Agreement  Exhibit I Form of Note  Exhibit J FILO Intercreditor Provisions  Schedule 1.01(1) Existing Letters of Credit  Schedule 1.01(2) Collateral Locations  Schedule 2.01 Commitments  Schedule 3.06 Subsidiaries  Schedule 3.11 Taxes  Schedule 3.13 Environmental Matters  Schedule 3.15(1) Owned Material Real Property  Schedule 3.15(2) Leased Material Real Property  Schedule 3.18 Insurance  Schedule 5.12 Post-Closing Matters  Schedule 6.04 Investments  Schedule 6.08 Transactions with Affiliates  Schedule 6.10 Burdensome Agreements  Schedule 10.01 Notice Information  





 






Execution Version  AmericasActive:17030364.10  REVOLVING CREDIT AGREEMENT, dated as of June 2, 2022 (as amended, restated,  amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),  by and among AMNEAL PHARMACEUTICALS LLC, a Delaware limited liability company (the  “Borrower”), the Lenders party hereto from time to time and TRUIST BANK (“Truist Bank”), as  administrative agent (in such capacity, and as further defined in Section 1.01, the “Administrative  Agent”), and as collateral agent (in such capacity, and as further defined in Section 1.01, the  “Collateral Agent”).  RECITALS  WHEREAS, the Borrower, the other Loan Parties party thereto, the Lenders from time to  time party thereto and JPMorgan Chase Bank, N.A., as administrative agent, are parties to that  certain Revolving Credit Agreement dated as of May 4, 2018 (as amended, restated, amended and  restated, supplemented or otherwise modified from time to time, the “Existing Credit Facility”).  WHEREAS, the Borrower has requested that the Lenders and the Issuing Banks  refinance the Existing Credit Facility and extend credit to the Borrower in the form of a revolving  credit facility (including letter of credit and swingline subfacilities) in the aggregate principal  amount of $350,000,000; and  WHEREAS, subject to the terms and conditions of this Agreement, the Lenders, the Issuing  Banks and the Swingline Lender, to the extent of their respective Commitments as defined herein,  are willing severally to establish the requested revolving credit facility, letter of credit subfacility  and swingline subfacility in favor of the Borrower.  AGREEMENT  In consideration of the mutual covenants and agreements herein contained, the parties  hereto covenant and agree as follows:  ARTICLE I    DEFINITIONS  Section 1.01 Defined Terms.  As used in this Agreement, the following terms have the  meanings specified below:  “ABL Priority Collateral” means “ABL Priority Collateral” as defined in the Closing Date  Intercreditor Agreement.  “ABR” means, for any day, a fluctuating rate per annum equal to the highest of:  (1) the NYFRB Rate in effect on such day plus 1⁄2 of 1%;  (2) the Prime Rate in effect on such day;  (3) Adjusted Term SOFR 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%; and  





 






  2  AmericasActive:17030364.10  (4) 1.00% per annum.  Any change in the ABR due to a change in the NYFRB Rate, the Prime Rate or Adjusted  Term SOFR will be effective from and including the effective date of such change in the NYFRB  Rate, the Prime Rate or Adjusted Term SOFR, as the case may be.  If the ABR is being used as an  alternate rate of interest pursuant to Section 2.11 hereof, then the ABR shall be the greater of  clauses (1), (2) and (4) above and shall be determined without reference to clause (3) above.  For  the avoidance of doubt, if the ABR as so determined would be less than zero, such rate shall be  deemed to be zero for purposes of this Agreement.  “ABR Borrowing” means a Borrowing comprised of ABR Loans.  “ABR Loan” means any Loan bearing interest at a rate determined by reference to the  ABR.  “ABR Revolving Facility Borrowing” means a Borrowing comprised of ABR Revolving  Loans.  “ABR Revolving Loan” means any Revolving Loan bearing interest at a rate determined  by reference to the ABR.  “ABR Term SOFR Determination Day” shall have the meaning set forth in the definition  of “Term SOFR”.  “Acceptable Appraiser” means (a) Hilco Valuation Services, LLC or (b) any other  experienced and reputable appraiser reasonably acceptable to the Borrower and the Administrative  Agent.  “Account” means, with respect to a Person, any of such Person’s now owned and hereafter  acquired or arising accounts (as defined in the UCC), including, whether or not constituting  “accounts” (as defined in the UCC), any rights to payment for the sale or lease of goods or  Inventory or rendition of services, whether or not they have been earned by performance or arising  out of the use of a credit or charge card or information contained on or used with such card (and  whether same is an “Account” or “General Intangible” as defined in the UCC).  “Additional Lender” means the banks, financial institutions and other institutional lenders  and investors (other than natural persons and any Disqualified Institution) that become Lenders in  connection with Incremental Commitments or Refinancing Term Loans; provided that the  Administrative Agent shall have consented (such consent not to be unreasonably withheld,  conditioned or delayed) to any Additional Lender to the extent its consent would be required under  Section 10.04 for an assignment of Loans or Commitments to such Additional Lender.  “Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal  to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided, that if  Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term  SOFR shall be deemed to be the Floor.  





 






  3  AmericasActive:17030364.10  “Administrative Agent” means Truist Bank, in its capacity as administrative agent for itself  and the Lenders hereunder, and any duly appointed successor in such capacity.  “Administrative Agent Fees” has the meaning assigned to such term in Section 2.12(3).  “Administrative Questionnaire” means a customary Administrative Questionnaire in a  form supplied by the Administrative Agent.  “Affected Financial Institution” shall mean (a) any EEA Financial Institution or (b) any  UK Financial Institution.  “Affiliate” means, when used with respect to a specified 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.  No Person (other than the Borrower or any Subsidiary  of the Borrower) in whom a Receivables Subsidiary makes an Investment in connection with a  Qualified Receivables Financing will be deemed to be an Affiliate of the Borrower or any of its  Subsidiaries solely by reason of such Investment.  “Agents” means the Administrative Agent and the Collateral Agent, in their respective  capacities as such.  “Agreement” has the meaning assigned to such term in the introductory paragraph hereof.  “Amneal Holdings” means Amneal Holdings, LLC, a Delaware limited liability company.  “Amneal Inc.” means Amneal Pharmaceuticals, Inc., a Delaware corporation.  “Annual Financial Statements” has the meaning assigned to such term in Section 5.04(1).  “Anti-Corruption Laws” shall mean all laws, rules, and regulations of any jurisdiction  applicable to the Borrower or the Restricted Subsidiaries from time to time concerning or relating  to bribery or corruption, including the United States Foreign Corrupt Practices Act of 1977, as  amended, the UK Bribery Act 2010, and other similar legislation in any other jurisdictions (as any  of the foregoing laws may from time to time be amended, renewed, extended, or replaced).  “Applicable Commitment Fee Percentage” means a percentage per annum equal to 0.25%.  “Applicable Margin” means, as of the Closing Date, (1) for ABR Loans, 0.25%, and (2) for  SOFR Revolving Loans, 1.25% and, after September 30, 2022, the percentages per annum  determined in accordance with the pricing grid set forth below, based on Average Historical Excess  Availability for the most recent fiscal quarter ending on the date prior to the first day of each fiscal  quarter of the Borrower:  





 






  4  AmericasActive:17030364.10  Pricing Level Average Historical Excess  Availability  Applicable  Margin for  SOFR  Revolving  Loans  Applicable  Margin for  ABR Loans  I Greater than or equal to 50.0% of  the Line Cap  1.25% 0.25%  II Less than 50.0% of the Line Cap 1.50% 0.50%    For purposes of the foregoing, each change in the Applicable Margin resulting from a  change in Average Historical Excess Availability shall be effective during the period commencing  on and including the first day of each fiscal quarter of the Borrower and ending on the last day of  such fiscal quarter, it being understood and agreed that, for purposes of determining the Applicable  Margin on the first day of any fiscal quarter of the Borrower, the Average Historical Excess  Availability during the most recently ended fiscal quarter of the Borrower shall be used.  “Approved Fund” means, with respect to any Lender, any fund that is administered,  advised or managed by:  (a) such Lender;  (b) any Affiliate of such Lender; or  (c) any entity or an Affiliate of an entity that administers, advises or manages  such Lender.  “Arranger” means each of Truist Securities, JPMorgan Chase Bank, N.A. and Bank of  America, N.A.  “Asset Sale” means any Casualty Event, or any sale, transfer or other disposition (including  any Sale Leaseback Transaction) to any Person of any asset or assets of the Borrower or any  Restricted Subsidiary, other than any disposition of any Securitization Assets.  “Assignee” has the meaning assigned to such term in Section 10.04(2).  “Assignment and Acceptance” means an assignment and acceptance entered into by a  Lender and an Assignee, and accepted by the Administrative Agent and the Borrower (if required  by Section 10.04), substantially in the form of Exhibit A or such other form that is approved by  the Administrative Agent and reasonably satisfactory to the Borrower.  “Attributable Indebtedness” means, on any date, in respect of any Capital 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.  “Availability Period” means the period from and including the Closing Date to but  excluding the earlier of the Maturity Date and the date of termination of the Revolving Facility  Commitments.  





 






  5  AmericasActive:17030364.10  “Available Tenor” means, as of any date of determination and with respect to the then- current Benchmark, as applicable, (1) if such Benchmark is a term rate, any tenor for such  Benchmark (or component thereof) that is or may be used for determining the length of an interest  period pursuant to this Agreement or (2) otherwise, any payment period for interest calculated with  reference to such Benchmark (or component thereof) that is or may be used for determining any  frequency of making payments of interest calculated with reference to such Benchmark pursuant  to this Agreement, in each case, 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 2.14(5).  “Available Unused Commitment” means, with respect to a Lender at any time, an amount  equal to the amount by which (1) the Revolving Facility Commitment of such Lender at such time  exceeds (2) the aggregate Revolving Facility Credit Exposure of such Lender at such time;  provided, that for purposes of computing the Commitment Fee, the Revolving Facility Credit  Exposure of each Lender shall not include any Swingline Exposure of such Lender.  “Average Historical Excess Availability” means, for any period, the average daily Excess  Availability for such period.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European  Union, the implementing law, regulation, rule or requirement for such EEA Member Country from  time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the  United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time)  and any other law, regulation or rule applicable in the United Kingdom relating to the resolution  of unsound or failing banks, investment firms or other financial institutions or their affiliates (other  than through liquidation, administration or other insolvency proceedings).  “Blocked Account” has the meaning assigned to such term in Section 5.11.  “Below Threshold Asset Sale Proceeds” means the cash proceeds of Asset Sales involving  aggregate consideration of $25.0 million or less.  “Benchmark” means, initially, the Term SOFR Reference Rate; provided that if a  Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the  then-current Benchmark, then “Benchmark” shall mean the applicable Benchmark Replacement  to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant  to Section 2.14(2).  “Benchmark Replacement” means with respect to any Benchmark Transition Event, the  first alternative set forth in the order below that can be determined by the Administrative Agent  for the applicable Benchmark Replacement Date:  (a) the sum of (i) Daily Simple SOFR and (ii) 0.10%; and  





 






  6  AmericasActive:17030364.10  (b) the sum of: (i) the alternate benchmark rate that has been selected by the  Administrative Agent and the Borrower giving due consideration to (A) any selection or  recommendation of a replacement benchmark rate or the mechanism for determining such a rate  by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for  determining a benchmark rate as a replacement to the then-current Benchmark for Dollar- denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment.  If the Benchmark Replacement as determined pursuant to clause (a) or (b) 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, the spread adjustment, or  method for calculating or determining such spread adjustment, (which may be a positive or  negative value or zero) that has been selected by the Administrative Agent and the Borrower giving  due consideration to (1) 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 or (2)  any evolving or then-prevailing 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 Dollar-denominated syndicated credit  facilities.  “Benchmark Replacement Date” means a date and time determined by the Administrative  Agent, which date shall be no later than the earliest to occur of the following events with respect  to the then-current Benchmark:  (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”,  the later of (i) the date of the public statement or publication of information referenced therein and  (ii) 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); or  (2) in the case of clause (3) of the definition of “Benchmark Transition Event”, the first  date on which such Benchmark (or the published component used in the calculation thereof) has  been determined and announced by the regulatory supervisor for the administrator of such  Benchmark (or such component thereof) to be non-representative; provided that such non- representativeness will be determined by reference to the most recent statement or publication  referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such  component thereof) continues to be provided on such date.  For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have  occurred in the case of clause (1) or (2) above 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).  





 






  7  AmericasActive:17030364.10  “Benchmark Transition Event” means the occurrence of one or more of the following  events with respect to the then-current Benchmark:  (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 Board, the NYFRB, 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 not, or  as of a specified future date will not be, 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) (1) beginning at the time  that a Benchmark Replacement Date 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 Section 2.14 and (2) 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 Section 2.14.  “Beneficial Owner” has the meaning given to that term in Rule 13d-3 and Rule 13d-5  under the Exchange Act.  The term “Beneficially Owns” has a corresponding meaning.  “Board” means the Board of Governors of the Federal Reserve System of the United States  of America.  “Board of Directors” means, as to any Person, the board of directors, board of managers  or other governing body of such Person, or if such Person is owned or managed by a single entity,  the board of directors, board of managers or other governing body of such entity, and the term  “directors” means members of the Board of Directors.  





 






  8  AmericasActive:17030364.10  “Borrower” has the meaning assigned to such term in the recitals to this Agreement.  “Borrower Materials” has the meaning assigned to such term in Section 10.17(1).  “Borrowing” means a group of Loans (including Swingline Loans) of a single Type made  on a single date and, in the case of SOFR Revolving Loans, as to which a single Interest Period is  in effect.  “Borrowing Base” means, at any time, the sum of:  (1) 90% of the Eligible Accounts held by the Loan Parties that are Eligible Investment  Grade Accounts; plus  (2) 85% of the Eligible Accounts (other than Eligible Investment Grade Accounts) held  by the Loan Parties; plus  (3) the lesser of:  (a) 70% of the Eligible Inventory held by the Loan Parties valued at Cost on a  first-in, first-out basis; and  (b) 85% of the Net Orderly Liquidation Value of Eligible Inventory held by the  Loan Parties valued at the lower of Cost or market on a first-in, first-out  basis; plus  (4) 100% of all Eligible Cash held by the Loan Parties; less  (5) Reserves in effect at such time;  provided, that for the avoidance of doubt, except for the Inventory Advance (as defined below),  no Eligible Inventory shall be included in the Borrowing Base until the Administrative Agent shall  receive (a) a recent Inventory appraisal from an Acceptable Appraiser pursuant to Section 5.07  and (b) a recent field examination in respect of Inventory, in each case in form and on a basis  reasonably satisfactory to the Administrative Agent; provided, further, that until the earlier of (i)  60 days following the date on which Administrative Agent shall engage an appraiser for an  Inventory appraisal to be delivered hereunder or (ii) the Administrative Agent’s receipt of such  Inventory appraisal, the Borrowing Base shall include 30% of gross finished goods (excluding  bulk finished goods) then held by the Loan Parties, valued at Cost on a first-in, first-out basis (the  “Inventory Advance”), which such Inventory Advance shall not exceed 20% of the total  Borrowing Base at any time; provided, that for the avoidance of doubt, if such Inventory appraisal  shall not have been received within such 60 day period referenced in clause (i), the Inventory  Advance shall be zero on and after the end of such 60 day period.    “Borrowing Base Certificate” means a certificate, signed by a Responsible Officer of the  Borrower, substantially in the form of Exhibit B (or another form acceptable to the Administrative  Agent and the Borrower) setting forth the calculation of the Borrowing Base, including a  calculation of each component thereof (including, to the extent the Borrower has received notice  of any such Reserve from the Administrative Agent, any of the Reserves included in such  





 






  9  AmericasActive:17030364.10  calculation), all in such detail as is reasonably satisfactory to the Administrative Agent.  All  calculations of the Borrowing Base in connection with the preparation of any Borrowing Base  Certificate will be made by the Borrower and certified to the Administrative Agent.  “Borrowing Minimum” means $500,000 in the case of ABR Borrowings and $1,000,000  in the case of SOFR Revolving Facility Borrowings.  “Borrowing Multiple” means $100,000 in the case of ABR Borrowings and SOFR  Revolving Facility Borrowings.  “Borrowing Request” means a request by the Borrower in accordance with the terms of  Section 2.03 and substantially in the form of Exhibit D-1 (or telephonic notice promptly confirmed  in writing containing the information specified in Exhibit D-1).  “Budget” has the meaning assigned to such term in Section 5.04(5).  “Business Day” means any day other than a Saturday, Sunday or other day on which  commercial banks in New York City or North Carolina are authorized or required by law to close.  “Capital Expenditures” means, for any period, the aggregate of all expenditures (whether  paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized  under Capital Leases) incurred by the Borrower and the Restricted Subsidiaries during such period  that, in accordance with GAAP, are or should be included in “additions to property, plant or  equipment” or similar items reflected in the consolidated statement of cash flows of the Borrower  and its Restricted Subsidiaries for such period; provided that Capital Expenditures will not include:  (1) expenditures to the extent they are made with (a) Equity Interests of any Parent  Entity or (b) proceeds of the issuance of Equity Interests (other than Disqualified  Stock) of, or a cash capital contribution to, the Borrower after the Closing Date;  (2) expenditures with proceeds of insurance settlements, condemnation awards and  other settlements in respect of lost, destroyed, damaged or condemned assets,  equipment or other property to the extent such expenditures are made to replace or  repair such lost, destroyed, damaged or condemned assets, equipment or other  property or otherwise to acquire, maintain, develop, construct, improve, upgrade or  repair assets or properties useful in the business of the Borrower and its Restricted  Subsidiaries;  (3) interest capitalized during such period;  (4) expenditures that are accounted for as capital expenditures of such Person and that  actually are paid for by a third party (excluding the Borrower and any Restricted  Subsidiary) and for which none of the Borrower or any Restricted Subsidiary has  provided or is required to provide or incur, directly or indirectly, any consideration  or obligation to such third party or any other Person (whether before, during or after  such period);  





 






  10  AmericasActive:17030364.10  (5) the book value of any asset owned by the Borrower or any Restricted Subsidiary  prior to or during such period to the extent that such book value is included as a  Capital Expenditure during such period as a result of such Person reusing or  beginning to reuse such asset during such period without a corresponding  expenditure actually having been made in such period; provided that any  expenditure necessary in order to permit such asset to be reused will be included as  a Capital Expenditure during the period that such expenditure is actually made;  (6) the purchase price of equipment purchased during such period to the extent the  consideration therefor consists of any combination of (a) used or surplus equipment  traded in at the time of such purchase or (b) the proceeds of a concurrent sale of  used or surplus equipment, in each case, in the ordinary course of business;  (7) Investments in respect of any Permitted Acquisitions; or  (8) the purchase of property, plant or equipment to the extent purchased with the  proceeds of Asset Sales that are not applied to prepay loans pursuant to Section  2.08 of the Term Loan Credit Agreement.  “Capital Lease Obligations” means, with respect to any Person, at the time any  determination thereof is to be made, the obligations of such Person to pay rent or other amounts  under any lease of (or other similar arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted  for as capital leases on a balance sheet of such Person under GAAP (excluding the footnotes  thereto) and, for purposes hereof, the amount of such obligations at any time will be the capitalized  amount thereof at such time determined in accordance with GAAP.  “Capital Leases” means all leases that have been or are required to be, in accordance with  GAAP as in effect on the Closing Date, recorded as capitalized leases; provided that for all  purposes hereunder the amount of obligations under any Capital Lease shall be the amount thereof  accounted for as a liability in accordance with GAAP as in effect on the Closing Date.  “Capital Stock” means:  (1) in the case of a corporation, corporate stock;  (2) in the case of an association or business entity, any and all shares, interests,  participations, rights or other equivalents (however designated) of corporate stock;  (3) in the case of a partnership or limited liability company, partnership or membership  interests (whether general or limited); and  (4) any other interest or participation that confers on a Person the right to receive a  share of the profits and losses of, or distributions of assets of, the issuing Person.  “Captive Insurance Subsidiary” means any Subsidiary that is subject to regulation as an  insurance company (or any Subsidiary thereof).  





 






  11  AmericasActive:17030364.10  “Cash Dominion Period” means the period commencing upon the occurrence of, and  continuing during the continuation of, a Liquidity Condition or any Designated Event of Default.  Once commenced, a Cash Dominion Period will continue until such Liquidity Condition or  Designated Event of Default has been cured or waived or is no longer continuing, as applicable.  “Cash Equivalents” means:  (1) Dollars, Canadian dollars, Japanese yen, pounds sterling, euros or the national  currency of any participating member of the European Union or, in the case of any  Non-U.S. Subsidiary, any local currencies held by it from time to time in the  ordinary course of business and not for speculation;  (2) direct obligations of the United States of America, the United Kingdom or any  member of the European Union or any agency thereof or obligations guaranteed by  the United States of America, the United Kingdom or any member of the European  Union or any agency thereof, in each case, with maturities not exceeding two years;  (3) time deposits, eurodollar time deposits, certificates of deposit and money market  deposits, in each case, with maturities not exceeding one year from the date of  acquisition thereof, demand deposits, bankers’ acceptances with maturities not  exceeding one year and overnight bank deposits, in each case, with any commercial  bank having capital, surplus and undivided profits of not less than $250.0 million  (or the foreign currency equivalent thereof);  (4) repurchase obligations for underlying securities of the types described in  clauses (2) and (3) above and clause (6) below entered into with a bank meeting the  qualifications described in clause (3) above;  (5) commercial paper or variable or fixed rate notes maturing not more than one year  after the date of acquisition issued by a corporation rated at least “P-1” by Moody’s  or “A-1” by S&P (or reasonably equivalent ratings of another internationally  recognized rating agency);  (6) securities with maturities of two years or less from the date of acquisition issued or  fully guaranteed by any state, commonwealth or territory of the United States of  America, or by any political subdivision or taxing authority thereof, having one of  the two highest rating categories obtainable from either Moody’s or S&P (or  reasonably equivalent ratings of another internationally recognized rating agency);  (7) Indebtedness issued by Persons with a rating of at least “A 2” by Moody’s or “A”  by S&P (or reasonably equivalent ratings of another internationally recognized  rating agency), in each case, with maturities not exceeding one year from the date  of acquisition, and marketable short-term money market and similar securities  having a rating of at least “P-2” or “A-2” from either Moody’s or S&P (or  reasonably equivalent ratings of another internationally recognized rating agency);  (8) Investments in money market funds with average maturities of 12 months or less  from the date of acquisition that are rated “Aaa3” by Moody’s and “AAA” by S&P  





 






  12  AmericasActive:17030364.10  (or reasonably equivalent ratings of another internationally recognized rating  agency);  (9) instruments equivalent to those referred to in clauses (1) through (8) above  denominated in any foreign currency comparable in credit quality and tenor to those  referred to above customarily utilized in the countries where any such Restricted  Subsidiary is located or in which such Investment is made;  (10) shares of mutual funds whose investment guidelines restrict 95% of such funds’  investments to those satisfying the provisions of clauses (1) through (9) above; and  (11) solely with respect to any Captive Insurance Subsidiary, any investment that such  Captive Insurance Subsidiary is not prohibited to make in accordance with  applicable law.  “Cash Management Bank” means any provider of Cash Management Services that is the  Administrative Agent, a Lender or an Affiliate of the foregoing.  “Cash Management Obligations” means obligations (a) owed by the Borrower or any  Restricted Subsidiary to any Cash Management Bank in respect of or in connection with Cash  Management Services and (b) except when the Cash Management Bank is Truist Bank and its  Affiliates, designated by the Cash Management Bank and the Borrower in writing to the  Administrative Agent as “Cash Management Obligations” under this Agreement.  “Cash Management Services” means any of the following services provided to the  Borrower or any Restricted Subsidiary by any Cash Management Bank: (a) any treasury or other  cash management services, including deposit accounts, automated clearing house (ACH)  origination and other funds transfer, depository (including cash vault and check deposit), zero  balance accounts and sweeps, return items processing, controlled disbursement accounts, positive  pay, lockboxes and lockbox accounts, account reconciliation and information reporting, payables  outsourcing, payroll processing, trade finance services, investment accounts and securities  accounts, and (b) card services, including credit cards (including purchasing cards and commercial  cards), prepaid cards, including payroll, stored value and gift cards, merchant services processing,  and debit card services.  “Cash Management Services Amount” has the meaning assigned to such term in Section  9.13(1).  “Casualty Event” means 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.  A “Change in Control” will be deemed to occur if:  (1) at any time a “change of control” (or comparable event) occurs under the Term  Loan Credit Agreement or the documentation governing any Permitted Refinancing  





 






  13  AmericasActive:17030364.10  Indebtedness in respect of the foregoing, in each case, if any Indebtedness is  outstanding under such agreement; or  (2) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the  Exchange Act, but excluding any employee benefit plan of such Person and its  subsidiaries and any Person or entity acting in its capacity as trustee, agent or other  fiduciary or administrator of any such plan), other than the Permitted Holders,  acquires, directly or indirectly, Beneficial Ownership of Equity Interests  representing more than 35% of the aggregate ordinary voting power (determined  on a fully diluted basis but without giving effect to contingent voting rights that  have not yet vested) represented by the issued and outstanding Equity Interests of  Amneal Inc. and the percentage of the aggregate ordinary voting power so held is  greater than the percentage of the aggregate ordinary voting power represented by  the issued and outstanding Equity Interests of Amneal Inc. Beneficially Owned,  directly or indirectly, in the aggregate by the Permitted Holders, taken together  (determined on a fully diluted basis but without giving effect to contingent voting  rights that have not yet vested) unless, in the case of this clause (2), the Permitted  Holders have the right or the ability by voting power, contract or otherwise to elect  or designate for election a majority of the board of directors of Amneal Inc.; or  (3) Amneal Inc. fails to Control the Borrower.  “Change in Law” means:  (1) the adoption of any law, rule or regulation after the Closing Date;  (2) any change in law, rule or regulation or in the interpretation or application thereof  by any Governmental Authority after the Closing Date; or  (3) compliance by any Lender (or, for purposes of Section 2.15(2), by any lending  office of such Lender or by such Lender’s holding company, if any) with any  written request, guideline or directive (whether or not having the force of law) of  any Governmental Authority, made or issued after the Closing Date; provided that,  notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street  Reform and Consumer Protection Act and all requests, rules, guidelines or  directives promulgated thereunder or issued in connection therewith and (b) 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 of America or foreign regulatory authorities,  in each case pursuant to Basel III, in each case will be deemed to be a “Change in  Law,” regardless of the date enacted, adopted, promulgated or issued.  “Charges” has the meaning assigned to such term in Section 10.09.  “Closing Date” means June 2, 2022.  “Closing Date Intercreditor Agreement” means the ABL / Term Loan Intercreditor  Agreement, dated as of May 4, 2018, by and among JPMorgan Chase Bank, N.A., as “ABL Agent”  





 






  14  AmericasActive:17030364.10  prior to the Closing Date, the Collateral Agent as “ABL Agent” as of the Closing Date (pursuant  to a joinder executed as of the Closing Date) and JPM, as administrative agent and collateral agent  under the Term Loan Credit Agreement, and acknowledged by the Loan Parties, as amended,  restated, amended and restated, supplemented or otherwise modified from time to time pursuant  to the terms hereof and thereof.  “Closing Date Refinancing” means the repayment of the debt and termination of the  commitments under the Existing Credit Facility and release of all Liens and security interests  related thereto.  “Co-Syndication Agents” means each of Truist Securities, Inc., JPMorgan Chase Bank,  N.A. and Bank of America, N.A.  “Code” means the Internal Revenue Code of 1986, as amended.  “Collateral” means the “Collateral” as defined in the Collateral Agreement and also  includes all other property that is subject to any Lien in favor of the Collateral Agent for the benefit  of the Secured Parties pursuant to any Security Document; provided that, for the avoidance of  doubt, the Collateral will not include any Excluded Assets.  “Collateral Access Agreement” means a landlord waiver or other agreement, in a form as  shall be reasonably satisfactory to the Collateral Agent, between the Collateral Agent and any third  party (including any bailee, consignee, customs broker, or other similar Person) in possession of  any Collateral or any landlord of any premises where any Collateral is located, as such landlord  waiver or other agreement may be amended, restated, or otherwise modified from time to time.  “Collateral Agent” means Truist Bank, in its capacity as Collateral Agent for itself and the  other Secured Parties, and any duly appointed successor in that capacity.  “Collateral Agreement” means the ABL Guarantee and Collateral Agreement dated as of  the Closing Date, among the Loan Parties party thereto and the Collateral Agent, as amended,  amended and restated, supplemented or otherwise modified from time to time.  “Collateral Test Triggering Event” means any date on which Specified Excess  Availability has been less than the greater of (A) $37.5 million and (B) 15% of the Line Cap for  five (5) consecutive Business Days.  “Commitment Fee” has the meaning assigned to such term in Section 2.12(1).  “Commitment” means (1) with respect to each Lender, such Lender’s Revolving Facility  Commitment, (2) with respect to any Issuing Bank, its Letter of Credit Commitment and (3) with  respect to any Swingline Lender, its Swingline Commitment.  On the Closing Date, the aggregate  amount of Commitments is $350.0 million.  “Conforming Changes” shall mean, with respect to either the use or administration of  Term SOFR or the use, administration, adoption or implementation of any Benchmark  Replacement, any technical, administrative or operational changes (including changes to the  definition of “ABR”. the definition of “Business Day”, the definition of “U.S. Government  





 






  15  AmericasActive:17030364.10  Securities Business Day”, the definition of “Interest Period” or any similar or analogous definition  (or the addition of a concept of “interest period”), timing and frequency of determining rates and  making payments of interest, timing of borrowing requests or prepayment, conversion or  continuation notices, the applicability and length of lookback periods, the applicability of Section  2.14 and other technical, administrative or operational matters) that the Administrative Agent  decides may be appropriate to reflect the adoption and implementation of any such rate or to permit  the use and administration thereof by the Administrative Agent in a manner substantially consistent  with market practice (or, if the Administrative Agent decides that adoption of any portion of such  market practice is not administratively feasible or if the Administrative Agent determines that no  market practice for the administration of any such rate exists, in such other manner of  administration as the Administrative Agent decides is reasonably necessary in connection with the  administration of this Agreement and the other Loan Documents).  “Consolidated Amortization Expense” means, with respect to any Person for any Test  Period, the amortization expense of such Person and its Restricted Subsidiaries for such Test  Period, including the amortization of deferred financing fees or costs for such Test Period,  determined on a consolidated basis in accordance with GAAP.  “Consolidated Cash Interest Expense” means, with respect to any Person and its  Restricted Subsidiaries (on a consolidated basis) for any Test Period, the sum of: (1) cash  consolidated interest expense (less cash interest income) for such period plus (2) all cash dividend  payments (excluding items eliminated in consolidation) on any series of Disqualified Stock made  during such period.  “Consolidated Debt” means, as of any date of determination, the sum (without duplication)  of the aggregate principal amount of all Indebtedness of the Borrower and its Restricted  Subsidiaries outstanding on such date consisting of Indebtedness for borrowed money,  unreimbursed obligations in respect of drawn letters of credit (to the extent not cash collateralized),  Capital Lease Obligations, Indebtedness obligations evidenced by bonds, debentures, notes or  similar instruments and obligations with respect to Disqualified Stock, determined on a  consolidated basis in accordance with GAAP (but excluding the effects of the application of  purchase accounting in connection with the Transactions, any Permitted Acquisition or any other  investment permitted hereunder), based upon the most recent fiscal quarter for which Required  Financial Statements have been or are required to have been delivered; provided, that Consolidated  Debt will include any Convertible Indebtedness to the extent of the aggregate principal amount  thereof; provided, further, that Consolidated Debt shall not include any Indebtedness in respect of:  (1) any Qualified Receivables Transaction;  (2) any letter of credit, except to the extent of unreimbursed obligations in respect of  drawn letters of credit (provided that any unreimbursed amount under commercial  letters of credit shall not be counted as Consolidated Debt until three business days  after such amount is drawn (it being understood that any borrowing, whether  automatic or otherwise, to fund such reimbursement shall be counted)); or  (3) obligations under Hedge Agreements.  





 






  16  AmericasActive:17030364.10  “Consolidated Depreciation Expense” means, with respect to any Person for any Test  Period, the depreciation expense of such Person and its Restricted Subsidiaries for such Test  Period, determined on a consolidated basis in accordance with GAAP.  “Consolidated EBITDA” means, with respect to any Person for any Test Period,  Consolidated Net Income of such Person and its Restricted Subsidiaries for such Test Period,  adjusted by:  (1) adding thereto, in each case, only to the extent deducted (and not added back) in  determining such Consolidated Net Income and without duplication:  (a) Consolidated Interest Expense for such Test Period;  (b) Consolidated Amortization Expense for such Test Period;  (c) Consolidated Depreciation Expense for such Test Period;  (d) Consolidated Tax Expense for such Test Period;  (e) the amount of any restructuring, severance, relocation, consolidation,  integration, remediation or similar items or reserves in such Test Period  (whether or not characterized as such in accordance with GAAP), including  items or reserves incurred or taken in connection with (i) Permitted  Acquisitions and other Permitted Investments after the Closing Date and (ii)  severance and the consolidation or closing of any facilities after the Closing  Date;  (f) the amount of costs relating to signing, retention and completion bonuses,  relocation expenses, recruiting expenses, costs and expenses incurred in  connection with any strategic or new initiatives, transition costs,  consolidation and closing costs for facilities, business optimization  expenses and new systems design and implementation costs;  (g) the amount of “run-rate” cost savings, operating expense reductions and  synergies related to the Transactions, any Specified Transaction or any  other restructuring, cost saving initiative or other initiative that are projected  by such Person in good faith to result from actions taken, committed to be  taken or expected to be taken no later than 24 months after the end of such  Test Period (which amounts will be determined by such Person in good faith  and calculated on a Pro Forma Basis as though such amounts had been  realized on the first day of such Test Period), net of the amount of actual  benefits realized during such Test Period from such actions; provided, that  the amounts added back pursuant to this clause (g) shall not exceed 25% of  Consolidated EBITDA after giving effect to this clause (g);  (h) any costs or expenses incurred in such Test Period pursuant to or in  connection with or resulting from any management equity plan, profits  interest or stock option plan or any other management or employee benefit  





 






  17  AmericasActive:17030364.10  plan or agreement or any post-employment benefit plans or agreements or  any grants or sales of stock, stock appreciation or similar rights, stock  options, restricted stock, preferred stock or other similar rights or any stock  subscription, stockholders or partnership agreement;  (i) any net loss from disposed, abandoned, closed or discontinued operations;  (j) cash receipts (or any netting arrangements resulting in reduced cash  expenditures) not representing Consolidated EBITDA or Consolidated Net  Income in any Test Period to the extent non-cash gains relating to such  income were deducted in the calculation of Consolidated EBITDA pursuant  to paragraph (2) below for any previous Test Period and not added back;  (k) any non-cash charges or expenses reducing Consolidated Net Income for  such Test Period (provided that if any such non-cash item represents an  accrual or reserve for potential cash items in any future Test Period, (i) such  Person may determine not to add back such non-cash item in the current  Test Period and (ii) to the extent such Person does decide to add back such  non-cash item, the cash payment in respect thereof in such future Test  Period shall be subtracted from Consolidated EBITDA to such extent, and  excluding amortization of a prepaid cash item that was paid in a prior Test  Period);  (l) all charges, costs, expenses, accruals or reserves in connection with the  rollover, acceleration or payout of Equity Interests held by officers or  employees of such Person and all losses, charges and expenses related to  payments made to holders of options or other derivative Equity Interests in  the common equity of such Person or any direct or indirect parent thereof  in connection with, or as a result of, any distribution being made to equity  holders of such Person or any direct or indirect parent thereof, which  payments are being made to compensate such option holders as though they  were equity holders at the time of, and entitled to share in, such distribution;  (m) the amount of any expenses paid on behalf of any member of the board of  directors or reimbursable to such member of the board of directors;  (n) all judgments, liabilities, obligations, damages of any kind, including  liquidated damages, settlement amounts, losses, fines, costs, fees, expenses  (including reasonable attorneys’ fees and disbursements), penalties and  interest and other charges or expenses in connection with any lawsuit or  other proceeding against such Person and its Subsidiaries; provided, that the  amounts added back pursuant to this clause (n) shall not exceed 15% of  Consolidated EBITDA prior to giving effect to this clause (n);  (o) losses or discounts on any sale of receivables, Securitization Assets and  related assets in connection with any Qualified Receivables Transaction;  





 






  18  AmericasActive:17030364.10  (p) earn-outs and contingent consideration obligations (including to the extent  accounted for as bonuses and other compensation), payments in respect of  dissenting shares, and purchase price adjustments, made by such Person  during such Test Period, in each case, in connection with an investment or  acquisition permitted hereunder;  (q) the amount of any contingent payments in connection with the licensing of  Intellectual Property Rights or other assets;  (r) any extraordinary, non-recurring or unusual costs items; and  (s) other adjustments consistent with Regulation S-X; and  (2) subtracting therefrom, in each case only to the extent (and in the same proportion)  included or added in determining such Consolidated Net Income and without  duplication:  (a) the aggregate amount of all non-cash items increasing Consolidated Net  Income (other than (i) the accrual of revenue or recording of receivables in  the ordinary course of business and (ii) the reversal of any accrual of a  reserve referred to in the parenthetical in clause (1)(k) of this definition  (other than any such reversal that results from a cash payment subtracted  from Consolidated EBITDA)) for such Test Period;  (b) any extraordinary, non-recurring or unusual gains; and  (c) any net income from disposed, abandoned, closed or discontinued  operations.  “Consolidated First Lien Net Debt” means, as of any date, the Loans, the Initial Term  Loans and any other Consolidated Debt outstanding as of such date that is secured on a pari passu  basis with the Liens that secure the Initial Term Loans, minus all Unrestricted Cash as of such date  in an aggregate amount not to exceed $150,000,000, in each case, determined based upon the most  recent fiscal quarter for which Required Financial Statements have been or are required to have  been delivered; provided that for purposes of calculating the amount of Consolidated First Lien  Net Debt with respect to any Indebtedness being incurred in reliance on compliance with any  financial ratio-based incurrence test, Unrestricted Cash will not include any proceeds received  from such Indebtedness.  “Consolidated Interest Expense” means, with respect to any Person for any Test Period,  the total consolidated interest expense of such Person and its Restricted Subsidiaries for such  period determined on a consolidated basis in accordance with GAAP, including, without  duplication:  (1) imputed interest on Capital Lease Obligations and Attributable Indebtedness of  such Person and its Restricted Subsidiaries for such Test Period;  





 






  19  AmericasActive:17030364.10  (2) commissions, discounts and other fees, charges and expenses owed by such Person  and its Restricted Subsidiaries with respect to letters of credit securing financial  obligations, bankers’ acceptance financing and receivables financings for such Test  Period;  (3) pay-in-kind interest payments, amortization and write-offs of deferred financing  fees, debt issuance costs, debt discount, or premium, commissions and other  financing fees and expenses (including expensing of any bridge, commitment or  other financing fees) incurred by such Person and its Restricted Subsidiaries for  such Test Period including net costs under Hedge Agreements dealing with interest  rates and any commitment fees payable thereunder and all discounts, commissions,  fees and other similar charges associated with any Qualified Receivables  Transaction;  (4) cash contributions to any employee stock ownership plan or similar trust made by  such Person and its Restricted Subsidiaries to the extent such contributions are used  by such plan or trust to pay interest or fees to any Person (other than such Person  or a wholly-owned Subsidiary) in connection with Indebtedness incurred by such  plan or trust for such Test Period;  (5) all interest paid or payable with respect to discontinued operations of such Person  and its Restricted Subsidiaries for such Test Period;  (6) the interest portion of any deferred payment obligations of such Person and its  Restricted Subsidiaries for such Test Period; and  (7) all interest on any Indebtedness of such Person and its Restricted Subsidiaries that  is (a) Indebtedness of others secured by any Lien on property owned or acquired by  such Person or its Subsidiaries, whether or not the obligations secured thereby have  been assumed, but limited to the fair market value of such property or (b) contingent  obligations of such Person or its Subsidiaries in respect of Indebtedness;  provided that Consolidated Interest Expense shall be calculated after giving effect to Hedge  Agreements related to interest rates (including associated costs), but excluding unrealized gains  and losses with respect to such Hedge Agreements; provided further that when determining  Consolidated Interest Expense in respect of any Test Period ending prior to the first anniversary  of the Closing Date, Consolidated Interest Expense will be calculated by multiplying the aggregate  Consolidated Interest Expense accrued since the Closing Date by 365 and then dividing such  product by the number of days from and including the Closing Date to and including the last day  of such Test Period.  For purposes of this definition, interest on Capital Lease Obligations will be  deemed to accrue at the interest rate reasonably determined by a Responsible Officer of the  Borrower to be the rate of interest implicit in such Capital Lease Obligations in accordance with  GAAP.  “Consolidated Net Income” means, with respect to any Person for any Test Period, the Net  Income of such Person and its Restricted Subsidiaries determined on a consolidated basis in  





 






  20  AmericasActive:17030364.10  accordance with GAAP; provided that there shall be excluded from such consolidated net income  (to the extent otherwise included therein), without duplication:  (1) the Net Income for such Test Period of any Person that is not a Subsidiary, or that  is an Unrestricted Subsidiary, or that is accounted for by the equity method of  accounting, shall be excluded; provided that the Borrower’s or any Restricted  Subsidiary’s equity in the Net Income of such Person shall be included in the  Consolidated Net Income of the Borrower for such Test Period up to the aggregate  amount of dividends or distributions or other payments in respect of such equity  that are actually paid in cash (or to the extent converted into cash) by such Person  to the Borrower or a Restricted Subsidiary, in each case, in such Test Period, to the  extent not already included therein;  (2) [Reserved];  (3) any gain (or loss), together with any related provisions for taxes on any such gain  (or the tax effect of any such loss), realized by such Person or any of its Restricted  Subsidiaries during such Test Period upon any asset sale or other disposition of any  Equity Interests of any Person (other than any dispositions in the ordinary course  of business) by such Person or any of its Restricted Subsidiaries;  (4) gains and losses due solely to fluctuations in currency values and the related tax  effects determined in accordance with GAAP for such Test Period;  (5) earnings (or losses), including any impairment charge, resulting from any  reappraisal, revaluation or write-up (or write-down) of assets during such Test  Period;  (6) (a) unrealized gains and losses with respect to Hedge Agreements for such Test  Period pursuant to the application of Accounting Standards Codification 815  (Derivatives and Hedging) and (b) any after-tax effect of income (or losses) for  such Test Period that result from the early extinguishment of (i) Indebtedness, (ii)  obligations under any Hedge Agreements or (iii) other derivative instruments;  (7) any extraordinary, non-recurring or unusual gain (or extraordinary, non-recurring  or unusual loss), together with any related provision for taxes on any such gain (or  the tax effect of any such loss), recorded or recognized by such Person or any of its  Restricted Subsidiaries during such Test Period;  (8) the cumulative effect of a change in accounting principles and changes as a result  of the adoption or modification of accounting policies during such Test Period;  (9) any after-tax gains (or losses) on disposal of disposed, abandoned or discontinued  operations for such Test Period;  (10) effects of adjustments (including the effects of such adjustments pushed down to  such Person and its Restricted Subsidiaries) in the inventory, property and  equipment, software, goodwill, other intangible assets, in-process research and  





 






  21  AmericasActive:17030364.10  development, deferred revenue, debt and unfavorable or favorable lease line items  in such Person’s consolidated financial statements pursuant to GAAP for such Test  Period resulting from the application of purchase accounting in relation to the  Transactions or any acquisition consummated prior to the Closing Date and any  Permitted Acquisition or other investment or the amortization or write-off of any  amounts thereof, net of taxes, for such Test Period;  (11) any non-cash compensation charge or expense (including any deferred non-cash  compensation expense) for such Test Period, including any such charge or expense  arising from the grants of stock appreciation or similar rights, stock options,  restricted stock or other rights and any cash charges or expenses associated with the  rollover, acceleration or payout of Equity Interests by, or to, management of such  Person or any of its Restricted Subsidiaries in connection with the Transactions;  (12) (a) Transaction Costs incurred during such Test Period and (b) any fees and  expenses incurred during such Test Period, or any amortization thereof for such  Test Period, in connection with any acquisition (other than the Transactions),  investment, disposition, issuance or repayment of Indebtedness, issuance of Equity  Interests, refinancing transaction or amendment or modification of any debt or  equity instrument (in each case, including any such transaction whether  consummated on, after or prior to the Closing Date and any such transaction  undertaken but not completed) and any charges or non-recurring costs incurred  during such Test Period as a result of any such transaction;  (13) any expenses, charges or losses for such Test Period that are covered by  indemnification or other reimbursement provisions in connection with any  investment, Permitted Acquisition or any sale, conveyance, transfer or other  disposition of assets permitted under this Agreement, to the extent actually  reimbursed, or, so long as the Borrower has made a determination that a reasonable  basis exists for indemnification or reimbursement and only to the extent that such  amount is in fact indemnified or reimbursed within 365 days of such determination  (with a deduction in the applicable future period for any amount so added back to  the extent not so indemnified or reimbursed within such 365 days); and  (14) to the extent covered by insurance and actually reimbursed, or, so long as the  Borrower has made a determination that there exists reasonable evidence that such  amount will in fact be reimbursed within 365 days of the date of such determination  (with a deduction in the applicable future period for any amount so added back to  the extent not so reimbursed within such 365 days), expenses, charges or losses for  such Test Period with respect to liability or casualty events or business interruption.  “Consolidated Tax Expense” means, with respect to any Person for any Test Period, taxes  based on gross receipts, income, profits or capital, franchise, excise or similar taxes, and foreign  withholding taxes, of such Person and its Restricted Subsidiaries for such Test Period, including  (1) penalties and interest related thereto and (2) tax distributions made to any direct or indirect  holders of Equity Interests of such Person in respect of any such taxes.  





 






  22  AmericasActive:17030364.10  “Consolidated Total Assets” means, as of any date, the total assets of the Borrower and the  Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, determined  based upon the most recent month-end financial statements available internally as of the date of  determination, and calculated on a Pro Forma Basis.  “Consolidated Total Net Debt” means, as of any date, the Consolidated Debt outstanding  as of such date minus all Unrestricted Cash as of such date in an aggregate amount not to exceed  $150,000,000, in each case, determined based upon the most recent financial statements available  internally as of the date of determination; provided that for purposes of calculating the  Consolidated Total Net Debt with respect to any Indebtedness being incurred in reliance on  compliance with any financial ratio-based incurrence test, Unrestricted Cash will not include any  proceeds received from such Indebtedness.  “continuing” means, with respect to any Default or Event of Default, that such Default or  Event of Default has not been cured or waived.  “Contractual Obligation” means, 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 Indebtedness” means Indebtedness in an aggregate outstanding principal  amount not to exceed an amount equal to 100% of the net cash proceeds and the fair market value  of property (other than cash) received by the Borrower from Permitted Equity Issuances or as a  contribution to its common equity capital, in each case, after the Closing Date and on or prior to  the date of such incurrence (other than Excluded Contributions, Cure Amounts and sales of Equity  Interests to the Borrower or any of its Subsidiaries) that are Not Otherwise Applied.  “Control” means 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 ownership of voting  securities, by contract or otherwise, and the terms “Controlling” and “Controlled” will have  correlative meanings.  “Control Agreement” has the meaning assigned to such term in the Collateral Agreement.  “Convertible Indebtedness” means (1) the Impax Convertible Notes and (2) any  Indebtedness of a Loan Party (which may be Guaranteed by other Loan Parties) permitted to be  incurred hereunder that is either (a) convertible into common Capital Stock of the Borrower or of  any direct or indirect parent thereof (or other applicable securities or property following a merger  event or other change of the common Capital Stock of the Borrower) (and cash in lieu of fractional  shares) and/or cash (in an amount determined by reference to the price of such common Capital  Stock or such other securities) or (b) sold as units with call options, warrants or rights to purchase  (or substantially equivalent derivative transactions) that are exercisable for common Capital Stock  of the Borrower or of any direct or indirect parent thereof and/or cash (in an amount determined  by reference to the price of such common Capital Stock).  “Cost” means the calculated cost of purchases, based upon the Borrower’s accounting  practices as reflected in the most recent Annual Financial Statements, which practices are  





 






  23  AmericasActive:17030364.10  consistent with the methodology used in the most recent appraisal delivered in connection with  this Agreement prior to the Closing Date.  “Covenant Trigger Event” means that Specified Excess Availability is less than either (a)  the greater of (i) $25.0 million and (ii) 10.0% of the Line Cap then in effect for two (2) consecutive  Business Days or (b) the greater of (i) $18.75 million and (ii) 7.5% of the Line Cap then in effect  at any time.  Once commenced, a Covenant Trigger Event will be deemed to be continuing until  such time as Specified Excess Availability equals or exceeds such amount, as reflected in a  Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.04(9), for  20 consecutive days.  “Credit Agreement Refinanced Debt” has the meaning assigned to it in the definition of  “Credit Agreement Refinancing Indebtedness”.  “Credit Agreement Refinancing Indebtedness” means secured or unsecured Indebtedness  of the Borrower in the form of term loans or notes; provided that:  (1) such Indebtedness is incurred or otherwise obtained (including by means of the  extension or renewal of existing Indebtedness) in exchange for, or to extend, renew,  replace or refinance, in whole or part, Indebtedness (“Credit Agreement  Refinanced Debt”) that is either Loans or other Credit Agreement Refinancing  Indebtedness;  (2) such Indebtedness is in an original aggregate principal amount not greater than the  principal amount of the Credit Agreement Refinanced Debt (plus (a) the amount of  unpaid, accrued or capitalized interest, penalties, premiums (including tender  premiums), defeasance costs and other similar amounts payable with respect  thereto and (b) underwriting discounts, fees, commissions, costs, expenses and  other similar amounts payable with respect to such Credit Agreement Refinancing  Indebtedness);  (3) (a) the Weighted Average Life to Maturity of such Indebtedness is equal to or  longer than the remaining Weighted Average Life to Maturity of the Credit  Agreement Refinanced Debt, and (b) the final maturity date of such Credit  Agreement Refinancing Indebtedness may not be earlier than the Latest Maturity  Date of such Credit Agreement Refinanced Debt;  (4) such 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 mandatory prepayments  hereunder on the same basis as any Refinancing Term Loans;  (5) such Indebtedness will rank pari passu or junior in right of payment to the Credit  Agreement Refinanced Debt;  (6) such Indebtedness is not secured by any assets or property of the Borrower or any  Restricted Subsidiary that does not constitute Collateral (subject to customary  exceptions for cash collateral in favor of an agent, letter of credit issuer or similar  “fronting” lender);  





 






  24  AmericasActive:17030364.10  (7) such Indebtedness is not guaranteed by any Person other than a Guarantor;  (8) if such Indebtedness is secured:  (a) such Indebtedness shall be secured on a junior basis to the Revolving  Facility Claims, except in the case of Credit Agreement Refinancing  Indebtedness constituting Refinancing Term Loans (which shall be secured  on a pari passu basis with any other outstanding Refinancing Term Loans);  (b) the security agreements relating to such Indebtedness are substantially  similar to or the same as the applicable Security Documents (as determined  in good faith by a Responsible Officer of the Borrower); and  (c) except in the case of Credit Agreement Refinancing Indebtedness  constituting Refinancing Term Loans, a Debt Representative, acting on  behalf of the holders of such Indebtedness, will become party to or  otherwise subject to the provisions of a Junior Lien Intercreditor Agreement  and/or, if applicable, the Closing Date Intercreditor Agreement; provided  that, to the extent such Indebtedness constitutes Refinancing Term Loans,  it shall be subject to the relative priorities and intercreditor provisions as  described in Section 2.22(1); and  (9) the terms and conditions of such Indebtedness (a) are substantially identical to, or,  taken as a whole, no more favorable to the lenders or holders providing such  Indebtedness than, those applicable to such Credit Agreement Refinanced Debt  (except for covenants applicable only to periods after the Latest Maturity Date at  the time of incurrence) and (b) solely to the extent that any terms and conditions  applicable to any such Credit Agreement Refinanced Debt are not substantially the  same as, or are materially more restrictive on the Borrower and the Restricted  Subsidiaries than, those then applicable to the Credit Agreement Refinanced Debt,  shall otherwise reflect customary market terms and conditions, including with  respect to high yield debt securities to the extent applicable, at the time of such  incurrence of such Credit Agreement Refinancing Indebtedness (provided that a  certificate of a Responsible Officer delivered to the Administrative Agent at least  four (4) Business Days (or such shorter period as may be agreed by the  Administrative Agent) prior to the incurrence of such Credit Agreement  Refinancing Indebtedness, together with a reasonably detailed description of the  material covenants and events of default of such Credit Agreement Refinancing  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 (9) shall be conclusive evidence that such Indebtedness  satisfies this clause (9) unless the Administrative Agent notifies the Borrower  within such four (4) Business Day (or shorter) period that it disagrees with such  determination (including a description of the basis upon which it disagrees));  provided that this clause (9) will not apply to (v) terms addressed in the preceding  clauses (1) through (8), (w) interest rate, rate floors, fees, funding discounts and  other pricing terms, (x) redemption, prepayment or other premiums, or (y) optional  





 






  25  AmericasActive:17030364.10  prepayment or redemption terms; provided further that the Borrower will promptly  deliver to the Administrative Agent final copies of the definitive credit  documentation relating to such Indebtedness (unless the Borrower is bound by a  confidentiality obligation with respect thereto, in which case the Borrower will  deliver a reasonably detailed description of the material terms and conditions of  such Indebtedness in lieu thereof).  Credit Agreement Refinancing Indebtedness will include any Registered Equivalent Notes issued  in exchange therefor.  “Credit Event” has the meaning assigned to such term in Article IV.  “Cure Amount” has the meaning assigned to such term in Section 8.02.  “Cure Right” has the meaning assigned to such term in Section 8.02.  “Customs Broker Agreement” means an agreement, in form reasonably satisfactory to the  Collateral Agent, in which the customs broker or other carrier acknowledges that it has control  over and holds the documents evidencing ownership of the subject Inventory for the benefit of the  Collateral Agent and agrees, upon notice from the Collateral Agent, to hold and dispose of such  Inventory solely as directed by the Collateral Agent.  “Daily Simple SOFR” shall mean, for any day, SOFR, with the conventions for this rate  (which will include a lookback) being established by the Administrative Agent in accordance with  the conventions for this rate selected or recommended by the Relevant Governmental Body for  determining “Daily Simple SOFR” for syndicated business loans; provided, that if the  Administrative Agent decides that any such convention is not administratively feasible for the  Administrative Agent, then the Administrative Agent may establish another convention in its  reasonable discretion.  “DDA” means any checking or other demand deposit account maintained by the Loan  Parties in the United States.  “Debt Fund Affiliate” means:  (1) any Affiliate of a Permitted Investor (other than the Borrower or any of its  Subsidiaries) that is a bona fide debt fund or investment vehicle that has the principal purpose of  investing in, acquiring or trading commercial loans, bonds or similar extensions of credit in the  ordinary course and that exercises investment discretion independent from the private equity  business of such Permitted Investor; and  (2) any investment fund or account of a Permitted Investor managed by third parties  (including by way of a managed account, a fund or an index fund in which a Permitted Investor  has invested) that is not organized or used primarily for the purpose of making equity investments,  in each case in clauses (1) and (2) above, with respect to which any Investor or Permitted  Investor does not, directly or indirectly, possess the power to direct or cause the direction of the  investment policies of such entity.  





 






  26  AmericasActive:17030364.10  “Debt Representative” means, with respect to any Junior Lien Debt, the lenders or other  holders of such Indebtedness or 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.  “Debtor Relief Laws” means 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.  “Default” means any event or condition which, but for the giving of notice, lapse of time  or both, would constitute an Event of Default.  “Defaulting Lender” means any Lender that:  (1) has refused (without retraction) or failed to (a) fund its portion of any Borrowing,  or (b) pay to any Agent, any Issuing Bank, any Swingline Lender or any other  Lender any other amount required to be paid by it hereunder (including in respect  of its participation in Letters of Credit or Swingline Loans, as applicable) within  two Business Days of the date when due;  (2) has notified the Borrower, any Agent, any Issuing Bank or any Swingline Lender  that it does not intend to comply with its funding obligations under any Loan  Document, or has made a public statement to that effect;  (3) has failed, within three Business Days after written request by the Administrative  Agent or the Borrower, to confirm in writing to the Administrative Agent and the  Borrower that it will comply with its prospective funding obligations under any  Loan Document (provided that such Lender shall cease to be a Defaulting Lender  pursuant to this clause (3) upon receipt of such written confirmation by the  Administrative Agent and the Borrower); or  (4) has, or has a direct or indirect parent company that has:  (a) become insolvent or the subject of a proceeding under any voluntary or  involuntary case under any Debtor Relief Law,  (b) had appointed for it a receiver, custodian, conservator, trustee,  administrator, assignee for the benefit of creditors or similar Person charged  with reorganization or liquidation of its business or assets, including the  Federal Deposit Insurance Corporation or any other state or federal  regulatory authority acting in such a capacity or  (c) become the subject of a Bail-In Action; provided that a Lender shall not be  a Defaulting Lender solely by virtue of the ownership or acquisition of any  Equity Interest in that Lender or any direct or indirect parent company  thereof by a Governmental Authority so long as such ownership interest  





 






  27  AmericasActive:17030364.10  does not result in or provide such Lender with immunity from the  jurisdiction of courts within the United States or from the enforcement of  judgments or writs of attachment on its assets or permit such Lender (or  such Governmental Authority) to reject, repudiate, disavow or disaffirm any  contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any  one or more of clauses (1) through (4) above shall be conclusive and binding absent manifest error,  and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such  determination to the Borrower, each Issuing Bank, each Swingline Lender and each Lender.  “Designated Event of Default” means any Event of Default under Section 8.01(2), Section  8.01(3), Section 8.01(4) (solely with respect to a default under Section 5.04(9), Section 5.11 or  Section 6.13), Section 8.01(8) or Section 8.01(9).  “Designated Non-Cash Consideration” means the fair market value of non-cash  consideration received by the Borrower or any Restricted Subsidiary in connection with an Asset  Sale that is designated as Designated Non-Cash Consideration pursuant to a certificate of a  Responsible Officer of the Borrower setting forth the basis of such valuation, less the amount of  cash or Cash Equivalents received in connection with a subsequent sale of such Designated Non- Cash Consideration.  “Discharge of ABL Revolving Claims” has the meaning assigned to the term “Discharge  of ABL Claims” in the Closing Date Intercreditor Agreement, except that, solely for purposes of  this definition, the principal amount of any Refinancing Term Loans and any interest, fees,  attorneys’ fees, costs, expenses, indemnities and other Obligations relating thereto do not  constitute “ABL Claims” (as defined in the Closing Date Intercreditor Agreement).  “Disinterested Director” means, with respect to any Person and transaction, a member of  the Board of Directors of such Person who does not have any material direct or indirect financial  interest in or with respect to such transaction.  “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition  (excluding Liens, but including any sale or issuance of Equity Interests in a Restricted Subsidiary  and any sale leaseback transactions of a Loan Party) 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 Institution” means:  (1) those entities identified by or on behalf of the Borrower in writing to the  Administrative Agent, from time to time prior to or after the completion of general  syndication, as competitors of the Borrower or its Subsidiaries;  (2) [reserved];  (3) those banks, financial institutions, other institutional lenders and other persons  identified in writing by or on behalf of the Borrower to the Administrative Agent  





 






  28  AmericasActive:17030364.10  after the Closing Date if such designation is reasonably acceptable to the  Administrative Agent; and  (4) any clearly identifiable (solely on the basis of the similarity of its name or as  identified in writing by or on behalf of the Borrower) Affiliate of the entities  described in the preceding clauses (1), (2) and (3) (other than, with respect to this  clause (4), any bona fide Debt Fund Affiliates thereof).  Notwithstanding the foregoing, each Loan Party and the Lenders acknowledge and agree that (i)  the Administrative Agent will not have any responsibility or obligation to determine whether any  Lender or potential Lender is a Disqualified Institution and the Administrative Agent will have no  liability with respect to or arising out of any assignment or participation of Loans or Commitments  to a Disqualified Institution and (ii) any written notice of a Disqualified Institution shall be deemed  not delivered and not effective unless delivered by or on behalf of the Borrower in writing to the  Administrative Agent and shall only become effective, as of and following, two (2) Business Days  after such delivery.  “Disqualified Stock” means, with respect to any Person, any Equity Interests of such  Person 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 redeemable or exchangeable at the option of the holder thereof), or  upon the happening of any event or condition:  (1) mature or are mandatorily redeemable (other than solely for Qualified Equity  Interests), pursuant to a sinking fund obligation or otherwise (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 are subject to the prior Payment  in Full and the termination of the Commitments);  (2) is redeemable at the option of the holder thereof (other than solely for Qualified  Equity Interests), in whole or in part;  (3) provides for the scheduled payments of dividends in cash; or  (4) is or becomes convertible into or exchangeable for Indebtedness or any other Equity  Interests that would constitute Disqualified Stock, in each case, prior to the date  that is 91 days after the earlier of:  (a) the Latest Maturity Date at the time of issuance; and  (b) the date on which the Loans and all other Obligations (other than Specified  Hedge Obligations, Cash Management Obligations and contingent  indemnification and reimbursement obligations that are not yet due and  payable and for which no claim has been asserted) are Paid in Full and the  Commitments are terminated and any outstanding Letters of Credit are  expired, terminated or cash collateralized on terms reasonably satisfactory  to the applicable Issuing Bank(s);  





 






  29  AmericasActive:17030364.10  provided that only the portion of the Equity Interests that so mature or are mandatorily redeemable,  are so convertible or exchangeable or are so redeemable at the option of the holder thereof prior to  such date will be deemed to be Disqualified Stock; provided, further, that if such Equity Interests  are issued pursuant to any plan for the benefit of any future, current or former officers, directors,  managers, employees, consultants or independent contractors of the Borrower, any of its  Subsidiaries or any direct or indirect parent thereof, or their respective estates, heirs, family  members, spouses, former spouses, successors, executors, administrators, trustees, legatees or  distributees, such Equity Interests will not constitute Disqualified Stock solely because they may  be required to be repurchased by the Borrower or any of its Subsidiaries in order to satisfy  applicable statutory or regulatory obligations or as a result of any such Person’s termination, death  or disability; and provided, further, that any class of Equity Interests of such Person that by its  terms authorizes such Person to satisfy its obligations thereunder by delivery of any Equity  Interests that is not Disqualified Stock will not be deemed to be Disqualified Stock. For the  avoidance of doubt, any Convertible Indebtedness or any Permitted Convertible Indebtedness Call  Transaction will not be deemed to be Disqualified Stock.  “Documentation Agent” means MUFG Union Bank, N.A.  “Dollars” or “$” means lawful money of the United States of America.  “EEA Financial Institution” means:  (1) any credit institution or investment firm established in any EEA Member Country  which is subject to the supervision of an EEA Resolution Authority;  (2) any entity established in an EEA Member Country which is a parent of an  institution described in clause (1) of this definition; or  (3) any financial institution established in an EEA Member Country which is a  subsidiary of an institution described in clauses (1) or (2) of this definition and is  subject to consolidated supervision with its parent.  “EEA Member Country” means any of the member states of the European Union, Iceland,  Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any Person  entrusted with public administrative authority of any EEA Member Country (including any  delegee) having responsibility for the resolution of any EEA Financial Institution.  “Dominion Account” has the meaning assigned to such term in Section 5.11.  “Eligible Accounts” means, at any time, all Accounts of any Loan Party that constitute  proceeds from the sale or disposition of Inventory in the ordinary course of business and that are  reflected in the most recent Borrowing Base Certificate, except any Account with respect to which  any of the exclusionary criteria set forth below applies.  No Account will be an Eligible Account  if:  





 






  30  AmericasActive:17030364.10  (1) Past Due / Extended: such Account are not paid within the earlier of sixty (60) days  following its due date or more than (a) one hundred (120) days in respect of  Accounts for which any of Cardinal, AmerisourceBergen, McKesson, Walmart,  CVS or any of their respective Affiliates is the Account debtor or (b) one hundred  (100) days in respect of Accounts (other than Accounts for which Cardinal,  AmerisourceBergen, McKesson, Walmart, CVS or any of their respective Affiliates  is the Account debtor), in the case of the foregoing clauses (a) and (b), following  its original invoice date; provided that, in calculating delinquent portions of  Accounts under this clause (1), only such delinquent portions will be excluded;  (2) Non-U.S./Canadian Accounts: unless otherwise agreed by the Administrative  Agent or such Account is backed by a letter of credit reasonably acceptable to the  Administrative Agent, such Account is the obligation of an Account debtor that (i)  does not maintain its chief executive office in the United States, Canada or any  political subdivision of any thereof or (ii) is not organized under the applicable laws  of the United States or political subdivision thereof or the District of Columbia or  Canada or any political subdivision thereof;  (3) Other Liens: such Account is (a) not owned by a Loan Party, (b) not subject to the  valid, perfected and (subject to Liens having priority by operation of applicable  Law) first priority Lien of the Collateral Agent as to such Account or (c) is subject  to any other Lien of any other Person, other than (i) Liens in favor of any Agent  pursuant to any Loan Document, (ii) Liens permitted under Section 6.02(9),  6.02(10), 6.02(11), 6.02(12), 6.02(13), 6.02(17), 6.02(18), 6.02(22), 6.02(24) or  6.02(29) (including any Liens permitted under Section 6.02(40) with respect to the  foregoing) or Permitted Liens arising by operation of law, in each case that do not  have priority over the Liens that secure the Revolving Facility Claims or (iii) (x)  Permitted Liens securing Indebtedness permitted under Section 6.01(1) which  Liens do not have priority over the Liens that secure the Revolving Facility Claims,  (y) Permitted Liens securing Ratio Debt, Indebtedness permitted under Section  6.01(2) and Indebtedness incurred pursuant to Section 6.01(11), 6.01(19), 6.01(21)  or 6.01(28) (and in each case, any Permitted Refinancing Indebtedness thereof  permitted under Section 6.01) and (z) Liens permitted under Section 6.02(14),  6.02(19), 6.02(20), 6.02(25), 6.02(28), 6.02(30), 6.02(31), 6.02(32), 6.02(33),  6.02(36)(a), 6.02(39) or 6.02(42) (including any Liens permitted under Section  6.02(40) with respect to the foregoing), which Liens, in the case of each of the  foregoing clauses (y) and (z), are secured on a junior basis to the Liens that secure  the Revolving Facility Claims;  (4) Not Bona Fide: Accounts that are not true and correct statements of bona fide  indebtedness incurred in the amount of such Account by the applicable Account  debtor;  (5) Disputed Accounts: such Account is disputed, or a claim, counterclaim, discount,  deduction, reserve, allowance, recoupment, offset or chargeback has been asserted  with respect thereto by the applicable Account debtor (but only to the extent of such  





 






  31  AmericasActive:17030364.10  dispute, claim, counterclaim, discount, deduction, reserve, allowance, recoupment,  offset or chargeback);  (6) Bankruptcy: such Account is owed by an Account debtor that is subject to a  bankruptcy proceeding of the type specified in Section 8.01(8) or (9) or that is  liquidating, dissolving or winding up its affairs or otherwise deemed not  creditworthy by the Administrative Agent in its Reasonable Credit Judgment;  provided that (i) the Administrative Agent may, in its sole discretion, include  Accounts from Account debtors subject to such proceedings if and to the extent that  such Accounts are fully covered by credit insurance, letters of credit or other  sufficient third-party credit support, or are otherwise deemed by the Administrative  Agent not to pose an unreasonable risk of non−collectability;  (7) Judgments, Notes or Chattel Paper: such Account is evidenced by Chattel Paper or  an Instrument (each as defined in the Collateral Agreement) of any kind, or has  been reduced to judgment;  (8) Cross Aged Accounts: such Account is the obligation of an Account debtor if fifty  percent (50%) or more of the Dollar amount of all Accounts owing by that Account  debtor are ineligible under the other criteria set forth in this definition;  (9) Government Accounts: such Account is the obligation of an Account debtor that is  the United States government or a political subdivision thereof, or any state, county  or municipality or department, agency or instrumentality thereof unless  Administrative Agent, in its sole discretion, has agreed to the contrary in writing,  or the applicable Loan Party has complied with respect to such obligation with the  Federal Assignment of Claims Act of 1940, or any applicable state, county or  municipal law restricting the assignment thereof with respect to such obligation;  (10) Contra Accounts: such Account to the extent the Borrower or any subsidiary thereof  is liable for goods sold or services rendered by the applicable Account debtor, but  only to the extent of the potential offset;  (11) Inter-Company/Affiliate Accounts: such Account arises from a sale to any Affiliate  of any Loan Party or any employee, officer or director of the Borrower or any  Subsidiary or any of their respective Affiliates or to any entity that has any common  officer or director with any Loan Party; provided that the foregoing shall not apply  to Accounts arising from sales (which sales are on terms and conditions not less  favorable to the applicable Loan Party than would reasonably be obtained by such  Loan Party in a comparable arm’s length transaction with a Person other than an  Affiliate of a Loan Party) to any Affiliates (other than the Borrower and its  Subsidiaries) that are portfolio companies of the Investors;  (12) Unbilled Accounts: an invoice with respect to such Account has not been sent to  the applicable Account debtor;  (13) Progress Billing: such Account (i) as to which a Loan Party is not able to bring suit  or otherwise enforce its remedies against the applicable Account debtor through  





 






  32  AmericasActive:17030364.10  judicial process or (ii) if the Account represents a progress billing consisting of an  invoice for goods sold or used or services rendered pursuant to a contract under  which the Account debtor’s obligation to pay that invoice is subject to a Loan  Party’s completion of further performance under such contract or is subject to the  equitable lien of a surety bond issuer;  (14) Bill and Hold; C.O.D.: such Account arises with respect to goods that are sold on a  bill-and-hold or cash-on-delivery basis;  (15) Non-Acceptable Alternative Currency: unless otherwise agreed by the  Administrative Agent or such Account is backed by a letter of credit reasonably  acceptable to the Administrative Agent, such Account is payable in any currency  other than Dollars;  (16) Conditional Sale: such Account arises with respect to goods that are placed on  consignment, guarantied sale or other terms by reason of which the payment by the  applicable Account debtor is conditional;  (17) Non-Ordinary Course Sales: such Account does not arise from the sale of goods or  the performance of services by a Loan Party in the ordinary course of business;  (18) Consumer Sales: such Account arises with respect to goods that are sold by any  party directly to individual consumers;  (19) Reserves; Rebates; Etc.: such Account to the extent a Loan Party has reserved for  credits to be applied against the balance of such Account, but only to the extent of  such potential credits, including without limitation any rebates, billbacks,  chargebacks, redistribution fees, service level fees, miscellaneous fees and  administrative fees;  (20) Concentration Risk (Cardinal, AmerisourceBergen and McKesson): with respect to  Accounts for which any of Cardinal, AmerisourceBergen, McKesson or any of their  respective Affiliates is the Account debtor (and solely to the extent that the  respective long-term credit rating of Cardinal, AmerisourceBergen or  McKesson  as applicable, is at least “BB” from S&P and at least “Ba2” from Moody’s),  Accounts of such Account debtor, to the extent that such Accounts, together with  all other Accounts owing by the respective Account debtor and its Affiliates, exceed  thirty-five percent (35%) of all Eligible Accounts; provided that only such portion  of such Accounts in excess of thirty-five percent (35%) of all Eligible Accounts  will be excluded; provided further that if any of Cardinal, AmerisourceBergen or  McKesson does not have at least the long-term credit rating set forth herein, then  the limitation set forth in clause (22) of this definition shall be applicable to such  Account debtor; or  (21) Concentration Risk (Walmart and CVS): with respect to Accounts for which any of  Walmart, CVS or any of their respective Affiliates is the Account debtor (and solely  to the extent that the respective long-term credit rating of Walmart or CVS, as  applicable, is at least “BB” from S&P and at least “Ba2” from Moody’s), Accounts  





 






  33  AmericasActive:17030364.10  of such Account debtor, to the extent that such Accounts, together with all other  Accounts owing by the respective Account debtor and its Affiliates, exceed twenty- five percent (25%) of all Eligible Accounts; provided that only such portion of such  Accounts in excess of twenty-five percent (25%) of all Eligible Accounts will be  excluded; provided further that if any of Walmart or CVS does not have at least the  long-term credit rating set forth herein, then the limitation set forth in clause (22)  of this definition shall be applicable to such Account debtor.  (22) Concentration Risk (Other Account Debtors): to the extent such Account (other  than Accounts for which Cardinal, AmerisourceBergen, McKesson, Walmart or  CVS any of their respective Affiliates is the Account debtor and only if the long- term credit rating of Cardinal, AmerisourceBergen, McKesson, Walmart or CVS,  as applicable, is at least “BB” from S&P and at least “Ba2” from Moody’s),  together with all other Accounts owing by such Account debtor and its Affiliates  as of any date of determination, exceed twenty percent (20%) of all Eligible  Accounts; provided that only such portion of such Accounts in excess of twenty  percent (20%) of all Eligible Accounts will be excluded.  If any Account at any time ceases to be an Eligible Account, then such Account will promptly be  excluded from the calculation of the Borrowing Base; provided that if any Account ceases to be  an Eligible Account because of the adjustment of or imposition of new exclusionary criteria  pursuant to the succeeding paragraph, the Administrative Agent will not require exclusion of such  Account from the Borrowing Base until 5 Business Days following the date on which the  Administrative Agent gives notice to the Borrower of such ineligibility; provided that upon such  notice, the Borrower shall not be permitted to borrow any Loans or have any Letters of Credit  issued so as to exceed the Line Cap after giving effect to such adjustment or imposition of new  exclusionary criteria.  The Administrative Agent reserves the right, at any time and from time to time after the Closing  Date, to adjust any of the exclusionary criteria set forth above and to establish new criteria, in each  case, in its Reasonable Credit Judgment (based on an analysis of material facts or events first  occurring, or first discovered by the Administrative Agent, after the Closing Date), subject to the  necessary approvals set forth in Section 10.08 in the case of adjustments or new criteria which  have the effect of making more credit available than would have been available based upon the  criteria in effect on the Closing Date.  “Eligible Cash” means Unrestricted Cash of a Loan Party held in a segregated deposit  account or securities account that is cash denominated in Dollars and either (a) maintained with  the Collateral Agent, for the benefit of the Secured Parties, as security for the Obligations or (b) if  not maintained with the Collateral Agent, maintained with a Lender and subject to a Control  Agreement; provided that in no event shall any cash held in any Excluded Account be included in  Eligible Cash.  “Eligible Inventory” means all Inventory owned by any Loan Party reflected in the most  recent Borrowing Base Certificate, except any Inventory with respect to which any of the  exclusionary criteria set forth below applies.  No item of Inventory will be Eligible Inventory if  such item:  





 






  34  AmericasActive:17030364.10  (1) Unperfected: is not subject to a first priority (subject to any Permitted Liens arising  by operation of law) perfected Lien in favor of the Collateral Agent as to such  Inventory;  (2) Other Liens: is (a) not owned by a Loan Party or (b) is subject to any Lien of any  Person, other than (i) Liens in favor of any Agent pursuant to any Loan Document,  (ii) Liens permitted under Section 6.02(9), 6.02(10), 6.02(11), 6.02(12), 6.02(19),  or 6.02(24) (including any Liens permitted under Section 6.02(40) with respect to  the foregoing) or Permitted Liens arising by operation of law, in each case, that do  not have priority over the Liens that secure the Revolving Facility Claims or (iii)  (x) Permitted Liens securing Indebtedness permitted under Section 6.01(1) which  Liens do not have priority over the Liens that secure the Revolving Facility Claims,  (y) Permitted Liens securing Ratio Debt, Indebtedness permitted under Section  6.01(2) and Indebtedness incurred pursuant to Section 6.01(11), 6.01(15)(b),  6.01(19), 6.01(21), 6.01(28) or 6.01(30) (and in each case, any Permitted  Refinancing Indebtedness thereof permitted under Section 6.01) and (z) Liens  permitted under Section 6.02(13), 6.02(22), 6.02(28), 6.02(30), 6.02(31), 6.02(32),  6.02(33), 6.02(36)(b), 6.02(36)(c), 6.02(36)(d) or 6.02(42) (including any Liens  permitted under Section 6.02(40) with respect to the foregoing), which Liens, in the  case of each of the foregoing clauses (y) and (z), are secured on a junior basis to  the Liens that secure the Revolving Facility Claims;  (3) Obsolete/Expired: is damaged, excess, obsolete, unsalable (including if such item  of Inventory has not been approved by the FDA), shopworn, seconds, discontinued,  work in process, recalled or expired or will expire within six months or less or  otherwise fully reserved in accordance with normal operating practices;  (4) Not Owned: is not owned by one or more Loan Parties;  (5) Consignment: is the subject of a consignment by any Loan Party as consignor;  (6) Off-Site: is not located in a public third-party warehouse or on premises owned,  leased or rented by a Loan Party and, in each case, set forth in Schedule 1.01(2) (as  such schedule may be amended or supplemented from time to time);  (7) Leased Location: is located at any location leased by the Borrower or any  Subsidiary, unless either (i) the lessor has delivered to the Collateral Agent a  Collateral Access Agreement as to such location or (ii) a Reserve for rent, charges,  and other amounts due or to become due with respect to such location has been  established by the Administrative Agent in its Reasonable Credit Judgment;  (8) Bailees / Warehousemen: is located in any third-party warehouse or is in the  possession of a bailee and is not evidenced by a Document (as defined in Article 9  of the UCC), unless either (i) a reasonably satisfactory bailee letter has been  delivered to the Administrative Agent with respect thereto or (ii) an appropriate  Reserve for rent, charges, and other amounts due or to become due with respect to  





 






  35  AmericasActive:17030364.10  such location has been established by the Administrative Agent in its Reasonable  Credit Judgment;  (9) Mortgage: is located at an owned location subject to a mortgage in favor of a lender  other than the Collateral Agent, unless either (i) a reasonably satisfactory  mortgagee waiver has been delivered to the Administrative Agent with respect  thereto or (ii) an appropriate Reserve for rent, charges, and other amounts due or to  become due with respect to such location has been established by the  Administrative Agent in its Reasonable Credit Judgment;  (10) Non-U.S. / In-Transit: is not located in the U.S. or is in-transit, except that Inventory  in-transit will not be deemed ineligible under this clause (10) if:  (a) it is in-transit between U.S. locations of the Loan Parties; or  (b) (A) either (x) it has been paid for in advance of shipment or (y) it is in- transit between the Loan Parties or Affiliates of the Loan Parties and the  applicable supplier of such Inventory has entered into an agreement with  the Loan Parties in form and substance reasonably satisfactory to the  Administrative Agent agreeing not to exercise any right of stoppage or  similar right in respect of such Inventory, (B) legal ownership thereof has  passed to the applicable Loan Party (or is retained by the applicable Loan  Party) as evidenced by customary documents of title, (C) the Collateral  Agent has control over the documents of title which evidence ownership of  the subject Inventory (including, if requested by the Collateral Agent, by  the delivery of a Customs Broker Agreement) and (D) it is insured to the  reasonable satisfaction of the Collateral Agent;  (11) Packaging / Shipping Materials; Tooling; Display: consists of packaging or  shipping materials, manufacturing supplies, tooling or replacement parts or display  items;  (12) Customized: contains or bears any licensing, trademark, trade name or copyright  licensed to any Loan Party by any Person (other than any Subsidiary) that would  require the consent of a third party for the sale or disposition of such Inventory  (which consent has not been paid) unless the Collateral Agent is reasonably  satisfied that it may sell or otherwise dispose of such Inventory without (a)  infringing the rights of such licensor, (b) violating any contract with such licensor,  or (c) incurring any liability with respect to payment of royalties other than royalties  incurred pursuant to sale of such Inventory under the current licensing agreement  relating thereto;  (13) Uninsured: such Inventory is not insured in accordance with Section 5.02 hereof;  (14) Negotiable Bill of Sale: such Inventory is covered by a negotiable document of title  for which, promptly upon reasonable written request by the Administrative Agent,  the Borrower fails to deliver such document to the Administrative Agent with all  





 






  36  AmericasActive:17030364.10  necessary endorsements, free and clear of all Liens except Liens in favor of the  Collateral Agent;  (15) Not Ordinary Course: such Inventory (other than raw materials) that is not of a type  held for sale in the ordinary course of business of a Loan Party;  (16) Returns: consists of goods which have been returned by the buyer; or  (17) Permitted Acquisitions: is acquired in connection with a Permitted Acquisition to  the extent the Administrative Agent has not received a Report in respect of such  Inventory showing results reasonably satisfactory to the Administrative Agent.  If any Inventory at any time ceases to be Eligible Inventory, such Inventory will promptly be  excluded from the calculation of the Borrowing Base; provided, however, that if any Inventory  ceases to be Eligible Inventory because of the adjustment of or imposition of new exclusionary  criteria pursuant to the succeeding paragraph, the Administrative Agent will not require exclusion  of such Inventory from the Borrowing Base until 5 Business Days following the date on which the  Administrative Agent gives notice to the Borrower of such ineligibility; provided that upon such  notice, the Borrower shall not be permitted to borrow any Loans or have any Letters of Credit  issued so as to exceed the Line Cap after giving effect to such adjustment or imposition of new  exclusionary criteria.  The Administrative Agent reserves the right, at any time and from time to time after the Closing  Date, to adjust any of the exclusionary criteria set forth above and to establish new criteria, in each  case, its Reasonable Credit Judgment (based on an analysis of material facts or events first  occurring, or first discovered by the Administrative Agent, after the Closing Date), subject to the  necessary approvals set forth in Section 10.08 in the case of adjustments or new criteria which  have the effect of making more credit available than would be available based upon the criteria in  effect on the Closing Date.  “Eligible Investment Grade Account” means any Eligible Account that is owing by an  Account Debtor Account Debtor with an Investment Grade Rating in respect of its senior long- term debt rating (unsecured).  “Environment” means ambient and indoor air, surface water and groundwater (including  potable water, navigable water and wetlands), the land surface or subsurface strata, natural  resources such as flora and fauna.  “Environmental Laws” means all applicable laws (including common law), statutes, rules,  regulations, codes, ordinances, orders, binding agreements and final, binding decrees or  judgments, in each case, promulgated or entered into by or with any Governmental Authority,  relating in any way to the Environment, preservation or reclamation of natural resources, the  generation, management, Release or threatened Release of, or exposure to, any Hazardous Material  or to occupational health and safety matters (to the extent relating to the environment or exposure  to Hazardous Materials).  





 






  37  AmericasActive:17030364.10  “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire  Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital  Stock, any Convertible Indebtedness and any Permitted Warrant Transaction).  “ERISA” means the Employee Retirement Income Security Act of 1974, as the same may  be amended from time to time, and any final regulations promulgated and the rulings issued  thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together  with the Borrower or any of its Subsidiaries, is 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” means:  (1) a Reportable Event, or the requirements of Section 4043(b) of ERISA apply, with  respect to a Plan;  (2) a withdrawal by the Borrower or any of its Subsidiaries or, to the knowledge of the  Borrower, any ERISA Affiliate from a Plan subject to Section 4063 of ERISA  during a plan year in which it was a substantial employer (as defined in  Section 4001(a)(2) of ERISA) or a cessation of operations by the Borrower or any  of its Subsidiaries or, to the knowledge of the Borrower or the Borrower, any  ERISA Affiliate that is treated as a termination under Section 4062(e) of ERISA;  (3) a complete or partial withdrawal by the Borrower or any of its Subsidiaries or, to  the knowledge of the Borrower, any ERISA Affiliate from a Multiemployer Plan,  receipt of written notification by the Borrower or any of its Subsidiaries or, to the  knowledge of the Borrower, any ERISA Affiliate concerning the imposition of  Withdrawal Liability or written notification that a Multiemployer Plan is, or is  expected to be, insolvent or endangered or in critical status within the meaning of  Section 305 of ERISA;  (4) the provision by a Plan administrator or the PBGC of notice of intent to terminate  a Plan, to appoint a trustee to administer a Plan, the treatment of a Plan or  Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of  ERISA or the commencement of proceedings by the PBGC to terminate a Plan or  Multiemployer Plan;  (5) the incurrence by the Borrower or any of its Subsidiaries or, to the knowledge of  the Borrower, any ERISA Affiliate of any liability under Title IV of ERISA with  respect to the termination of any Plan or Multiemployer Plan, other than for the  payment of plan contributions or PBGC premiums due but not delinquent under  Section 4007 of ERISA;  (6) the application for a minimum funding waiver under Section 302(c) of ERISA with  respect to a Plan;  





 






  38  AmericasActive:17030364.10  (7) the imposition of a lien under Section 303(k) of ERISA with respect to any Plan;  and  (8) a determination that any Plan is in “at risk” status (within the meaning of  Section 303 of ERISA).  “Erroneous Payment” has the meaning set forth in Section 9.14(1).  “Erroneous Payment Deficiency Assignment” has the meaning set forth in Section  9.14(4).  “Erroneous Payment Impacted Class” has the meaning set forth in Section 9.14(4).  “Erroneous Payment Return Deficiency” has the meaning set forth in Section 9.14(4).  “Erroneous Payment Subrogation Rights” has the meaning set forth in Section 9.14(4).  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor Person), as in effect from time to time.  “Event of Default” has the meaning assigned to such term in Section 8.01.  “Excess Availability” means, at any time, (a) the Line Cap at such time minus (b) the  Revolving Facility Credit Exposure at such time.  “Exchange Act” means the Securities Exchange Act of 1934, as amended.  “Excluded Accounts” means any DDA, securities account, commodity account or any  other deposit account of any Loan Party or Restricted Subsidiary (and all Cash, Cash Equivalents  and other securities or investments credited thereto or deposited therein):  (1) that is a zero balance account, disbursement account or imprest account;  (2) that does not have an individual daily balance in excess of $500,000, or in the  aggregate with each other account described in this clause (2), in excess of  $5,000,000;  (3) the balance of which is swept at the end of each Business Day into a deposit  account, securities account or commodity account that is in the name of the  Collateral Agent or subject to a Control Agreement in favor of the Collateral Agent,  so long as such daily sweep is not terminated or modified (other than to provide  that the balance in such deposit account, securities account or commodity account  is swept into another deposit account, securities account or commodity account  subject to a Control Agreement in favor of the Collateral Agent) without the consent  of the Collateral Agent;  (4) that is a Trust Account;  





 






  39  AmericasActive:17030364.10  (5) that holds Term Priority Collateral or the proceeds thereof, so long as all amounts  on deposit therein constitute Term Priority Collateral; or  (6) to the extent that it is cash collateral for letters of credit (other than Letters of Credit)  to the extent permitted hereunder.  “Excluded Assets” means “Excluded Assets” as defined in the Collateral Agreement.  “Excluded Contributions” means, as of any date, the aggregate amount of the net cash  proceeds and Cash Equivalents, together with the aggregate fair market value of other assets that  are used or useful in a business permitted under Section 6.08, received by the Borrower after the  Closing Date from:  (1) contributions to its common equity capital; or  (2) the sale of Capital Stock of the Borrower;  in each case, designated as Excluded Contributions pursuant to a certificate of a Responsible  Officer of the Borrower on the date such contribution is made or such Capital Stock is sold, less  the aggregate amount of Investments made pursuant to Section 6.04(29) and Restricted Payments  made pursuant to Section 6.07(12), in each case prior to such date and Not Otherwise Applied;  provided that the proceeds of Disqualified Stock and Cure Amounts will not be treated as Excluded  Contributions.  “Excluded Equity Interests” means “Excluded Equity Interests” as defined in the  Collateral Agreement.  “Excluded Subsidiary” means any:  (1) Immaterial Subsidiary;  (2) Subsidiary that is not a Wholly Owned Subsidiary of the Borrower or a Subsidiary  Loan Party;  (3) Unrestricted Subsidiary;  (4) Non-U.S. Subsidiary;  (5) direct or indirect U.S. Subsidiary of a Non-U.S. Subsidiary;  (6) FSHCO;  (7) Subsidiary that is prohibited or restricted by applicable Law or by a binding  contractual obligation (including any Contractual Obligation) existing on the  Closing Date or at the time of the acquisition or creation of such Subsidiary (and  not incurred in contemplation of such acquisition or creation) from providing a  Guarantee or if such Guarantee would require consent, approval, license or  





 






  40  AmericasActive:17030364.10  authorization of or from a Governmental Authority or a third party (other than a  Loan Party or a controlled Affiliate of a Loan Party);  (8) special purpose securitization vehicle (or similar entity) including any Receivables  Subsidiary or like special purpose entity;  (9) Subsidiary that is a not-for-profit organization;  (10) Captive Insurance Subsidiary;  (11) Subsidiary with respect to which, in the reasonable judgment of the Borrower in  consultation with the Administrative Agent, the providing of a Guarantee would  result in material adverse tax consequences as reasonably determined by the  Borrower in consultation with the Administrative Agent; and  (12) Subsidiary with respect to which, in the reasonable judgment of the Administrative  Agent, in consultation with the Borrower, the cost or other consequences (including  any adverse tax consequences) of providing a Guarantee would be excessive in  view of the benefits to be obtained by the Lenders therefrom;  provided that the Borrower, in its sole discretion, may cause any Subsidiary that otherwise  qualifies as an “Excluded Subsidiary” to become a “Guarantor” in accordance with the definition  thereof and thereafter such Subsidiary will not constitute an “Excluded Subsidiary” unless and  until the Borrower elects otherwise.  “Excluded Taxes” means, with respect to any Recipient of any payment to be made by or  on account of any obligation of any Loan Party hereunder:  (1) Taxes imposed on or measured by its net income (however denominated) or  franchise Taxes imposed in lieu of net income Taxes, in each case, (a) imposed as  a result of such Recipient being organized under the laws of, or having its principal  office or, in the case of any Lender, its applicable lending office located in, the  jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are  Other Connection Taxes;  (2) any branch profits Tax or any similar Tax that is imposed by any jurisdiction  described in clause (1) above;  (3) any U.S. withholding Tax (including any backup withholding Tax) that is in effect  and would apply to amounts payable hereunder to or for the account of a Recipient  under the law applicable at the time such Recipient becomes a party to this  Agreement (or in the case of a Lender, under the law applicable at the time such  Lender changes its lending office), except to the extent that the Recipient’s assignor  (if any), at the time of assignment (or such Lender immediately before it changed  its lending office), was entitled to receive additional amounts from the Loan Party  with respect to any U.S. withholding Tax pursuant to Section 2.14(1) or  Section 2.14(3);  





 






  41  AmericasActive:17030364.10  (4) Taxes that are attributable to such Lender’s or Administrative Agent’s failure to  comply with Section 2.14(5) or Section 2.14(6); and  (5) any withholding Taxes imposed under FATCA.  “Exclusive License” means, with respect to any drug or pharmaceutical product, any license  to develop, commercialize, sell, market and promote such drug or pharmaceutical product and which  provides for exclusive rights to develop, use, commercialize, sell, market, import and promote such  drug or product within the United States; provided that an “Exclusive License” shall not include:  (1) any license solely to distribute any such drug or product on an exclusive basis  within any particular geographic region or territory,  (2) any licenses, which may be exclusive, solely to manufacture any such drug or  product, and  (3) any license to manufacture, use, offer for sale or sell any authorized generic version  of such drug or product.  “Executive Order” has the meaning assigned to such term in Section 3.19(3)(a).  “Existing Credit Facility” has the meaning assigned to such term in the recitals.  “Existing Letters of Credit” means those Letters of Credit described on Schedule 1.01(1)  hereto.  “Extended Commitments” means the Revolving Facility Commitments or other  commitments to make Extended Loans held by any Extending Lenders.  “Extended Loans” means the Loans made pursuant to Extended Commitments.  “Extending Lenders” means each Lender accepting an Extension Offer.  “Extension” has the meaning assigned to such term in Section 2.23(1).  “Extension Amendment” has the meaning assigned to such term in Section 2.23(2).  “Extension Offer” has the meaning assigned to such term in Section 2.23(1).  “Factoring Transaction” means any transaction or series of transactions that may be  entered into by the Borrower or any Restricted Subsidiary pursuant to which the Borrower or such  Restricted Subsidiary may sell, convey, assign or otherwise transfer Securitization Assets (which  may include a backup or precautionary grant of security interest in such Securitization Assets so  sold, conveyed, assigned or otherwise transferred or purported to be so sold, conveyed, assigned  or otherwise transferred) to any Person other than a Receivables Subsidiary.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement  (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  





 






  42  AmericasActive:17030364.10  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 entered into in  connection with the implementation of such Sections of the Code.  “FDA” means the United States Food and Drug Administration and any successor thereto.  “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB  based on such day’s federal funds transactions by depositary institutions, as determined in such  manner as the NYFRB shall set forth on its public website from time to time, and published on the  next succeeding Business Day by the NYFRB as the effective federal funds rate, provided that if  the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be  deemed to be zero for the purposes of this Agreement.  “Fee Letter” means the Fee Letter dated as of April 11, 2022 by and among the Borrower,  Truist Securities and Truist Bank.  “Fees” means the fees set forth in the Fee Letter payable to a Lender, the Administrative  Agent or any Arranger, in each case, with respect to the Revolving Facility.  “FILO Intercreditor Provisions” means the provisions set forth on Exhibit J.  “Financial Officer” means, with respect to any Person, the chief financial officer, principal  accounting officer, director of financial services, treasurer, assistant treasurer or controller of such  Person or other similar officer or Person performing similar functions of such Person, designated  in writing by or on behalf of the Borrower to the Administrative Agent from time to time. Any  document delivered hereunder that is signed by a Financial Officer of a Loan Party will be  conclusively presumed to have been authorized by all necessary corporate, limited liability  company, partnership or other action on the part of such Loan Party and such Financial Officer  will be conclusively presumed to have acted on behalf of such Loan Party. Unless otherwise  specified, all references herein to a “Financial Officer” shall refer to a Financial Officer of the  Borrower.  “Financial Performance Covenant” means the covenant set forth in Section 6.13.  “First Lien Net Leverage Ratio” means, with respect to any Test Period, the ratio of (1)  Consolidated First Lien Net Debt outstanding as of the last day of such Test Period to (2)  Consolidated EBITDA of the Borrower for such Test Period.  “Fixed Charge Coverage Ratio” means, as of any date, the ratio of:  (1) (a) Consolidated EBITDA of the Borrower for the most recent Test Period, minus  (b) cash taxes and other tax distributions paid in cash during such period, minus (c)  cash Capital Expenditures of the Borrower or any Restricted Subsidiary for such  period to the extent not financed with the proceeds of Funded Debt (it being  understood that Capital Expenditures funded with proceeds of revolving loans  (including the Loans) will not be deemed to be “financed with the proceeds of  Funded Debt” for the purpose of this clause (c)), to  





 






  43  AmericasActive:17030364.10  (2) Fixed Charges of the Borrower for such Test Period.  “Fixed Charges” means, for any period, the sum of the following for such period:  (1) Consolidated Cash Interest Expense of the Borrower for such period, plus  (2) all scheduled principal amortization payments that were paid or payable in cash  during such period with respect to Indebtedness for borrowed money of the  Borrower and the Restricted Subsidiaries, including payments in respect of Capital  Leases but excluding payments with respect to intercompany Indebtedness.  “Floor” means a rate of interest equal to 0.00%.  “Foreign Lender” means any Lender or Issuing Bank that is organized under the laws of  a jurisdiction other than the United States of America.  For purposes of this definition, the United  States of America, each state thereof and the District of Columbia will be deemed to constitute a  single jurisdiction.  “Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to the  Issuing Bank or Swingline Lender, as applicable, such Defaulting Lender’s Revolving Facility  Percentage of the outstanding Revolving L/C Exposure or Swingline Exposure, as applicable,  other than Revolving L/C Exposure or Swingline Exposure as to which such Defaulting Lender’s  participation obligation has been reallocated to non-Defaulting Lenders or cash collateralized in  accordance with the terms hereof.  “FSHCO” means any direct or indirect U.S. Subsidiary that has no material assets other  than Equity Interests (or Equity Interests and Indebtedness) in one or more Non-U.S. Subsidiaries  or other FSHCOs.  “Funded Debt” means all Indebtedness of the Borrower and the Restricted Subsidiaries for  borrowed money that matures more than one year from the date of its creation or matures within  one year from such date that is renewable or extendable, at the option of such Person, to a date  more than one year from such date or arises under a revolving credit or similar agreement that  obligates the lender or lenders to extend credit during a period of more than one year from such  date.  “GAAP” means generally accepted accounting principles in the United States of America  as in effect from time to time, including those set forth in the opinions and pronouncements of the  Accounting Principles Board of the American Institute of Certified Public Accountants and  statements and pronouncements of the Financial Accounting Standards Board or in such other  statements by such other entity as approved by a significant segment of the accounting profession  (but excluding the policies, rules and regulations of the SEC applicable only to public companies).  Notwithstanding anything to the contrary above or in the definition of Capital Lease  Obligations or Capital Expenditures, in the event of a change under GAAP (or the application  thereof) requiring any leases to be capitalized that are not required to be capitalized as of the  Closing Date, only those leases that would result or would have resulted in Capital Lease  Obligations or Capital Expenditures on the Closing Date (assuming for purposes hereof that they  





 






  44  AmericasActive:17030364.10  were in existence on the Closing Date) will be considered capital leases and all calculations under  this Agreement will be made in accordance therewith.  “Governmental Authority” means any federal, state, local or foreign court or governmental  agency, authority, instrumentality, regulatory or legislative body, central bank or other entity  exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions  of or pertaining to government.  “Guarantee” of or by any Person (the “guarantor”) means:  (1) any obligation, contingent or otherwise, of the guarantor guaranteeing or having the  economic effect of guaranteeing any Indebtedness or other obligation payable or  performable by another Person (the “primary obligor”) in any manner, whether  directly or indirectly, and including any obligation of the guarantor, direct or  indirect:  (a) to purchase or pay (or advance or supply funds for the purchase or payment  of) such Indebtedness or other obligation (whether arising by virtue of  partnership arrangements, by agreement to keep well, to purchase assets,  goods, securities or services, to take or pay or otherwise) or to purchase (or  to advance or supply funds for the purchase of) any security for the payment  of such Indebtedness or other obligations;  (b) to purchase or lease property, securities or services for the purpose of  assuring the owner of such Indebtedness or other obligation of the payment  thereof;  (c) to maintain working capital, equity capital or any other financial statement  condition or liquidity of the primary obligor so as to enable the primary  obligor to pay such Indebtedness or other obligation;  (d) entered into for the purpose of assuring in any other manner the holders of  such Indebtedness or other obligation of the payment thereof or to protect  such holders against loss in respect thereof (in whole or in part); or  (e) as an account party in respect of any letter of credit, bank guarantee or other  letter of credit guaranty issued to support such Indebtedness or other  obligation; or  (2) any Lien on any assets of the guarantor securing any Indebtedness (or any existing  right, contingent or otherwise, of the holder of Indebtedness to be secured by such  a Lien) of any other Person, whether or not such Indebtedness or other obligation  is assumed by the guarantor;  provided, that the term “Guarantee” will not include endorsements for deposit or collection in the  ordinary course of business or customary and reasonable indemnity obligations in effect on the  Closing 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).  





 






  45  AmericasActive:17030364.10  The amount of any Guarantee will be deemed to be an amount equal to the stated or determinable  amount of the related primary Indebtedness 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.  “Guarantor” means (1) each Subsidiary Loan Party and (2) each Parent Entity or  Restricted Subsidiary that the Borrower may elect in its sole discretion, from time to time, upon  written notice to the Administrative Agent, to cause to Guarantee the Obligations (including by  executing a supplement to the Collateral Agreement in substantially the form attached thereto),  until such date that the Borrower has informed the Administrative Agent that it elects not to have  such Person Guarantee the Obligations.  “Hazardous Materials” means all pollutants, contaminants, wastes, chemicals, materials,  substances and constituents that are defined, listed or regulated under Environmental Law as  hazardous or toxic, or words of similar import, or the Release or exposure to which would  reasonably be expected to give rise to liability under any Environmental Law, including explosive  or radioactive substances, petroleum or petroleum byproducts or distillates, friable asbestos or  friable asbestos-containing materials, polychlorinated biphenyls or radon gas.  “Health Care Laws” means any Laws applicable to the research, development,  manufacture, distribution, marketing, storage, transportation, use and sale of products controlled  by the Borrower or any of the Subsidiaries, including without limitation the federal Anti-kickback  Statute (42 U.S.C. § 1320a-7b(b)), the Anti-Inducement Law (42 U.S.C. § 1320a-7a(a)(5)), the  civil False Claims Act (31 U.S.C. §§ 3729 et seq.), the administrative False Claims Law (42 U.S.C.  § 1320a-7b(a)), the civil monetary penalty laws (42 U.S.C. § 1320a-7a), the federal Food, Drug &  Cosmetic Act (21 U.S.C. §§ 301 et seq.), the federal Controlled Substances Act (21 U.S.C. § 801  et seq.), HIPAA, the Medicaid Drug Rebate Program (42 U.S.C. § 1396r-8), Medicare average  sales price reporting (42 U.S.C. § 1395w-3a), the Public Health Service Act (42 U.S.C. § 256b),  the federal TRICARE program (10 U.S.C. §1071 et seq.), the VA Federal Supply Schedule (38  U.S.C. § 8126), and the regulations promulgated pursuant to such laws, each as amended from  time to time.  “Hedge Agreement” means any agreement with respect to any swap, forward, future or  derivative transaction or option or similar agreement involving, or settled by reference to, one or  more rates, currencies, commodities, equity or debt instruments or securities, or economic,  financial or pricing indices or measures of economic, financial or pricing risk or value or any  similar transaction or any combination of these transactions, in each case, not entered into for  speculative purposes; provided that no phantom stock or similar plan providing for payments only  on account of services provided by any future, current or former officers, directors, managers,  employees, consultants or independent contractors of the Borrower, any of its Subsidiaries or any  direct or indirect parent thereof will be a Hedge Agreement.  Notwithstanding the foregoing,  agreements relating to any Permitted Convertible Indebtedness Call Transaction (and the  obligations and transactions relating thereto) will not constitute a Hedge Agreement.  “IFRS” means International Financial Reporting Standards and applicable accounting  requirements set by the International Accounting Standards Board or any successor thereto (or the  





 






  46  AmericasActive:17030364.10  Financial Accounting Standards Board, the Accounting Principles Board of the American Institute  of Certified Public Accountants, or any successor to either such board, or the SEC, as the case may  be), as in effect from time to time.  “Immaterial Subsidiary” means, as of any date, any Subsidiary that (i) did not, as of the  last day of the most recent fiscal quarter for which Required Financial Statements have been  delivered, have assets with a value in excess of 5.0% of the Consolidated Total Assets or revenues  representing in excess of 5.0% of total revenues of the Borrower and the Restricted Subsidiaries  for the period of four consecutive fiscal quarters for which Required Financial Statements have  been delivered, calculated on a consolidated basis in accordance with GAAP; and (ii) taken  together with all Immaterial Subsidiaries as of the last day of the most recent fiscal quarter of the  Borrower for which Required Financial Statements have been delivered, did not have assets with  a value in excess of 10.0% of Consolidated Total Assets or revenues representing in excess of  10.0% of total revenues of the Borrower and the Restricted Subsidiaries on a consolidated basis  for such four-quarter period.  “Impax” means Impax Laboratories, LLC, a Delaware limited liability company.  “Impax Convertible Notes” means those certain 2.00% Convertible Senior Notes due 2022  in an aggregate principal amount not to exceed $600 million, issued pursuant to the Impax  Indenture.  “Impax Indenture” means the Indenture dated as of June 30, 2015 between Impax and  Wilmington Trust, National Association (the “Trustee”), as amended and supplemented by the  First Supplemental Indenture, dated as of November 6, 2017 between Impax and the Trustee, and  as further amended, restated, amended and restated, supplemented or otherwise modified from  time to time.   “Increased Reporting Period (Monthly)” means (1) each period beginning on the date that  Excess Availability shall have been equal to or less than 75% of the Line Cap for five (5)  consecutive Business Days and ending on the date Excess Availability shall have been greater than  75% of the Line Cap for thirty (30) consecutive calendar days and (2) any time a Designated Event  of Default shall exist or, upon the election of the Administrative Agent, any Default or any other  Event of Default shall exist.  “Increased Reporting Period (Weekly)” means (1) each period beginning on the date that  Excess Availability shall have been less than the greater of (x) $75.0 million and (y) 30% of the  Line Cap for five (5) consecutive Business Days, and ending on the date Excess Availability shall  have been at least the greater of (x) $75.0 million and (y) 30% of the Line Cap for thirty (30)  consecutive calendar days and (2) any time a Designated Event of Default shall exist or, upon the  election of the Administrative Agent, any Default or any other Event of Default shall exist.  “Incremental Commitment” has the meaning assigned to such term in Section 2.21(1).  “Incremental Equivalent Term Debt” has the meaning assigned to such term in the Term  Loan Credit Agreement.  “Incremental Facility” has the meaning assigned to such term in Section 2.21(1).  





 






  47  AmericasActive:17030364.10  “Incremental Facility Amendment” has the meaning assigned to such term in  Section 2.21(5).  “Incremental Lender” has the meaning assigned to such term in Section 2.21(4).  “Indebtedness” means, with respect to any Person, without duplication:  (1) all obligations of such Person for borrowed money;  (2) all obligations of such Person evidenced by bonds, debentures, notes or similar  instruments;  (3) all obligations of such Person under conditional sale or title retention agreements  relating to property or assets purchased by such Person;  (4) all obligations of such Person issued or assumed as the deferred purchase price of  property or services, to the extent the same would be required to be shown as a  long-term liability on a balance sheet prepared in accordance with GAAP;  (5) all Capital Lease Obligations of such Person;  (6) all net payments that such Person would have to make in the event of an early  termination, on the date Indebtedness of such Person is being determined, in respect  of outstanding Hedge Agreements;  (7) the principal component of all obligations, contingent or otherwise, of such Person  as an account party in respect of letters of credit and bank guarantees;  (8) the principal component of all obligations of such Person in respect of bankers’  acceptances;  (9) all Guarantees by such Person of Indebtedness described in clauses (1) through (8)  above; and  (10) the amount of all obligations of such Person with respect to the redemption,  repayment or other repurchase of any Disqualified Stock (excluding accrued  dividends that have not increased the liquidation preference of such Disqualified  Stock);  provided that Indebtedness will not include:  (a) trade payables, accrued expenses (including for payroll and other liabilities)  and intercompany liabilities arising in the ordinary course of business;  (b) prepaid or deferred revenue arising in the ordinary course of business;  (c) purchase price holdbacks arising in the ordinary course of business in  respect of a portion of the purchase prices of an asset to satisfy unperformed  obligations of the seller of such asset; or  





 






  48  AmericasActive:17030364.10  (d) earn-out obligations until such obligations become a liability on the balance  sheet of such Person in accordance with GAAP.  The Indebtedness of any Person (i) will include the Indebtedness of any partnership in which such  Person is a general partner, other than to the extent that the instrument or agreement evidencing  such Indebtedness expressly limits the liability of such Person in respect thereof and (ii) in the case  of Restricted Subsidiaries that are not Loan Parties, will exclude loans and advances made by Loan  Parties having a term not exceeding 364 days (inclusive of any roll over or extensions of terms)  and made in the ordinary course of business (such loans and advances, “Short Term Advances”).  The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be  the Swap Termination Value thereof as of such date.  “Indemnified Taxes” means (1) all Taxes other than Excluded Taxes imposed on or with  respect to any payment made by or on account of any obligation of any Loan Party under any Loan  Document; and (2) to the extent not otherwise described in clause (1), Other Taxes.  “Indemnitee” has the meaning assigned to such term in Section 10.05(2).  “Independent Financial Advisor” means an accounting, appraisal, investment banking  firm or consultant of nationally recognized standing that is, in the good faith judgment of the  Borrower, qualified to perform the task for which it has been engaged and that is independent of  the Borrower and its Affiliates.  “Initial Term Loans” has the meaning assigned to such term in the introductory paragraph  hereof.  “Intellectual Property Rights” has the meaning assigned to such term in Section 3.20(1).  “Intercreditor Agreement” means the Closing Date Intercreditor Agreement or a Junior  Lien Intercreditor Agreement that may be executed from time to time, as applicable.  “Interest Election Request” means a request by the Borrower to convert or continue a  Borrowing in accordance with Section 2.07 and substantially in the form of Exhibit E.  “Interest Payment Date” means (1) with respect to any SOFR Revolving Loan, the last  Business Day of the Interest Period applicable to the Borrowing of which such Loan is a part and,  in the case of a SOFR Revolving Facility 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 and (2) with respect to any  ABR Loan and Swingline Loan, the first Business Day after the end of each fiscal quarter of the  Borrower commencing with the first Business Day after the end of the fiscal quarter of the  Borrower ending on June 30, 2022.  “Interest Period” means, as to any SOFR Revolving Facility Borrowing, the period  commencing on the date of such Borrowing or on the last day of the immediately preceding Interest  Period applicable to such Borrowing, as applicable, and ending on the numerically corresponding  day (or, if there is no numerically corresponding day, on the last day) in the calendar month that  is one, three or six months thereafter as the Borrower may elect, or the date any SOFR Revolving  





 






  49  AmericasActive:17030364.10  Facility Borrowing is converted to an ABR Borrowing in accordance with Section 2.07 or repaid  or prepaid in accordance with Section 2.09, 2.10 or 2.11; provided that:  (1) if any Interest Period would end on a day other than a Business Day, such Interest  Period will 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 will end on the next preceding Business Day;  (2) 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) will end on the last Business Day of the calendar  month at the end of such Interest Period;  (3) no Interest Period will extend beyond the applicable Maturity Date; and  (4) interest will accrue from and including the first day of an Interest Period to but  excluding the last day of such Interest Period.  “Inventory” means, with respect to a Person, all of such Person’s now owned and hereafter  acquired inventory (as defined in the UCC), goods and merchandise, wherever located, in each  case, to be furnished under any contract of service or held for sale or lease, all returned goods, raw  materials, work-in-process, finished goods (including embedded software), other materials, parts  and supplies of any kind, nature or description that are used or consumed in such Person’s business  or used in connection with the packing, shipping, advertising, selling, or finishing of such goods,  merchandise and other property, all documents of title or other documents representing the  foregoing.   “Investment” has the meaning assigned to such term in Section 6.04.  “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent)  by Moody’s and BBB- (or the equivalent) by S&P (or reasonably equivalent ratings of another  internationally recognized rating agency).  “Investment Grade Securities” means:  (1) securities issued or directly and fully guaranteed or insured by the U.S. government  or any agency or instrumentality thereof (other than Cash Equivalents);  (2) securities that have an Investment Grade Rating, but excluding any debt securities  or instruments constituting loans or advances among the Borrower and its  Restricted Subsidiaries;  (3) corresponding instruments in countries other than the United States customarily  utilized for high quality investments and in each case with maturities not exceeding  two years from the date of acquisition; and  





 






  50  AmericasActive:17030364.10  (4) investments in any fund that invests at least 95.0% of its assets in investments of  the type described in clauses (1) and (2) above which fund may also hold  immaterial amounts of cash pending investment or distribution.  “Investors” means, collectively:  (1) all direct and indirect members of Amneal Holdings as of the Closing Date after  giving effect to the Transactions;  (2) B.U. Patel, Tushar Patel, Chirag Patel, Chintu Patel and/or their respective spouses,  in their individual capacities and as direct or indirect owners, beneficiaries, officers,  directors, trustees or managers of any Permitted Family Entities,  (3) all immediate and extended family members of B.U. Patel, Tushar Patel, Chirag  Patel, Chintu Patel and/or their respective spouses and the respective estates, heirs,  family members, spouses, former spouses, executors, administrators, trustees,  legatees or distributees of any of the foregoing, in each case, who have been cleared  by the Administrative Agent under its standard and customary “Know Your  Customer” policies, and  (4) any Permitted Family Entities who have been cleared by the Administrative Agent  under its standard and customary “Know Your Customer” policies.  “Issuing Bank” means Truist Bank, JPMorgan Chase Bank N.A., Wells Fargo Bank,  National Association and each other Lender designated as an Issuing Bank pursuant to  Section 2.05(12), in each case, in its capacity as an issuer of Letters of Credit hereunder, and its  successors in such capacity as provided in Section 2.05(10).  An Issuing Bank may, in its  discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing  Bank, in which case the term “Issuing Bank” will include any such Affiliate with respect to Letters  of Credit issued by such Affiliate.  “Issuing Bank Fees” has the meaning assigned to such term in Section 2.12(2)(b).  “Joint Venture” means (1) any Person which would constitute an “equity method investee”  of the Borrower or any of the Restricted Subsidiaries and (2) any Person in whom the Borrower or  any of the Restricted Subsidiaries Beneficially Owns any Equity Interest that is not a Restricted  Subsidiary (other than an Unrestricted Subsidiary).  “Junior Financing” means any Indebtedness permitted to be incurred hereunder that is  contractually subordinated in right of payment to the Obligations or secured by Liens that are  contractually subordinated to the Liens securing the Obligations or any Permitted Refinancing  Indebtedness in respect of any of the foregoing (excluding, for the avoidance of doubt, the Initial  Term Loans and any Indebtedness secured on a pari passu basis with the Liens that secure the  Initial Term Loans); provided that any Convertible Indebtedness will not constitute Junior  Financing.  “Junior Financing Documentation” means the definitive documentation governing any  Junior Financing.  





 






  51  AmericasActive:17030364.10  “Junior Lien Debt” means any Indebtedness that is secured on a junior basis to the Liens  that secure the Revolving Facility Claims (excluding, for the avoidance of doubt, the Initial Term  Loans and any Indebtedness secured on a pari passu basis with the Liens that secure the Initial  Term Loans).  “Junior Lien Intercreditor Agreement” means a “junior lien” intercreditor agreement  substantially in the form attached hereto as Exhibit H (as the same may be modified in a manner  satisfactory to the Administrative Agent, the applicable Debt Representative and the Borrower),  or another lien subordination arrangement satisfactory to the Administrative Agent, the applicable  Debt Representative and the Borrower.  Upon the request of the Borrower, the Administrative  Agent and Collateral Agent will execute and deliver a Junior Lien Intercreditor Agreement with  one or more Debt Representatives (and acknowledged by the Loan Parties) for Indebtedness  permitted hereunder that is permitted to be secured on a junior basis to the Revolving Facility.  “Latest Maturity Date” means, as of any date of determination, the latest Maturity Date of  the Revolving Facility Commitments, any Extended Commitments or any Refinancing Term  Loans in effect on such date.  “Laws” means, collectively, all international, foreign, federal, state and local statutes,  treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents  or authorities and executive orders, 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, and agreements with, any Governmental Authority.  “L/C Amount” has the meaning assigned to such term in the definition of Revolving L/C  Exposure.  “L/C Disbursement” means a payment or disbursement made by an Issuing Bank pursuant  to a Letter of Credit.  “L/C Participation Fee” has the meaning assigned such term in Section 2.12(2)(a).  “LCA Election” has the meaning assigned to such term in Section 1.09.  “LCA Test Date” has the meaning assigned to such term in Section 1.09.  “Lender” means each financial institution listed on Schedule 2.01 (other than any such  Person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in  accordance with Section 10.04), as well as any Person that becomes a Lender hereunder pursuant  to Section 10.04 and any Additional Lender (and, where appropriate, shall include any Swingline  Lender).  “lending office” means, as to any Lender, the applicable branch, office or Affiliate of such  Lender designated by such Lender to make Loans.  “Letter of Credit” has the meaning assigned to such term pursuant to Section 2.05.  





 






  52  AmericasActive:17030364.10  “Letter of Credit Commitment” means, with respect to each Issuing Bank, the commitment  of such Issuing Bank to issue Letters of Credit pursuant to Section 2.05.  “Letter of Credit Request” shall mean a request by the Borrower substantially in the form  of Exhibit D-2 (or such other form as may be agreed between the Borrower and the Administrative  Agent).  “Letter of Credit Sublimit” means the aggregate Letter of Credit Commitments of the  Issuing Banks, in an amount not to exceed $25.0 million.  “Lien” means, with respect to any asset (1) any mortgage, deed of trust, lien,  hypothecation, pledge, charge, security interest or similar encumbrance in or on such asset; or  (2) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title  retention agreement (or any financing lease having substantially the same economic effect as any  of the foregoing) relating to such asset; provided that in no event will an operating lease or an  agreement to sell be deemed to constitute a Lien.  “Limited Condition Transaction” means any transaction permitted hereunder by the  Borrower or one or more Restricted Subsidiaries the consummation of which is not conditioned  on the availability of, or on obtaining, third party financing.  “Line Cap” means, at any time, the lesser of (1) the aggregate Revolving Facility  Commitments at such time and (2) the Borrowing Base then in effect.  “Liquidity Condition” means and will exist during the period from (1) the date on which  Excess Availability has been less than the greater of (a) $25 million and (b) 10.0% of the Line Cap  then in effect, in either case, for five (5) consecutive Business Days, to (2) the date on which  Excess Availability has been equal to or greater than the greater of (a) $25 million and (b) 10.0%  of the Line Cap then in effect, in either case, for 30 consecutive calendar days.  “LLC Agreement” means that certain Third Amended and Restated Limited Liability  Company Agreement of Amneal Pharmaceuticals LLC, dated as of May 4, 2018, as such  agreement may be further amended, restated, amended and restated, supplemented or otherwise  modified from time to time in accordance herewith and therewith.  “Loan Accounts” means the loan accounts established on the books of the Administrative  Agent.  “Loan Documents” means this Agreement, the Security Documents, the Closing Date  Intercreditor Agreement, any Junior Lien Intercreditor Agreement, any Note, the Fee Letter and  any and all other instruments, agreements, documents and writings executed in connection with  any of the foregoing, except that the term “Loan Documents” shall not include any Letters of  Credit issued pursuant to this Agreement.  “Loan Parties” means the Borrower and the Guarantors.  





 






  53  AmericasActive:17030364.10  “Loans” means the Revolving Loans and any other loans and advances of any kind made  by the Administrative Agent or any Lender pursuant to this Agreement (including, for the  avoidance of doubt, any Protective Advances, Overadvances and Swingline Loans).  “Management Group” means the group consisting of the directors, executive officers and  other management personnel of the Borrower and the Restricted Subsidiaries on the Closing Date  or any Parent Entity, or their respective estates, heirs, family members, spouses, former spouses,  executors, administrators, trustees, legatees or distributees.  “Margin Stock” has the meaning assigned to such term in Regulation U.  “Material Adverse Effect” means a material adverse effect on:  (1) the business, financial condition or results of operations, in each case, of the  Borrower and the Restricted Subsidiaries (taken as a whole);  (2) the ability of the Loan Parties (taken as a whole) to perform their payment  obligations under the Loan Documents; or  (3) the rights and remedies of the Administrative Agent and the Lenders (taken as a  whole) under the Loan Documents.  “Material Indebtedness” means Indebtedness (other than the Loans and any Indebtedness  held exclusively by Subsidiaries) of the Borrower or any Restricted Subsidiary in an aggregate  outstanding principal amount exceeding the Threshold Amount.  “Material Restricted Subsidiary” means any Material Subsidiary that is a Restricted  Subsidiary.  “Material Subsidiary” means any Subsidiary other than an Immaterial Subsidiary.  “Maturity Date” means, as the context may require:  (1) with respect to Revolving Facility Commitments existing on the Closing Date and  Loans and Letters of Credit in respect thereof, June 2, 2027; provided that if any  Term Loans (as defined in the Term Loan Credit Agreement) shall not have been  repaid, defeased or refinanced (which such refinancing shall extend the maturity  date of the Term Loans to a date that is more than 91 days after June 2, 2027) on or  prior to the 91st day immediately preceding the maturity date of such Term Loans,  then the Maturity Date will occur on such 91st day;  (2) with respect to any Refinancing Term Loans, the final maturity date specified  therefor in the applicable Refinancing Amendment but, in any event, no earlier than  the latest Maturity Date of the Revolving Facility Commitments or any Extended  Commitments; and  





 






  54  AmericasActive:17030364.10  (3) with respect to any Extended Commitments and Loans and Letters of Credit in  respect thereof, the final maturity date specified therefor in the applicable Extension  Amendment.  “Maximum Rate” has the meaning assigned to such term in Section 10.09.  “MNPI” means any material Nonpublic Information regarding the Borrower, any of its  Affiliates and their respective Subsidiaries that has not been disclosed to the Lenders generally  (other than Lenders who elect not to receive such information).  For purposes of this definition  “material Nonpublic Information” means Nonpublic Information that would reasonably be  expected to be material to a decision by any Lender to assign or acquire any Loans or  Commitments or to enter into any of the transactions contemplated thereby.  “Moody’s” means Moody’s Investors Service, Inc.  “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of  ERISA to which the Borrower or any Restricted Subsidiary or any ERISA Affiliate (other than  one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414) is  making or accruing an obligation to make contributions, or has within any of the preceding five  plan years made or accrued an obligation to make contributions.  “Net Cash Proceeds” means, with respect to the sale, incurrence or issuance of any  Indebtedness by the Borrower or any Restricted Subsidiary, the excess, if any of:  (1) the sum of the cash and Cash Equivalents received by the Borrower and its  Restricted Subsidiaries in connection with such incurrence or issuance over  (2) taxes paid or payable as a result thereof, fees (including investment banking fees,  attorneys’ fees, accountants’ fees, underwriting fees and discounts), commissions,  costs and other out-of-pocket expenses and other customary expenses, incurred by  the Borrower and its Restricted Subsidiaries in connection with such sale,  incurrence or issuance.  “Net Income” means, with respect to any Person, the net income (loss) of such Person,  determined in accordance with GAAP and before any reduction in respect of preferred stock  dividends.  “Net Orderly Liquidation Value” means, with respect to Eligible Inventory, the net  appraised liquidation value thereof (expressed as a percentage of the Cost of such Inventory) as  determined from time to time by an Acceptable Appraiser in accordance with Section 5.07.  “New York Courts” has the meaning assigned to such term in Section 10.15.  “Non-Consenting Lender” has the meaning assigned to such term in Section 2.19(3).  “Non-Loan Party” means any Subsidiary of the Borrower that is not a Loan Party.  “Non-U.S. Subsidiary” means any Subsidiary that not a U.S. Subsidiary.  





 






  55  AmericasActive:17030364.10  “Not Otherwise Applied” means, with reference to the amount of any net cash proceeds or  fair market value of other assets received from Permitted Equity Issuances or capital contributions  that is proposed to be applied to a particular use or transaction, that such amount was not previously  applied in determining the permissibility of a transaction under this Agreement (including, for the  avoidance of doubt, any Cure Amounts and any Excluded Contributions) where such permissibility  was (or may have been) contingent on the receipt or availability of such amount.  “Note” means a promissory note of the Borrower payable to any Lender or its registered  assigns, in substantially the form of Exhibit I hereto or otherwise in form and substance reasonably  acceptable to the Administrative Agent and the Borrower, evidencing the aggregate Indebtedness  of the Borrower to such Lender resulting from the Loans made by such Lender.  “NYFRB” means the Federal Reserve Bank of New York.  “NYFRB Rate” means, for any day, the Federal Funds Effective Rate in effect on such day  (or for any day that is not a Business Day, for the immediately preceding Business Day); provided  that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate”  means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the  Administrative Agent from a federal funds broker of recognized standing selected by it; provided,  further, that if any of the aforesaid rates as so determined be less than zero, such rate shall be  deemed to be zero for purposes of this Agreement.  “Obligations” means all amounts owing to any Agent, any Issuing Bank, any Swingline  Lender or any Lender, any Qualified Counterparty pursuant to the terms of this Agreement, any  other Loan Document or any Specified Hedge Agreement and all Cash Management Obligations,  including all interest and expenses accrued or accruing (or that would, absent the commencement  of an insolvency or liquidation proceeding, accrue) after the commencement by or against any  Loan Party or other Restricted Subsidiary of any proceeding under Title 11 of the United States  Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy,  insolvency, receivership or similar law naming such Loan Party as the debtor in such proceeding,  in accordance with and at the rate specified in this Agreement, whether or not the claim for such  interest or expense is allowed or allowable as a claim in such proceeding.  “Organizational Documents” means,  (1) 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);  (2) with respect to any limited liability company, the certificate or articles of formation  or organization and operating agreement (or equivalent or comparable constitutive  documents with respect to any non-U.S. jurisdiction); and  (3) 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  





 






  56  AmericasActive:17030364.10  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 Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result  of a present or former connection between such Recipient and the jurisdiction imposing such Tax  (other than connections arising solely from such Recipient having executed, delivered, become a  party to, performed its obligations under, received payments under, received or perfected a security  interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or  sold or assigned an interest in any Loan or Loan Document).  “Other Taxes” means any and all present or future stamp, court or documentary, intangible,  recording, filing or similar Taxes that arise from any payment made under, from the execution,  delivery, performance, enforcement or registration of, from the receipt or perfection of a security  interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are  Other Connection Taxes imposed with respect to an assignment (other than an assignment made  pursuant to Section 2.19).  “Overadvance” has the meaning assigned to such term in Section 2.01(2).  “Paragraph IV Certification Notice” means the notice of certification required by 21  U.S.C. § 355(b)(3) or 21 U.S.C. § 355(j)(2)(B).  “Paragraph IV Proceeding” means an infringement Proceeding filed pursuant to 35  U.S.C. § 271(e)(2) with respect to a product controlled by the Borrower or any of the Subsidiaries.  “Parent Entity” means any direct or indirect parent of the Borrower.  “Participant” has the meaning assigned to such term in Section 10.04(4)(a).  “Participant Register” has the meaning assigned to such term in Section 10.04(4).  “Payment Conditions” means, and will be deemed to be satisfied with respect to any  particular action as to which the satisfaction of the Payment Conditions is being determined if,  after giving effect to the taking of such action, (1) no Designated Event of Default has occurred  and is continuing immediately prior or after giving effect thereto, (2) Specified Excess Availability  for each day in the 30-day period prior to such action and on the date of such proposed action  would exceed the greater of (a) 12.5% of the Line Cap then in effect and (b) $31.25 million, in any  such case, on a Pro Forma Basis, and (3) the Fixed Charge Coverage Ratio as of the end of the  most recent Test Period would be at least 1.0 to 1.0 on a Pro Forma Basis giving effect to the  subject action; provided that compliance with the Fixed Charge Coverage Ratio will not be  required if after giving effect to the taking of such action, Specified Excess Availability would  exceed the greater of (i) 17.5% of the Line Cap then in effect and (ii) $43.75 million, on a Pro  Forma Basis.  “Payment in Full” means the payment in full of the Obligations (other than Obligations in  respect of Specified Hedge Agreements, Cash Management Obligations and contingent  indemnification and reimbursement obligations that are not yet due and payable and for which no  claim has been asserted), the expiration, termination or cash collateralization (on terms reasonably  





 






  57  AmericasActive:17030364.10  satisfactory to the applicable Issuing Bank) of all Letters of Credit and the termination of all  commitments hereunder and “Paid in Full” has a correlative meaning.  “Payment Office” shall mean the office of the Administrative Agent located at 303  Peachtree Street, N.E., Atlanta, Georgia 30308, or such other location as to which the  Administrative Agent shall have given written notice to the Borrower, the Lenders and the Issuing  Banks.  “Payment Recipient” has the meaning set forth in Section 9.14(1).  “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in  ERISA, or any successor thereto.  “Perfection Certificate” means the Perfection Certificate with respect to the Loan Parties  in a form substantially similar to that delivered on the Closing Date.  “Periodic Term SOFR Determination Day” has the meaning set forth in the definition of  “Term SOFR”.  “Permit” means any license, franchise, approval, authorization or clearances issued by a  Governmental Authority and required for the conduct of its business of the Borrower or its  Restricted Subsidiaries as currently conducted.  “Permitted Acquisition” means any acquisition of all or substantially all the assets of, or a  majority of the Equity Interests in, or merger, consolidation or amalgamation with, a Person or any  acquisition of assets constituting a business unit, line of business, division or facility of another  Person or any Exclusive License (or any subsequent investment made in a Person, division or line  of business previously acquired in a Permitted Acquisition), in each case if (1) no Event of Default  is continuing (or in the case of a Limited Condition Transaction, no Specified Event of Default is  continuing) immediately prior to making such Investment or would result therefrom; and (2)  immediately after giving effect thereto, the Borrower is in compliance with Sections 5.10 and 6.09.  “Permitted Additional Indebtedness” means Indebtedness of the Borrower or any  Restricted Subsidiary in the form of term loans or notes; provided that:  (1) any Permitted Additional Indebtedness shall not mature, or have scheduled  amortization, prior to the date that is 91 days after the Latest Maturity Date of the  Loans at the time of incurrence thereof; provided that this clause (1) shall not apply  to the incurrence of any such Indebtedness constituting a bridge facility to the  incurrence of any other Indebtedness, so long as the Indebtedness into which such  bridge facility is to be converted or exchanged satisfies the requirements of this  clause (1) and such conversion or exchange is subject only to conditions customary  for similar conversions or exchanges;  (2) if such Permitted Additional Indebtedness is incurred by a Loan Party, it is not  guaranteed by any Person other than a Loan Party;  





 






  58  AmericasActive:17030364.10  (3) if such Permitted Additional Indebtedness incurred by a Loan Party is secured it  shall be Junior Lien Debt or secured on a pari passu basis with the Liens securing  the Initial Term Loans and:  (i) such Indebtedness is not secured by any assets or property that does  not constitute Collateral (subject to customary exceptions for cash  collateral in favor of an agent, letter of credit issuer or similar  “fronting” lender); and  (ii) the security agreements relating to such assets or property are  substantially similar to or the same as the applicable Security  Documents (as determined in good faith by a Responsible Officer of  the Borrower);  (4) if such Permitted Additional Indebtedness is secured, the holders of such Permitted  Additional Indebtedness or a Debt Representative acting on behalf of the holders  of such Permitted Additional Indebtedness has become party to or is otherwise  subject to the provisions of an Intercreditor Agreement (as such Intercreditor  Agreement may be amended in a manner reasonably acceptable to the  Administrative Agent, such Debt Representative and the Borrower), which results  in such holders or Debt Representative having rights to share in the Collateral on a  junior lien basis; and  (5) the terms and conditions of such Indebtedness (a) are substantially identical to, or,  taken as a whole, no more favorable to the lenders or holders providing such  Indebtedness than, those applicable to the Loans (except for covenants applicable  only to periods after the Latest Maturity Date of the Loans at the time of incurrence)  and (b) solely to the extent that any terms and conditions applicable to any such  Indebtedness are not substantially the same as, or are materially more restrictive on  the Borrower and the Restricted Subsidiaries than, those then applicable to the  Loans, shall otherwise reflect customary market terms and conditions, including  with respect to high yield debt securities to the extent applicable, at the time of such  incurrence of such Indebtedness (provided that a certificate of a Responsible  Officer delivered to the Administrative Agent in good faith at least four (4)  Business Days (or such shorter period as may be agreed by the Administrative  Agent) prior to the incurrence of such Indebtedness, together with a reasonably  detailed description of the material covenants and events of default 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 (5) shall be conclusive evidence that such Indebtedness  satisfies this clause (5) unless the Administrative Agent notifies the Borrower  within such four (4) Business Day (or shorter) period that it disagrees with such  determination (including a description of the basis upon which it disagrees));  provided that this clause (5) will not apply to (v) terms addressed in the preceding  clauses (1) through (4), (w) interest rate, rate floors, fees, funding discounts and  other pricing terms, (x) redemption, prepayment or other premiums, or (y) optional  prepayment or redemption terms; provided further that the Borrower will promptly  





 






  59  AmericasActive:17030364.10  deliver to the Administrative Agent final copies of the definitive credit  documentation relating to such Indebtedness (unless the Borrower is bound by a  confidentiality obligation with respect thereto, in which case the Borrower will  deliver a reasonably detailed description of the material terms and conditions of  such Indebtedness in lieu thereof).  “Permitted Bond Hedge Transaction” means any call or capped call option (or  substantively equivalent derivative transaction) on the Borrower’s common Capital Stock or the  common Capital Stock of any direct or indirect parent of the Borrower (or other securities or  property following a merger event or other change of the common Capital Stock of Borrower or  such parent) purchased by the Borrower or any direct or indirect parent thereof in connection with  the issuance of any Convertible Indebtedness; provided, that the purchase price for such Permitted  Bond Hedge Transaction, less the proceeds received by the Borrower from the sale of any related  Permitted Warrant Transaction, does not exceed the net proceeds received by the Borrower from  the sale of such Convertible Indebtedness issued in connection with the Permitted Bond Hedge  Transaction.  “Permitted Convertible Indebtedness Call Transaction” means any Permitted Bond  Hedge Transaction and any Permitted Warrant Transaction.  “Permitted Cure Securities” means any Capital Stock of the Borrower other than  Disqualified Stock.  “Permitted Debt” has the meaning assigned thereto in Section 6.01.  “Permitted Equity Issuances” means any sale or issuance of any Qualified Equity Interests  of the Borrower or any direct or indirect parent of the Borrower.  “Permitted Family Entity” means any Person in which any combination of B.U. Patel,  Tushar Patel, Chirag Patel, Chintu Patel, their respective spouses, any immediate or extended  family member of the foregoing, the respective estates, heirs, family members, and/or the spouses,  former spouses, executors, administrators, trustees, legatees or distributes of any of the foregoing  (1) are the direct or indirect owners, beneficiaries (whether income, fixed or contingent), officers,  directors, trustees or managers and, in each case, are entitled to all of the economic rights and  interests in such Person, or (2) Control such Person.  “Permitted Holders” means each of:  (1) the Investors;  (2) any member of the Management Group (or any controlled Affiliate thereof);  (3) any group (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act)  of which Persons described in the foregoing clauses (1) or (2) are members;  provided that, without giving effect to the existence of such group or any other  group, the Persons described in clauses (1) and (2), collectively, Beneficially Own  Equity Interests representing 50% or more of the aggregate ordinary voting power  represented by the issued and outstanding Equity Interests of Amneal Inc.  





 






  60  AmericasActive:17030364.10  (determined on a fully diluted basis but without giving effect to contingent voting  rights that have not yet vested) then held by such group; and  (4) any Permitted Parent.  “Permitted Investment” has the meaning assigned to such term in Section 6.04.  “Permitted Investor” means:  (1) each Investor;  (2) each of their respective Affiliates and investment managers;  (3) any fund or account managed by any of the Persons described in clause (1) or (2)  of this definition;  (4) any employee benefit plan of the Borrower or any of its Subsidiaries and any Person  acting in its capacity as trustee, agent or other fiduciary or administrator of any such  plan; and  (5) investment vehicles of members of management of the Borrower that invest in,  acquire or trade commercial loans but excluding natural persons.  “Permitted Junior Secured Refinancing Debt” means any Credit Agreement Refinancing  Indebtedness that is secured on a junior basis to the Loans.  “Permitted Liens” has the meaning assigned to such term in Section 6.02.  “Permitted Parent” means any Parent Entity for so long as it is Controlled by one or more  Persons that are Permitted Holders pursuant to clause (1), (2) or (3) of the definition thereof.  “Permitted Refinancing Indebtedness” means any Indebtedness issued in exchange for,  or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund  (collectively, “Refinance”) the Indebtedness being Refinanced (the “Refinanced Debt”); provided  that:  (1) the principal amount (or accreted value, if applicable) of such Permitted  Refinancing Indebtedness does not exceed the principal amount (or accreted value,  if applicable) of the Refinanced Debt (plus unpaid accrued interest and premium  (including tender premiums) thereon and underwriting discounts, defeasance costs,  fees, commissions and expenses) and any existing commitments unutilized  thereunder being terminated in connection with such Refinancing;  (2) other than with respect to a Refinancing of Indebtedness initially incurred pursuant  to Section 6.01(3) or Section 6.01(4), the final maturity date of such Permitted  Refinancing Indebtedness is equal to or later than the final maturity date of the  Refinanced Debt and the Weighted Average Life to Maturity of the Permitted  





 






  61  AmericasActive:17030364.10  Refinancing Indebtedness is greater than or equal to the Weighted Average Life to  Maturity of the Refinanced Debt;  (3) if the Refinanced Debt constitutes Junior Financing:  (a) such Permitted Refinancing Indebtedness is (i) unsecured or (ii) Junior Lien  Debt that is permitted hereunder at the time of incurrence;  (b) to the extent such Refinanced Debt is subordinated in right of payment to  any Obligations under this Agreement, such Permitted Refinancing  Indebtedness is subordinated in right of payment to such Obligations on  terms at least as favorable to the Lenders as those contained in the  documentation governing the Refinanced Debt; and  (c) such Permitted Refinancing Indebtedness has the same obligors as the  Refinanced Debt (unless any such additional obligors are also Loan Parties);  (4) (i) to the extent such Refinanced Debt is secured by Liens, such Permitted  Refinancing Indebtedness is either unsecured or is not secured by any Liens that do  not secure such Refinanced Debt, (ii) to the extent such Refinanced Debt is secured  by Liens that are subordinated to the Liens securing the Obligations, such Permitted  Refinancing Indebtedness is secured by Liens that are subordinated to the Liens  securing the Obligations on terms at least as favorable to the Lenders as those  contained in the documentation governing the Refinanced Debt and (iii) to the  extent such Refinanced Debt is unsecured, such Permitted Refinancing  Indebtedness is unsecured; provided that, with respect to a refinancing of the Term  Loan Obligations, the Liens, if any, securing such Permitted Refinancing  Indebtedness will be on terms not materially less favorable to the Lenders than  those contained in the documentation governing the Term Loan Credit Agreement,  as determined in good faith by a Responsible Officer of the Borrower;  (5) the terms and conditions of such Permitted Refinancing Indebtedness (a) are  substantially identical to, or, taken as a whole, not more favorable to the lenders or  holders providing such Permitted Refinancing Indebtedness than, those applicable  to such Refinanced Debt (except for covenants applicable only to periods after the  Latest Maturity Date of the Loans at the time of incurrence) and (b) solely to the  extent that any terms and conditions applicable to any such Permitted Refinancing  Indebtedness are not substantially the same as, or are materially more restrictive on  the Borrower and the Restricted Subsidiaries than, those then applicable to the  Refinanced Debt, shall otherwise reflect customary market terms and conditions at  the time of such incurrence, including with respect to high yield debt securities to  the extent applicable (provided that a certificate of a Responsible Officer delivered  to the Administrative Agent in good faith at least four (4) Business Days (or such  shorter period as may be agreed by the Administrative Agent) prior to the  incurrence of such Permitted Refinancing Indebtedness, together with a reasonably  detailed description of the material covenants and events of default of such  Permitted Refinancing Indebtedness or drafts of the documentation relating thereto,  





 






  62  AmericasActive:17030364.10  stating that the Borrower has determined in good faith that such terms and  conditions satisfy the requirement of this clause (5) shall be conclusive evidence  that such Permitted Refinancing Indebtedness satisfies this clause (5) unless the  Administrative Agent notifies the Borrower within such four (4) Business Day (or  shorter) period that it disagrees with such determination (including a description of  the basis upon which it disagrees)); provided, further that this clause (5) will not  apply to (w) terms addressed in the other clauses of this “Permitted Refinancing  Indebtedness” definition, (x) interest rate, rate floors, fees, funding discounts and  other pricing terms, (y) redemption, prepayment or other premiums or (z) optional  prepayment or redemption terms; and  (6) to the extent such Refinanced Debt is Permitted Junior Secured Refinancing Debt,  such Permitted Refinancing Indebtedness is secured only by assets that constitute  Collateral and pursuant to one or more security agreements permitted by and  subject to any applicable Intercreditor Agreements (as such Intercreditor  Agreements may be amended in a manner reasonably acceptable to the  Administrative Agent, the applicable Debt Representatives and the Borrower); and  (7) to the extent such Refinanced Debt is (a) Ratio Debt, such Permitted Refinancing  Indebtedness shall be required to satisfy the requirements of clauses (2) – (4) of the  definition of “Permitted Additional Indebtedness” as if such Permitted Refinancing  Indebtedness were also Permitted Additional Indebtedness or (b) Refinancing Term  Loans, such Permitted Refinancing Indebtedness shall be subject to the FILO  Intercreditor Provisions.  Indebtedness constituting Permitted Refinancing Indebtedness will not cease to constitute  Permitted Refinancing Indebtedness solely as a result of the subsequent extension of the Latest  Maturity Date after the date of original incurrence thereof.  “Permitted Warrant Transaction” means any call option, warrant or right to purchase (or  substantively equivalent derivative transaction) on the Borrower’s common Capital Stock or the  common Capital Stock of any direct or indirect parent of the Borrower (or other securities or  property following a merger event or other change of the common Capital Stock of Borrower or  such parent) and/or cash (in an amount determined by reference to the price of such common  Capital Stock) sold by the Borrower or any direct or indirect parent thereof substantially  concurrently with any purchase by the Borrower of a related Permitted Bond Hedge Transaction.  “Person” means any natural person, corporation, business trust, joint venture, association,  company, partnership, limited liability company, government, individual or family trust,  Governmental Authority or other entity of whatever nature.  “Plan” means any “employee pension benefit plan” as defined in Section 3(2) of ERISA  (other than a Multiemployer Plan) that is (1) subject to the provisions of Title IV of ERISA or  Section 412 of the Code or Section 302 of ERISA; and (2) either (a) sponsored or maintained (at  the time of determination or at any time within the five years prior thereto) by the Borrower or any  of its Subsidiaries or any ERISA Affiliate or (b) in respect of which the Borrower or any of its  





 






  63  AmericasActive:17030364.10  Subsidiaries or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069  of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.  “Platform” has the meaning assigned to such term in Section 10.17(1).  “Pledged Collateral” means “Pledged Collateral” as defined in the Collateral Agreement.  “Prime Rate” means the rate of interest which the Administrative Agent announces from  time to time as its prime lending rate, as in effect from time to time.  “Pro Forma Basis”, “Pro Forma” and “Pro Forma Effect” mean, with respect to  compliance with any test or covenant or calculation hereunder, the determination or calculation of  such test, covenant or ratio (including in connection with Specified Transactions) in accordance  with Section 1.08.  “Products in Development” means drug products that, as of the Closing Date, (a) are in  development or (b) the Borrower or any of the Subsidiaries does not yet sell, offer for sale, import,  promote, market, distribute or otherwise commercialize.  “Projections” means all projections (including financial estimates, financial models,  forecasts, other financial projections and other forward-looking information) furnished to the  Lenders or the Administrative Agent by or on behalf of the Borrower or any of its Subsidiaries on  or prior to the Closing Date.  “Protective Advances” has the meaning assigned to such term in Section 2.01(3).  “Public Company Costs” means costs relating to compliance with the Sarbanes-Oxley Act  of 2002, as amended (or similar Laws in any other applicable jurisdiction), and other expenses  arising out of or incidental to the Borrower’s (or any Parent Entity’s) status as a public reporting  company, including costs, fees and expenses (including legal, accounting and other professional  fees) relating to compliance with provisions of the Securities Act and the Exchange Act (or similar  Laws in any other applicable jurisdiction), the rules of national securities exchange companies  with listed equity securities, directors’ compensation, fees and expense reimbursement,  shareholder meetings and reports to shareholders, directors’ and officers’ insurance and other  executive costs, legal and other professional fees, and listing fees relating to the foregoing.  “Public Lender” has the meaning assigned to such term in Section 10.17(2).  “Qualified Counterparty” means any counterparty to any Specified Hedge Agreement  that, at the time such Specified Hedge Agreement was entered into or, if later, on the Closing Date,  was an Agent, an Arranger, a Lender or an Affiliate of the foregoing, whether or not such Person  subsequently ceases to be an Agent, an Arranger, a Lender or an Affiliate of the foregoing.  “Qualified Equity Interests” means any Equity Interests other than Disqualified Stock.  “Qualified Receivables Factoring” means any Factoring Transaction that meets the  following conditions:  





 






  64  AmericasActive:17030364.10  (1) such Factoring Transaction is non-recourse to, and does not obligate, the Borrower  or any Restricted Subsidiary, or their respective properties or assets (other than  Securitization Assets) in any way other than pursuant to Standard Securitization  Undertakings;  (2) the Board of Directors of the Borrower has determined in good faith that such  Qualified Receivables Factoring (including financing terms, covenants, termination  events and other provisions) is, in the aggregate, economically fair and reasonable  to the Borrower and the Restricted Subsidiaries;  (3) all sales, conveyances, assignments and/or contributions of Securitization Assets  by the Borrower or any Restricted Subsidiary are made at fair market value (as  determined in good faith by the Borrower), and  (4) such Factoring Transaction (including financing terms, covenants, termination  events (if any) and other provisions thereof) are market terms at the time such  Factoring Transaction is first entered into (as determined in good faith by the  Borrower) and may include Standard Securitization Undertakings.  The grant of a security interest (other than a precautionary grant) in any Securitization Assets of  the Borrower or any of its Restricted Subsidiaries to secure any Indebtedness shall not be deemed  a Qualified Receivables Factoring.  “Qualified Receivables Financing” means any Receivables Financing that meets the  following conditions:  (1) the Board of Directors of the Borrower has determined in good faith that such  Qualified Receivables Financing (including financing terms, covenants,  termination events and other provisions) is, in the aggregate, economically fair and  reasonable to the Borrower and the Restricted Subsidiaries;  (2) all sales, conveyances, assignments or contributions of Securitization Assets by the  Borrower or any Restricted Subsidiary to the Receivables Subsidiary are made at  fair market value; and  (3) the financing terms, covenants, termination events and other provisions thereof are  market terms at the time such Receivables Financing is first entered into (as  determined in good faith by a Responsible Officer of the Borrower) and may  include Standard Securitization Undertakings.  The grant of a security interest (other than a precautionary grant) in any Securitization Assets of  the Borrower or any Restricted Subsidiary (other than a Receivables Subsidiary) to secure any  Indebtedness will not be deemed a Qualified Receivables Financing.  “Qualified Receivables Transaction” means a Qualified Receivables Factoring or a  Qualified Receivables Financing.  





 






  65  AmericasActive:17030364.10  “Quarterly Financial Statements” has the meaning assigned to such term in  Section 5.04(2).  “Ratio Amount” means an aggregate principal amount that, after giving Pro Forma effect  to the incurrence thereof, in accordance with Section 1.08, would not result in:  (1) with respect to Ratio Debt to be secured on a pari passu basis with the Initial Term  Loans, the First Lien Net Leverage Ratio for the applicable Test Period being  greater than (a) 4.20 to 1.00 or (b) the First Lien Net Leverage Ratio immediately  prior to such incurrence;  (2) with respect to any Ratio Debt to be secured on a junior basis to the Initial Term  Loans, the Total Net Leverage Ratio for the applicable Test Period being greater  than (a) 4.20 to 1.00 or (b) the Total Net Leverage Ratio immediately prior to such  incurrence; and  (3) with respect to any Ratio Debt that is unsecured (or not secured by Collateral), the  Total Net Leverage Ratio for the applicable Test Period being greater than 6.00 to  1.00.  “Ratio Debt” has the meaning assigned to such term in Section 6.01.  “Ratio Debt Cap” means, as of the date of measurement, the sum of (1) $100 million (less  the aggregate principal amount of all Indebtedness incurred prior to such date in reliance on this  clause (1)) and (2) the Ratio Amount.  “Real Property” means, collectively, all right, title and interest (including any leasehold  estate) in and to any and all parcels of or interests in real property owned in fee or leased by any  Loan Party, together with, in each case, all easements, hereditaments and appurtenances relating  thereto, and all improvements and appurtenant fixtures incidental to the ownership or lease thereof.  “Reasonable Credit Judgment” means reasonable credit judgment (from the perspective  of an asset-based lender) exercised in good faith in accordance with customary business practices  for comparable asset-based lending transactions based upon its consideration of any factor that it  reasonably believes:  (1) could materially adversely affect the quantity, quality, mix or value of Collateral  (including any applicable Laws that may inhibit collection of a receivable), the  enforceability or priority of the Administrative Agent’s or Collateral Agent’s liens  thereon, or the amount that the Administrative Agent, the Collateral Agent, the  Lenders or the Issuing Banks could receive in liquidation of any Collateral;  (2) in the case of any collateral report or financial information delivered by any Loan  Party, such collateral report or financial information is incomplete, inaccurate or  misleading in any material respect; or  (3) creates an Event of Default.  





 






  66  AmericasActive:17030364.10  In exercising such judgment, the Administrative Agent may consider any factors that could  materially increase the credit risk of lending to the Borrower on the security of the Collateral.  Any  Reserve established or modified by the Administrative Agent shall have a reasonable relationship  to circumstances, conditions, events or contingencies which are the basis for such Reserve, as  reasonably determined, without duplication, by the Administrative Agent in good faith provided  that circumstances, conditions, events or contingencies existing or arising prior to the first date on  which the Borrower is required to deliver a Borrowing Base Certificate to the Administrative  Agent pursuant to this Agreement (the “Initial Borrowing Base Date”), and, in each case,  disclosed in writing in any field examination or appraisal delivered to the Administrative Agent in  connection herewith or otherwise known to the Administrative Agent, in each case, prior to the  Initial Borrowing Base Date, shall not be the basis for any establishment of Reserves after the  Initial Borrowing Base Date, unless such circumstances, conditions, events or contingencies shall  have changed in a material respect since the Initial Borrowing Base Date.  “Receivables Financing” means any transaction or series of transactions that may be  entered into by the Borrower or any Restricted Subsidiary pursuant to which the Borrower or any  Restricted Subsidiaries may sell, assign, contribute, convey or otherwise transfer Securitization  Assets to (1) a Receivables Subsidiary (in the case of a transfer by the Borrower or any Restricted  Subsidiary that is not a Receivables Subsidiary) or (2) any other Person (in the case of a transfer  by a Receivables Subsidiary) and, in either case, may grant a security interest in, any Securitization  Assets of the Borrower or any of its Subsidiaries.  “Receivables Repurchase Obligation” means any obligation of a seller of Securitization  Assets in a Qualified Receivables Transaction to repurchase Securitization Assets arising as a  result of a breach of a representation, warranty or covenant or otherwise, including as a result of a  Securitization Asset or portion thereof becoming subject to any asserted defense, dispute, off-set  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 the seller.  “Receivables Subsidiary” means a Wholly Owned Subsidiary of the Borrower (or another  Person formed solely for the purposes of engaging in a Qualified Receivables Financing with the  Borrower or any Restricted Subsidiary and to which the Borrower or any Restricted Subsidiary  transfers Securitization Assets) which engages in no activities other than in connection with the  financing of Securitization Assets of the Borrower or its Subsidiaries, and any business or activities  incidental or related to such business, and which is designated by the Board of Directors of the  Borrower (as provided below) as a Receivables Subsidiary and:  (1) no portion of the Indebtedness or any other obligations (contingent or otherwise):  (a) is guaranteed by the Borrower or any Restricted Subsidiary (excluding  guarantees of obligations (other than the principal of, and interest on,  Indebtedness) pursuant to Standard Securitization Undertakings);  (b) is recourse to or obligates the Borrower or any Restricted Subsidiary in any  way other than pursuant to Standard Securitization Undertakings; or  





 






  67  AmericasActive:17030364.10  (c) subjects any property or asset of the Borrower or any Restricted Subsidiary,  directly or indirectly, contingently or otherwise, to the satisfaction thereof,  other than pursuant to Standard Securitization Undertakings;  (2) with which neither the Borrower nor any Restricted Subsidiary has any material  contract, agreement, arrangement or understanding other than on terms which the  Borrower reasonably believes to be no less favorable to the Borrower or such  Restricted Subsidiary than those that might be obtained at the time from Persons  that are not Affiliates of the Borrower, other than with respect to Standard  Securitization Undertakings; and  (3) to which neither the Borrower nor any other Restricted Subsidiary has any  obligation to maintain or preserve such entity’s financial condition or cause such  entity to achieve certain levels of operating results.  Any such designation by the Board of Directors of the Borrower will be evidenced to the  Administrative Agent by filing with the Administrative Agent a certified copy of the resolution of  the Board of Directors of the Borrower giving effect to such designation and a certificate of a  Responsible Officer of the Borrower certifying that such designation complied with the foregoing  conditions.  “Recipient” means the Administrative Agent and any Lender, as applicable.  “Refinance” has the meaning assigned to such term in the definition of “Permitted  Refinancing Indebtedness,” and the terms “Refinanced” and “Refinancing” will have correlative  meanings.  “Refinanced Debt” has the meaning assigned to such term in the definition of “Permitted  Refinancing Indebtedness”.  “Refinancing Amendment” means an amendment, in accordance with the terms of Section  2.22, to this Agreement and, as necessary, each other Loan Document (which may, at the option  of the Administrative Agent and the Borrower, be in the form of an amendment and restatement  of this Agreement or such other Loan Document, as applicable) executed by each of (1) the  Borrower; (2) the Administrative Agent; and (3) with respect to an amendment (or an amendment  and restatement) of this Agreement, each Lender that agrees to provide any portion of the  Refinancing Term Loans in accordance with Section 2.22.  “Refinancing Term Lender” means each Lender that holds a Refinancing Term Loan.  “Refinancing Term Loan Commitment” means, with respect to each Refinancing Term  Lender, the commitment of such Refinancing Term Lender to make Refinancing Term Loans as  set forth in the applicable Refinancing Amendment.  “Refinancing Term Loans” has the meaning assigned to such term in Section 2.22(1).  “Register” has the meaning assigned to such term in Section 10.04(2)(d).  





 






  68  AmericasActive:17030364.10  “Registered Equivalent Notes” means, with respect to any notes originally issued in a  Rule 144A or other private placement transaction under the Securities Act, substantially identical  notes (having the same Guarantees and collateral provisions) issued by the same issuer in a dollar- for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.  “Regulation U” means Regulation U of the Board as from time to time in effect and all  official rulings and interpretations thereunder or thereof.  “Regulation X” means Regulation X of the Board as from time to time in effect and all  official rulings and interpretations thereunder or thereof.  “Reinvestment Deferred Amount” has the meaning assigned to such term in the Term Loan  Credit Agreement.  “Related Parties” means, 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” means any spilling, leaking, seepage, pumping, pouring, emitting, emptying,  discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating  or migrating in, into, upon, onto or through the Environment.  “Relevant Governmental Body” shall mean the Board and/or the NYFRB, or a committee  officially endorsed or convened by the Board and/or the NYFRB, or any successor thereto.  “Report” means reports prepared by the Administrative Agent, the Collateral Agent or  another Person showing the results of appraisals, field examinations or audits pertaining to the  Loan Parties’ assets from information furnished by or on behalf of the Loan Parties, after the  Administrative Agent or Collateral Agent has exercised its rights of inspection pursuant to this  Agreement, which Report may be distributed to the Lenders by the Administrative Agent, subject  to the provisions of Section 10.16.  “Reportable Event” means any reportable event as defined in Section 4043(c) of ERISA  or the regulations issued thereunder, other than those events as to which the 30 day notice period  referred to in Section 4043(c) of ERISA has been waived, with respect to a Plan (other than a Plan  maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to  subsection (m) or (o) of Section 414 of the Code).  “Required Financial Statements” has the meaning assigned to such term in  Section 5.04(2).  “Required Lenders” means, at any time (1) prior to the Discharge of ABL Claims, the  Required Revolving Lenders and (2) after the Discharge of ABL Claims, the Required Term  Lenders.  “Required Revolving Lenders” means, at any time, Lenders having (1) Revolving Facility  Credit Exposure and (2) Available Unused Commitments that, taken together, represent more than  50.0% of the sum of (a) all Revolving Facility Credit Exposure and (b) the total Available Unused  





 






  69  AmericasActive:17030364.10  Commitments at such time.  The Revolving Facility Credit Exposure and Available Unused  Commitments of any Defaulting Lender will be disregarded in determining the Required  Revolving Lenders; provided that subject to the Borrower’s right to replace Defaulting Lenders as  set forth herein:  (a) the Commitment of any Defaulting Lender may not be increased or  extended, or the maturity of any of its Loans may not be extended, the rate  of interest on any of its Loans may not be reduced and the principal amount  of any of its Loans may not be forgiven, in each case without the consent of  such Defaulting Lender (it being understood that waivers or other  modifications of any conditions precedent, covenants, mandatory  prepayments, mandatory Commitment reductions, Defaults or Events of  Default shall not constitute an increase or extension of any Commitment, a  reduction of the rate of interest on any Loan or a forgiveness of the principal  amount of any Loan); and  (b) any amendment, waiver or consent requiring the consent of all the Lenders  or each affected Lender pursuant to clauses (i) through (vii) of Section  10.08(2) that by its terms affects any Defaulting Lender more adversely than  the other affected Lenders shall require the consent of such Defaulting  Lender.  “Required Term Lenders” means, at any time, Refinancing Term Lenders having  Refinancing Term Loans outstanding that, taken together, represent more than 50.0% of the sum  of all Refinancing Term Loans outstanding at such time.  The Refinancing Term Loans of any  Defaulting Lender will be disregarded in determining the Required Term Lenders; provided that,  subject to the Borrower’s right to replace Defaulting Lenders as set forth herein:  (a) the Commitment of any Defaulting Lender may not be increased or  extended, or the maturity of any of its Loans may not be extended, the rate  of interest on any of its Loans may not be reduced and the principal amount  of any of its Loans may not be forgiven, in each case without the consent of  such Defaulting Lender (it being understood that waivers or other  modifications of any conditions precedent, covenants, mandatory  prepayments, mandatory Commitment reductions, Defaults or Events of  Default shall not constitute an increase or extension of any Commitment, a  reduction of the rate of interest on any Loan or a forgiveness of the principal  amount of any Loan); and  (b) any amendment, waiver or consent requiring the consent of all the Lenders  or each affected Lender pursuant to clauses (i) through (vii) of Section  10.08(2) that by its terms affects any Defaulting Lender more adversely than  the other affected Lenders shall require the consent of such Defaulting  Lender.  “Reserves” means, without duplication of any other reserves or items that are otherwise  addressed or excluded through eligibility criteria, such reserves (including banking services  





 






  70  AmericasActive:17030364.10  reserves, landlord lien reserves, customer credit liabilities reserves, customer deposits reserves,  reserves for Obligations under Specified Hedge Agreements and reserves against Eligible  Accounts, Eligible Inventory and Eligible Cash) that the Administrative Agent from time to time  determines in its Reasonable Credit Judgment as being appropriate to reflect:  (1) the impediments to the Administrative Agent’s ability to realize upon the Collateral  included in the Borrowing Base in accordance with the Loan Documents;  (2) claims and liabilities that will need to be satisfied, or will dilute the amounts  received by holders of Loans, in connection with the realization upon such  Collateral; or  (3) criteria, events, conditions, contingencies or risks that adversely affect any  component of the Borrowing Base, the Collateral included therein or the validity or  enforceability of the Loan Documents or any material remedies of the  Administrative Agent, the Collateral Agent, each Issuing Bank and each Lender  under the Loan Documents with respect to such Collateral.  The establishment or increase of any Reserve will be limited to the exercise by the  Administrative Agent of Reasonable Credit Judgment, upon at least five (5) Business Days’ prior  written notice to the Borrower (which notice will include a reasonably detailed description of the  Reserve being established); provided that upon such notice, the Borrower will not be permitted to  borrow so as to exceed the Borrowing Base after giving effect to such new or modified Reserves.   During such five (5) Business Day period, the Administrative Agent will, if requested, discuss any  such new or modified Reserve with the Borrower, and the Borrower may take such action as may  be required so that the event, condition or matter that is the basis for such new or modified Reserve  no longer exists or exists in a manner that would result in the establishment of a lower Reserve, in  each case, in a manner and to the extent reasonably satisfactory to the Administrative Agent.   Notwithstanding anything to the contrary herein:  (a) the amount of any such Reserve will have a reasonable relationship to the  event, condition or other matter that is the basis for such Reserve,  (b) no Reserves will be duplicative of other reserves or items that are otherwise  addressed, excluded or already accounted for through eligibility criteria  (including collection/advance rates) and  (c) no reserves shall be imposed on the first five percent (5%) of dilution of  Eligible Accounts and thereafter no dilution reserve shall exceed one  percent (1%) for each incremental whole percentage in dilution over five  percent (5%), provided that dilution reserves may reflect fractional  percentages in dilution.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Responsible Officer” means, with respect to any Loan Party, the chief executive officer,  president, vice president, secretary, assistant secretary or any Financial Officer of such Loan Party  





 






  71  AmericasActive:17030364.10  or other similar officer or Person performing similar functions of a Loan Party and, as to any  document delivered on the Closing Date, any secretary or assistant secretary of a Loan Party,  designated in writing by or on behalf of the Borrower to the Administrative Agent from time to  time.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party  will be conclusively presumed to have been authorized by all necessary corporate, partnership or  other action on the part of such Loan Party and such Responsible Officer will be conclusively  presumed to have acted on behalf of such Loan Party.  Unless otherwise specified, all references  herein to a “Responsible Officer” shall refer to a Responsible Officer of the Borrower.  “Restricted Payment” means any (1) dividend or other distribution (whether in cash,  securities or other property) with respect to any Equity Interest of the Borrower or any of its  Restricted Subsidiaries (other than dividends or other distributions on Equity Interests payable  solely by the issuance of additional Equity Interests (other than Disqualified Stock) of the Person  paying such dividends or distributions) and (2) payment (whether in cash, securities or other  property), including any sinking fund or similar deposit, on account of (a) the purchase,  redemption, retirement, defeasance, acquisition, cancellation or termination of any Equity Interest  of the Borrower or any of the Restricted Subsidiaries or (b) any return of capital to the Borrower’s  equityholders, partners or members (or the equivalent Persons thereof); provided that (i)  cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from any future,  current or former officers, directors, managers, employees, consultants and independent  contractors of the Borrower, any Restricted Subsidiary or any direct or indirect parent thereof, or  their respective estates, heirs, family members, spouses, former spouses, successors, executors,  administrators, trustees, legatees or distributees in connection with a repurchase of Equity Interests  of the Borrower or such parent entity and (ii) any payment(s) of principal (not in excess of the  stated principal amount thereof), interest, fees, reimbursement obligations, charges, costs,  expenses, indemnities and other amounts in respect of Convertible Indebtedness, in each case will  not constitute a Restricted Payment; provided further that notwithstanding anything herein to the  contrary, any payment in cash included in the settlement amount due upon conversion in excess  of the stated principal amount of any Convertible Indebtedness shall constitute a Restricted  Payment for all purposes hereunder.  “Restricted Subsidiary” means any Subsidiary of a Person other than an Unrestricted  Subsidiary of such Person. Unless otherwise indicated in this Agreement, all references to  Restricted Subsidiaries will mean Restricted Subsidiaries of the Borrower.  “Revolving Facility” means the Revolving Facility Commitments (including any  Incremental Commitments) and the extensions of credit made hereunder by the Revolving  Lenders.  “Revolving Facility Borrowing” means a Borrowing comprised of Revolving Loans.  “Revolving Facility Claims” has the meaning assigned to the term “ABL Claims” in the  Closing Date Intercreditor Agreement, but assuming, solely for purposes of this definition, that the  principal amount of any Refinancing Term Loans and any interest, fees, attorneys’ fees, costs,  expenses, indemnities and other Obligations relating thereto do not constitute “ABL Claims”.  





 






  72  AmericasActive:17030364.10  “Revolving Facility Commitment” means, with respect to a Lender, the commitment of  such Lender to make Revolving Loans pursuant to Section 2.01, expressed as an amount  representing the maximum aggregate permitted amount of such Lender’s Revolving Facility Credit  Exposure hereunder, as such commitment may be (1) reduced from time to time pursuant to  Section 2.08, (2) reduced or increased from time to time pursuant to assignments by or to such  Lender under Section 10.04 or (3) increased from time to time under Section 2.21.  The initial  amount of each Lender’s Revolving Facility Commitment is set forth on Schedule 2.01 or in the  Assignment and Acceptance pursuant to which such Lender has assumed its Revolving Facility  Commitment, as applicable.  The initial aggregate amount of the Lenders’ Revolving Facility  Commitments is $350.0 million.  “Revolving Facility Credit Exposure” means, at any time, the sum of:  (1) the aggregate principal amount of the Revolving Loans outstanding at such time;  (2) the Revolving L/C Exposure at such time; and  (3) the Swingline Exposure at such time.  The Revolving Facility Credit Exposure of any Revolving Lender at any time will be, subject to  adjustment as expressly provided in Section 2.24, the product of (a) such Revolving Lender’s  Revolving Facility Percentage and (b) the aggregate Revolving Facility Credit Exposure of all  Revolving Lenders, collectively, at such time.  “Revolving Facility Percentage” means, with respect to any Revolving Lender, the  percentage of the total Revolving Facility Commitments represented by such Lender’s Revolving  Facility Commitment.  If the Revolving Facility Commitments have terminated or expired, the  Revolving Facility Percentages will be determined based upon the Revolving Facility  Commitments most recently in effect, giving effect to any assignments pursuant to Section 10.04.  “Revolving L/C Exposure” means at any time the sum of (1) the aggregate undrawn face  amount of all Letters of Credit outstanding at such time (the “L/C Amount”) and (2) the aggregate  principal amount of all L/C Disbursements that have not yet been reimbursed or which have not  been paid through a Revolving Loan at such time.  The Revolving L/C Exposure of any Revolving  Lender at any time will mean its Revolving Facility Percentage of the aggregate Revolving L/C  Exposure at such time.  For all purposes of this Agreement, if on any date of determination a Letter  of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the  operation of Rule 3.14 of the International Standard Practices, International Chamber of  Commerce No. 590, such Letter of Credit will be deemed to be “outstanding” in the amount so  remaining available to be drawn.  Unless otherwise specified herein, the amount of a Letter of  Credit at any time will be deemed to be the stated amount of such Letter of Credit in effect at such  time; provided that, with respect to any Letter of Credit that by its terms or the terms of any  document related thereto provides for one or more automatic increases in the stated amount  thereof, the amount of such Letter of Credit will be deemed to be the maximum stated amount of  such Letter of Credit after giving effect to all such increases, whether or not such maximum stated  amount is in effect at such time; provided further that, with respect to any Letter of Credit that by  its terms or the terms of any document related thereto provides for one or more automatic decreases  





 






  73  AmericasActive:17030364.10  in the stated amount thereof, the amount of such Letter of Credit will be deemed to be the  maximum stated amount of such Letter of Credit as in effect at such time.  “Revolving Lender” means each Lender with a Revolving Facility Commitment or  outstanding Revolving Facility Credit Exposure.  “Revolving Loans” has the meaning assigned to such term in Section 2.01(1) and will  include any Overadvances and Protective Advances.  “RP Payment Conditions” means, and will be deemed to be satisfied with respect to any  particular action as to which the satisfaction of the RP Payment Conditions is being determined if,  after giving effect to the taking of such action, (1) no Designated Event of Default has occurred  and is continuing immediately prior or after giving effect thereto, (2) Specified Excess Availability  for each day in the 30-day period prior to such action and on the date of such proposed action  would exceed the greater of (a) 15% of the Line Cap then in effect and (b) $37.5 million, in any  such case, on a Pro Forma Basis, and (3) the Fixed Charge Coverage Ratio as of the end of the  most recent Test Period would be at least 1.0 to 1.0 on a Pro Forma Basis giving effect to the  subject action; provided that compliance with the Fixed Charge Coverage Ratio will not be  required if after giving effect to the taking of such action, Specified Excess Availability would  exceed the greater of (i) 20% of the Line Cap then in effect and (ii) $50 million, on a Pro Forma  Basis.  “S&P” means Standard & Poor’s Ratings Services or any successor entity thereto.  “Sale Leaseback Transaction” means a sale leaseback transaction with respect to all or  any portion of any real property owned by the Borrower or any Restricted Subsidiary.  “Sanctioned Country” shall mean, at any time, a country, region or territory that is subject  to comprehensive Sanctions (as of the Closing Date, the so-called Donetsk People’s Republic, the  so-called Luhansk People’s Republic, Cuba, Iran, North Korea, Syria, and the Crimea Region of  Ukraine).  “Sanctioned Person” shall mean, at any time, (a) any Person listed in any Sanctions-related  list of designated Persons maintained by the Office of Foreign Assets Control of the U.S.  Department of the Treasury or the U.S. Department of State, or by the United Nations Security  Council, the European Union, any EU member state, Her Majesty’s Treasury of the United  Kingdom or the Hong Kong Monetary Authority, (b) any Person operating, organized or resident  in a Sanctioned Country or (c) any Person owned or controlled by any such Person.  “Sanctions” shall mean economic or financial sanctions or trade embargoes imposed,  administered or enforced from time to time by (a) the U.S. government, including those  administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or  the U.S. Department of State, or (b) the United Nations Security Council, the European Union,  any European Union member state, Her Majesty’s Treasury of the United Kingdom or the Hong  Kong Monetary Authority.  “SEC” means the Securities and Exchange Commission or any successor thereto.  





 






  74  AmericasActive:17030364.10  “Secured Parties” means the collective reference to the “Secured Parties” as defined in the  Collateral Agreement.  “Securities Act” means the Securities Act of 1933, as amended.  “Securitization Assets” means accounts receivable, royalty or other revenue streams, other  rights to payment, including with respect to rights of payment pursuant to the terms of Joint  Ventures (in each case, whether now existing or arising in the future), and any assets related  thereto, including all collateral securing any of the foregoing, all contracts and all guarantees or  other obligations in respect of any of the foregoing, proceeds of any of the foregoing and other  assets which are customarily transferred or in respect of which security interests are customarily  granted in connection with non-recourse, asset securitization or factoring transactions and any  Hedge Agreements entered into by the Borrower or any such Restricted Subsidiary in connection  with such assets subject to a Qualified Receivables Transaction.  “Security Documents” means the Collateral Agreement and each of the security  agreements and other instruments and documents executed and delivered by any Loan Party  pursuant thereto or pursuant to Section 5.10.  “Short Term Advances” has the meaning assigned to such term in the definition of  “Indebtedness”.  “Similar Business” means any business, the majority of whose revenues are derived from  (1) business or activities conducted by the Borrower and its Restricted Subsidiaries on the Closing  Date, (2) any business that is a natural outgrowth or reasonable extension, development or  expansion of any such business or any business similar, reasonably related, incidental,  complementary or ancillary to any of the foregoing or (3) any business that in the Borrower’s good  faith business judgment constitutes a reasonable diversification of businesses conducted by the  Borrower and its Restricted Subsidiaries.  “SOFR” means a rate per annum equal to the secured overnight financing rate as  administered by the SOFR Administrator.  “SOFR Administrator” means the NYFRB (or a successor administrator of the secured  overnight financing rate).  “SOFR Revolving Facility Borrowing” means a Borrowing comprised of SOFR  Revolving Loans.  “SOFR Revolving Loan” means any Revolving Loan bearing interest at a rate determined  by reference to Adjusted Term SOFR, other than pursuant to clause (3) of the definition of “ABR”.  “Specified Event of Default” means any Event of Default under Section 8.01(2), 8.01(3),  8.01(8) or 8.01(9).  “Specified Excess Availability” shall mean the sum of (i) Excess Availability and (ii) the  amount by which the Borrowing Base at such time exceeds the Revolving Facility Commitments,  up to an amount not to exceed 2.5% of Revolving Facility Commitments.  





 






  75  AmericasActive:17030364.10  “Specified Hedge Agreement” means any Hedge Agreement (a) entered into or assumed  between or among the Borrower or any Restricted Subsidiary and any Qualified Counterparty and  (b) except when the Qualified Counterparty is Truist Bank and its Affiliates, designated by the  Qualified Counterparty and the Borrower in writing to the Administrative Agent as a “Specified  Hedge Agreement” under this Agreement.  “Specified Hedge Amount” has the meaning assigned to such term in Section 9.13(2).  “Specified Hedge Obligations” means all amounts owing to any Qualified Counterparty  under any Specified Hedge Agreement.  “Specified IP Subsidiary” means a wholly-owned Restricted Subsidiary of the Borrower  that:  (1) owns no assets other than Transferred IP and cash or Cash Equivalents necessary  to support the business set forth in clause (2) of this definition;  (2) conducts no business other than the licensing, development, promotion, marketing,  and supply of the Transferred IP; and  (3) is prohibited from incurring any Indebtedness and/or Liens under its Organizational  Documents.  “Specified Pari Hedge Amount” has the meaning assigned to such term in Section 9.13(2).  “Specified Representations” means the representations and warranties of the Borrower set  forth in the following sections of this Agreement:  (1) Section 3.01(1) and (4) (but solely with respect to its organizational existence and  organizational power and authority as to the execution, delivery and performance  of this Agreement, the Collateral Agreement and any applicable Intellectual  Property Security Agreements (as defined in the Collateral Agreement) and the  extensions of credit hereunder);  (2) Section 3.02(1) (but solely with respect to its authorization of this Agreement, the  Collateral Agreement and any applicable Intellectual Property Security Agreements  (as defined in the Collateral Agreement);  (3) Section 3.02(2)(c) (but solely with respect to non-conflict of its entry into and  performance of this Agreement and the other Loan Documents with its certificate  or article of incorporation or other applicable Organizational Document);  (4) Section 3.03 (but solely with respect to this Agreement, the Collateral Agreement  and any applicable Intellectual Property Security Agreements (as defined in the  Collateral Agreement);  (5) Section 3.08(2) (but solely with respect to use of proceeds on the Closing Date);  





 






  76  AmericasActive:17030364.10  (6) Section 3.09;  (7) Section 3.14(1) (but solely with respect to the creation, validity, attachment and  perfection of the Liens granted by it in the Collateral on the Closing Date (subject  to Permitted Liens));  (8) Section 3.16; and  (9) Section 3.19.  “Specified Transaction” means any Investment that results in a Person becoming a  Restricted Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted  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 a facility or any  parcels of or interests (including leasehold interests) in real property and all improvements and  fixtures thereon or any Disposition of a business unit, line of business or division or a facility or  any parcels of or interests (including leasehold interests) in real property and all improvements  and fixtures thereon (including any buyout or conversion of an operating lease to a capital lease)  of the Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation,  amalgamation or otherwise, or any incurrence or repayment of Indebtedness (other than  Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of  business for working capital purposes), Restricted Payment or Incremental Facility that by the  terms of this Agreement requires such test to be calculated on a “Pro Forma Basis” or after giving  “Pro Forma Effect.”  “Standard Securitization Undertakings” means representations, warranties, covenants,  indemnities and Guarantees of performance entered into by the Borrower or any Restricted  Subsidiary of the Borrower that a Responsible Officer of the Borrower has determined in good  faith to be customary in a Receivables Financing including those relating to the servicing of the  assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase  Obligation will be deemed to be a Standard Securitization Undertaking.  “Standby Letters of Credit” has the meaning assigned to such term in Section 2.05(1).  “Subagent” has the meaning assigned to such term in Section 9.02.  “Subsidiary” means, with respect to any Person, any corporation, partnership, limited  liability company or other entity of which (1) Equity Interests having ordinary voting power (other  than Equity Interests having such power only by reason of the happening of a contingency) to elect  a majority of the Board of Directors of such corporation, partnership, limited liability company or  other entity are at the time owned by such Person; or (2) more than 50.0% of the Equity Interests  are at the time owned by such Person. Unless otherwise indicated in this Agreement, all references  to Subsidiaries will mean Subsidiaries of the Borrower.  “Subsidiary Loan Parties” means: (1) each Wholly Owned U.S. Subsidiary of the  Borrower on the Closing Date (other than any Excluded Subsidiary) and (2) each Wholly Owned  





 






  77  AmericasActive:17030364.10  U.S. Subsidiary (other than any Excluded Subsidiary) of the Borrower that becomes, or is required  pursuant to Section 5.10 to become, a party to the Collateral Agreement after the Closing Date.  “Supermajority Lenders” means, as of any date of determination, Lenders that would  constitute the Required Revolving Lenders if the percentage “50.0%” contained in the definition  thereof were changed to “66-2/3%”.  “Swap Termination Value” means, in respect of any one or more Hedge Agreements, after  taking into account the effect of any legally enforceable netting agreement relating to such Hedge  Agreements, (1) for any date on or after the date such Hedge Agreements have been closed out  and termination value(s) determined in accordance therewith, such termination value(s), and (2)  for any date prior to the date referenced in clause (1), the amount(s) determined as the mark-to- market value(s) for such Hedge Agreements, as determined based upon one or more mid-market  or other readily available quotations provided by any recognized dealer in such Hedge Agreements  (which may include a Lender or any Affiliate of a Lender).  “Swingline Borrowing Request” means a request by the Borrower in accordance with the  terms of Section 2.04 and substantially in the form of Exhibit D-3 (or telephonic notice promptly  confirmed in writing containing the information specified in Exhibit D-3).  “Swingline Commitment” shall mean, on any date, the commitment of the Swingline  Lender on such date to make Swingline Loans in an aggregate principal amount at any time  outstanding not to exceed $35,000,000.  “Swingline Exposure” shall mean, with respect to each Lender, the principal amount of  the Swingline Loans in which such Lender is legally obligated either to make an ABR Loan or to  purchase a participation in accordance with Section 2.04, which shall equal such Lender’s  Revolving Facility Percentage of all outstanding Swingline Loans.  “Swingline Lender” shall mean Truist Bank.  “Swingline Loan” shall mean a loan made to the Borrower by the Swingline Lender under  the Swingline Commitment.  “Tax Distribution Indebtedness” shall mean Indebtedness of the Borrower representing  advances by Amneal Inc. to the Borrower of amounts distributed to Amneal Inc. by the Borrower  pursuant to Section 6.07(8)(a);  “Tax Receivable Agreement” means the Tax Receivable Agreement, dated as of May 4,  2018, among Amneal Inc., the Borrower, and the other parties from time to time party thereto, as  amended, amended and restated, supplemented or otherwise modified from time to time in any  manner that is not materially adverse to the interests of the Administrative Agent or the Lenders.  “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions,  withholdings (including backup withholding) or similar charges imposed by any Governmental  Authority and any and all interest and penalties related thereto.  





 






  78  AmericasActive:17030364.10  “Term Agent” means JPM, as administrative agent and collateral agent under the Term  Loan Credit Agreement, and its successors and assigns in such capacities.  “Term Incremental Amount” means an aggregate principal amount that, after giving Pro  Forma effect to the incurrence thereof, in accordance with Section 1.08, would not result in:  (1) with respect to Indebtedness to be secured on a pari passu basis with the Initial  Term Loans, the First Lien Net Leverage Ratio for the applicable Test Period being  greater than (a) 4.20 to 1.00 or (b) the First Lien Net Leverage Ratio immediately  prior to such incurrence;  (2) with respect to Indebtedness to be secured on a junior basis to the Initial Term  Loans, the Total Net Leverage Ratio for the applicable Test Period being greater  than (a) 4.20 to 1.00 or (b) the Total Net Leverage Ratio immediately prior to such  incurrence; and  (3) with respect to Indebtedness that is unsecured, the Total Net Leverage Ratio for the  applicable Test Period being greater than 6.00 to 1.00.  “Term Loan Claims” means the “Term Loan Claims” as defined in the Closing Date  Intercreditor Agreement.  “Term Loan Credit Agreement” means the Term Loan Credit Agreement, dated as of the  Closing Date, among the Borrower, the lenders party thereto and JPM, as administrative agent and  collateral agent, initially in respect of $2,700.0 million of term loans made available on the Closing  Date, as such document may be amended, restated, supplemented or otherwise modified from time  to time in accordance with the requirements thereof.  “Term Loan Credit Agreement Refinancing Indebtedness” means “Credit Agreement  Refinancing Indebtedness” as defined in the Term Loan Credit Agreement; provided that the  maturity date of any Term Loan Credit Agreement Refinancing Indebtedness shall not be earlier  than the Latest Maturity Date of such Credit Agreement Refinanced Debt.  “Term Loan Documents” means the Term Loan Credit Agreement and the other “Loan  Documents” under and as defined in the Term Loan Credit Agreement, as each such document  may be amended, restated, supplemented or otherwise modified from time to time in accordance  with the requirements thereof.  “Term Loan Obligations” means the “Obligations” as defined in the Term Loan Credit  Agreement.  “Term Priority Collateral” means “Term Loan Priority Collateral” as defined in the  Closing Date Intercreditor Agreement.  “Term SOFR” means,  (1) for any calculation with respect to a SOFR Revolving Loan, the Term SOFR  Reference Rate for a tenor comparable to the applicable Interest Period on the day  





 






  79  AmericasActive:17030364.10  (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S.  Government Securities Business Days prior to the first day of such Interest Period,  as such rate is published by the Term SOFR Administrator; provided, that if as of  5:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR  Reference Rate for the applicable tenor has not been published by the Term SOFR  Administrator and a Benchmark Replacement Date with respect to the Term SOFR  Reference Rate has not occurred, then Term SOFR will be the Term SOFR  Reference Rate for such tenor as published by the Term SOFR Administrator on  the first preceding U.S. Government Securities Business Day for which such Term  SOFR Reference Rate for such tenor was published by the Term SOFR  Administrator so long as such first preceding U.S. Government Securities Business  Day is not more than three (3) U.S. Government Securities Business Days prior to  such Periodic Term SOFR Determination Day, and  (2) for any calculation with respect to an ABR Loan on any day, the Term SOFR  Reference Rate for a tenor of one month on the day (such day, the “ABR Term  SOFR Determination Day”) that is two (2) U.S. Government Securities Business  Days prior to such day, as such rate is published by the Term SOFR Administrator;  provided that if as of 5:00 p.m. on any ABR Term SOFR Determination Day the  Term SOFR Reference Rate for the applicable tenor has not been published by the  Term SOFR Administrator and a Benchmark Replacement Date with respect to the  Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term  SOFR Reference Rate for such tenor as published by the Term SOFR Administrator  on the first preceding U.S. Government Securities Business Day for which such  Term SOFR Reference Rate for such tenor was published by the Term SOFR  Administrator so long as such first preceding U.S. Government Securities Business  Day is not more than three (3) U.S. Government Securities Business Days prior to  such ABR Term SOFR Determination Day.  “Term SOFR Adjustment” means, for any calculation with respect to an ABR Loan or a  SOFR Revolving Loan, a percentage per annum as set forth below for the applicable Type of such  Loan and (if applicable) Interest Period therefor:  ABR Loans: 0.10%  SOFR Revolving Loans:  Interest Period Percentage  One month 0.10%  Three months 0.15%  Six months 0.25%    





 






  80  AmericasActive:17030364.10  “Term SOFR Administrator” means the CME Group Benchmark Administration Limited  (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the  Administrative Agent in its reasonable discretion).  “Term SOFR Reference Rate” means the rate per annum determined by the  Administrative Agent as the forward-looking term rate based on SOFR.  “Test Period” means, at any time, (1) with respect to the Borrower, the four consecutive  fiscal quarters of the Borrower most recently ended (in each case taken as one accounting period)  for which the Required Financial Statements have been or are required to be delivered pursuant to  Section 5.04(1) or 5.04(2) and (2) in the case of any Person other than the Borrower, the period of  four consecutive fiscal quarters most closely corresponding to the period set forth in clause (1).  “Threshold Amount” means the greater of (1) $80 million and (2) 12.5% of TTM  Consolidated EBITDA as of the applicable date of determination.  “Total Net Leverage Ratio” means, with respect to any Test Period, the ratio of (a)  Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA  of the Borrower for such Test Period.  “Trade Letters of Credit” has the meaning assigned to such term in Section 2.05(1).  “Transaction Costs” means all fees, costs and expenses related to the Transactions.  “Transactions” means, collectively:  (1) the execution and delivery of the Loan Documents, the creation of the Liens  pursuant to the Security Documents and the initial borrowings hereunder;  (2) the Closing Date Refinancing;  (3) the payment of all Transaction Costs.  “Transferred IP” has the meaning assigned to such term in Section 6.04(30)(b).  “Truist Bank” has the meaning assigned to such term in the introductory paragraph.  “Truist Securities” means Truist Securities, Inc.  “TTM Consolidated EBITDA” means, as of any date of determination, the Consolidated  EBITDA of the Borrower on a Pro Forma Basis for the four consecutive fiscal quarters most  recently ended prior to such date for which financial statements have been furnished or are required  to have been furnished to the Lenders hereunder (or, in the case of a determination date that occurs  prior to the first such delivery, for the four consecutive fiscal quarters ended as of December 31,  2021).  “Trust Account” means any accounts or trusts used solely to hold Trust Funds.  “Trust Funds” means cash, Cash Equivalents or other assets comprised of:  





 






  81  AmericasActive:17030364.10  (1) funds used for payroll and payroll taxes, wages and other employee benefit  payments to or for the benefit of such Loan Party’s or any of its Restricted  Subsidiaries’ employees;  (2) all taxes required to be collected, remitted or withheld (including federal and state  withholding taxes (including the employer’s share thereof)); or  (3) any other funds which the Borrower or any of its Restricted Subsidiaries holds in  trust or as an escrow or fiduciary for another person which is not a Restricted  Subsidiary of the Borrower.  “Type” means, when used in respect of any Loan or Borrowing, the Rate by reference to  which interest on such Loan or on the Loans comprising such Borrowing is determined.  For  purposes of this definition, the term “Rate” means Adjusted Term SOFR or ABR, as applicable.  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under  the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential  Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended  from time to time) promulgated by the United Kingdom Financial Conduct Authority, which  includes certain credit institutions and investment firms, and certain affiliates of such credit  institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.  “U.S. Government Securities Business Day” means any day except for (1) a Saturday, (2)  a Sunday or (3) a day on which the Securities Industry and Financial Markets Association  recommends that the fixed income departments of its members be closed for the entire day for  purposes of trading in United States government securities.  “U.S. Subsidiary” means any Subsidiary of the Borrower that is organized under the laws  of the United States or any political subdivision thereof, and “U.S. Subsidiaries” means any two  or more of them.  Unless otherwise indicated in this Agreement, all references to U.S. Subsidiaries  will mean U.S. Subsidiaries of the Borrower.  “U.S. Tax Compliance Certificate” has the meaning specified in Section 2.17(5).  “Unadjusted Benchmark Replacement” shall mean the Benchmark Replacement  excluding the Benchmark Replacement Adjustment.  “Uniform Commercial Code” or “UCC” means 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.  “Unrestricted Cash” means, as of any date, all cash and Cash Equivalents of the Borrower  or any of its Restricted Subsidiaries as of such date that would not appear as “restricted” on the  Required Financial Statements (unless such appearance is related to a restriction in favor of any  





 






  82  AmericasActive:17030364.10  Agent for the benefit of the Secured Parties or an agent under the Term Loan Credit Agreement  for the benefit of the secured parties thereunder), determined on a consolidated basis in accordance  with GAAP, determined based upon the most recent month-end financial statements available  internally as of the date of determination, and calculated on a Pro Forma Basis.  “Unrestricted Subsidiary” means (1) each Receivables Subsidiary and (2) any Subsidiary  of the Borrower designated by the Borrower as an Unrestricted Subsidiary hereunder by written  notice to the Administrative Agent; provided that the Borrower will only be permitted to so  designate a new Unrestricted Subsidiary after the Closing Date or subsequently re-designate any  such Unrestricted Subsidiary as a Restricted Subsidiary (by written notice to the Administrative  Agent) if (a) no Designated Event of Default has occurred and is continuing or would result  therefrom and (b) the Borrower is in Pro Forma compliance with the Payment Conditions.  The designation of any Restricted Subsidiary as an Unrestricted Subsidiary will constitute  an Investment for purposes of Section 6.04 at the date of designation in an amount equal to the fair  market value of the Borrower’s or its Restricted Subsidiary’s (as applicable) Investment therein.   The designation of any Unrestricted Subsidiary as a Restricted Subsidiary will constitute the  incurrence at the time of designation of any Indebtedness and Liens of such Subsidiary existing at  such time and a return on any Investment by the Borrower in Unrestricted Subsidiaries in an  amount equal to the fair market value at the date of such designation of the Borrower’s or its  Restricted Subsidiary’s (as applicable) Investment in such Subsidiary. Except as expressly set forth  in this paragraph, no Investment will be deemed to exist or have been made, and no Indebtedness  or Liens shall be deemed to have occurred, solely by virtue of a Subsidiary becoming an Excluded  Subsidiary.  “USA PATRIOT Act” means 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)).  “Weighted Average Life to Maturity” means, when applied to any Indebtedness as of any  date, the number of years obtained by dividing (1) the sum of the products obtained by multiplying  (a) the amount of each then remaining installment, sinking fund, serial maturity or other required  payment of principal (excluding nominal amortization), including payment at final maturity, in  respect thereof by (b) the number of years (calculated to the nearest 1/12) that will elapse between  such date and the making of such payment; by (2) the then outstanding principal amount of such  Indebtedness.  “Wholly Owned Subsidiary” means, with respect to any Person, a Subsidiary of such  Person, all of the Equity Interests of which (other than directors’ qualifying shares or nominee or  other similar shares required pursuant to applicable law) are owned by such Person or another  Wholly Owned Subsidiary of such Person. Unless otherwise indicated in this Agreement, all  references to Wholly Owned Subsidiaries will mean Wholly Owned Subsidiaries of the Borrower.  “Wholly Owned U.S. Subsidiary” means, with respect to any Person, a U.S. Subsidiary of  such Person that is a Wholly Owned Subsidiary. Unless otherwise indicated in this Agreement, all  references to Wholly Owned U.S. Subsidiaries will mean Wholly Owned U.S. Subsidiaries of the  Borrower.  





 






  83  AmericasActive:17030364.10  “Withdrawal Liability” means 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.  “Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to  time under the Bail-In Legislation for the applicable EEA Member Country, which write-down  and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect  to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In  Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial  Institution or any contract or instrument under which that liability arises, to convert all or part of  that liability into shares, securities or obligations of that person or any other person, to provide that  any such contract or instrument is to have effect as if a right had been exercised under it or to  suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.  Section 1.02 Terms Generally.  The definitions set forth or referred to in Section 1.01  will apply equally to both the singular and plural forms of the terms defined.  Whenever the context  may require, any pronoun will include the corresponding masculine, feminine and neuter forms.   Unless the context requires otherwise:  (1) the words “include,” “includes” and “including” will be deemed to be followed by  the phrase “without limitation;”  (2) 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;”  (3) the word “will” will be construed to have the same meaning and effect as the word  “shall;”  (4) the word “incur” will be construed to mean incur, create, issue, assume, become  liable in respect of or suffer to exist (and the words “incurred” and “incurrence”  will have correlative meanings);  (5) the word “or” will be construed to mean “and/or;”  (6) any reference to any Person will be construed to include such Person’s legal  successors and permitted assigns; and  (7) the words “asset” and “property” will be construed to have the same meaning and  effect.  All references herein to Articles, Sections, Exhibits and Schedules will be deemed  references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the  context otherwise requires.  Except as otherwise expressly provided herein, any reference in this  Agreement to any Loan Document or organizational document of the Loan Parties means such  document as amended, restated, amended and restated, supplemented or otherwise modified from  





 






  84  AmericasActive:17030364.10  time to time (subject to any restrictions on such amendments, supplements or modifications set  forth herein or in any other Loan Document).  Any reference to any law will include all statutory  and regulatory provisions consolidating, amending, replacing or interpreting such law and any  reference to any law or regulation means, unless otherwise specified, such law or regulation as  amended, modified or supplemented from time to time.  Whenever this Agreement refers to the  “knowledge” of any Loan Party, such reference will be construed to mean the knowledge of the  chief executive officer, president, chief financial officer, treasurer or controller of such Person.  Section 1.03 Accounting Terms; GAAP; Fair Market Value.  Except as otherwise  expressly provided herein, all terms of an accounting or financial nature will be construed in  accordance with GAAP, as in effect from time to time; provided that, notwithstanding anything to  the contrary herein, all accounting or financial terms used herein will be construed, and all financial  computations pursuant hereto will be made, without giving effect to any election under Statement  of Financial Accounting Standards Board Accounting Standards Codification 825-10 (or any other  Statement of Financial Accounting Standards Board Accounting Standards Codification having a  similar effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at  “fair value,” as defined therein.  In the event that any Accounting Change (as defined below) occurs  and such change results in a change in the method of calculation of financial covenants, standards  or terms in this Agreement, then upon the written request of the Borrower or the Administrative  Agent (acting upon the request of the Required Lenders), the Borrower, the Administrative Agent  and the Lenders will enter into good faith negotiations in order to amend such provisions of this  Agreement so as to equitably reflect such Accounting Change with the desired result that the  criteria for evaluating the Borrower’s financial condition will be the same after such Accounting  Change as if such Accounting Change had not occurred; provided that, until so amended,  calculation of financial covenants, standards or terms in this Agreement will be computed in  accordance with GAAP in effect prior to such Accounting Change until the effective date of such  amendment.  “Accounting Change” means (1) any change in accounting principles required by  the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting  Standards Board of the American Institute of Certified Public Accountants or (2) any change in  the application of GAAP by the Borrower (including through the adoption of IFRS).  All  determinations of fair market value under a Loan Document will be made by a Responsible Officer  of the Borrower in good faith and if such determination is supported by an opinion of an  Independent Financial Advisor, such determination will be conclusive for all purposes under the  Loan Documents or related to the Obligations. Notwithstanding anything to the contrary contained  in this Section 1.03 or in the definition of “Capital Leases” or “Capital Lease Obligations,” any  change in accounting for leases pursuant to GAAP resulting from the adoption of Financial  Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842), to  the extent such adoption would require treating any lease (or similar arrangement conveying the  right to use) as a capital lease or finance lease where such lease (or similar arrangement) would  not have been required to be so treated under GAAP as in effect prior to such adoption, such lease  shall not be considered a Capital Lease or Capital Lease Obligation, and all calculations and  deliverables under this Agreement or any other Loan Document shall be made or delivered, as  applicable, in accordance therewith.  Section 1.04 Effectuation of Transfers.  Each of the representations and warranties of  the Borrower contained in this Agreement (and all corresponding definitions) is made after giving  effect to the Transactions, unless the context otherwise requires.  





 






  85  AmericasActive:17030364.10  Section 1.05 Currencies.  Unless otherwise specifically set forth in this Agreement,  monetary amounts are in Dollars.  Notwithstanding anything to the contrary herein, no Default or  Event of Default will arise as a result of any limitation or threshold set forth in Dollars being  exceeded solely as a result of changes in currency exchange rates.  Section 1.06 Divisions.  For all purposes under the Loan Documents, in connection with  any division or plan of division under Delaware law (or any comparable event under a different  jurisdiction’s laws), if any asset, right, obligation or liability of any Person becomes the asset,  right, obligation or liability of a different Person, then it shall be deemed to have been transferred  from the original Person to the subsequent Person.  Section 1.07 Certifications.  Any certificate or other writing required hereunder or under  any other Loan Document to be certified by any officer or other authorized representative  (including any Responsible Officer) of any Person will be deemed to be executed and delivered  by such officer, other authorized representative or Responsible Officer solely in such individual’s  capacity as an officer, other authorized representative or Responsible Officer of such Person and  not in such officer’s or other authorized representative’s individual capacity and without any  personal liability.  Section 1.08 Pro Forma Calculations.  (1) Notwithstanding anything to the contrary herein, financial ratios shall be calculated  in the manner prescribed by this Section 1.08; provided that, notwithstanding  anything to the contrary in clauses (2), (3) or (4) of this Section 1.08, when  calculating any financial ratio for purposes of (a) determining Applicable Margins  and pricing grid step-downs, (b) calculations of mandatory prepayments, (c)  determining compliance with any financial covenant (including any financial  covenant under this Agreement) and (d) any provisions related to the foregoing, the  events described in this Section 1.08 that occurred subsequent to the end of the  applicable Test Period shall not be given pro forma effect.  (2) For purposes of calculating the First Lien Net Leverage Ratio, the Total Net  Leverage Ratio, the Fixed Charge Coverage Ratio or any other financial ratio,  Specified Transactions (and the incurrence or repayment of any Indebtedness in  connection therewith) that have been made (a) during the applicable Test Period or  (b) 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 1.08 then  the financial ratios shall be calculated to give pro forma effect thereto in accordance  with this Section 1.08.  





 






  86  AmericasActive:17030364.10  (3) Whenever pro forma effect is to be given to a Specified Transaction, the pro forma  calculations shall be made in good faith by a Responsible Officer and may include,  for the avoidance of doubt, the amount of cost savings, operating expense  reductions and, synergies projected by the Borrower in good faith to be realized as  a result of specified actions taken, committed to be taken or expected to be taken  (calculated on a pro forma basis as though such cost savings, operating expense  reductions and synergies had been realized on the first day of such Test Period and  as if such cost savings, operating expense reductions and synergies were realized  during the entirety of such period but, for the avoidance of doubt, subject to the  limitations set forth in clause (g) of the definition of “Consolidated EBITDA” set  forth herein) relating to such Specified Transaction, net of the amount of actual  benefits realized during such period from such actions (such cost savings and  synergies, “Specified Transaction Adjustments”); provided, that  (a) such Specified Transaction Adjustments are reasonably identifiable and  quantifiable in the good faith judgment of a Responsible Officer of the  Borrower,  (b) such actions are taken, committed to be taken or reasonably anticipated to  be taken no later than twenty four (24) months after the date of such  Specified Transaction, and  (c) no amounts shall be added pursuant to this clause (3) to the extent  duplicative of any amounts that are otherwise added back in calculating  Consolidated EBITDA, whether through a pro forma adjustment or  otherwise, with respect to such period.  (4) 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 a  financial covenant (in each case, other than Indebtedness incurred or repaid under  any revolving credit facility (including, for the avoidance of doubt, the Revolving  Facility) in the ordinary course of business for working capital purposes), (a) during  the applicable Test Period or (b) 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 each financial 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.  Section 1.09 LCA Election. Notwithstanding anything in this Agreement or any other  Loan Document to the contrary, when (1) calculating any applicable ratio in connection with  incurrence of Indebtedness (other than the making of any Revolving Loans or the issuance of any  Letters of Credit), the creation of Liens, the making of any disposition, the making of an  Investment, the designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted  Subsidiary or the repayment of Indebtedness or (2) determining compliance with any provision of  this Agreement which requires that no Default or Event of Default has occurred, is continuing or  would result therefrom, in each case of the preceding clauses (1) and (2) in connection with a  





 






  87  AmericasActive:17030364.10  Limited Condition Transaction, the date of determination of such ratio and determination of  whether any Default or Event of Default has occurred, is continuing or would result therefrom  shall, at the option of the Borrower (the Borrower’s election to exercise such option in connection  with any Limited Condition Transaction, an “LCA Election”), be deemed to be the date the  definitive agreements for such Limited Condition Transaction are entered into (the “LCA Test  Date”). If on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the  other transactions to be entered into in connection therewith (including any incurrence of  Indebtedness and the use of proceeds thereof), with such ratios and other provisions being  calculated as if such Limited Condition Transaction or other transactions had occurred at the  beginning of the most recent Test Period ending prior to the LCA Test Date for which financial  statements are available, the Borrower could have taken such action on the relevant LCA Test Date  in compliance with the applicable ratios or other provisions, such ratios or provisions shall be  deemed to have been complied with, unless a Specified Event of Default shall be continuing on  the date such Limited Condition Transaction is consummated.  For the avoidance of doubt, (a) if  any of such ratios or other provisions are exceeded or breached as a result of fluctuations in such  ratio (including due to fluctuations in Consolidated EBITDA) or other provisions at or prior to the  consummation of the relevant Limited Condition Transaction, such ratios and other provisions will  not be deemed to have been exceeded or breached solely for purposes of determining whether the  Limited Condition Transaction is permitted hereunder and (b) such ratios and compliance with  such conditions shall not be tested at the time of consummation of such Limited Condition  Transaction or related Specified Transactions, unless on such date a Specified Event of Default  shall be continuing.  If the Borrower has made an LCA Election for any Limited Condition  Transaction, then in connection with any subsequent calculation of any ratio or basket availability  (other than for the purposes of determining actual compliance (and not Pro Forma compliance or  compliance on a Pro Forma Basis) with the Financial Performance Covenant upon the occurrence  and during the continuance of a Covenant Trigger Event), with respect to any other Specified  Transaction on or following the relevant LCA Test Date and prior to the earlier of the date on  which such Limited Condition Transaction is consummated or the date that the definitive  agreement for such Limited Condition Transaction is terminated or expires without consummation  of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma  Basis assuming such Limited Condition Transaction and other transactions in connection therewith  (including any incurrence of Indebtedness and the use of proceeds thereof) have been  consummated.  Notwithstanding anything in this Agreement or any Loan Document to the  contrary, if the Borrower or any Restricted Subsidiary (i) incurs Indebtedness, creates Liens, makes  dispositions, makes investments, makes Restricted Payments, designates any Subsidiary as a  Restricted Subsidiary or an Unrestricted Subsidiary or repays any Indebtedness in connection with  any Limited Condition Transaction under a ratio-based basket and (ii) incurs Indebtedness, creates  Liens, makes dispositions, makes Investments, makes Restricted Payments, designates any  Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary or repays any Indebtedness in  connection with such Limited Condition Transaction under a non-ratio-based basket (which shall  occur within five Business Days of the events in the preceding clause (i) above), then the applicable  ratio will be calculated with respect to any such action under the applicable ratio-based basket  without regard to any such action under such non-ratio-based basket made in connection with such  Limited Condition Transaction.  Section 1.10 Rates.  The Administrative Agent does not warrant or accept responsibility  for, and shall not have any liability with respect to (a) the continuation of, administration of,  





 






  88  AmericasActive:17030364.10  submission of, calculation of or any other matter related to the ABR, the Term SOFR Reference  Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred  to in the definition thereof, or any alternative, successor or replacement rate thereto (including any  Benchmark Replacement), including whether the composition or characteristics of any such  alternative, successor or replacement rate (including any Benchmark Replacement) will be similar  to, or produce the same value or economic equivalence of, or have the same volume or liquidity  as, ABR, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other  Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or  composition of any Conforming Changes.  The Administrative Agent and its affiliates or other  related entities may engage in transactions that affect the calculation of ABR, the Term SOFR  Reference Rate, Term SOFR, Adjusted Term SOFR, any alternative, successor or replacement rate  (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a  manner adverse to the Borrower.  The Administrative Agent may select information sources or  services in its reasonable discretion to ascertain ABR, the Term SOFR Reference Rate, Term  SOFR, Adjusted Term SOFR or any other Benchmark, in each case pursuant to the terms of this  Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity  for damages of any kind, including direct or indirect, special, punitive, incidental or consequential  damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in  equity), for any error or calculation of any such rate (or component thereof) provided by any such  information source or service.  ARTICLE II    THE CREDITS  Section 2.01 Commitments.  Subject to the terms and conditions set forth herein:  (1) Revolving Loans.  Each Lender severally (and not jointly) agrees to make loans  (“Revolving Loans”) to the Borrower in Dollars from time to time during the  Availability Period in amounts not to exceed such Lender’s Revolving Facility  Percentage of the Borrowing Base, and in an aggregate principal amount that will  not result in (i) such Lender’s Revolving Facility Credit Exposure exceeding such  Lender’s Revolving Facility Commitment or (ii) the total Revolving Facility Credit  Exposure exceeding the total Revolving Facility Commitments.  Within the  foregoing limits and subject to the terms and conditions set forth herein, the  Borrower may borrow, prepay and reborrow Revolving Loans.  (2) Overadvances.  Insofar as the Borrower may request and the Administrative Agent  may be willing in its sole discretion (but with absolutely no obligation) to (i) make  Revolving Loans to the Borrower, on behalf of the Revolving Lenders, at a time  when the Revolving Facility Credit Exposure exceeds, or would exceed with the  making of any such Revolving Loan, the Borrowing Base (any such Loan being  herein referred to individually as an “Overadvance”) or (ii) deem the amount of  Revolving Loans outstanding that are in excess of the Borrowing Base to be  Overadvances, and the Administrative Agent will enter such Overadvances as  debits in the applicable Loan Account.  All Overadvances shall be ABR Loans, will  be repaid on demand, will be secured by the Collateral and will bear interest as  





 






  89  AmericasActive:17030364.10  provided in this Agreement for ABR Revolving Loans generally.  Any  Overadvance made pursuant to the terms hereof will be made to the Borrower by  all Lenders ratably in accordance with their respective Revolving Facility  Percentages.  Overadvances in the aggregate amount of $10.0 million or less may,  unless a Default or Event of Default has occurred and is continuing, be made in the  sole discretion of the Administrative Agent; provided that the Required Revolving  Lenders may at any time revoke the Administrative Agent’s authorization to make  future Overadvances; provided that no existing Overadvances will be subject to  such revocation and any such revocation must be in writing and will become  effective prospectively upon the Administrative Agent’s receipt thereof.  Overadvances in an aggregate amount of more than $10.0 million but less than  $25.0 million may, unless a Default or Event of Default has occurred and is  continuing, be made with the consent of the Required Revolving Lenders.   Overadvances in an aggregate amount of $25.0 million or more and Overadvances  to be made after the occurrence and during the continuation of a Default or Event  of Default will require the consent of all Revolving Lenders. No Overadvance shall  result in a Default due to Borrower’s failure to comply with Section 2.01 for so  long as such Overadvance remains outstanding in accordance with the terms of this  Section 2.01(2), but solely with respect to the amount of such Overadvance.  The  making of an Overadvance on any one occasion shall not obligate the  Administrative Agent to make any Overadvance on any other occasion.  The  foregoing notwithstanding, in no event, unless otherwise consented to by all  Revolving Lenders will:  (a) any Overadvances be outstanding for more than 90 consecutive days;  (b) the Administrative Agent or Lenders make any additional Overadvances  unless 30 days or more have expired since the last date on which any  Overadvances were outstanding; or  (c) will the Administrative Agent make Revolving Loans on behalf of Lenders  under this Section 2.01(2) to the extent such Revolving Loans would cause  a Lender’s share of the Revolving Facility Credit Exposure to exceed such  Lender’s Revolving Facility Commitment or cause the aggregate Revolving  Facility Commitments to be exceeded.  (3) Protective Advances.  Upon the occurrence and during the continuance of an Event  of Default, the Administrative Agent, in its sole, discretion (but with absolutely no  obligation), may make Revolving Loans to the Borrower on behalf of all Lenders,  so long as the aggregate amount of such Revolving Loans will not exceed 5.0% of  the Borrowing Base, if the Administrative Agent, in its Reasonable Credit  Judgment, deems that such Revolving Loans are necessary or desirable to:  (a) preserve or protect all or any portion of the Collateral;  (b) enhance the likelihood or maximize the amount of repayment of the Loans  and the other Obligations; or  





 






  90  AmericasActive:17030364.10  (c) pay any other amount chargeable to or required to be paid by the Borrower  pursuant to this Agreement including payments of reimbursable expenses  and other sums payable under the Loan Documents (such Revolving Loans,  “Protective Advances”);  provided that (i) in no event will the Revolving Facility Credit Exposure exceed the aggregate  Revolving Facility Commitments and (ii) the Required Revolving Lenders under the Revolving  Facility may at any time revoke the Administrative Agent’s authorization to make future Protective  Advances; provided, further, that any such revocation must be in writing and will become effective  prospectively upon the Administrative Agent’s receipt thereof and existing Protective Advances  will not be subject to thereto.  Each applicable Lender will be obligated to advance to the Borrower its Revolving Facility  Percentage of each Protective Advance made in accordance with this Section 2.01(3).  If Protective  Advances are made in accordance with the preceding sentence, then all Revolving Lenders will be  bound to make, or permit to remain outstanding, such Protective Advances based upon their  Revolving Facility Percentages in accordance with the terms of this Agreement.  All Protective  Advances will be repaid by the Borrower on demand, will be secured by the Collateral and will  bear interest as provided in this Agreement for Revolving Loans generally. All Protective  Advances shall be ABR Loans, will be repaid on demand, will be secured by the Collateral and  will bear interest as provided in this Agreement for ABR Revolving Loans generally.  At any time  that there is Excess Availability and the conditions precedent set forth in Section 4.02 have been  satisfied, the Administrative Agent may request the Revolving Lenders to make a Revolving Loan  to repay a Protective Advance.  Section 2.02 Loans and Borrowings.  (1) Each Loan will be made as part of a Borrowing consisting of Loans of the same  Type made by the Lenders ratably in accordance with their respective  Commitments. The failure of any Lender to make any Loan required to be made by  it will not relieve any other Lender of its obligations hereunder; provided that the  Commitments of the Lenders are several and no Lender will be responsible for any  other Lender’s failure to make Loans as required.  (2) Subject to Section 2.14, each Borrowing will be comprised entirely of ABR Loans  or SOFR Revolving Loans as the Borrower may request in accordance herewith.   Each Lender at its option may make any ABR Loan or SOFR Revolving Loan by  causing any domestic or foreign branch or Affiliate of such Lender to make such  Loan; provided that any exercise of such option will not affect the obligation of the  Borrower to repay such Loan in accordance with the terms of this Agreement and  such Lender will not be entitled to any amounts payable under Section 2.15 or 2.17  solely in respect of increased costs resulting from such exercise and existing at the  time of such exercise.  (3) At the commencement of each Interest Period for any SOFR Revolving Facility  Borrowing, such Borrowing will be in an aggregate amount that is an integral  multiple of the Borrowing Multiple and not less than the Borrowing Minimum.  At  





 






  91  AmericasActive:17030364.10  the time that each ABR Revolving Facility Borrowing is made, such Borrowing  will be in an aggregate amount that is an integral multiple of the Borrowing  Multiple and not less than the Borrowing Minimum; provided that an ABR  Revolving Facility Borrowing may be in an aggregate amount that is equal to the  entire unused available balance of the Revolving Facility Commitments or that is  required to finance the reimbursement of an L/C Disbursement as contemplated by  Section 2.05(5).  Borrowings of more than one Type may be outstanding at the  same time; provided that there will not at any time be more than ten SOFR  Revolving Facility Borrowings outstanding.  (4) Notwithstanding any other provision of this Agreement, the Borrower shall not be  entitled to request, or to elect to convert or continue, any Borrowing if the Interest  Period requested with respect thereto would end after the Maturity Date.  Section 2.03 Requests for Borrowings.  (1) To request a Revolving Facility Borrowing, (a) with respect to any initial ABR  Borrowing on the Closing Date, the Borrower will deliver to the Administrative  Agent a Borrowing Request not later than 2:00 p.m., New York City time, one  Business Day before the anticipated Closing Date (or at such later date or time as  the Administrative Agent may agree), requesting that the Lenders make the Loans  on the Closing Date; provided that such Borrowing Request may be conditioned  upon occurrence of the Closing Date and (b) with respect to any other Borrowing,  the Borrower will notify the Administrative Agent of such request by telephone, if  arrangements for doing so have been approved by the Administrative Agent, (i) in  the case of a SOFR Revolving Facility Borrowing, not later than 2:00 p.m., New  York City time, three Business Days before the date of the proposed Borrowing or  (ii) in the case of an ABR Borrowing, not later than 1:00 p.m., New York City time,  on the date of the proposed Borrowing (or in each case, at such later date or time  as the Administrative Agent may agree).  Each such telephonic Borrowing Request  will be irrevocable and will be confirmed promptly by hand delivery, facsimile or  e mail to the Administrative Agent of a written Borrowing Request substantially in  the form of Exhibit D-1 and signed by the Borrower.  (2) Each such telephonic and written Borrowing Request will specify the following  information in compliance with Section 2.02:  (a) the aggregate amount of the requested Borrowing, which amount will not  exceed Excess Availability;  (b) the date of such Borrowing, which will be a Business Day;  (c) whether such Borrowing is to be an ABR Borrowing or a SOFR Revolving  Facility Borrowing;  (d) in the case of a SOFR Revolving Facility Borrowing, the initial Interest  Period to be applicable thereto, which will be a period contemplated by the  definition of the term “Interest Period;”  





 






  92  AmericasActive:17030364.10  (e) if the Borrowing Base contains Eligible Cash, the amount of Eligible Cash  as of the close of business on the Business Day prior to the date such  Borrowing Request is delivered; and  (f) the location and number of the Borrower’s account to which funds are to be  disbursed.  (3) Disbursement.  The Borrower hereby irrevocably authorizes the Administrative  Agent to disburse the proceeds of each Loan requested pursuant to this  Section 2.03.  The proceeds of each Revolving Loan requested under this  Section 2.03 will be disbursed by the Administrative Agent in immediately  available funds and in the same form as received from the Lenders, in the case of a  borrowing on the Closing Date permitted under Section 2.01(1), in accordance with  the terms of the written disbursement letter from the Borrower and, in the case of  each Borrowing after the Closing Date, by wire transfer to such bank account as  may be agreed upon by the Borrower and the Administrative Agent, from time to  time or elsewhere if pursuant to a written direction from the Borrower.  If at any  time any Loan is funded in excess of the amount requested by the Borrower, the  Borrower agrees to repay the excess to the Administrative Agent immediately upon  notice thereof to the Borrower from the Administrative Agent.  (4) If no election as to the Type of Revolving Facility Borrowing is specified, then the  requested Revolving Facility Borrowing will be an ABR Borrowing.  If no Interest  Period is specified with respect to any requested SOFR Revolving Facility  Borrowing, then the Borrower will be deemed to have selected an Interest Period  of one month’s duration.  Promptly following receipt of a Borrowing Request in  accordance with this Section 2.03, the Administrative Agent will advise the  Lenders of the details thereof and of the amount of each such Lender’s Loan to be  made as part of the requested Borrowing.  Section 2.04 Swingline Commitment.  (1) Subject to the terms and conditions set forth herein, the Swingline Lender may, in  its sole discretion, make Swingline Loans to the Borrower, from time to time during  the Availability Period, in an aggregate principal amount outstanding at any time  not to exceed the lesser of (i) the Swingline Commitment then in effect and (ii) the  difference between the Line Cap and the aggregate Revolving Facility Credit  Exposure at such time; provided that the Swingline Lender shall not be required to  make a Swingline Loan to refinance an outstanding Swingline Loan.  The Borrower  shall be entitled to borrow, repay and reborrow Swingline Loans in accordance with  the terms and conditions of this Agreement.  (2) The Borrower shall give the Administrative Agent written notice (or telephonic  notice promptly confirmed in writing) of each Swingline Borrowing Request,  substantially in the form of Exhibit D-3, prior to 10:00 a.m. on the requested date  of each Swingline Borrowing.  Each Swingline Borrowing Request shall be  irrevocable and shall specify (i) the principal amount of such Swingline Borrowing,  





 






  93  AmericasActive:17030364.10  (ii) the date of such Swingline Borrowing (which shall be a Business Day) and (iii)  the account of the Borrower to which the proceeds of such Swingline Borrowing  should be credited.  The Administrative Agent will promptly advise the Swingline  Lender of each Swingline Borrowing Request.  The aggregate principal amount of  each Swingline Loan shall not be less than $100,000 or a larger multiple of $50,000,  or such other minimum amounts agreed to by the Swingline Lender and the  Borrower.  The Swingline Lender will make the proceeds of each Swingline Loan  available to the Borrower in Dollars in immediately available funds at the account  specified by the Borrower in the applicable Swingline Borrowing Request not later  than 1:00 p.m. on the requested date of such Swingline Borrowing.  (3) The Swingline Lender, at any time and from time to time in its sole discretion, may,  but in no event no less frequently than once each calendar week shall, on behalf of  the Borrower (which hereby irrevocably authorizes and directs the Swingline  Lender to act on its behalf), give a Swingline Borrowing Request to the  Administrative Agent requesting the Lenders (including the Swingline Lender) to  make ABR Loans in an amount equal to the unpaid principal amount of any  Swingline Loan.  Each Lender will make the proceeds of its ABR Loan included in  such Borrowing available to the Administrative Agent for the account of the  Swingline Lender in accordance with Section 2.06, which will be used solely for  the repayment of such Swingline Loan.  (4) If for any reason an ABR Borrowing may not be (as determined in the sole  discretion of the Administrative Agent), or is not, made in accordance with the  foregoing provisions, then each Lender (other than the Swingline Lender) shall  purchase an undivided participating interest in such Swingline Loan in an amount  equal to its Revolving Facility Percentage thereof on the date that such ABR  Borrowing should have occurred.  On the date of such required purchase, each  Lender shall promptly transfer, in immediately available funds, the amount of its  participating interest to the Administrative Agent for the account of the Swingline  Lender.  (5) Each Lender’s obligation to make an ABR Loan pursuant to paragraph (3) of this  Section or to purchase participating interests pursuant to paragraph (4) of this  Section shall be absolute and unconditional and shall not be affected by any  circumstance, including, without limitation, (i) any set-off, counterclaim,  recoupment, defense or other right that such Lender or any other Person may have  or claim against the Swingline Lender, the Borrower or any other Person for any  reason whatsoever, (ii) the existence of a Default or an Event of Default or the  termination of any Lender’s Revolving Facility Commitment, (iii) the existence (or  alleged existence) of any event or condition which has had or could reasonably be  expected to have a Material Adverse Effect, (iv) any breach of this Agreement or  any other Loan Document by any Loan Party, the Administrative Agent or any  Lender or (v) any other circumstance, happening or event whatsoever, whether or  not similar to any of the foregoing.  If such amount is not in fact made available to  the Swingline Lender by any Lender, the Swingline Lender shall be entitled to  recover such amount on demand from such Lender, together with accrued interest  





 






  94  AmericasActive:17030364.10  thereon for each day from the date of demand thereof (x) at the Federal Funds Rate  until the second Business Day after such demand and (y) at the ABR at all times  thereafter.  Until such time as such Lender makes its required payment, the  Swingline Lender shall be deemed to continue to have outstanding Swingline Loans  in the amount of the unpaid participation for all purposes of the Loan Documents.   In addition, such Lender shall be deemed to have assigned any and all payments  made of principal and interest on its Loans and any other amounts due to it  hereunder to the Swingline Lender to fund the amount of such Lender’s  participation interest in such Swingline Loans that such Lender failed to fund  pursuant to this Section, until such amount has been purchased in full.  Section 2.05 Letters of Credit.  (1) General.  Subject to the terms and conditions set forth herein, the Borrower may  request the issuance of (a) trade letters of credit in Dollars in support of trade  obligations of the Borrower or any Subsidiary Loan Party incurred in the ordinary  course of business (such letters of credit issued for such purposes, “Trade Letters  of Credit”) and (b) standby letters of credit in Dollars issued for any other lawful  purposes of the Borrower or any Subsidiary Loan Party (such letters of credit issued  for such purposes, “Standby Letters of Credit”) for its own account or for the  account of any Subsidiary in a form reasonably acceptable to the applicable Issuing  Bank, at any time and from time to time during the Availability Period and prior to  the date that is five (5) Business Days prior to the Maturity Date. “Letters of Credit”  will include Trade Letters of Credit and Standby Letters of Credit and the Existing  Letters of Credit.  Each Existing Letter of Credit will be deemed to have been issued  under this Section 2.05 on the Closing Date.  The Borrower unconditionally and  irrevocably agrees that, in connection with any Letter of Credit issued for the  support of any Subsidiary’s obligations as provided in the first sentence of this  paragraph, the Borrower will be fully responsible for the reimbursement of L/C  Disbursements in accordance with the terms hereof, the payment of interest thereon  and the payment of fees due under Section 2.12(2) to the same extent as if it were  the sole account party in respect of such Letter of Credit (the Borrower hereby  irrevocably waiving to the fullest extent permitted by law any defenses (other than  payment or performance) that might otherwise be available to it as a guarantor or  surety of the obligations of such Subsidiary that is an account party in respect of  any such Letter of Credit).  (2) Notice of Issuance, Amendment, Renewal, Extension.  (a) To request the issuance of a Letter of Credit (or the amendment, extension,  reinstatement or renewal (other than an automatic extension in accordance  with paragraph (3) of this Section 2.05) of an outstanding Letter of Credit),  the Borrower will deliver by hand or facsimile (or transmit by e-mail, if  arrangements for doing so have been approved by the applicable Issuing  Bank) to the applicable Issuing Bank and the Administrative Agent no later  than three Business Days in advance of the requested date of issuance,  amendment or extension (or such shorter period as the Administrative  





 






  95  AmericasActive:17030364.10  Agent and the Issuing Bank in their sole discretion may agree) a Letter of  Credit Request requesting the issuance of a Letter of Credit, or identifying  the Letter of Credit to be amended, extended, reinstated or renewed, and  specifying the date of issuance, amendment, extension, reinstatement or  renewal (which will be a Business Day), the date on which such Letter of  Credit is to expire (which will comply with paragraph (3) of this  Section 2.05), the amount of such Letter of Credit, the name and address of  the beneficiary thereof, whether such Letter of Credit constitutes a Standby  Letter of Credit or a Trade Letter of Credit, and such other information as  is necessary to issue, amend, extend, reinstate or renew such Letter of  Credit.  If requested by the applicable Issuing Bank, the Borrower will also  submit a letter of credit application on such Issuing Bank’s standard form  in connection with any request for a Letter of Credit.  In the event of any  conflict or inconsistency between the terms and conditions of this  Agreement and the terms and conditions of any form of letter of credit  application or other agreement submitted by the Borrower to, or entered into  by the Borrower with, an Issuing Bank relating to any Letter of Credit, the  terms and conditions of this Agreement will control. A Letter of Credit will  be issued, amended, extended, reinstated or renewed only if (and upon  issuance, amendment, extension, reinstatement or renewal of each Letter of  Credit the Borrower will be deemed to represent and warrant that), after  giving effect to such issuance, amendment, extension, reinstatement or  renewal:  (i) the Revolving L/C Exposure will not exceed the Letter of Credit  Sublimit; and  (ii) the Revolving Facility Credit Exposure will not exceed the Line  Cap.  (b) Notwithstanding anything to the contrary contained herein, the Issuing  Bank will not issue (or be obligated to issue) any Letter of Credit if:  (i) the proceeds of such Letter of Credit would be made available to  any Person (A) to fund any activity or business of or with any  Sanctioned Person, or in any country or territory that, at the time of  such funding, is the subject of country-wide or territory-wide  Sanctions or (B) in any manner that would result in a violation of  any Sanctions by any party to this Agreement;  (ii) any order, judgment or decree of any Governmental Authority or  arbitrator by its terms purports to enjoin or restrain the Issuing Bank  from issuing such Letter of Credit;  (iii) any applicable Law or any request or directive (whether or not  having the force of law) from any Governmental Authority with  





 






  96  AmericasActive:17030364.10  jurisdiction over the Issuing Bank prohibits or shall request that the  Issuing Bank refrain from the issuance of letters of credit generally;  (iv) such Letter of Credit imposes upon the Issuing Bank with respect to  such Letter of Credit any restriction, reserve or capital requirement  (for which the Issuing Bank is not otherwise compensated  hereunder) not in effect on the Closing Date;  (v) such Letter of Credit imposes upon the Issuing Bank any  unreimbursed loss, cost or expense that was not applicable on the  Closing Date and that the Issuing Bank in good faith deems material  to it;  (vi) the issuance of such Letter of Credit would violate one or more  policies of the Issuing Bank applicable to letters of credit generally;  or  (vii) any Lender is at such time a Defaulting Lender, unless the Issuing  Bank has entered into arrangements, including the delivery of cash  collateral in accordance herewith in an amount to be agreed between  the Borrower and each applicable Issuing Bank (but in any event not  to exceed 105%) of the outstanding amount of the applicable Letters  of Credit, reasonably satisfactory to such Issuing Bank with the  Borrower or such Lender to eliminate such Issuing Bank’s actual or  potential Fronting Exposure (after giving effect to Section 2.24(1))  with respect to such Defaulting Lender arising from either such  Letter of Credit then proposed to be issued or such Letter of Credit  and all other L/C Obligations as to which such Issuing Bank has  actual or potential Fronting Exposure.  (3) Expiration Date.  (a) Each Standby Letter of Credit will expire at or prior to the close of business  on the earlier of (i) the date one year (unless otherwise agreed upon by the  Administrative Agent and the Issuing Bank in their sole discretion) after the  date of issuance of such Standby Letter of Credit (or, in the case of any  extension of the expiration date thereof (whether automatic or by  amendment), one year (unless otherwise agreed upon by the Administrative  Agent and the Issuing Bank in their sole discretion) after such extension)  and (ii) the date that is five Business Days prior to the Maturity Date;  provided that any Standby Letter of Credit with a one-year tenor may  provide for the automatic extension thereof for additional one-year periods  (which will in no event extend beyond the date referred to in the preceding  clause (ii)) so long as such Standby Letter of Credit permits the Issuing  Bank to prevent any such extension at least once in each 12-month period  (commencing with the date of issuance of such Standby Letter of Credit) by  giving prior notice to the beneficiary thereof within a time period during  





 






  97  AmericasActive:17030364.10  such 12-month period to be agreed upon at the time such Standby Letter of  Credit is issued; provided, further, that if the Issuing Bank and the  Administrative Agent each consent in their sole discretion, the expiration  date of any Standby Letter of Credit may extend beyond the date referred to  in clause (ii) above if cash collateralized or backstopped pursuant to  arrangements reasonably acceptable to the relevant Issuing Bank; and,  provided, further, that (A) if any such Standby Letter of Credit is issued  after the date that is 30 days prior to the Maturity Date, the Borrower will,  upon the request of the applicable Issuing Bank, provide cash collateral  pursuant to documentation reasonably satisfactory to the Administrative  Agent and the relevant Issuing Bank in an amount equal to 103% of the face  amount of each such Standby Letter of Credit on or prior to such date of  issuance (or such later date as the Administrative Agent and the Issuing  Bank may agree) and (B) each Revolving Lender’s participation in any  undrawn Letter of Credit that is outstanding on the Maturity Date will  terminate on the Maturity Date.  (b) Each Trade Letter of Credit will expire on the earlier of (A) 180 days after  such Trade Letter of Credit’s date of issuance or (B) the date that is five  Business Days prior to the Maturity Date.  (4) Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter  of Credit increasing the amount or extending the expiration date thereof) and  without any further action on the part of the applicable Issuing Bank or the  Revolving Lenders, such Issuing Bank hereby grants to each Revolving Lender,  and each Revolving Lender hereby acquires from such Issuing Bank, a participation  in such Letter of Credit equal to such Revolving Lender’s Revolving Facility  Percentage of the aggregate amount available to be drawn under such Letter of  Credit.  Each Revolving Lender hereby absolutely and unconditionally agrees to  pay to the Administrative Agent, for the account of the Issuing Bank, its Revolving  Facility Percentage of each L/C Disbursement made by such Issuing Bank and not  reimbursed by the Borrower on the date due as provided in paragraph (5) of this  Section 2.05, or of any reimbursement payment required to be refunded to the  Borrower for any reason.  Each Revolving Lender acknowledges and agrees that its  obligation to acquire participations pursuant to this paragraph in respect of Letters  of Credit is absolute and unconditional and will not be affected by any circumstance  whatsoever, including any amendment, extension, reinstatement or renewal of any  Letter of Credit or the occurrence and continuance of a Default or Event of Default  or reduction or termination of the Commitments, and that each such payment will  be made without any offset, abatement, withholding or reduction whatsoever. Each  Lender further acknowledges and agrees that its participation in each Letter of  Credit will be automatically adjusted to reflect such Lender’s Revolving Facility  Percentage of the aggregate amount available to be drawn under such Letter of  Credit at each time such Lender’s Commitment is amended pursuant to this  Agreement.  (5) [Reserved].  





 






  98  AmericasActive:17030364.10  (6) Obligations Absolute.  The obligations of the Borrower to reimburse L/C  Disbursements as provided in paragraph (8) of this Section 2.05 will be absolute,  unconditional and irrevocable, and will be performed strictly in accordance with  the terms of this Agreement under any and all circumstances whatsoever and  irrespective of:  (a) any lack of validity or enforceability of any Letter of Credit or this  Agreement, or any term or provision therein or herein;  (b) any draft or other document presented under a Letter of Credit proving to  be forged, fraudulent or invalid in any respect or any statement therein being  untrue or inaccurate in any respect;  (c) any payment by the applicable Issuing Bank under a Letter of Credit against  presentation of a draft or other document that does not comply with the  terms of such Letter of Credit; or  (d) any other event or circumstance whatsoever, whether or not similar to any  of the foregoing, that might, but for the provisions of this Section 2.05,  constitute a legal or equitable discharge of, or provide a right of setoff  against, the Borrower’s obligations hereunder.  (7) Limited Liability.  None of the Administrative Agent, the Lenders, any Issuing  Bank, or any of their Related Parties, will have any liability or responsibility by  reason of or in connection with the issuance or transfer of any Letter of Credit by  the respective Issuing Bank or any payment or failure to make any payment  thereunder (irrespective of any of the circumstances referred to in the preceding  sentence), or any error, omission, interruption, loss or delay in transmission or  delivery of any draft, notice or other communication under or relating to any Letter  of Credit (including any document required to make a drawing thereunder), any  error in interpretation of technical terms, or any consequence arising from causes  beyond the control of such Issuing Bank, the use that may be made of any Letter of  Credit or any acts or omissions of any beneficiary or transferee in connection  therewith; or any of the circumstances referred to in clauses (a), (b) or (c) of Section  2.05(6); provided that the foregoing will not be construed to excuse the applicable  Issuing Bank from liability to the Borrower to the extent of any direct damages (as  opposed to special, indirect, consequential or punitive, damages, claims in respect  of which are hereby waived by the Borrower to the extent permitted by applicable  Law) suffered by the Borrower that are determined by a final and binding decision  of a court of competent jurisdiction to have been caused by such Issuing Bank’s  failure to exercise care when determining whether drafts and other documents  presented under a Letter of Credit comply with the terms thereof.  The parties hereto  expressly agree that, in the absence of gross negligence, bad faith or willful  misconduct on the part of the applicable Issuing Bank, such Issuing Bank will be  deemed to have exercised care in each such determination.  In furtherance of the  foregoing and without limiting the generality thereof, the parties agree that, with  respect to documents presented which appear on their face to be in substantial  





 






  99  AmericasActive:17030364.10  compliance with the terms of a Letter of Credit, the applicable Issuing Bank may,  in its sole discretion, either accept and make payment upon such documents without  responsibility for further investigation, regardless of any notice or information to  the contrary, or refuse to accept and make payment upon such documents if such  documents are not in strict compliance with the terms of such Letter of Credit.  (8) Disbursement Procedures.  The applicable Issuing Bank shall notify the Borrower  and the Administrative Agent of such demand for payment and whether such  Issuing Bank has made or will make a L/C Disbursement thereunder; provided that  such notice need not be given prior to payment by such Issuing Bank and any failure  to give or delay in giving such notice shall not relieve the Borrower of its obligation  to reimburse such Issuing Bank and the Lenders with respect to such L/C  Disbursement.  The Borrower shall be irrevocably and unconditionally obligated to  reimburse each Issuing Bank for any L/C Disbursements paid by such Issuing Bank  in respect of such drawing, without presentment, demand or other formalities of  any kind.  Unless the Borrower shall have notified the applicable Issuing Bank and  the Administrative Agent prior to 11:00 a.m. on the Business Day immediately  prior to the date on which such drawing is honored that the Borrower intends to  reimburse such Issuing Bank for the amount of such drawing in funds other than  from the proceeds of Revolving Loans, the Borrower shall be deemed to have  timely given a Borrowing Request to the Administrative Agent requesting the  Lenders to make an ABR Borrowing on the date on which such drawing is honored  in an exact amount due to such Issuing Bank; provided that for purposes solely of  such Borrowing, the conditions precedent set forth in Section 4.02 shall not be  applicable.  The Administrative Agent shall notify the Lenders of such Borrowing  in accordance with Section 2.03, and each Lender shall make the proceeds of its  ABR Loan included in such Borrowing available to the Administrative Agent for  the account of the applicable Issuing Bank in accordance with Section 2.06.  The  proceeds of such Borrowing shall be applied directly by the Administrative Agent  to reimburse the applicable Issuing Bank for such L/C Disbursement.  (9) Interim Interest.  If an Issuing Bank for any Letter of Credit makes any L/C  Disbursement, then, unless the Borrower reimburses such L/C Disbursement in full  on the date such L/C Disbursement is made, the unpaid amount thereof will bear  interest, for each day from and including the date such L/C Disbursement is made  to but excluding the date that the Borrower reimburses such L/C Disbursement, at  the rate per annum then applicable to ABR Revolving Loans and such interest shall  be due and payable on the date when such reimbursement is made; provided that,  if such L/C Disbursement is not reimbursed by the Borrower when due pursuant to  paragraph (8) of this Section 2.05, then Section 2.13(3) will apply.  Interest accrued  pursuant to this paragraph will be for the account of the applicable Issuing Bank,  except that interest accrued on and after the date of payment by any Revolving  Lender pursuant to paragraph (8) of this Section 2.05 to reimburse such Issuing  Bank will be for the account of such Revolving Lender to the extent of such  payment.  





 






  100  AmericasActive:17030364.10  (10) Replacement of an Issuing Bank.  An Issuing Bank may be replaced at any time by  written agreement between the Borrower, the Administrative Agent, the replaced  Issuing Bank and the successor Issuing Bank.  The Administrative Agent will notify  the Lenders of any such replacement of an Issuing Bank.  At the time any such  replacement becomes effective, the Borrower will pay all unpaid fees accrued for  the account of the replaced Issuing Bank pursuant to Section 2.12.  From and after  the effective date of any such replacement, (a) the successor Issuing Bank will have  all the rights and obligations of the replaced Issuing Bank under this Agreement  with respect to Letters of Credit to be issued by it thereafter and (b) references  herein to the term “Issuing Bank” will be deemed to include such successor or any  previous Issuing Bank, or such successor and all previous Issuing Banks, as the  context will require.  After the replacement of an Issuing Bank hereunder, the  replaced Issuing Bank will remain a party hereto and will continue to have all the  rights and obligations of such Issuing Bank under this Agreement with respect to  Letters of Credit issued by it prior to such replacement but will not be required to  issue additional Letters of Credit.  (11) Cash Collateralization.  If any Event of Default occurs and is continuing, on the  Business Day that the Borrower receives notice from the Administrative Agent  demanding the deposit of cash collateral pursuant to this paragraph (11), the  Borrower will deposit in an account with or at the direction of the Administrative  Agent, in the name of the Administrative Agent and for the benefit of the Revolving  Lenders, an amount in cash to be agreed between the Borrower and each applicable  Issuing Bank (but in any event not to exceed 105% of the Revolving L/C Exposure  as of such date); provided that upon the occurrence of any Event of Default with  respect to the Borrower described in Section 8.01(8) or (9), the obligation to deposit  such cash collateral will become effective immediately, and such deposit will  become immediately due and payable, without demand or other notice of any kind.   Each such deposit pursuant to this paragraph will be held by the Administrative  Agent as collateral for the payment and performance of the obligations of the  Borrower under this Agreement.  The Administrative Agent will have exclusive  dominion and control, including the exclusive right of withdrawal, over such  account.  Other than any interest earned on the investment of such deposits, which  investments will be made at the option and sole discretion of (i) for so long as an  Event of Default is continuing, the Administrative Agent and (ii) at any other time,  the Borrower, in each case, in Cash Equivalents and at the risk and expense of the  Borrower, such deposits will not bear interest.  Interest or profits, if any, on such  investments will accumulate in such account.  Moneys in such account will be  applied by the Administrative Agent to reimburse each Issuing Bank for L/C  Disbursements for which such Issuing Bank has not been reimbursed and, to the  extent not so applied, will be held for the satisfaction of the reimbursement  obligations of the Borrower for the Revolving L/C Exposure at such time or, if the  maturity of the Loans has been accelerated (but subject to the consent of the  Required Lenders, be applied to satisfy other obligations of the Borrower under this  Agreement.  If the Borrower is required to provide an amount of cash collateral  hereunder as a result of the occurrence of an Event of Default, such amount (to the  





 






  101  AmericasActive:17030364.10  extent not applied as aforesaid) will be returned to the Borrower within three  Business Days after all Events of Default have been cured or waived.  (12) Additional Issuing Banks.  From time to time, the Borrower may, by notice to the  Administrative Agent, designate any Lender (in addition to Truist Bank, JPMorgan  Chase Bank N.A. and Wells Fargo Bank, National Association) to act as an Issuing  Bank; provided that such Lender agrees in its sole discretion to act as such and such  Lender is reasonably satisfactory to the Administrative Agent as an Issuing Bank  (such consent not to be unreasonably withheld, delayed or conditioned).  Each such  additional Issuing Bank will execute a counterpart of this Agreement and will  thereafter be an Issuing Bank hereunder for all purposes.  The Borrower may, in its  sole discretion, request a Letter of Credit issuance from any Issuing Bank.  (13) Reporting.  Upon the request of any Lender, but no more frequently than quarterly,  each Issuing Bank shall deliver (through the Administrative Agent) to each Lender  and the Borrower a report describing the aggregate Letters of Credit issued by such  Issuing Bank that are then outstanding.  Upon the request of any Lender from time  to time, the applicable Issuing Bank shall deliver to such Lender any other  information reasonably requested by such Lender with respect to each Letter of  Credit issued by such Issuing Bank then outstanding.  (14) Reallocation.  If the Maturity Date in respect of any tranche of Revolving Facility  Commitments occurs prior to the expiration of any Letter of Credit, then (i) if one  or more other tranches of Revolving Facility Commitments in respect of which the  Maturity Date shall not have occurred are then in effect, such Letters of Credit shall  automatically be deemed to have been issued (including for purposes of the  obligations of the Revolving Lenders to purchase participations therein and to make  Revolving Loans and payments in respect thereof pursuant to Section 2.05(5))  under (and ratably participated in by Lenders pursuant to) the Revolving Facility  Commitments in respect of such non-terminating tranches up to an aggregate  amount not to exceed the aggregate principal amount of the unutilized Revolving  Facility Commitments thereunder at such time (it being understood that no partial  face amount of any Letter of Credit may be reallocated); provided, in no event shall  such reallocation cause a Lender’s share of the Revolving Facility Commitment to  exceed such Lender’s Commitment, and (ii) to the extent not reallocated pursuant  to the immediately preceding clause (i), the Borrower shall cash collateralize any  such Letter of Credit in accordance with Section 2.05(11).  If, for any reason, such  cash collateral is not provided or reallocation does not occur, the Revolving Lenders  under the maturing tranche shall continue to be responsible for their participating  interests in the Letters of Credit.  Except to the extent of reallocations of  participations pursuant to clause (i) of the second preceding sentence, the  occurrence of a Maturity Date with respect to a given tranche of Revolving Facility  Commitments shall have no effect upon (and shall not diminish) the percentage  participations of the Revolving Lenders in any Letter of Credit issued before such  Maturity Date.  Commencing with the Maturity Date of any tranche of Revolving  Facility Commitments, the sublimit for Letters of Credit shall be agreed with the  Lenders under the extended tranches.  





 






  102  AmericasActive:17030364.10  (15) ISP/UCP.  Unless otherwise expressly agreed by an Issuing Bank and the Borrower  when a Letter of Credit is issued by such Issuing Bank and subject to applicable  laws, (a) each Standby Letter of Credit shall be governed by the “International  Standby Practices 1998” (ISP98) (or such later revision as may be published by the  Institute of International Banking Law & Practice on any date any Letter of Credit  may be issued) (the “ISP”), (b) each Trade Letter of Credit shall be governed by  the Uniform Customs and Practices for Documentary Credits (2007 Revision),  International Chamber of Commerce Publication No. 600 (or such later revision as  may be published by the International Chamber of Commerce on any date any  Letter of Credit may be issued) (the “UCP”) and (c) the Borrower shall specify the  foregoing in each letter of credit application submitted for the issuance of a Letter  of Credit.  Notwithstanding the foregoing, no Issuing Bank shall be responsible to  the Borrower for, and such Issuing Bank’s rights and remedies against the Borrower  shall not be impaired by, any action or inaction of such Issuing Bank required or  permitted under any law, order, or practice that is required or permitted to be  applied to any Letter of Credit or this Agreement, including the laws or any order  of a jurisdiction where such Issuing Bank or the beneficiary is located, the practice  stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice  statements, or official commentary of the International Chamber of Commerce  Banking Commission, the Bankers Association for Finance and Trade (BAFT), or  the Institute of International Banking Law & Practice, whether or not any Letter of  Credit chooses such Laws or practice rules.  Section 2.06 Funding of Borrowings.  (1) Each Lender will make each Loan to be made by it hereunder on the proposed date  thereof by wire transfer of immediately available funds by 10:00 a.m., New York  City time, to the account of the Administrative Agent most recently designated by  it for such purpose by notice to the Lenders; provided that (a) same-day ABR Loans  will be made by each Lender on the proposed date thereof by wire transfer of  immediately available funds by 3:00 p.m., New York City time and (b) Swingline  Loans will be made as set forth in Section 2.04.  The Administrative Agent will  make such Loans available to the Borrower by promptly crediting the amounts so  received, in like funds, to an account of the Borrower as specified in the applicable  Borrowing Request; provided that ABR Revolving Loans made to finance the  reimbursement of an L/C Disbursement and reimbursements as provided in  Section 2.05(5) will be remitted by the Administrative Agent to the applicable  Issuing Bank.  (2) Unless the Administrative Agent has received notice from a Lender prior to the  proposed date of any Borrowing that such Lender will not make available to the  Administrative Agent such Lender’s share of such Borrowing, the Administrative  Agent may assume that such Lender has made such share available on such date in  accordance with paragraph (1) of this Section 2.06 and may, in reliance upon such  assumption, make available to the Borrower a corresponding amount.  In such  event, if a Lender has not in fact made its share of the applicable Borrowing  available to the Administrative Agent, then the applicable Lender and the Borrower  





 






  103  AmericasActive:17030364.10  severally agree to pay to the Administrative Agent forthwith on demand (without  duplication) such corresponding amount with interest thereon, for each day from  and including the date such amount is made available to the Borrower to but  excluding the date of payment to the Administrative Agent at (a) in the case of such  Lender, the greater of (i) the Federal Funds Rate and (ii) a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank  compensation or (b) in the case of the Borrower, the interest rate applicable to ABR  Loans at such time.  If such Lender pays such amount to the Administrative Agent  then such amount will constitute such Lender’s Loan included in such Borrowing.  Section 2.07 Interest Elections.  (1) Each Borrowing initially will be of the Type specified in the applicable Borrowing  Request and, in the case of a SOFR Revolving Facility Borrowing, will have an  initial Interest Period as specified in such Borrowing Request.  Thereafter, the  Borrower may elect to convert such Borrowing to a different Type or to continue  such Borrowing and, in the case of a SOFR Revolving Facility Borrowing, may  elect Interest Periods therefor, all as provided in this Section 2.07.  The Borrower  may elect different options with respect to different portions of the affected  Borrowing, in which case each such portion will be allocated ratably among the  Lenders holding the Loans comprising such Borrowing, and the Loans comprising  each such portion will be considered a separate Borrowing.  (2) To make an election pursuant to this Section 2.07 following the Closing Date, the  Borrower will notify the Administrative Agent of such election by telephone (a) in  the case of an election to convert to or continue a SOFR Revolving Facility  Borrowing, not later than 2:00 p.m., New York City time, three Business Days  before the date of such election or (b) in the case of an election to convert to or  continue an ABR Borrowing, not later than 1:00 p.m., New York City time, on such  election date (which shall be a Business Day) (or in each case at such later date or  time as the Administrative Agent may agree).  Each such telephonic Interest  Election Request will be confirmed promptly by hand delivery, facsimile  transmission or e-mail to the Administrative Agent of a written Interest Election  Request substantially in the form of Exhibit E and signed by the Borrower.  (3) (a) Each telephonic and written Interest Election Request will be irrevocable  and will specify the following information:  (i) the Borrowing to which such Interest Election Request applies and,  if different options are being elected with respect to different  portions thereof, the portions thereof to be allocated to each  resulting Borrowing (in which case the information to be specified  pursuant to clauses (iii) and (iv) below will be specified for each  resulting Borrowing);  (ii) the effective date of the election made pursuant to such Interest  Election Request, which will be a Business Day;  





 






  104  AmericasActive:17030364.10  (iii) whether the resulting Borrowing is to be an ABR Borrowing or a  SOFR Revolving Facility Borrowing; and  (iv) if the resulting Borrowing is a SOFR Revolving Facility Borrowing,  the Interest Period to be applicable thereto after giving effect to such  election, which will be a period contemplated by the definition of  “Interest Period.”  (b) If any such Interest Election Request requests a SOFR Revolving Facility  Borrowing but does not specify an Interest Period, then the Borrower will  be deemed to have selected a SOFR Revolving Facility Borrowing having  an Interest Period of one month’s duration.  (4) Promptly following receipt of an Interest Election Request, the Administrative  Agent will advise each applicable Lender of the details thereof and of such Lender’s  portion of each resulting Borrowing.  (5) If the Borrower fails to deliver a timely Interest Election Request with respect to a  SOFR Revolving Facility Borrowing prior to the end of the Interest Period  applicable thereto, then, unless such Borrowing is repaid as provided herein, at the  end of such Interest Period, such Borrowing will be automatically converted into  or continued as an ABR Borrowing.  (6) Notwithstanding any contrary provision hereof, if an Event of Default has occurred  and is continuing and the Administrative Agent, at the written request (including a  request through electronic means) of the Required Lenders, so notifies the  Borrower, then, so long as an Event of Default is continuing, (a) no outstanding  Borrowing may be converted to or continued as a SOFR Revolving Facility  Borrowing and (b) unless repaid, each SOFR Revolving Facility Borrowing will be  converted to an ABR Borrowing at the end of the Interest Period applicable thereto.  Section 2.08 Termination and Reduction of Commitments.  (1) Unless previously terminated, the Commitments will terminate on the Maturity  Date.  (2) The Borrower may at any time terminate, or from time to time reduce, the  Revolving Facility Commitments; provided that (i) each reduction of the Revolving  Facility Commitments will be in an amount that is an integral multiple of $500,000  and not less than $1.0 million (or, if less, the remaining amount of the applicable  Revolving Facility Commitments) and (ii) the Borrower will not terminate or  reduce the Revolving Facility Commitments if, after giving effect to any concurrent  prepayment of the Revolving Loans in accordance with Section 2.11, the Revolving  Facility Credit Exposure would exceed the lesser of the total Revolving Facility  Commitments and the Borrowing Base.  (3) The Borrower will notify the Administrative Agent of any election to terminate or  reduce the Revolving Facility Commitments under paragraph (2) of this  





 






  105  AmericasActive:17030364.10  Section 2.08 at least three Business Days prior to the date of such termination or  reduction, specifying such election and the date thereof (or at such later date or time  as the Administrative Agent may agree).  Promptly following receipt of any notice,  the Administrative Agent will advise the Lenders of the contents thereof.  Each  notice delivered by the Borrower pursuant to this Section 2.08 will be irrevocable;  provided that a notice of termination of the Revolving Facility Commitments  delivered by the Borrower may state that such notice is revocable or conditioned  upon the effectiveness of other credit facilities or a specified transaction, in which  case such notice may be revoked or extended by the Borrower (by notice to the  Administrative Agent on or prior to the specified termination date).  Any  termination or reduction of the Commitments will be permanent.  Each reduction  of the Commitments will be made ratably among the Lenders in accordance with  their respective Commitments.  Section 2.09 Promise to Pay; Evidence of Debt.  (1) The Borrower hereby unconditionally promises to pay to the Administrative Agent  for the account of each Revolving Lender the then unpaid principal amount of each  Revolving Loan and Swingline Loan on the Maturity Date.  (2) Any Lender (including the Swingline Lender) may request that Loans made by it  be evidenced by a Note.  In such event, the Borrower will prepare, execute and  deliver to such Lender a Note payable to such Lender (or, if requested by such  Lender, to such Lender and its registered assigns) and in a form approved by the  Administrative Agent and reasonably acceptable to the Borrower.  (3) The Administrative Agent will maintain accounts in which it will record (a) the  amount of each Loan to the Borrower made hereunder, the Type thereof and the  Interest Period (if any) applicable thereto, (b) the amount of any principal or interest  due and payable or to become due and payable from the Borrower to each Lender  hereunder and (c) any amount received by the Administrative Agent hereunder for  the account of the Lenders and each Lender’s share thereof.  The entries made in  the accounts maintained pursuant to this paragraph (3) will be prima facie evidence  of the existence and amounts of the obligations recorded therein; provided that the  failure of the Administrative Agent to maintain such accounts or any error therein  will not in any manner affect the obligations of the Borrower to repay the  Obligations in accordance with the terms of this Agreement.  Section 2.10 Optional Repayment of Loans.  (1) The Borrower will have the right at any time and from time to time to repay any  Loan in whole or in part, without premium or penalty (but subject to Section 2.16),  in an aggregate principal amount, (a) in the case of SOFR Revolving Loans, that is  an integral multiple of $100,000 and not less than $1.0 million, and (b) in the case  of ABR Loans, that is an integral multiple of $100,000 and not less than $500,000,  or, in each case, if less, the amount outstanding; provided that no portion of the  





 






  106  AmericasActive:17030364.10  principal of any Refinancing Term Loans may be prepaid prior to the Discharge of  ABL Revolving Claims unless such prepayment is permitted under Section 6.11(1).  (2) Prior to any repayment of any Revolving Loans, the Borrower will select the  Borrowing or Borrowings to be repaid and will notify the Administrative Agent  (and, in respect of Swingline Loans, the Swingline Lender) by telephone  (confirmed by hand delivery, facsimile transmission or e-mail) of such selection  not later than 2:00 p.m., New York City time, (a) in the case of an ABR Borrowing,  one Business Day before the anticipated date of such repayment, (b) in the case of  a SOFR Revolving Facility Borrowing, three Business Days before the anticipated  date of such repayment (or in each case, at such later date or time as the  Administrative Agent may agree) and (c) in the case of any Swingline Borrowing,  prior to 11:00 a.m. on the date of such prepayment.  Each repayment of a Borrowing  will be applied to the Revolving Loans included in the repaid Borrowing such that  each Revolving Lender receives its ratable share of such repayment (based upon  the respective Revolving Facility Credit Exposures of the Revolving Lenders at the  time of such repayment).  Repayments of SOFR Revolving Facility Borrowings  will be accompanied by accrued interest on the amount repaid, together with any  amounts due under Section 2.16.  Section 2.11 Mandatory Repayment of Loans.  (1) Except for Overadvances permitted under Section 2.01, in the event the aggregate  amount of the Revolving Facility Credit Exposure exceeds the Line Cap at such  time, then the Borrower will within three (3) Business Days repay outstanding  Revolving Loans, and, if there remains an excess after paying all Revolving Loans,  cash collateralize Letters of Credit (in accordance with Section 2.05(11)) in an  aggregate amount equal to such excess, in each case with no reduction in  commitments.  (2) In the event and on such occasion as the Revolving L/C Exposure exceeds the Letter  of Credit Sublimit, the Borrower will within three (3) Business Days deposit cash  collateral (in accordance with Section 2.05(11)) in an amount equal to such excess.  (3) Upon the occurrence and during the continuance of a Cash Dominion Period, all  amounts in the Dominion Account shall be applied by the Administrative Agent  pursuant to Section 5.11(2).  Section 2.12 Fees.  (1) The Borrower agrees to pay to the Administrative Agent, for the account of each  Revolving Lender (other than any Defaulting Lender), a commitment fee (a  “Commitment Fee”) on the average daily amount of the Available Unused  Commitment of such Lender, which shall accrue at a rate per annum equal to the  Applicable Commitment Fee Percentage during the period from and including the  Closing Date to but excluding the earlier of the Maturity Date and any date on  which the Commitments of all the Lenders are otherwise terminated as provided  





 






  107  AmericasActive:17030364.10  herein.  Accrued Commitment Fees will be payable in arrears on the first (1st)  Business Day after the end of each fiscal quarter of the Borrower, commencing with  the fiscal quarter of the Borrower ending on June 30, 2022 and on each Maturity  Date and any date on which the Commitments of all the Lenders are terminated as  provided herein. All Commitment Fees will be computed on the basis of the actual  number of days elapsed (including the first day but excluding the last day)  in a year  of 360 days.  (2) The Borrower agrees to pay to:  (a) the Administrative Agent for the account of each Revolving Lender (other  than any Defaulting Lender, it being understood that at any time the Issuing  Bank has Fronting Exposure to such Defaulting Lender, the L/C  Participation Fee with respect to such Fronting Exposure will be payable to  the Issuing Bank for its own account), a fee with respect to its participation  in each outstanding Letter of Credit (an “L/C Participation Fee”) on the  daily aggregate L/C Amount, which shall accrue at a rate per annum equal  to the Applicable Margin for SOFR Revolving Loans during the period  from and including the Closing Date to but excluding the earlier of the  Maturity Date and any date on which the Commitments of all the Lenders  are otherwise terminated as provided herein. Accrued L/C Participation  Fees will be payable in arrears on the first (1st) Business Day after the end  of each fiscal quarter of the Borrower, commencing with the fiscal quarter  of the Borrower ending on June 30, 2022 and on each Maturity Date and  any date on which the Commitments of all the Lenders are terminated as  provided herein.  (b) each Issuing Bank, for its own account, (i) a fronting fee with respect to  each Letter of Credit issued by such Issuing Bank at a rate per annum equal  to the percentage separately agreed upon between the Borrower and such  Issuing Bank (such rate per annum not to exceed 0.125%) on the daily L/C  Amount with respect to such Letter of Credit, during the period from and  including the date of issuance or extension (as applicable) of such Letter of  Credit and to but excluding the date of termination of such Letter of Credit  and (ii) such Issuing Bank’s customary issuance fees and customary  documentary and processing fees and charges (collectively, “Issuing Bank  Fees”).  All L/C Participation Fees and Issuing Bank Fees that are payable  in Dollars on a per annum basis will be computed on the basis of the actual  number of days elapsed (including the first day but excluding the last day)  in a year of 360 days.  Issuing Bank Fees accrued will be payable in arrears  on the first (1st) Business Day after the end of each fiscal quarter of the  Borrower, commencing with the fiscal quarter of the Borrower ending on  June 30, 2022 and on each Maturity Date and any date on which the  Commitments of all the Lenders are terminated as provided herein.  (3) The Borrower agrees to pay to the Administrative Agent, for its own account, the  administrative agent’s fee in respect of the Revolving Facility set forth in the Fee  





 






  108  AmericasActive:17030364.10  Letter at the times and on the terms specified therein or in such other amounts and  at such other times as may be separately agreed in writing by the Administrative  Agent and the Borrower from time to time (the “Administrative Agent Fees”).  (4) All Fees will be paid on the dates due and payable, in immediately available funds,  to the Administrative Agent at the Payment Office for distribution, if and as  appropriate, among the Lenders, except that Issuing Bank Fees will be paid directly  to the applicable Issuing Banks.  Once paid, none of the Fees will be refundable  under any circumstances (except as expressly agreed between the Borrower and the  Administrative Agent, including pursuant to the Fee Letter).  Section 2.13 Interest.  (1) The Loans comprising each ABR Borrowing and any Swingline Loan will bear  interest at the ABR plus the Applicable Margin.  (2) The Loans comprising each SOFR Revolving Facility Borrowing will bear interest  at Adjusted Term SOFR for the Interest Period in effect for such Borrowing plus  the Applicable Margin.  (3) Following the occurrence and during the continuation of a Specified Event of  Default, the Borrower will pay interest on overdue amounts hereunder at a rate per  annum equal to (a) in the case of overdue principal of, or interest on, any Loan,  2.0% plus the rate otherwise applicable to such Loan as provided in the preceding  paragraphs of this Section 2.13 or (b) in the case of any other overdue amount, 2.0%  plus the rate applicable to ABR Loans as provided in clause (1) of this Section 2.13.  (4) Accrued interest on each Loan will be payable by the Borrower in arrears (a) on  each Interest Payment Date for such Loan; (b) on the applicable Maturity Date; and  (c) upon termination of the Revolving Facility Commitments; provided that:  (i) interest accrued pursuant to paragraph (3) of this Section 2.13 will  be payable on demand;  (ii) in the event of any repayment or prepayment of any Loan (other than  a repayment of an ABR Revolving Loan prior to the end of the  Availability Period), accrued interest on the principal amount repaid  or prepaid will be payable on the date of such repayment or  prepayment; and  (iii) in the event of any conversion of any SOFR Revolving Loan prior  to the end of the current Interest Period therefor, accrued interest on  such Loan will be payable on the effective date of such conversion.  (5) All interest hereunder will be computed on the basis of a year of 360 days, except  that interest computed by reference to the ABR at times when the ABR is based on  the prime rate will be computed on the basis of a year of 365 days (or 366 days in  a leap year), and, in each case, will be payable for the actual number of days elapsed  





 






  109  AmericasActive:17030364.10  (including the first day but excluding the last day).  The applicable ABR, Adjusted  Term SOFR or SOFR will be determined by the Administrative Agent, and such  determination will be conclusive absent manifest error.  Section 2.14 Alternate Rate of Interest; Benchmark Replacement Setting.  (1) Subject to paragraphs (2) through (6) of this Section 2.14, if prior to the  commencement of any Interest Period for a SOFR Revolving Facility Borrowing:  (a) the Administrative Agent determines (which determination will be  conclusive absent manifest error) that adequate and reasonable means do  not exist for ascertaining Adjusted Term SOFR or SOFR, as applicable, for  such Interest Period; or  (b) the Administrative Agent is advised by the Required Revolving Lenders and  the Required Term Lenders that Adjusted Term SOFR or SOFR, as  applicable, for such Interest Period will not adequately and fairly reflect the  cost to such Lenders of making or maintaining their Loans included in such  Borrowing for such Interest Period;  then the Administrative Agent will give notice thereof to the Borrower and the  Lenders by telephone, facsimile transmission or e-mail as promptly as practicable  thereafter and, until the Administrative Agent notifies the Borrower and the  Lenders that the circumstances giving rise to such notice no longer exist, (i) any  Interest Election Request that requests the conversion of any applicable Borrowing  to, or continuation of any such Borrowing as, a SOFR Revolving Facility  Borrowing will be ineffective and such Borrowing will be converted to or continued  as on the last day of the Interest Period applicable thereto an ABR Borrowing, and  (ii) if any Borrowing Request requests a SOFR Revolving Facility Borrowing, such  Borrowing will be made as an ABR Borrowing.  (2) Benchmark Replacement.  Notwithstanding anything to the contrary herein or in  any other Loan Document, if a Benchmark Transition Event and its related  Benchmark Replacement Date have occurred prior any setting of the then-current  Benchmark, then (x) if a Benchmark Replacement is determined in accordance with  clause (1) 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 (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 any Benchmark  setting at or after 5:00 p.m. 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  





 






  110  AmericasActive:17030364.10  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.  If the Benchmark Replacement is Daily Simple  SOFR, all interest payments will be payable on a quarterly basis.  (3) Benchmark Replacement Conforming Changes.  In connection with the use,  administration, adoption or implementation of a Benchmark Replacement, the  Administrative Agent will have the right to make Conforming Changes from time  to time and, notwithstanding anything to the contrary herein or in any other Loan  Document, any amendments implementing such Conforming Changes will become  effective without any further action or consent of any other party to this Agreement  or any other Loan Document.  (4) Notices; Standards for Decisions and Determinations.  The Administrative Agent  will promptly notify the Borrower and the Lenders of (i) the implementation of any  Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in  connection with the use, administration, adoption or implementation of a  Benchmark Replacement.  The Administrative Agent will notify the Borrower of  (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section  2.14(5) and (y) the commencement of any Benchmark Unavailability Period.  Any  determination, decision or election that may be made by the Administrative Agent  or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14,  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 2.14.  (5) Unavailability of Tenor of Benchmark.  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 the Term SOFR Reference Rate) 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 Administrative  Agent in its reasonable discretion 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 not or will be not be  representative, then the Administrative Agent may modify the definition of  “Interest Period” (or any similar or analogous definition) 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) or (B) is not, or is no longer, subject to an  announcement that it is not or will not be representative for a Benchmark (including  a Benchmark Replacement), then the Administrative Agent may modify the  





 






  111  AmericasActive:17030364.10  definition of “Interest Period” (or any similar or analogous definition) for all  Benchmark settings at or after such time to reinstate such previously removed tenor.  (6) Benchmark Unavailability Period.  Upon the Borrower’s receipt of notice of the  commencement of a Benchmark Unavailability Period, the Borrower may revoke  any pending request for a SOFR Revolving Facility Borrowing of, conversion to or  continuation of SOFR Revolving 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 a 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 2.15 Increased Costs.  (1) If any Change in Law:  (a) imposes, modifies or deems applicable any reserve, special deposit or  similar requirement against assets of, deposits with or for the account of, or  credit extended by, any Lender or Issuing Bank;  (b) imposes on any Lender or Issuing Bank any condition (other than Taxes)  affecting this Agreement or SOFR Revolving Loans made by such Lender  or any Letter of Credit or participation therein; or  (c) subjects any Recipient to any Taxes (other than (i) Indemnified Taxes and  (ii) Excluded Taxes) on its loans, loan principal, letters of credit,  commitments or other obligations, or deposits, reserves, other liabilities or  capital attributable thereto;  and the result of any of the foregoing is to increase the cost to such Lender of making or  maintaining any SOFR Revolving Loan (or of maintaining its obligation to make any such Loan)  or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining  any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or  Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay  to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will  compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or  reduction suffered.  (2) If any Lender or Issuing Bank determines that any Change in Law regarding capital  or liquidity requirements has or would have the effect of reducing the rate of return  on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or  Issuing Bank’s holding company, if any, as a consequence of this Agreement or the  Loans made by, or participations in Letters of Credit held by, such Lender, or the  Letters of Credit issued by such Issuing Bank, to a level below that which such  Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding  company could have achieved but for such Change in Law (taking into  





 






  112  AmericasActive:17030364.10  consideration such Lender’s or such Issuing Bank’s policies and the policies of such  Lender’s or such Issuing Bank’s holding company with respect to capital adequacy  or liquidity), then from time to time the Borrower will pay to such Lender or such  Issuing Bank, as applicable, such additional amount or amounts as will compensate  such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding  company for any such reduction suffered.  (3) A certificate of a Lender or an Issuing Bank setting forth the amount or amounts  necessary to compensate such Lender or Issuing Bank or its holding company, as  applicable, as specified in paragraph (1) or (2) of this Section 2.15 will be delivered  to the Borrower and will be conclusive absent manifest error.  The Borrower will  pay such Lender or Issuing Bank, as applicable, the amount shown as due on any  such certificate within ten days after receipt thereof.  (4) Promptly after any Lender or any Issuing Bank has determined that it will make a  request for increased compensation pursuant to this Section 2.15, such Lender or  Issuing Bank will notify the Borrower thereof.  Failure or delay on the part of any  Lender or Issuing Bank to demand compensation pursuant to this Section 2.15 will  not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such  compensation; provided that the Borrower will not be required to compensate a  Lender or an Issuing Bank pursuant to this Section 2.15 for any increased costs or  reductions incurred more than 180 days prior to the date that such Lender or Issuing  Bank, as applicable, notifies the Borrower of the Change in Law giving rise to such  increased costs or reductions and of such Lender’s or Issuing Bank’s intention to  claim compensation therefor; provided, further, that if the Change in Law giving  rise to such increased costs or reductions is retroactive, then the 180-day period  referred to above will be extended to include the period of retroactive effect thereof.  Section 2.16 Break Funding Payments.  Except as otherwise set forth herein, the  Borrower will compensate each Lender for the actual out-of-pocket loss, cost and expense  (excluding loss of anticipated profits) attributable to the following events:  (1) the payment of any principal of any SOFR Revolving Loan other than on the last  day of an Interest Period applicable thereto (including as a result of an Event of  Default);  (2) the conversion of any SOFR Revolving Loan other than on the last day of the  Interest Period applicable thereto;  (3) the failure to borrow, convert, continue or prepay any SOFR Revolving Loan on  the date specified in any notice delivered pursuant hereto; or  (4) the assignment of any SOFR Revolving Loan other than on the last day of the  Interest Period applicable thereto as a result of a request by the Borrower pursuant  to Section 2.19.  A certificate of any Lender setting forth in reasonable detail any amount or amounts that such  Lender is entitled to receive pursuant to this Section 2.16 will be delivered to the Borrower and  





 






  113  AmericasActive:17030364.10  will be conclusive absent manifest error.  The Borrower will pay such Lender the amount shown  as due on any such certificate within ten days after receipt thereof.  Section 2.17 Taxes.  (1) Any and all payments by or on account of any obligation of any Loan Party  hereunder will be made free and clear of and without deduction for any Indemnified  Taxes; provided that if a Loan Party is required to deduct any Indemnified Taxes  from such payments, then (a) the sum payable will be increased as necessary so that  after making all required deductions (including deductions applicable to additional  sums payable under this Section 2.17) the Administrative Agent or any Lender, as  applicable, receives an amount equal to the amount it would have received had no  such deductions been made; (b) such Loan Party will make such deductions; and  (c) such Loan Party will timely pay the full amount deducted to the relevant  Governmental Authority in accordance with applicable law.  (2) In addition, the Loan Parties will pay any Other Taxes to the relevant Governmental  Authority in accordance with applicable law.  (3) Each Loan Party will, jointly and severally, indemnify the Administrative Agent  and each Lender, within ten days after written demand therefor, for the full amount  of any Indemnified Taxes paid by the Administrative Agent or such Lender (other  than as a result of the Administrative Agent’s or any Lender’s gross negligence or  willful misconduct) on or with respect to any payment by or on account of any  obligation of such Loan Party hereunder (including Indemnified Taxes imposed or  asserted on or attributable to amounts payable under this Section 2.17) and any  reasonable expenses arising therefrom or with respect thereto, whether or not such  Indemnified Taxes were correctly or legally imposed or asserted by the relevant  Governmental Authority.  A certificate as to the amount of such payment or liability  delivered to such Loan Party by a Lender, or by the Administrative Agent on its  own behalf or on behalf of a Lender, will be conclusive absent manifest error.  (4) As soon as practicable after any payment of Indemnified Taxes by a Loan Party to  a Governmental Authority, such Loan Party will deliver to the Administrative  Agent the original or a certified copy of a receipt issued by such Governmental  Authority evidencing such payment, a copy of the return reporting such payment  or other evidence of such payment reasonably satisfactory to the Administrative  Agent.  (5) (1) Any Lender that is entitled to an exemption from or reduction of  withholding Tax with respect to payments made under any Loan Document  will deliver to the Borrower and the Administrative Agent, at the time or  times reasonably requested by the Borrower or the Administrative Agent,  such properly completed and executed documentation reasonably requested  by the Borrower or the Administrative Agent as will permit such payments  to be made without withholding or at a reduced rate of withholding. In  addition, any Lender, if reasonably requested by the Borrower or the  





 






  114  AmericasActive:17030364.10  Administrative Agent, will deliver such other documentation 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 is subject to backup  withholding or information reporting requirements.  Notwithstanding  anything to the contrary in the preceding two sentences, the completion,  execution and submission of such documentation (other than such  documentation set forth in Sections 2.17(5)(b), 2.17(5)(c) and 2.17(6)  below) will not be required if in the Lender’s reasonable judgment such  completion, execution or submission would subject such Lender to any  material unreimbursed cost or expense or would materially prejudice the  legal or commercial position of such Lender.  (a) Without limiting the effect of Section 2.17(5)(a) above, each Foreign  Lender will deliver to the Borrower and the Administrative Agent on or  prior to the date on which such Foreign Lender becomes a Lender under this  Agreement (and from time to time thereafter upon the reasonable request of  the Borrower or the Administrative Agent), two original copies of  whichever of the following is applicable:  (i) in the case of a Foreign Lender claiming the benefits of an income  tax treaty to which the United States of America is a party, (A) with  respect to payments of interest under any Loan Document, executed  copies of Internal Revenue Service Form W-8BEN or W-8BEN-E  (or any subsequent versions thereof or successors thereto)  establishing an exemption from, or reduction of, U.S. federal  withholding Tax pursuant to the “interest” article of such tax treaty  and (B) with respect to any other applicable payments under any  Loan Document, Internal Revenue Service Form W-8BEN or W- 8BEN-E establishing an exemption from, or reduction of, U.S.  federal withholding Tax pursuant to the “business profits” or “other  income” article of such tax treaty;  (ii) duly completed copies of Internal Revenue Service Form W-8ECI  (or any subsequent versions thereof or successors thereto);  (iii) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 871(h) or 881(c) of  the Code, (A) a certificate substantially in the form of the applicable  Exhibit G to the effect that such Foreign Lender is not (1) a “bank”  within the meaning of Section 881(c)(3)(A) of the Code; (2) a “10  percent shareholder” of the Borrower within the meaning of Section  871(h)(3) or Section  881(c)(3)(B) of the Code; or (3) a “controlled  foreign corporation” described in Section 881(c)(3)(C) of the Code  (a “U.S. Tax Compliance Certificate”) and (B) duly completed  copies of Internal Revenue Service Form W-8BEN or W-8BEN-E  (or any subsequent versions thereof or successors thereto);  





 






  115  AmericasActive:17030364.10  (iv) to the extent a Foreign Lender is not the Beneficial Owner, executed  copies of Internal Revenue Service Form W-8IMY, accompanied by  Internal Revenue Service Form W-8ECI, Internal Revenue Service  Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate  substantially in the form of Exhibit F-2 or Exhibit F-3, Internal  Revenue Service Form W-9, and/or other certification documents  from each Beneficial Owner, as applicable; provided that if the  Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest  exemption, such Foreign Lender may provide a U.S. Tax  Compliance Certificate substantially in the form of Exhibit F-4 on  behalf of each such direct and indirect partner; or  (v) any other form prescribed by applicable law as a basis for claiming  exemption from or a reduction in United States federal withholding  tax duly completed together with such supplementary  documentation as may be prescribed by applicable law to permit the  Borrower or the Administrative Agent to determine the withholding  or deduction required to be made.  In addition, in each of the foregoing circumstances, each Foreign Lender  will deliver such forms, if legally entitled to deliver such forms, promptly  upon the obsolescence, expiration or invalidity of any form previously  delivered by such Foreign Lender.  Each Foreign Lender will promptly  notify the Borrower and the Administrative Agent at any time it determines  that it is no longer in a position to provide any previously delivered  certificate to the Borrower (or any other form of certification adopted by the  United States of America or other taxing authorities for such purpose).  In  addition, each Lender that is not a Foreign Lender will deliver to the  Borrower and the Administrative Agent two copies of Internal Revenue  Service Form W-9 (or any subsequent versions thereof or successors  thereto) on or before the date such Lender becomes a party and upon the  expiration of any form previously delivered by such Lender.   Notwithstanding any other provision of this paragraph, a Lender will not be  required to deliver any form pursuant to this paragraph (5) that such Lender  is not legally able to deliver;  (b) Truist Bank in its capacity as the Administrative Agent (and any Person  succeeding the Administrative Agent upon assignment or succession under  Section 9.09, if applicable) will also deliver, to the Borrower, on or prior to  the execution and delivery of this Agreement, (i) two duly completed copies  of Internal Revenue Service form W-9 with respect to any amounts payable  to Truist Bank for its own account (or other withholding certification as  appropriate) and (ii) if applicable, two duly completed copies of Internal  Revenue Service Form W-8IMY certifying that it is a “U.S. branch” and  that the payments it receives for the account of others are not effectively  connected with the conduct of its trade or business in the United States and  





 






  116  AmericasActive:17030364.10  that it is using such form as evidence of its agreement with the Borrower to  be treated as a United States person with respect to such payments, with the  effect that the Borrower can make payments to Truist Bank (acting as the  Administrative Agent) without deduction or withholding of any taxes  imposed by the United States.  (6) If a payment made to a Recipient under any Loan Document would be subject to a  Tax imposed by FATCA if such Recipient 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 Recipient will 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 Recipient has complied  with such Recipient’s obligations under FATCA or to determine the amount to  deduct and withhold from such payment.  Solely for purposes of this clause (6),  “FATCA” will include any amendments made to FATCA after the date of this  Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it will update such form or certification or  promptly notify the Borrower and the Administrative Agent in writing of its legal inability  to do so.  (7) If the Administrative Agent or any Lender determines, in its sole discretion,  exercised in good faith, that it has received a refund (including a credit in lieu of a  refund) of any Indemnified Taxes or Other Taxes as to which it has been  indemnified by a Loan Party or with respect to which such Loan Party has paid  additional amounts pursuant to this Section 2.17, it will pay over reasonably  promptly such refund to such Loan Party (but only to the extent of indemnity  payments made, or additional amounts paid, by such Loan Party under this  Section 2.17 with respect to the Indemnified Taxes or Other Taxes giving rise to  such refund), net of all out-of-pocket expenses of the Administrative Agent or such  Lender (including any Taxes imposed with respect to such refund) as is determined  by the Administrative Agent or such Lender in good faith, and without interest  (other than any interest paid by the relevant Governmental Authority with respect  to such refund); provided that such Loan Party, upon the request of the  Administrative Agent or such Lender, agrees to repay as soon as reasonably  practicable the amount paid over to such Loan Party (plus any penalties, interest or  other charges imposed by the relevant Governmental Authority) to the  Administrative Agent or such Lender in the event the Administrative Agent, such  Issuing Bank or such Lender is required to repay such refund to such Governmental  Authority.  This Section 2.17(7) will not be construed to require the Administrative  Agent or any Lender to make available its Tax returns (or any other information  





 






  117  AmericasActive:17030364.10  relating to its Taxes which it deems, in good faith, to be confidential) to the Loan  Parties or any other Person.  (8) Each party’s obligations under this Section 2.17 will survive the resignation or  replacement of the Administrative Agent or 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.  (9) For purposes of this Section 2.17, the term “applicable law” includes FATCA and  the term “Lender” includes any Issuing Bank.  Section 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs.  (1) Unless otherwise specified, the Borrower will make each payment required to be  made by it hereunder (whether of principal, interest, fees, reimbursement of L/C  Disbursements or otherwise) prior to 2:00 p.m., New York City time, at the  Payment Office, except payments to be made directly to the applicable Issuing  Bank or Swingline Lender as expressly provided herein and except that (unless the  Borrower, the Administrative Agent and the applicable Persons otherwise agree)  payments pursuant to Sections 2.15, 2.16, 2.17 and 10.05 will be made directly to  the Persons entitled thereto, on the date when due. All payments shall be in  immediately available funds, without condition or deduction for any defense,  recoupment, set-off 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.  The Administrative Agent will distribute any such payments received by  it for the account of any other Person to the appropriate recipient promptly  following receipt thereof and will make settlements with the Lenders with respect  to other payments at the times and in the manner provided in this Agreement.   Except as otherwise provided herein, if any payment hereunder is due on a day that  is not a Business Day, the date for payment will be extended to the next succeeding  Business Day, and, in the case of any payment accruing interest, interest thereon  will be payable for the period of such extension.  Any payment required to be made  by the Administrative Agent hereunder will be deemed to have been made by the  time required if the Administrative Agent, at or before such time, has taken the  necessary steps to make such payment in accordance with the regulations or  operating procedures of the clearing or settlement system used by the  Administrative Agent to make such payment.  (2) [Reserved].  (3) Except as otherwise provided in this Agreement, if (a) at any time insufficient funds  are received by and available to the Administrative Agent from the Borrower to pay  fully all amounts of principal, unreimbursed L/C Disbursements, interest and fees  and other Obligations then due from the Borrower hereunder or (b) at any time  during a Cash Dominion Period (including in connection with any termination of  the Revolving Facility Commitments pursuant to Section 8.01) and the  





 






  118  AmericasActive:17030364.10  Administrative Agent or the Collateral Agent receives proceeds of Collateral, such  funds will be applied,  (i) first, toward payment of any expenses, fees and indemnities due to  the Agents, Swingline Lender and each Issuing Bank hereunder;  (ii) second, toward payment of unreimbursed L/C Disbursements,  Protective Advances, Overadvances and the principal amount of any  Swingline Loans then due from the Borrower hereunder, ratably  among the parties entitled thereto in accordance with the amounts of  unreimbursed L/C Disbursements, Protective Advances,  Overadvances and principal amount of Swingline Loans then due to  such parties;  (iii) third, toward payment of interest and fees then due from the  Borrower hereunder with respect to any Revolving Facility Credit  Exposure, ratably among the parties entitled thereto in accordance  with the amounts of interest and fees then due to such parties;  (iv) fourth, on a ratable basis, toward (a) payment of other principal then  due from the Borrower hereunder with respect to any Revolving  Facility Credit Exposure, ratably among the parties entitled thereto  in accordance with the amounts of such principal then due to such  parties and (b) payment of Specified Hedge Obligations up to the  amount of Specified Pari Hedge Amount existing therefor, ratably  among the parties entitled thereto in accordance with the amounts of  such Specified Hedge Obligations then due to such parties;  (v) fifth, if an Event of Default has occurred and is continuing, to cash  collateralize Letters of Credit issued for the account of the Borrower  or any Subsidiary in accordance with Section 2.05(11);  (vi) sixth, to pay any other Obligations (excluding any (x) Obligations  with respect to Refinancing Term Loans, (y) Cash Management  Obligations or (z) Specified Hedge Obligations) ratably among the  parties thereto in accordance with such amounts so owed them;  (vii) seventh, to payment of other Specified Hedge Obligations then due  from the Borrower or any Subsidiary Loan Party, ratably among the  parties entitled thereto in accordance with the amounts of Specified  Hedge Obligations then due to such parties;  (viii) eighth, to payment of Cash Management Obligations of the  Borrower or any Subsidiary Loan Party then due from the Borrower  or such Subsidiary Loan Party, ratably among the parties entitled  thereto in accordance with the amounts of such Cash Management  Obligations then due to such parties;  





 






  119  AmericasActive:17030364.10  (ix) ninth, to payment of all other Obligations (other than those relating  to Refinancing Term Loans) of the Borrower then due and payable,  ratably among the parties entitled thereto in accordance with the  amounts of such Obligations then due to such parties;  (x) tenth, toward payment of interest then due from the Borrower  hereunder with respect to the Refinancing Term Loans, ratably  among the parties entitled thereto in accordance with the amounts of  interest then due to such parties;  (xi) eleventh, toward payment of principal then due from the Borrower  hereunder with respect to the Refinancing Term Loans, ratably  among the parties entitled thereto in accordance with the amounts of  such principal then due to such parties; and  (xii) twelfth, to payment of all other Obligations of the Borrower then due  and payable with respect to the Refinancing Term Loans, ratably  among the parties entitled thereto in accordance with the amounts of  such Obligations then due to such parties;  provided that the application of such proceeds at all times will be subject to  the application of proceeds provisions contained in any applicable  Intercreditor Agreement.  (4) Except as otherwise provided in this Agreement and subject to express priorities  set forth in Section 2.18(3) above, if any Lender, by exercising any right of set-off  or counterclaim or otherwise, obtains payment in respect of any principal of or  interest on any of its Revolving Loans or participations in L/C Disbursements  resulting in such Lender receiving payment of a greater proportion of the aggregate  amount of its Revolving Loans and participations in L/C Disbursements and  accrued interest thereon than the proportion received by any other Lender, then the  Lender receiving such greater proportion will purchase (for cash at face value)  participations in the Revolving Loans and participations in L/C Disbursements of  other Lenders to the extent necessary so that the benefit of all such payments will  be shared by the Lenders ratably in accordance with the aggregate amount of  principal of and accrued interest on their respective Revolving Loans and  participations in L/C Disbursements; provided that (a) if any such participations are  purchased and all or any portion of the payment giving rise thereto is recovered,  such participations will be rescinded and the purchase price restored to the extent  of such recovery, without interest, and (b) the provisions of this paragraph (4) will  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 Revolving Loans or participations in L/C Disbursements to any assignee or  participant other than to the Borrower or any other Subsidiary or Affiliate thereof  (as to which the provisions of this paragraph (4) apply).  The Borrower consents to  the foregoing and agrees, to the extent it may effectively do so under applicable  





 






  120  AmericasActive:17030364.10  law, that any Lender acquiring a participation pursuant to the foregoing  arrangements may exercise against the Borrower rights of set-off and counterclaim  with respect to such participation as fully as if such Lender were a direct creditor  of the Borrower in the amount of such participation.  (5) Subject to the priorities set forth in Section 2.18(3) above, if any Lender, by  exercising any right of set-off or counterclaim or otherwise, obtains payment in  respect of any principal of or interest on any of its Refinancing Term Loans  resulting in such Lender receiving payment of a greater proportion of the aggregate  amount of its Refinancing Term Loans and accrued interest thereon than the  proportion received by any other Lender, then the Lender receiving such greater  proportion will purchase (for cash at face value) participations in the Refinancing  Term Loans of other Lenders to the extent necessary so that the benefit of all such  payments will be shared by the Lenders ratably in accordance with the aggregate  amount of principal of and accrued interest on their respective Refinancing Term  Loans; provided that (a) if any such participations are purchased and all or any  portion of the payment giving rise thereto is recovered, such participations will be  rescinded and the purchase price restored to the extent of such recovery, without  interest, and (b) the provisions of this paragraph (5) will 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  Refinancing Term Loans to any assignee or participant other than to the Borrower  or any other Subsidiary or Affiliate thereof (as to which the provisions of this  paragraph (5) apply).  The Borrower consents to the foregoing and agrees, to the  extent it may effectively do so under applicable law, that any Lender acquiring a  participation pursuant to the foregoing arrangements may exercise against the  Borrower rights of set-off and counterclaim with respect to such participation as  fully as if such Lender were a direct creditor of the Borrower in the amount of such  participation.  (6) Unless the Administrative Agent has received notice from the Borrower prior to the  date on which any payment is due to the Administrative Agent for the account of  the Lenders or the applicable Issuing Bank hereunder that the Borrower will not  make such payment, the Administrative Agent may assume that the Borrower has  made such payment on such date in accordance herewith and may, in reliance upon  such assumption, distribute to the Lenders or the applicable Issuing Bank, as  applicable, the amount due.  In such event, if the Borrower has not in fact made  such payment, then each of the Lenders or the applicable Issuing Bank, as  applicable, severally agrees to repay to the Administrative Agent forthwith on  demand the amount so distributed to such Lender or Issuing Bank with interest  thereon, for each day from and including the date such amount is distributed to it  to but excluding the date of payment to the Administrative Agent, at the greater of  the Federal Funds Rate and a rate determined by the Administrative Agent in  accordance with banking industry rules on interbank compensation.  





 






  121  AmericasActive:17030364.10  (7) If any Lender fails to make any payment required to be made by it pursuant to  Section 2.05(4) or (5), 2.06(2) or 2.18(6), then the Administrative Agent may, in its  discretion (notwithstanding any contrary provision hereof), apply any amounts  thereafter received by the Administrative Agent for the account of such Lender to  satisfy such Lender’s obligations under such Sections until all such unsatisfied  obligations are fully paid.  Section 2.19 Mitigation Obligations; Replacement of Lenders.  (1) If any Lender requests compensation under Section 2.15, or if the Borrower is  required to pay any additional amount to any Lender or any Governmental  Authority for the account of any Lender pursuant to Section 2.17, then such Lender  will use reasonable efforts to designate a different lending office for funding or  booking its Loans hereunder or assign its rights and obligations hereunder to  another of its offices, branches or Affiliates if, in the reasonable judgment of such  Lender, such designation or assignment (a) would eliminate or reduce amounts  payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (b) would  not subject such Lender to any material unreimbursed cost or expense and would  not otherwise be disadvantageous to such Lender in any material respect.  The  Borrower hereby agrees to pay all reasonable costs and expenses incurred by any  Lender in connection with any such designation or assignment.  (2) If any Lender requests compensation under Section 2.15 or is a Defaulting Lender,  or if the Borrower is required to pay any additional amount to any Lender or any  Governmental Authority for the account of any Lender pursuant to Section 2.17,  then the Borrower may, at its sole expense and effort, upon notice to such Lender  and the Administrative Agent, require such Lender to assign and delegate, without  recourse (in accordance with and subject to the restrictions contained in Section  10.04), all its interests, rights and obligations under this Agreement to an assignee  that assumes such obligations (which assignee may be another Lender, if a Lender  accepts such assignment); provided that (a) the Borrower shall have received the  prior written consent of the Administrative Agent, Swingline Lender and the  Issuing Bank, which consent shall not unreasonably be withheld, to the extent the  consent of such Person would be required under Section 10.04 for an assignment  of Loans or Commitments to such Person, (b) such Lender has received payment  of an amount equal to the outstanding principal of its Loans and funded  participations in L/C Disbursements, accrued interest thereon, accrued fees and all  other amounts payable to it hereunder and (c) in the case of any such assignment  resulting from a claim for compensation under Section 2.15 or payments required  to be made pursuant to Section 2.17, such assignment will result in a reduction in  such compensation or payments.  No action by or consent of the Defaulting Lender  will be necessary in connection with such removal or assignment. In connection  with any such assignment, the Borrower, the Administrative Agent, the Defaulting  Lender and the replacement Lender will otherwise comply with Section 10.04;  provided that if such Defaulting Lender does not comply with Section 10.04 within  three Business Days after the Administrative Agent’s or the Borrower’s request,  compliance with Section 10.04 will not be required to effect such assignment.  





 






  122  AmericasActive:17030364.10  Nothing in this Section 2.19 will be deemed to prejudice any rights that the  Borrower may have against any Lender that is a Defaulting Lender.  (3) If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to  a proposed amendment, waiver, discharge or termination that, pursuant to the terms  of Section 10.08, requires the consent of such Lender and with respect to which the  Required Lenders have granted their consent, then the Borrower will have the right  (unless such Non-Consenting Lender grants such consent) at its sole expense, to  replace such Non-Consenting Lender by deeming such Non-Consenting Lender to  have assigned its Loans and its Commitments hereunder to one or more assignees  reasonably acceptable to the Administrative Agent, Swingline Lender and the  Issuing Bank to the extent the consent of such Person would be required under  Section 10.04 for an assignment of Loans or Commitments to such Person;  provided that (a) all Obligations of the Borrower owing to such Non-Consenting  Lender (including accrued Fees and any amounts due under Section 2.15, 2.16 or  2.17) being removed or replaced will be paid in full to such Non-Consenting Lender  concurrently with such assignment and (b) such Non-Consenting Lender will have  received payment of an amount equal to the principal amount thereof plus accrued  and unpaid interest thereon.  No action by or consent of the Non-Consenting Lender  will be necessary in connection with such removal or assignment, which will be  immediately and automatically effective upon payment of such purchase price.  In  connection with any such assignment, the Borrower, the Administrative Agent,  such Non-Consenting Lender and the replacement Lender will otherwise comply  with Section 10.04; provided that if such Non-Consenting Lender does not comply  with Section 10.04 within three Business Days after the Administrative Agent’s or  the Borrower’s request therefor, compliance with Section 10.04 will not be required  to effect such assignment.  Section 2.20 Illegality.  If any Lender reasonably determines that any change in law has  made it unlawful, or if any Governmental Authority has asserted after the Closing Date that it is  unlawful, for any Lender or its applicable lending office to make or maintain any SOFR Revolving  Loans, then, upon notice thereof by such Lender to the Borrower through the Administrative  Agent, any obligations of such Lender to make or continue SOFR Revolving Loans or to convert  ABR Borrowings to SOFR Revolving Facility Borrowings will 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 will upon demand from  such Lender (with a copy to the Administrative Agent), either convert all SOFR Revolving Facility  Borrowings of such Lender to ABR Borrowings, either on the last day of the Interest Period  therefor, if such Lender may lawfully continue to maintain such SOFR Revolving Facility  Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain  such Loans.  Upon any such prepayment or conversion, the Borrower will also pay accrued interest  on the amount so prepaid or converted.  Section 2.21 Incremental Facilities.  (1) Notice.  At any time and from time to time, on one or more occasions, subject to  the terms and conditions set forth herein, the Borrower may, by notice to the  





 






  123  AmericasActive:17030364.10  Administrative Agent, increase the Revolving Facility Commitments (each such  increase, an “Incremental Revolving Facility Increase” or “Incremental Facility”,  and such additional Revolving Facility Commitments, the “Incremental  Commitments”).  (2) Ranking.  Any Incremental Commitments will (a) rank pari passu in right of  payment with the Revolving Facility Claims and (b) be secured by the Collateral  on a pari passu basis with the Revolving Facility Claims.  (3) Size. The principal amount of commitments in respect of Incremental Revolving  Facility Increases received pursuant to this Section 2.21 will not exceed, in the  aggregate, an amount equal to the greater of (a) $150,000,000 and (b) on the date  of any such increase, the amount by which the Borrowing Base in effect at such  time exceeds the aggregate Revolving Facility Commitments at such time (which  shall not be a negative number).  Each Incremental Revolving Facility Increase received pursuant to this  Section 2.21 will be in an integral multiple of $1.0 million and in a minimum  aggregate principal amount of $10.0 million (or such lesser minimum amount  approved by the Administrative Agent); provided that such amount may be less  than such minimum amount or integral multiple amount without the Administrative  Agent’s consent if such amount represents all of the remaining availability in  respect of Incremental Revolving Facility Increases available pursuant to this  Section 2.21 at such time.  (4) Incremental Lenders.  Incremental Facilities may be provided by any existing  Lender (it being understood that no existing Lender will have an obligation to  provide any Incremental Facility), or any Additional Lender (collectively, the  “Incremental Lenders”); provided that the Administrative Agent, Swingline  Lender and each Issuing Bank at the time of effectiveness of such Incremental  Facility shall have consented (such consent not to be unreasonably withheld,  delayed or conditioned) to any Additional Lender’s provision of such Incremental  Facility if such consent by such Person would be required under Section 10.04 for  an assignment of Commitments or Loans to such Additional Lender. The existing  Lenders will not have any right to participate in any arrangement of, and will not  have any right of first refusal or other right to provide all or any portion of, any  Incremental Facility except to the extent the Borrower and the arrangers thereof, if  any, in their discretion, choose to invite or include any such existing Lender (which  may or may not apply to all existing Lenders and may or may not be pro rata among  existing Lenders). Final allocations in respect of any Incremental Facilities will be  made by the Borrower together with the arrangers thereof, if any, in their discretion,  in accordance with this Section 2.21.  (5) Incremental Facility Amendments; Use of Proceeds.  Each Incremental Facility will  become effective pursuant to an amendment (which may, at the option of the  Administrative Agent and the Borrower, be in the form of an amendment and  restatement) (each, an “Incremental Facility Amendment”) to this Agreement and,  





 






  124  AmericasActive:17030364.10  as appropriate, the other Loan Documents, executed by the Borrower, the  Administrative Agent and, with respect to any amendment (or amendment and  restatement) of this Agreement, each Incremental Lender providing such  Incremental Facility.  Incremental Facility Amendments may, without the consent  of any other Lenders, effect such amendments to this Agreement and the other Loan  Documents as may be necessary or appropriate, in the reasonable opinion of the  Administrative Agent and the Borrower, to effect the provisions of this Section  2.21.  The Administrative Agent will promptly notify each Lender as to the  effectiveness of each Incremental Facility Amendment.  Each of the parties hereto  hereby agrees that, upon the effectiveness of any Incremental Facility Amendment,  this Agreement and the other Loan Documents, as applicable, will be deemed  amended (or amended and restated) to the extent (but only to the extent) necessary  to reflect the existence and terms of the Incremental Facility evidenced thereby.  This Section 2.21 shall supersede any provisions in Section 2.18 or 10.08 to the  contrary. The Borrower and its Restricted Subsidiaries may use the proceeds of the  Incremental Facility for any purpose not prohibited by this Agreement.  (6) Conditions.  The initial availability of any Incremental Facility will be subject  solely to the following conditions, subject, for the avoidance of doubt, to Section  1.09, measured on the date of the initial incurrence under (or, as applicable,  pursuant to Section 1.09, receipt of commitments with respect to) any such  Incremental Facility:  (a) no Event of Default shall have occurred and be continuing on the date such  Incremental Facility is incurred or would exist immediately after giving  effect thereto; provided that the condition set forth in this clause (a) may be  waived or not required (other than with respect to any Specified Event of  Default) by the Persons providing such Incremental Facility in connection  with a Permitted Acquisition or other Investment permitted hereunder;  (b) the representations and warranties in the Loan Documents will be true and  correct in all material respects (except for representations and warranties  that are already qualified by materiality, which representations and  warranties will be accurate in all respects) immediately prior to, and  immediately after giving effect to, the incurrence of such Incremental  Facility; provided that the condition set forth in this clause (b) may be  waived or not required (other than with respect to the Specified  Representations) in connection with a Permitted Acquisition or other  Investment permitted hereunder; and  (c) such other conditions (if any) as may be required by the Incremental  Lenders providing such Incremental Facility, unless such other conditions  are waived by such Incremental Lenders.  (7) Terms. Any Incremental Facility will be on the terms set forth in the Loan  Documents, as amended by the applicable Incremental Facility Amendment;  provided that (a) any Incremental Commitments will (x) rank pari passu in right of  





 






  125  AmericasActive:17030364.10  payment with the Revolving Facility Claims (y) be secured by Collateral on a pari  passu basis with the Revolving Facility Claims and (z) be on terms and pursuant to  documentation applicable to the Revolving Facility Commitments and will form a  part of the existing Revolving Facility; provided that Applicable Margin and  Applicable Commitment Fees, in each case, applicable to Revolving Facility  Commitments and the Revolving Loans may be increased without the consent of  any Lender, in connection with the incurrence of any Incremental Commitments  such that the Applicable Margin and the Applicable Commitment Fee Percentage  of the Revolving Facility Commitments are identical to those of any Incremental  Commitments; provided, further, that any commitment, arrangement, upfront or  similar fees for such Incremental Commitments will be as determined by a  Responsible Officer of the Borrower and the lenders providing such Incremental  Commitments and (b) no Incremental Commitments may mature prior to the  Maturity Date with respect to the Revolving Facility Commitments existing on the  Closing Date.  (8) Reallocation. Upon each Incremental Revolving Facility Increase in accordance  with this Section 2.21:  (a) each Revolving Lender immediately prior to such increase will  automatically and without further act be deemed to have assigned to each  Incremental Lender providing a portion of such increase, and each such  Incremental Lender will automatically and without further act be deemed to  have assumed a portion of such Revolving Lender’s participations  hereunder in outstanding Letters of Credit and Swingline Loans such that,  after giving effect to each such deemed assignment and assumption of  participations, the percentage of the aggregate outstanding participations  hereunder in Letters of Credit and Swingline Loans held by each Revolving  Lender will equal the percentage of the aggregate Revolving Facility  Commitments of all Lenders represented by such Lender’s Revolving  Facility Commitment; and  (b) the Administrative Agent may, in consultation with the Borrower, take any  and all actions as may be reasonably necessary to ensure that, after giving  effect to such Lender’s Incremental Commitments, the percentage of the  aggregate Revolving Facility Commitments held by each Lender (including  each such Incremental Lender) will equal the percentage of the aggregate  Revolving Facility Commitments of all Lenders represented by such  Lender’s Revolving Facility Commitment, which may be accomplished, at  the discretion of the Administrative Agent following consultation with the  Borrower, by:  (i) requiring any outstanding Loans to be prepaid with the proceeds of  a new Borrowing;  (ii) causing non-increasing Lenders to assign portions of their  outstanding Loans to Incremental Revolving Lenders; or  





 






  126  AmericasActive:17030364.10  (iii) a combination of the foregoing.  Section 2.22 Refinancing Amendments.  (1) Refinancing Term Loans. At any time after the Closing Date, the Borrower may  obtain from any Lender or any Additional Lender, at its election, Credit Agreement  Refinancing Indebtedness in the form of term loans under a new term loan facility  hereunder (“Refinancing Term Loans”) pursuant to a Refinancing Amendment.   All Refinancing Term Loans shall be secured on a pari passu basis with the  Revolving Facility Claims; provided that (a) any payments in respect thereof shall  be subordinated as required by this Agreement, including (without limitation) as  set forth in Section 2.18(3) and (b) such Refinancing Term Loans shall be subject  to the FILO Intercreditor Provisions.  (2) Refinancing Amendments. The effectiveness of any Refinancing Amendment will  be subject only to the satisfaction on the date thereof of such of the conditions as  may be requested by the providers of the Refinancing Term Loans.  The  Administrative Agent will promptly notify each Lender as to the effectiveness of  each Refinancing Amendment.  Each of the parties hereto hereby agrees that, upon  the effectiveness of any Refinancing Amendment, this Agreement will be deemed  amended (or amended and restated, as applicable) to the extent (but only to the  extent) necessary to reflect the existence and terms of the Refinancing Term Loans  incurred pursuant thereto (including any amendments necessary to treat the term  loans subject thereto as Refinancing Term Loans).  (3) Required Consents. Any Refinancing Amendment may, without the consent of any  Person other than the Administrative Agent, the Borrower and the Lenders or  Additional Lenders providing the applicable Refinancing Term Loans, effect such  amendments (or amendments and restatements) to this Agreement and the other  Loan Documents as may be necessary or appropriate, in the reasonable opinion of  the Administrative Agent and the Borrower, to effect the provisions of this  Section 2.22.  This Section 2.22 supersedes any provisions in Section 10.08 to the  contrary. The transactions contemplated by this Section 2.22 will not require the  consent of any other Lender or any other Person, and the requirements of any  provision of this Agreement (including Sections 2.11 and 2.18) or any other Loan  Document that may otherwise prohibit any transaction contemplated by this Section  2.22 will not apply to any of the transactions effected pursuant to this Section 2.22.  (4) Providers of Refinancing Term Loans. Refinancing Term Loans may be provided  by any existing Lender (it being understood that no existing Lender shall have an  obligation to make all or any portion of any Refinancing Term Loan) or by any  Additional Lender. It is understood that any Lender approached to provide all or a  portion of Refinancing Term Loans may elect or decline, in its sole discretion, to  provide such Refinancing Term Loans (it being understood that there is no  obligation to approach any existing Lenders to provide any Refinancing Term  Loans).  





 






  127  AmericasActive:17030364.10  Section 2.23 Extensions of Loans and Revolving Commitments.  (1) Extension Offers.  Pursuant to one or more offers (each, an “Extension Offer”)  made from time to time by the Borrower to all Lenders of Revolving Loans or all  Refinancing Term Lenders (and with respect to any Extension Offer each Lender  may, in its sole discretion, choose whether to accept or reject such Extension Offer),  with a like Maturity Date, the Borrower may extend the Maturity Date of each such  Lender’s Loans or Revolving Facility Commitments and otherwise modify the  terms of such Loans or Revolving Facility Commitments pursuant to the terms of  the relevant Extension Offer, including by increasing the interest rate or fees  payable in respect to such Revolving Facility Commitments (each, an “Extension,”  and each group of Loans or Revolving Facility Commitments so extended, as well  as the original Loans or Revolving Facility Commitments not so extended, being a  “tranche”).  Each Extension Offer will specify the minimum amount of Revolving  Facility Commitments with respect to which an Extension Offer may be accepted,  which will be an integral multiple of $1.0 million and an aggregate principal  amount that is not less than $10.0 million (or (a) if less, the aggregate principal  amount of such Revolving Facility Commitments or (b) such lesser minimum  amount as is approved by the Administrative Agent, such consent not to be  unreasonably withheld, conditioned or delayed), and will be made on a pro rata  basis to all Lenders having Revolving Facility Commitments with a like Maturity  Date.  If the aggregate outstanding principal amount of Loans and Revolving  Facility Commitments (calculated on the face amount thereof) in respect of which  Lenders have accepted an Extension Offer exceeds the maximum aggregate  principal amount of Loans and Revolving Facility Commitments offered to be  extended pursuant to an Extension Offer, then the Loans and Revolving Facility  Commitments of such Lenders will be extended ratably up to such maximum  amount based on the Revolving Facility Commitments of or the principal amounts  (but not to exceed actual holdings of record) with respect to which the Lenders that  have accepted such Extension Offer.  There is no requirement that any Extension  Offer or Extension Amendment (defined as follows) be subject to any “most  favored nation” pricing provisions.  The terms of an Extension Offer will be  determined by the Borrower and an Extension Offer may contain one or more  conditions to its effectiveness, including that a minimum amount of Loans or  Revolving Facility Commitments or any or all applicable tranches be tendered.  (2) Extension Amendments. The Lenders hereby irrevocably authorize the  Administrative Agent to enter into amendments to this Agreement and the other  Loan Documents (which may, at the option of the Administrative Agent and the  Borrower, be in the form of an amendment and restatement of this Agreement or  such Loan Document, as applicable) (an “Extension Amendment”) with the  Borrower as may be necessary in order to establish new tranches in respect of  Extended Commitments (and related Extended Loans) and such amendments as  may be necessary or appropriate in the reasonable opinion of the Administrative  Agent and the Borrower in connection with the establishment of such new tranches,  in each case, on terms consistent with this Section 2.23.  This Section 2.23  supersedes any provisions in Section 2.18 or 10.08 to the contrary. Except as  





 






  128  AmericasActive:17030364.10  otherwise set forth in an Extension Offer, there will be no conditions to the  effectiveness of an Extension Amendment. Extensions will not constitute a  voluntary or mandatory payment or prepayment for purposes of this Agreement.  (3) Terms of Extension Offers and Extension Amendments.  The terms of any  Extended Commitments (and related Extended Loans) will be set forth in an  Extension Offer and as agreed between the Borrower and the Extending Lenders  accepting such Extension Offer; provided that:  (a) the final maturity date of such Extended Loans will be no earlier than the  Latest Maturity Date applicable to the Revolving Loans or Revolving  Facility Commitments subject to such Extension Offer;  (b) any Extended Loans or Revolving Facility Commitments may participate  on a pro rata basis or less than pro rata basis (but not greater than a pro rata  basis) in mandatory prepayments of Loans or mandatory terminations of  Revolving Facility Commitments;  (c) such Extended Loans or Revolving Facility Commitments are not secured  by any assets or property that does not constitute Collateral;  (d) such Extended Loans or Revolving Facility Commitments are not  guaranteed by any Person other than a Subsidiary Loan Party; and  (e) the other terms and conditions applicable to the Extended Loans or  Extended Commitments are (i) substantially identical to, or, taken as a  whole, no more favorable to the lenders or holders providing such Extended  Loans or Extended Commitments than those applicable to the Revolving  Loans or Revolving Facility Commitments subject to such Extension Offer  (except for covenants applicable only to periods after the Latest Maturity  Date of the Revolving Loans or Revolving Facility Commitments subject  to such Extension Offer) (provided that a certificate of a Responsible  Officer delivered to the Administrative Agent at least four (4) Business  Days (or such shorter period as may be agreed by the Administrative Agent)  prior to the incurrence of such Extended Loans or Extended Commitments  together with a reasonably detailed description of the material covenants  and event of default 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 (d) shall be  conclusive evidence that such Indebtedness satisfies this clause (d) unless  the Administrative Agent notifies the Borrower within such four (4)  Business Day (or shorter) period that it disagrees with such determination  (including a description of the basis upon which it disagrees)); provided that  this clause (d) will not apply to (v) terms addressed in the preceding clauses  (a) through (c), (x) interest rate, rate floors, fees, funding discounts and  other pricing terms, (y) redemption, prepayment or other premiums, or (z)  optional prepayment or redemption terms.  





 






  129  AmericasActive:17030364.10  Any Extended Loans will constitute a separate tranche of Loans from the Loans held by  Lenders that did not accept the applicable Extension Offer and such Loans shall also be subject to  the requirements set forth in Section 2.22 with regards to the terms and conditions applicable to  Refinancing Term Loans.  (4) Required Consents. No consent of any Lender or any other Person will be required  to effectuate any Extension, other than the consent of the Administrative Agent  (such consent not to be unreasonably withheld, delayed or conditioned), the  Borrower and each Extending Lender participating in such Extension with respect  to one or more of its Loans or Revolving Facility Commitments.  The transactions  contemplated by this Section 2.23 (including, for the avoidance of doubt, payment  of any interest, fees or premium in respect of any Extended Loans or Extended  Commitments on such terms as may be set forth in the relevant Extension Offer)  will not require the consent of any other Lender or any other Person, and the  requirements of any provision of this Agreement (including Sections 2.18 and  10.08) or any other Loan Document that may otherwise prohibit any such Extension  or any other transaction contemplated by this Section 2.23 will not apply to any of  the transactions effected pursuant to this Section 2.23.  Section 2.24 Defaulting Lenders.  (1) Adjustments.  Notwithstanding anything to the contrary contained in this  Agreement, if any Lender becomes a Defaulting Lender, then, until such time as  such Lender is no longer a Defaulting Lender, to the extent permitted by applicable  Law:  (a) Waivers and Amendments.  Such Defaulting Lender’s right to approve or  disapprove any amendment, waiver or consent with respect to this  Agreement is restricted as set forth in Section 10.08.  (b) Reallocation of Payments.  Any payment of principal, interest, fees or other  amounts received by the Administrative Agent for the account of such  Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant  to Article VIII or otherwise), will be applied at such time or times as may  be determined by the Administrative Agent as follows:  (i) first, to the payment of any amounts owing by such Defaulting  Lender to the Administrative Agent hereunder;  (ii) second, to the payment on a pro rata basis of any amounts owing by  such Defaulting Lender to any Issuing Bank or Swingline Lender  hereunder;  (iii) third, if so determined by the Administrative Agent or requested by  the Issuing Bank, to be held as cash collateral for future funding  obligations of such Defaulting Lender of any participation in any  Letter of Credit;  





 






  130  AmericasActive:17030364.10  (iv) fourth, as the Borrower may request (so long as no Default or Event  of Default exists), to the funding of any Loan in respect of which  such Defaulting Lender has failed to fund its portion thereof as  required by this Agreement, as determined by the Administrative  Agent;  (v) fifth, if so determined by the Administrative Agent and the  Borrower, to be held in a non-interest bearing deposit account and  released in order to satisfy obligations of such Defaulting Lender to  fund Revolving Loans under this Agreement;  (vi) sixth, to the payment of any amounts owing to the Lenders, the  Issuing Banks or any Swingline Lender as a result of any judgment  of a court of competent jurisdiction obtained by any Lender, the  Issuing Banks or any Swingline Lender against such Defaulting  Lender as a result of such Defaulting Lender’s breach of its  obligations under this Agreement;  (vii) seventh, so long as no Default or Event of Default exists, to the  payment of any amounts owing to the Loan Parties as a result of any  judgment of a court of competent jurisdiction obtained by the Loan  Parties against such Defaulting Lender as a result of such Defaulting  Lender’s breach of its obligations under this Agreement; and  (viii) eighth, to such Defaulting Lender or as otherwise directed by a court  of competent jurisdiction;  provided that if such payment is a payment of the principal amount of any Loans or L/C  Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate  share, such payment will be applied solely to pay the Loans of, and L/C Disbursements owed to,  all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans  of, or L/C Disbursements owed to, such Defaulting Lender.  Any payments or other amounts paid  or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting  Lender or to post cash collateral pursuant to this Section 2.24(1)(b) will be deemed paid to and  redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.  (c) Certain Fees.  Such Defaulting Lender (i) will not be entitled to receive any  Commitment Fee pursuant to Section 2.12(1) or otherwise for any period  during which that Lender is a Defaulting Lender (and the Borrower will not  be required to pay any such fee that otherwise would have been required to  have been paid to such Defaulting Lender) and (ii) will not be entitled to  receive any L/C Participation Fee pursuant to Section 2.12(2) or otherwise  for any period during which that Lender is a Defaulting Lender (although  the Borrower will be required to pay any such L/C Participation Fee that  otherwise would have been required to have been paid to such Defaulting  Lender to the non-Defaulting Lenders or Issuing Banks, in accordance with  (and to the extent of) any reallocation of Fronting Exposure to non- 





 






  131  AmericasActive:17030364.10  Defaulting Lenders or as may be retained by the Issuing Bank as cash  collateral in accordance herewith, as the case may be).  (d) Reallocation of Applicable Percentages to Reduce Fronting Exposure.   During any period in which there is a Defaulting Lender, for purposes of  computing the amount of the obligation of each non-Defaulting Lender to  acquire, refinance or fund participations in Letters of Credit pursuant to  Section 2.05 or Swingline Loans pursuant to Section 2.04, the Revolving  Facility Percentage of each non-Defaulting Lender will be computed  without giving effect to the Commitment of such Defaulting Lender;  provided, that, each such reallocation will be given effect only to the extent  such that the aggregate obligation of each non-Defaulting Lender to acquire,  refinance or fund participations in Letters of Credit or Swingline Loans, as  applicable, will not exceed the positive difference, if any, of (i) the  Revolving Facility Commitment of such non-Defaulting Lender minus  (ii) the aggregate outstanding amount of the Revolving Loans of such  Defaulting Lender.  (e) Elimination of Remaining Fronting Exposure.  At any time that there exists  a Defaulting Lender and the reallocation described in clause (d) above  cannot, or can only partially, be effected, promptly upon the request of the  Administrative Agent, any Issuing Bank or any Swingline Lender, the  Borrower will (without prejudice to any right or remedy available to it  hereunder or under law) (i) first, prepay any Swingline Loans in an amount  equal to the Swingline Lender’s Swingline Exposure with respect to such  Defaulting Lender and (ii) second, deliver cash collateral in an amount to  be agreed between the Borrower and each applicable Issuing Bank, but no  greater than 105% of the outstanding amount of the applicable Letters of  Credit to the Administrative Agent in accordance with the procedures set  forth in Section 2.05(11) in an amount sufficient to cover all Fronting  Exposure of the Revolving Facility L/C Exposure (after giving effect to  Section 2.24(1)(d)) which will be held as security for the reimbursement  obligations of the Borrower with respect to the Revolving Facility L/C  Exposure.  (2) Defaulting Lender Cure.  If the Borrower, the Administrative Agent, the Issuing  Banks and the Swingline Lender agree in writing in their sole discretion that a  Defaulting Lender should no longer be deemed to be a Defaulting Lender, the  Administrative Agent will so notify the parties hereto, whereupon as of the effective  date specified in such notice and subject to any conditions set forth therein (which  may include arrangements with respect to any cash collateral), such Lender will, to  the extent applicable, purchase that portion of outstanding Revolving Loans of the  other Lenders or take such other actions as the Administrative Agent may determine  to be necessary to cause the Revolving Loans and funded and unfunded  participations in Letters of Credit and Swingline Loans to be held on a pro rata  basis by the Lenders in accordance with their Revolving Facility Percentages  (without giving effect to Section 2.24(1)(d)), whereupon such Lender will cease to  





 






  132  AmericasActive:17030364.10  be a Defaulting Lender; provided that no adjustments will be made retroactively  with respect to fees accrued or payments made by or on behalf of the Borrower  while such Lender was a Defaulting Lender; and provided, further, that, except to  the extent otherwise expressly agreed by the affected parties, no change hereunder  from Defaulting Lender to Lender will constitute a waiver or release of any claim  of any party hereunder arising from such Lender’s having been a Defaulting  Lender.  (3) Termination of Defaulting Lender.  The Borrower may terminate the unused  amount of the Commitment of any Lender that is a Defaulting Lender upon not less  than three Business Days’ prior notice to the Administrative Agent (which shall  promptly notify the Lenders thereof), and in such event the provisions of Section  2.24(1)(b) will apply to all amounts thereafter paid by the Borrower for the account  of such Defaulting Lender under this Agreement (whether on account of principal,  interest, fees, indemnity or other amounts); provided that such termination shall not  be deemed to be a waiver or release of any claims any Loan Party, any Agent, any  Issuing Bank, any Swingline Lender or any Lender may have against such  Defaulting Lender.  (4) New Swingline Loans.  So long as any Lender is a Defaulting Lender, the Swingline  Lender shall not be required to fund any Swingline Loans unless it is satisfied that  it will have no Swingline Exposure after giving effect to such Swingline Loan.  ARTICLE III    REPRESENTATIONS AND WARRANTIES  To induce the Lenders to make any extension of credit hereunder on or after the Closing  Date, the Borrower, with respect to itself and each of the Restricted Subsidiaries, represents and  warrants (i) on the Closing Date solely to the extent set forth in Section 4.01(12) and (ii) thereafter,  on the date of any Borrowing or any other extension of credit hereunder to the extent otherwise  required hereunder (and subject, for the avoidance of doubt, to Section 1.09), each of the following  to each Agent and to each of the Lenders:  Section 3.01 Organization; Powers.  The Borrower and each Loan Party:  (1) is a Person duly organized, validly existing and in good standing under the laws of  the jurisdiction of its incorporation or organization (to the extent such status or an  analogous concept applies to such an organization or in such jurisdiction);  (2) has all requisite corporate or other organizational power and authority to own its  property and assets and to carry on its business as now conducted;  (3) is qualified to do business in each jurisdiction where such qualification is required,  except where the failure to so qualify would not reasonably be expected to have a  Material Adverse Effect; and  





 






  133  AmericasActive:17030364.10  (4) has the power and authority to execute, deliver and perform its obligations under  each of the Loan Documents to which it is a party and each other agreement or  instrument contemplated thereby to which it is a party.  Section 3.02 Authorization; No Contravention.  (1) The execution, delivery and performance by the Loan Parties of each of the Loan  Documents to which it is a party have been duly authorized by all necessary  corporate or other organizational action.  (2) The execution, delivery and performance by each Loan Party of each Loan  Document to which such Loan Party is a party and the consummation of the  Transactions will not:  (a) result in a breach or contravention of, or the creation of any Lien (other than  any Liens created by the Loan Documents and Permitted Lien) upon the  property or assets of such Loan Party or any of the Restricted Subsidiaries  under (i) any Contractual Obligation to which such Loan Party is a party or  affecting such Loan Party or the properties or assets of such Loan Party or  any of its Restricted Subsidiaries or (ii) any order, injunction, writ or decree  of any Governmental Authority or any arbitral award to which such Loan  Party or its property or assets is subject;  (b) violate applicable Law; or  (c) contravene the terms of its Organizational Documents;  except with respect to clauses (a) and (b) of this Section 3.02(2) as would not reasonably be  expected to have, individually or in the aggregate, a Material Adverse Effect.  Section 3.03 Enforceability.  This Agreement has been duly executed and delivered by  the Borrower and constitutes, and each other Loan Document when executed and delivered by  each Loan Party that is party thereto will constitute, a legal, valid and binding obligation of such  Loan Party enforceable against each such Loan Party in accordance with its terms, subject to:  (1) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent  conveyance or other similar laws (including Debtor Relief Laws) affecting  creditors’ rights generally;  (2) general principles of equity (regardless of whether such enforceability is considered  in a proceeding in equity or at law);  (3) implied covenants of good faith and fair dealing; and  (4) any foreign laws, rules and regulations as they relate to pledges of Equity Interests  in Non-U.S. Subsidiaries.  





 






  134  AmericasActive:17030364.10  Section 3.04 Governmental Approvals.  No material action, consent or approval of,  registration or filing with or any other action by any Governmental Authority is or will be required  in connection with the execution, delivery or performance by, or enforcement against, any Loan  Party of this Agreement or any other Loan Document, except for:  (1) filings necessary to perfect the Liens on the Collateral granted by the Loan Parties  in favor of the Secured Parties;  (2) filings which may be required under Environmental Laws;  (3) filings as may be required under the Exchange Act and applicable stock exchange  rules in connection therewith;  (4) such as have been made or obtained and are in full force and effect (except to the  extent not required to be obtained, taken, given or made or in full force and effect  pursuant to the Security Documents);  (5) such actions, consents, approvals, registrations or filings the failure of which to be  obtained or made would not reasonably be expected to have a Material Adverse  Effect.  Section 3.05 Title to Properties; Liens. Each of the Borrower and the Subsidiary Loan  Parties has valid fee simple title to, or valid leasehold interests in, or easements or other limited  property interests in, all of its Real Properties and valid title to its personal property and assets, in  each case, except for Permitted Liens or defects in title that do not materially interfere with its  ability to conduct its business as currently conducted or to utilize such properties and assets for  their intended purposes, in each case, except where the failure to have such title, interest or  easement would not reasonably be expected to have, individually or in the aggregate, a Material  Adverse Effect.  All such properties and assets are free and clear of Liens, other than Permitted  Liens.  Section 3.06 Subsidiaries. Schedule 3.06 sets forth as of the Closing Date and after  giving effect to the Transactions, the name and jurisdiction of incorporation, formation or  organization of the Borrower and each Restricted Subsidiary and, as to each Restricted Subsidiary,  the percentage of each class of Equity Interests owned by the Borrower or by any other Subsidiary  of the Borrower.  Section 3.07 Litigation; Compliance with Laws.  (1) There are no actions, suits or proceedings, or, to the knowledge of the Borrower,  investigations at law or in equity or by or on behalf of any Governmental Authority  or in arbitration now pending, or, to the knowledge of the Borrower, threatened in  writing against or affecting the Borrower or any Restricted Subsidiary or any  business, property or rights (including any studies, tests or preclinical or clinical  trials) of any such Person (excluding any actions, suits or proceedings arising under  or relating to any Environmental Laws, which are subject to Section 3.13, but  including in respect of any Health Care Law), in each case, which would reasonably  be expected to have, individually or in the aggregate, a Material Adverse Effect.  





 






  135  AmericasActive:17030364.10  (2) To the knowledge of the Borrower, none of the Borrower, any Restricted Subsidiary  or their respective properties or assets is in violation of (nor will the continued  operation of their material properties and assets as currently conducted violate) any  law, rule or regulation (including any zoning, building, ordinance, code or approval,  or any building permit, but excluding any Environmental Laws, which are subject  to Section 3.13) or any restriction of record or agreement affecting any property, or  is in default with respect to any judgment, writ, injunction or decree of any  Governmental Authority, where such violation or default would reasonably be  expected to have, individually or in the aggregate, a Material Adverse Effect.  (3) Each of the Borrower and its Restricted Subsidiaries have, and they and their  products are in conformance with, all authorizations, approvals, licenses, permits,  certificates, or exemptions required by the FDA or other Governmental Authority  under the Health Care Laws (the “Healthcare Permits”) to conduct their businesses  as currently conducted or as reasonably anticipated, except where a failure to have  or conform with such Healthcare Permits would not reasonably be expected to have,  individually or in the aggregate, a Material Adverse Effect.  Neither the Borrower  nor its Restricted Subsidiaries have received any written notice from the FDA or  any other Governmental Authority that it is considering materially limiting,  suspending, or revoking any Healthcare Permit (nor, to the knowledge of the  Borrower, are any such actions threatened).  The Borrower and its Restricted  Subsidiaries have made all material notifications, modifications, submissions, and  reports required to be made to the FDA or any other Governmental Authority under  the Healthcare Permits and Health Care Laws, and to the knowledge of the  Borrower, all such notifications, modifications, submissions, or reports were true,  complete, and correct in all material respects.  (4) In the past two years: (i) all products manufactured, tested, investigated, marketed,  sold or distributed by or on behalf of the Borrower and its Restricted Subsidiaries  have been and are in compliance in all material respects with all applicable Health  Care Laws and any other applicable Laws; (ii) neither the Borrower nor its  Restricted Subsidiaries have received any written warning letter or other written  notice regarding a material violation of any Health Care Laws, nor are they subject  to any continuing material obligation arising under any warning letter or other  notice of material violation of any Health Care Laws; and (iii) except as would not  reasonably be expected to have, individually or in the aggregate, a Material Adverse  Effect, no product manufactured, marketed, sold or distributed by or on behalf of  the Borrower and its Restricted Subsidiaries has been seized, withdrawn, recalled,  subject to a detention order, safety alert or suspension by the FDA or other  Governmental Authority and, to the knowledge of the Borrower, there are no facts  or circumstances (including pending or threatened proceedings) reasonably likely  to cause any of the foregoing.  (5) Neither the Borrower nor its Restricted Subsidiaries nor, to the knowledge of the  Borrower, any of their respective officers, directors, employees, agents or  contractors have been excluded or debarred from any federal healthcare program  (including without limitation Medicare or Medicaid).  





 






  136  AmericasActive:17030364.10  Section 3.08 Federal Reserve Regulations.  (1) None of the Borrower or any Restricted Subsidiary is engaged principally, or as  one of its important activities, in the business of extending credit for the purpose of  purchasing or carrying Margin Stock.  (2) No part of the proceeds of any Loan or Letter of Credit will be used, whether  directly or indirectly, and whether immediately, incidentally or ultimately, (i) to  purchase or carry Margin Stock or to extend credit to others for the purpose of  purchasing or carrying Margin Stock or to refund Indebtedness originally incurred  for such purpose or (ii) for any purpose that entails a violation of, or that is  inconsistent with, the provisions of the Regulations of the Board, including  Regulation U or Regulation X.  Section 3.09 Investment Company Act.  None of the Borrower or any Subsidiary Loan  Party is an “investment company” as defined in, or subject to regulation under, the Investment  Company Act of 1940, as amended.  Section 3.10 Use of Proceeds. The Borrower shall use the proceeds of the Revolving  Loans, and may request the issuance of Letters of Credit, for working capital and other general  corporate purposes (including for capital expenditures, Permitted Investments, Restricted  Payments and the repayment or refinancing of Indebtedness, in each case to the extent not  prohibited hereunder and any other uses not prohibited by the Loan Documents).  Section 3.11 Tax Returns.  Except as set forth on Schedule 3.11:  (1) Except as would not, individually or in the aggregate, reasonably be expected to  result in a Material Adverse Effect, each of the Borrower and the Restricted  Subsidiaries has filed or caused to be filed all federal, state, local and non-U.S. Tax  returns required to have been filed by it; and  (2) Each of the Borrower and the Restricted Subsidiaries has timely paid or caused to  be timely paid (a) all Taxes shown to be due and payable by it on the returns  referred to in clause (1) of this Section 3.11 and (b) all other Taxes or assessments  (or made adequate provision (in accordance with GAAP) for the payment of all  Taxes due) with respect to all periods or portions thereof ending on or before the  Closing Date, which Taxes, if not paid or adequately provided for, would,  individually or in the aggregate, reasonably be expected to have a Material Adverse  Effect, in each case except Taxes or assessments that are being contested in good  faith by appropriate proceedings and for which, if applicable, the Borrower or any  Restricted Subsidiary (as the case may be) has set aside on its books adequate  reserves in accordance with GAAP.  Section 3.12 No Material Misstatements.  (1) All written factual information and written factual data (other than the Projections,  estimates and information of a general economic or industry specific nature)  concerning the Borrower or any Restricted Subsidiary that has been made available  





 






  137  AmericasActive:17030364.10  to the Administrative Agent or the Lenders, directly or indirectly, by or on behalf  of the Borrower or any Restricted Subsidiary in connection with the Transactions,  when taken as a whole and after giving effect to all supplements and updates  provided thereto, is correct in all material respects and does not contain any untrue  statement of a material fact or omit to state a material fact necessary in order to  make the statements contained therein not materially misleading in light of the  circumstances under which such statements are made.  (2) The Projections that have been made available to the Administrative Agent or the  Lenders by or on behalf of the Borrower in connection with the Transactions, when  taken as a whole, have been prepared in good faith based upon assumptions that are  believed by the Borrower to be reasonable at the time made and at the time  delivered to the Administrative Agent or the Lenders, it being understood by the  Administrative Agent and the Lenders that:  (a) the Projections are merely a prediction as to future events and are not to be  viewed as facts;  (b) the Projections are subject to significant uncertainties and contingencies,  many of which are beyond the control of the Borrower;  (c) no assurance can be given that any particular Projections will be realized;  and  (d) actual results may differ and such differences may be material.  Section 3.13 Environmental Matters.  Except as set forth on Schedule 3.13 or as to  matters that would not reasonably be expected to have, individually or in the aggregate, a Material  Adverse Effect:  (1) each of the Borrower and the Restricted Subsidiaries is in compliance with all  Environmental Laws (including having obtained and complied with all permits,  licenses and other approvals required under any Environmental Law for the  operation of its business);  (2) none of the Borrower or any Restricted Subsidiary has received notice of or is  subject to any pending, or to the Borrower’s knowledge, threatened action, suit or  proceeding alleging a violation of, or liability under, any Environmental Law that  remains outstanding or unresolved;  (3) to the Borrower’s knowledge, no Hazardous Material is located at, on or under any  property currently or formerly owned, operated or leased by the Borrower or any  Restricted Subsidiary and no Hazardous Material has been generated, owned,  treated, stored, handled or controlled by the Borrower or any Restricted Subsidiary  and transported to or Released at any location which, in each case, described in this  clause (3), would reasonably be expected to result in liability to the Borrower or  any Restricted Subsidiary; and  





 






  138  AmericasActive:17030364.10  (4) there are no agreements in which the Borrower or any Restricted Subsidiary has  expressly assumed or undertaken responsibility for any known or reasonably  anticipated liability or obligation of any other Person arising under or relating to  Environmental Laws or Hazardous Materials.  Section 3.14 Security Documents.  (1) Except as otherwise contemplated hereunder or under any other Loan Documents,  the Collateral Agreement is effective to create in favor of the Collateral Agent (for  the benefit of the Secured Parties) legal and valid Liens on the Collateral described  therein; and when financing statements in appropriate form are filed in the offices  specified on Schedule III to the Collateral Agreement, a short form grant of security  interest in Intellectual Property Rights (in substantially the form of Exhibit II to the  Collateral Agreement (for trademarks), Exhibit III to the Collateral Agreement (for  patents) or Exhibit IV to the Collateral Agreement (for copyrights)) is properly filed  in the United States Patent and Trademark Office or the United States Copyright  Office, as applicable, and the Pledged Collateral described in the Collateral  Agreement is delivered to the Collateral Agent, the Liens on the Collateral granted  pursuant to the Collateral Agreement will constitute fully perfected Liens on all  right, title and interest of the grantors in such Collateral in which (and to the extent)  a security interest can be perfected under Article 9 of the Uniform Commercial  Code, in each case prior to and superior in right of the Lien of any other Person  (subject to Permitted Liens).  (2) Notwithstanding anything herein (including this Section 3.14) or in any other Loan  Document to the contrary, neither the Borrower nor any other Loan Party makes  any representation or warranty (a) as to the effects of perfection or non-perfection,  the priority or enforceability of any pledge of or security interest in any Excluded  Assets or (b) as to the effects of perfection or non-perfection, the priority or  enforceability of any pledge of or security interest in any Equity Interests of any  Non-U.S. Subsidiary, or as to the rights and remedies of the Agents or any Lender  with respect thereto, under foreign law.  Section 3.15 Location of Real Property and Leased Premises.  (1) Schedule 3.15(1) correctly identifies, in all material respects, as of the Closing  Date, all material Real Property owned in fee by the Loan Parties.  As of the Closing  Date, the Loan Parties own in fee all the Real Property set forth as being owned by  them on Schedule 3.15(1).  (2) Schedule 3.15(2) lists correctly in all material respects, as of the Closing Date, all  material Real Property leased by any Loan Party and the addresses thereof.  As of  the Closing Date, the Loan Parties have in all material respects valid leases in all  material Real Property set forth as being leased by them on Schedule 3.15(2).  





 






  139  AmericasActive:17030364.10  Section 3.16 Solvency.  On the Closing Date, after giving effect to the consummation of  the Transactions, including the Borrowing of the Loans hereunder, if applicable, and after giving  effect to the application of the proceeds of such Loans, if applicable:  (1) the fair value of the assets of the Borrower and its Restricted Subsidiaries, on a  consolidated basis, exceeds their debts and liabilities (subordinated, contingent or  otherwise), on a consolidated basis;  (2) the present fair saleable value of the property of the Borrower and its Restricted  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), on a consolidated basis, as  such debts and other liabilities become absolute and matured;  (3) the Borrower and its Restricted Subsidiaries, on a consolidated basis, are able to  pay their debts and liabilities (subordinated, contingent or otherwise), on a  consolidated basis, as such liabilities become absolute and matured; and  (4) the Borrower and its Restricted 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 3.16, 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.  Section 3.17 Financial Statements; No Material Adverse Effect.  (1) The consolidated balance sheets of the Borrower and its consolidated subsidiaries  as at December 31, 2021, and related statements of operations and cash flows of  the Borrower and its consolidated subsidiaries fairly present in all material respects  the financial condition of each of the Borrower and their its 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.  (2) Since December 31, 2021, there has been no event that has had, or would  reasonably be expected to have, either individually or in the aggregate, a Material  Adverse Effect.  (3) The forecasts of consolidated balance sheets and income statements of the  Borrower and its Subsidiaries which have been furnished to the Administrative  Agent prior to the Closing Date, when taken as a whole, have been prepared in good  faith on the basis of the assumptions stated therein, which assumptions were  believed to be reasonable at the time furnished, it being understood that (i) no  forecasts are to be viewed as facts, (ii) any forecasts are subject to significant  uncertainties and contingencies, many of which are beyond the control of the  Borrower and its Subsidiaries and Affiliates, (iii) no assurance can be given that  





 






  140  AmericasActive:17030364.10  any particular forecasts will be realized and (iv) actual results may differ and such  differences may be material.  Section 3.18 Insurance.  Schedule 3.18 sets forth a true, complete and correct  description of all material insurance maintained by or on behalf of the Borrower or any Restricted  Subsidiary as of the Closing Date.  As of such date, such insurance is in full force and effect.  Section 3.19 USA PATRIOT Act; Anti-Corruption; Sanctions.  (1) To the extent applicable, each of the Borrower and the Restricted Subsidiaries is in  compliance, in all material respects, with the USA PATRIOT Act.  (2) No part of the proceeds of the Loans will be used by the Borrower or any of the  Restricted Subsidiaries, directly or indirectly, (i) 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 Anti-Corruption Laws, or (ii) in any manner that would result in the violation of  any applicable Sanctions.  (3) None of the Borrower or any Restricted Subsidiary, nor any of their respective  directors, officers or employees, nor, to the knowledge of the Borrower or any  Restricted Subsidiary, any of their respective agents or affiliates is any of the  following:  (a) a Person that is listed in the annex to, or is otherwise subject to the  provisions of, Executive Order No. 13224 on Terrorist Financing effective  September 24, 2001 (the “Executive Order”);  (b) a Person owned or Controlled by, or acting for or on behalf of, any Person  that is listed in the annex to, or is otherwise subject to the provisions of, the  Executive Order;  (c) a Person with which any Lender is prohibited from dealing or otherwise  engaging in any transaction by any laws with respect to terrorism or money  laundering;  (d) a Person that commits, threatens or conspires to commit or supports  “terrorism” as defined in the Executive Order; or  (e) a Sanctioned Person.  (4) The Borrower and the Restricted Subsidiaries, and their respective officers,  directors and employees, and, to the knowledge of the Borrower or any Restricted  Subsidiary, their respective agents or affiliates, are in compliance with Anti- Corruption Laws and applicable Sanctions in all material respects and are not  knowingly engaged in any activity that could reasonably be expected to result in  the Borrower or any Restricted Subsidiary being designated as a Sanctioned Person.  





 






  141  AmericasActive:17030364.10  (5) The Borrower has implemented and maintains in effect policies and procedures  reasonably designed to ensure compliance in all material respects by the Borrower,  its Subsidiaries and their respective directors, officers, employees and agents with  Anti-Corruption Laws and applicable Sanctions.  Section 3.20 Intellectual Property Rights; Licenses, Etc.  Except as would not  reasonably be expected to have a Material Adverse Effect:  (1) the Borrower and each Restricted Subsidiary owns, or possesses the right to use, all  of the patents, patent rights, inventions, know-how, trademarks, service marks,  trade names, copyrights or mask works, domain names, trade secrets and other  intellectual property rights (collectively, “Intellectual Property Rights”) that are  reasonably necessary for the operation of their respective businesses (provided the  foregoing shall not be construed as a warranty with respect to non-infringement of  third party intellectual property rights);  (2) to the knowledge of the Borrower or any Restricted Subsidiary, neither the  Borrower nor any of the Restricted Subsidiaries nor any Intellectual Property  Rights, product, process, method, substance, part or other material now made, used,  employed, sold or offered for sale by the Borrower or the Restricted Subsidiaries,  nor the business of the Borrower or any of the Restricted Subsidiaries is infringing  upon, misappropriating or otherwise violating Intellectual Property Rights of any  Person, but excluding any (i) infringement of any Intellectual Property Rights  caused by the filing of any abbreviated new drug application for a product filed  with the FDA pursuant to §505(j) of the United States Federal Food, Drug, and  Cosmetic Act, as amended from time to time (the “FFDCA”) or by the filing of any  new drug application for a product filed with the FDA pursuant to §505(b)(2) of  the FFDCA and (ii) infringement of any Intellectual Property Rights alleged  pursuant to a Paragraph IV Proceeding for which a Paragraph IV Certification  Notice has been made; and  (3) no claim or litigation (including any cease and desist letters) regarding any of the  foregoing  in (1) or (2) is pending or, to the knowledge of the Borrower, threatened.  The representations set forth in Section 3.20(2) and this Section 3.20(3) are the only  representations given by the Borrower (including on behalf of its Restricted  Subsidiaries) with respect to non-infringement of Intellectual Property Rights.  Section 3.21 Employee Benefit Plans.  Except as would not reasonably be expected to  have a Material Adverse Effect, the Borrower and each of its ERISA Affiliates are in compliance  in all material respects with the applicable provisions of ERISA and the Code and the regulations  and published interpretations thereunder.  No ERISA Event has occurred or is reasonably expected  to occur that, when taken together with all other such ERISA Events, would reasonably be  expected to have a Material Adverse Effect.  Except as would not reasonably be expected to have  a Material Adverse Effect, the present value of all accumulated benefit obligations under all Plans  (based on the assumptions used for purposes of Statement of Financial Accounting Standards No.  87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed  the fair market value of the assets of such Plans, in the aggregate.  





 






  142  AmericasActive:17030364.10  Section 3.22 Labor Matters. Except as would not reasonably be expected to have,  individually or in the aggregate, a Material Adverse Effect: (1) there are no strikes or other labor  disputes against any of the Borrower or its Restricted Subsidiaries pending or, to the knowledge  of the Borrower, threatened and (2) hours worked by and payment made based on hours worked  to employees of each of the Borrower or its Restricted Subsidiaries have not been in violation of  the Fair Labor Standards Act or any other applicable Laws dealing with wage and hour matters.  Section 3.23 Borrowing Base Certificate.  At the time of delivery of each Borrowing  Base Certificate, assuming that any eligibility criteria that requires the approval or satisfaction of  the Administrative Agent has been approved by or is satisfactory to the Administrative Agent,  each material Account reflected therein as eligible for inclusion in the Borrowing Base is an  Eligible Account, the material Inventory reflected therein as eligible for inclusion in the Borrowing  Base constitutes Eligible Inventory and the cash and Cash Equivalents reflected therein as eligible  for inclusion in the Borrowing Base constitute Eligible Cash.  ARTICLE IV    CONDITIONS OF LENDING  Section 4.01 Closing Date Conditions Precedent.  The obligations of (a) the Lenders to  make Loans (including the Swingline Lender to make Swingline Loans) and (b) any Issuing Bank  to issue Letters of Credit or amend, extend, reinstate or renew Letters of Credit hereunder (each, a  “Credit Event”) is subject to the satisfaction or waiver by the Administrative Agent, of the  following conditions precedent:  (1) Loan Documents.  The Administrative Agent shall have received (a) this  Agreement duly executed and delivered by a Responsible Officer of the Borrower,  (b) the Collateral Agreement duly executed and delivered by a Responsible Officer  of the Borrower and its Restricted Subsidiaries that are Subsidiary Loan Parties  (including the related short form grants of security interest in Intellectual Property  Rights duly executed and delivered by a Responsible Officer of each applicable  Loan Party) and (c) an acknowledgment to the Closing Date Intercreditor  Agreement duly executed and delivered by a Responsible Officer of the Borrower  and its Restricted Subsidiaries that are Subsidiary Loan Parties.  (2) Closing Date Refinancing. On the Closing Date the Closing Date Refinancing will  be consummated and the Administrative Agent shall have received a duly executed  payoff letters, in form and substance satisfactory to the Administrative Agent, in  respect of the Existing Credit Facility.  (3) Fees.  Payment of all Fees required to be paid on the Closing Date pursuant to the  Fee Letter and all other reasonable (and reasonably documented) out-of-pocket  expenses required to be paid on the Closing Date.  (4) Solvency Certificate.  The Administrative Agent shall have received a solvency  certificate substantially in the form attached hereto as Exhibit C.  





 






  143  AmericasActive:17030364.10  (5) Closing Date Certificates.  The Administrative Agent shall have received such  certificates of good standing from the applicable secretary of state (or other similar  Governmental Authority) of the jurisdiction of organization of the Borrower and its  Restricted Subsidiaries that are Subsidiary Loan Parties as of the Closing Date,  customary resolutions or other action, incumbency certificates and/or other  certificates of Responsible Officers of the Borrower and its Restricted Subsidiaries  that are Subsidiary Loan Parties as of the Closing Date evidencing the identity,  authority and capacity of each Responsible Officer thereof authorized to act as a  Responsible Officer in connection with this Agreement and the other Loan  Documents to which it is a party or is to be a party on the Closing Date, the  Organizational Documents of each such Loan Party and, in the case of the Borrower  including certification by a Responsible Officer of the Borrower that the conditions  specified in clauses (7) and (9) of this Section 4.01 have been or substantially  concurrent with the initial extension of credit hereunder on the Closing Date will  be satisfied;  (6) Legal Opinions.  The Administrative Agent shall have received a customary legal  opinion of Morgan, Lewis & Bockius LLP, special counsel to the Loan Parties.  (7) No Material Adverse Effect.  Since December 31, 2021, there shall not have been  any change, effect, event, circumstance, occurrence or state of facts that has had or  would reasonably be expected to have, individually or in the aggregate, a Material  Adverse Effect.  (8) Know Your Customer and Other Required Information.  All outstanding  documentation and other information about the Loan Parties required under  applicable “know your customer” and anti-money laundering rules and regulations,  as has been reasonably requested in writing by the Administrative Agent at least  ten (10) Business Days prior to the Closing Date, will be provided not later than the  date that is two (2) Business Days prior to the Closing Date.  (9) Representations and Warranties. The representations and warranties set forth in the  Loan Documents will be true and correct in all material respects (or, in the case of  any representations and warranties qualified by materiality or Material Adverse  Effect, in all respects).  There are no conditions, implied or otherwise, to the making of the initial extension of credit on  the Closing Date other than as set forth in the preceding clauses (1) through (9).  For purposes of  determining compliance with the conditions specified in this Section 4.01, each Lender that has  signed this Agreement shall be deemed to have consented to, approved or accepted or to be  satisfied with, each document or other matter required thereunder to be consented to or approved  by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received  written notice from such Lender prior to the proposed Closing Date specifying its objection thereto.  Section 4.02 All Credit Events After the Closing Date.  Except as set forth in Section  2.21(6), 2.22(2) and 2.23(2) and subject to Section 1.09, each Credit Event (including any Credit  





 






  144  AmericasActive:17030364.10  Event on the Closing Date) is subject solely to the satisfaction or waiver of the following conditions  precedent:  (1) The Administrative Agent shall have received, (i) in the case of a Borrowing, a  Borrowing Request as required by Section 2.03 (or a Borrowing Request shall have  been deemed given in accordance with Section 2.03(4)), (ii) in the case of a  Swingline Loan, a Swingline Borrowing Request as required by Section 2.04(2) or  (iii) in the case of the issuance of a Letter of Credit, the applicable Issuing Bank  and the Administrative Agent shall have received a notice requesting the issuance  of such Letter of Credit (and if requested by such Issuing Bank, a letter of credit  application) as required by Section 2.05(2).  (2) The representations and warranties set forth in the Loan Documents will be true  and correct in all material respects (or, in the case of any representations and  warranties qualified by materiality or Material Adverse Effect, in all respects) as of  such date, as applicable, 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 such representations and warranties will be true and  correct in all material respects (or, in the case of any representations and warranties  qualified by materiality or Material Adverse Effect, in all respects) as of such earlier  date).  (3) At the time of and immediately after any Borrowing or issuance, amendment,  extension or renewal of a Letter of Credit (other than an amendment, extension not  beyond the Maturity Date, or renewal of a Letter of Credit without any increase in  the stated amount thereof), as applicable, no Default or Event of Default shall have  occurred and be continuing or would result therefrom.  (4) At the time after such Borrowing or issuance, amendment, extension or renewal of  a Letter of Credit, as applicable, the sum of, without duplication, of Revolving  Loans, unreimbursed drawings under Letters of Credit and the face amount of  undrawn amount of outstanding Letters of Credit does not exceed the Line Cap.  Each such Credit Event will be deemed to constitute a representation and warranty by the  Borrower on the date of such Credit Event as to the matters specified in paragraphs (2), (3) and (4)  of this Section 4.02.  There are no conditions, implied or otherwise, to the making of Loans after the Closing  Date other than as set forth in the preceding clauses (1) through (4) of Section 4.02 and upon  satisfaction or waiver of such conditions Loans will be made by the Lenders and any applicable  Letters of Credit will be issued, amended, extended or renewed.  ARTICLE V    AFFIRMATIVE COVENANTS  The Borrower covenants and agrees with each Lender that so long as this Agreement is in  effect and until the Commitments have been terminated and the Obligations have been Paid in  





 






  145  AmericasActive:17030364.10  Full, unless the Required Lenders otherwise consent in writing, the Borrower will, and will cause  each Restricted Subsidiary, to:  Section 5.01 Existence; Businesses and Properties.  (1) Preserve, renew and keep in full force and effect its legal existence under the Laws  of the jurisdiction of its incorporation or organization, except:  (a) in the case of a Restricted Subsidiary, where the failure to do so would not  reasonably be expected to have a Material Adverse Effect; or  (b) in connection with a transaction permitted under Section 6.05.  (2) (a) Do or cause to be done all things reasonably necessary to lawfully obtain,  preserve, renew, extend and keep in full force and effect the permits, franchises,  authorizations, Intellectual Property Rights, licenses and rights with respect thereto  material to the normal conduct of its business (including the Permits) and (b)  maintain and preserve all property necessary to the normal conduct of its business  and keep such property in good repair, working order and condition (ordinary wear  and tear and casualty or condemnation excepted), in each case, except:  (i) as expressly permitted by this Agreement;  (ii) such as may expire, be abandoned or lapse in the ordinary course of  business; or  (iii) where the failure to do so would not reasonably be expected to have  a Material Adverse Effect.  Section 5.02 Insurance.  (1) Maintain, with insurance companies that the Borrower reasonably believes in good  faith to be financially sound and reputable at the time the relevant coverage is  placed or renewed, or with a Captive Insurance Subsidiary, insurance (including  property, casualty and general liability) 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) and  against such risks as are customarily maintained by similarly situated Persons  engaged in the same or similar businesses operating in the same or similar locations,  and cause, as is appropriate and customary and, with respect to jurisdictions outside  of the United States, to the extent available and customary in such jurisdictions, the  Collateral Agent (a) to be listed as an additional insured on liability policies or (b)  in the case of property and casualty policies, contain a loss payable clause or  endorsement listing the Collateral Agent as a co-loss payee thereon.  The Borrower  will furnish to the Administrative Agent or Collateral Agent, upon reasonable  written request, information in reasonable detail as to the insurance so maintained.   Notwithstanding the foregoing, it is understood and agreed that no Loan Party will  be required to maintain flood insurance unless any material Real Property owned  





 






  146  AmericasActive:17030364.10  by it is required to be so insured pursuant to the Flood Disaster Protection Act of  1973 or the National Flood Insurance Act of 1968, and the regulations promulgated  thereunder, because such material Real Property is located in an area which has  been identified by the Secretary of Housing and Urban Development as a “special  flood hazard area.”  (2) Use commercially reasonable efforts upon the Administrative Agent’s reasonable  written request to: (a) if insurance is procured from insurance companies, obtain  certificates and endorsements reasonably acceptable to the Administrative Agent  with respect to property and casualty insurance; (b) cause each property and  casualty insurance policy referred to in this Section 5.02 and procured from an  insurance company to provide that it shall not be cancelled, modified or not  renewed (i) by reason of nonpayment of premium except upon not less than 10  days’ prior written notice thereof by the insurer to the Administrative Agent (giving  the Administrative Agent the right to cure defaults in the payment of premiums) or  (ii) for any other reason except upon not less than 30 days’ prior written notice  thereof by the insurer to the Administrative Agent; and (c) promptly deliver to the  Administrative Agent a copy of a renewal or replacement policy (or other evidence  of renewal of a policy previously delivered to the Administrative Agent, including  an insurance binder) together with evidence reasonably satisfactory to the  Administrative Agent of payment of the premium therefor.  Section 5.03 Taxes.  Except as would not, either individually or in the aggregate,  reasonably be expected to result in a Material Adverse Effect, pay and discharge promptly when  due and payable all Taxes imposed upon it or its income or profits or in respect of its property,  before the same becomes delinquent or in default; provided that such payment and discharge will  not be required with respect to any Tax if (1) the validity or amount thereof is being contested in  good faith by appropriate proceedings and (2) the Borrower or any affected Restricted Subsidiary,  as applicable, has set aside on its books reserves in accordance with GAAP with respect thereto.  Section 5.04 Financial Statements, Reports, etc.  Furnish to the Administrative Agent  (which will promptly furnish such information to the Lenders):  (1) within 90 days following the end of each fiscal year, commencing with the fiscal  year ended December 31, 2022, a consolidated balance sheet and related statements  of operations, cash flows and owners’ equity showing the financial position of the  Borrower and the Restricted Subsidiaries as of the close of such fiscal year and the  consolidated results of its operations during such fiscal year and, in each case,  commencing with the fiscal year ending December 31, 2022, setting forth in  comparative form the corresponding figures for the prior fiscal year, which  consolidated balance sheet and related statements of operations, cash flows and  owners’ equity will be prepared in accordance with GAAP, audited by any  independent public accountants of recognized national standing, or such other  accountants as are reasonably acceptable to the Administrative Agent, and  accompanied by an opinion of such accountants (which opinion shall not be subject  to any “going concern” statement, explanatory note or like qualification or  exception (other than a “going concern” statement, explanatory note or like  





 






  147  AmericasActive:17030364.10  qualification or exception relating to an anticipated, but not actual, financial  covenant default or an upcoming maturity date) (the applicable financial statements  delivered pursuant to this clause (1) being the “Annual Financial Statements”);  (2) for the first three fiscal quarters of each fiscal year, within 45 days of such fiscal  quarter end, (A) a consolidated balance sheet for the Borrower and the Restricted  Subsidiaries as of the close of such fiscal quarter and (B) the consolidated results  of operations and cash flows for the Borrower and the Restricted Subsidiaries  during such fiscal quarter and the then-elapsed portion of the fiscal year and setting  forth in comparative form the corresponding figures for the corresponding periods  of the prior fiscal year, in each case certified by a Responsible Officer of the  Borrower on behalf of the Borrower as fairly presenting, in all material respects,  the financial position and results of operations of the Borrower and the Restricted  Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal  year-end audit adjustments and the absence of footnotes (the applicable financial  statements delivered pursuant to this clause (2) being the “Quarterly Financial  Statements” and, together with the Annual Financial Statements, the “Required  Financial Statements”).  (3) no later than five (5) days after the delivery of any Required Financial Statements,  a certificate of a Financial Officer of the Borrower:  (a) certifying that no Default or Event of Default has occurred and is continuing  or, if a Default or Event of Default has occurred and is continuing,  specifying the nature and extent thereof and any corrective action taken or  proposed to be taken with respect thereto;  (b) upon the occurrence and during the continuance of a Covenant Trigger  Event, setting forth in reasonable detail calculations of the Fixed Charge  Coverage Ratio for the most recent period of four consecutive fiscal quarters  as of the close of the fiscal year or fiscal quarter, as applicable;  (c) certifying a list of all Immaterial Subsidiaries, that each Subsidiary set forth  on such list individually qualifies as an Immaterial Subsidiary and that all  such Subsidiaries in the aggregate do not exceed the limitation set forth in  clause (ii) of the definition of the term “Immaterial Subsidiary;” and  (d) certifying a list of all Unrestricted Subsidiaries at such time and that each  Subsidiary set forth on such list qualifies as an Unrestricted Subsidiary;  (4) promptly after the same become publicly available, copies of all periodic and other  publicly available reports, proxy statements and, to the extent requested by the  Administrative Agent, other materials publicly filed by the Borrower or any  Restricted Subsidiary with the SEC or, after an initial public offering, distributed  to its stockholders generally, as applicable, and in any case not otherwise required  to be delivered to the Administrative Agent pursuant to any Loan Document;  





 






  148  AmericasActive:17030364.10  (5) within 60 days following the end of each fiscal year, commencing with the fiscal  year ending December 31, 2022, a consolidated annual budget for such fiscal year  in the form customarily prepared by the Borrower (the “Budget”), which Budget  will in each case be accompanied by the statement of a Financial Officer of the  Borrower on behalf of the Borrower to the effect that the Budget is based on  assumptions believed by the Borrower to be reasonable as of the date of delivery  thereof;  (6) upon the reasonable written request of the Collateral Agent, concurrently with the  delivery of the Annual Financial Statements, an updated Perfection Certificate (or,  to the extent such request relates to specified information contained in the  Perfection Certificate, such information) reflecting all changes since the date of the  information most recently received pursuant to this paragraph (6) or Section 5.10,  as applicable;  (7) promptly, from time to time, such other information regarding the operations,  business affairs and financial condition of the Borrower or any Restricted  Subsidiary, in each case, as the Administrative Agent may reasonably request (for  itself or on behalf of any Lender) in writing;  (8) promptly upon reasonable written request by the Administrative Agent (so long as  the following are obtainable using commercially reasonable measures), copies of  any documents described in Section 101(k)(1) of ERISA that the Borrower or any  of its ERISA Affiliates may request with respect to any Multiemployer Plan;  provided that if the Borrower or any of its ERISA Affiliates has not requested such  documents from the administrator or sponsor of the applicable Multiemployer Plan,  the Borrower or the applicable ERISA Affiliate shall promptly make a request for  such documents or notices from such administrator or sponsor and shall provide  copies of such documents and notices promptly after receipt thereof; and  (9) a Borrowing Base Certificate from the Borrower as soon as available but in any  event on or before the 20th day after the end of each calendar quarter (or, if such  date is not a Business Day, the next succeeding Business Day) (or on a more  frequent basis at the discretion of the Borrower; provided that once a more frequent  basis is elected it must be continued for no less than 30 days after the date of such  election), with such supplemental information and supporting materials as the  Administrative Agent may reasonably request and with supplemental information  regarding the amount of Eligible Cash held with institutions other than the  Administrative Agent being provided to the Administrative Agent on a bi-weekly  basis (or at any time that no Loans are then outstanding and the aggregate stated  amounts of all then-outstanding Letters of Credit is less than $10 million, on a  monthly basis); provided, that (i) after the occurrence and during the continuance  of an Increased Reporting Period (Monthly), the Borrower shall be required to  deliver a Borrowing Base Certificate on a monthly basis as soon as available but in  any event on or before the 20th day after the end of each calendar month (or, if such  date is not a Business Day, the next succeeding Business Day) and (ii) after the  occurrence and during the continuance of an Increased Reporting Period (Weekly),  





 






  149  AmericasActive:17030364.10  the Borrower shall be required to deliver a Borrowing Base Certificate on a weekly  basis.  Notwithstanding the foregoing, the Administrative Agent may not require  the Borrower to deliver a Borrowing Base Certificate more frequently than weekly,  and in the case of such weekly reporting the Borrowing Base Certificate will be due  on Wednesday of each week (or, if Wednesday is not a Business Day, on the next  succeeding Business Day) calculated as of the close of business on Saturday of the  immediately preceding calendar week.  Notwithstanding anything to the contrary  herein, if any Disposition (other than any Dispositions pursuant to Sections 6.06(2)  or (24)), Restricted Payment or Investment decreases the Borrowing Base by an  amount equal to or greater than $25.0 million after giving effect to such Disposition,  Restricted Payment or Investment on a pro forma basis, the Borrower shall deliver  a pro forma Borrowing Base Certificate prior to the date of such Disposition,  Restricted Payment or Investment (or such later date as the Administrative Agent  may agree, in its reasonable discretion).  Anything to the contrary notwithstanding, the obligations in clauses (1) and (2) of this  Section 5.04 may be satisfied with respect to financial information of the Borrower and the  Restricted Subsidiaries by furnishing (1) the applicable financial statements of any Parent Entity  or (2) the Borrower’s (or any such other Parent Entity’s), as applicable, Form 10-K or 10-Q, as  applicable, filed with the SEC; provided that with respect to each of the foregoing clauses (1) and  (2) (a) to the extent such information relates to a Parent Entity, such information is accompanied  by consolidating information (which need not be audited) that explains in reasonable detail the  differences between the information relating to such Parent Entity, on the one hand, and the  information relating to the Borrower and the Restricted Subsidiaries on a standalone basis, on the  other hand, and (b) to the extent such information is in lieu of information required to be provided  under Section 5.04(1), such materials are prepared in accordance with GAAP and accompanied by  a report and opinion of any independent public accountants of recognized national standing, or  such other accountants as are reasonably acceptable to the Administrative Agent, and accompanied  by an opinion of such accountants (which opinion shall not be subject to any “going concern”  statement, explanatory note or like qualification or exception (other than a “going concern”  statement, explanatory note or like qualification or exception relating to an anticipated, but not  actual, financial covenant default or an upcoming maturity date). The obligations in clauses (1)  and (2) of this Section 5.04 may be satisfied by delivery of financial information of the Borrower  and its Subsidiaries so long as such financial statements include a reasonably detailed presentation  (which need not be audited), either on the face of the financial statements or in the footnotes  thereto, of the financial condition and results of operations of the Borrower and the Restricted  Subsidiaries separate from the financial condition and results of operations of the Unrestricted  Subsidiaries of the Borrower.  Documents required to be delivered pursuant to this Section 5.04 may be delivered  electronically in accordance with Section 10.01(5).  Section 5.05 Litigation and Other Notices.  Furnish to the Administrative Agent (which  will promptly thereafter furnish to the Lenders) written notice of the following promptly after any  Responsible Officer of the Borrower obtains actual knowledge thereof:  





 






  150  AmericasActive:17030364.10  (1) any Default or Event of Default, specifying the nature and extent thereof and the  corrective action (if any) proposed to be taken with respect thereto;  (2) the filing or commencement of, or any written threat or notice of intention of any  Person to file or commence, or any material development in, any action, suit,  litigation, investigation, administrative action or proceeding, whether at law or in  equity or by or before any Governmental Authority or in arbitration, against the  Borrower or any of the Restricted Subsidiaries, as to which an adverse  determination is reasonably probable and which, if adversely determined, would  reasonably be expected to have a Material Adverse Effect, or which alleges (and as  to which an adverse determination against the Borrower or any of the Restricted  Subsidiaries is reasonably likely to result in) material violations of Health Care  Laws;  (3) the occurrence of any ERISA Event that, together with all other ERISA Events that  have occurred, would reasonably be expected to have a Material Adverse Effect;  (4) any material change in accounting policies or financial reporting practices by any  Loan Party with respect to the Borrower’s Accounts and Inventory or which  otherwise could reasonably be expected to affect the calculation of the Borrowing  Base or Reserves;  (5) the Borrower’s receipt of any: (i) written notice from the FDA or other  Governmental Authority that it is limiting, suspending, adversely modifying or  revoking any Healthcare Permit that could reasonably be expected to have a  Material Adverse Effect; (ii) a written warning letter from the FDA; or (iii) other  written notice from the FDA or other Governmental Authority that any product  manufactured, marketed, developed, sold or distributed by or on behalf of the  Borrower and its Restricted Subsidiaries is subject to, or proceedings have been  commenced seeking, the material seizure, withdrawal, recall, suspension or  detention by the FDA or other Governmental Authority; and  (6) any seizure, detention, suspension or recall of, or any voluntary withdrawal or recall  of, or any response or commitment to the FDA or any Governmental Authority to  withdraw or recall, any product manufactured, marketed, developed, sold or  distributed by or on behalf of the Borrower and its Subsidiaries which could  reasonably be expected to have a Material Adverse Effect.  Section 5.06 Compliance with Laws.  Comply with all laws, rules, regulations and  orders of any Governmental Authority applicable to it or its property and assets (including ERISA  and Health Care Laws), except where the failure to do so, individually or in the aggregate, would  not reasonably be expected to result in a Material Adverse Effect; provided that this Section 5.06  will not apply to Environmental Laws, which are the subject of Section 5.09, or laws related to  Taxes, which are the subject of Section 5.03. The Borrower will, and will cause each of its  Subsidiaries to, maintain in effect and enforce policies and procedures reasonably designed to  ensure compliance by the Borrower, its Subsidiaries and the respective directors, officers,  employees and agents of the foregoing with Anti-Corruption Laws and applicable Sanctions.  





 






  151  AmericasActive:17030364.10  Section 5.07 Maintaining Records; Access to Properties and Inspections;  Appraisals.  (1) Permit any Persons designated by the Administrative Agent to visit and inspect the  financial records and the properties of the Borrower or any Restricted Subsidiary at  reasonable times, upon reasonable prior written notice from the Administrative  Agent to the Borrower, and as often as reasonably requested, to make extracts from  and copies of such financial records, and permit any Persons designated by the  Administrative Agent, upon reasonable prior written notice from the  Administrative Agent to the Borrower, to discuss the affairs, finances and condition  of the Borrower or any Restricted Subsidiary with the officers thereof and  independent accountants therefor (subject to such accountant’s policies and  procedures); provided that the Administrative Agent may not exercise such rights  more often than two times during any calendar year unless an Event of Default is  continuing and only one such time will be at the Borrower’s expense; and provided,  further, that when an Event of Default is continuing, the Administrative Agent or  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 Administrative  Agent and the Lenders shall give the Borrower the opportunity to participate in any  discussions with the Borrower’s independent accountants.  (2) Upon the Administrative Agent’s written request, the Loan Parties will permit any  Person designated by the Administrative Agent to conduct, at the Borrower’s  expense, one (1) field examination in any calendar year (with one (1) additional  field examination at the expense of the Lenders or the Administrative Agent in such  calendar year), in each case at reasonable business times and upon reasonable prior  notice to the Borrower; provided, however, that notwithstanding the foregoing, (a)  at any time on or after a Collateral Test Triggering Event, any Person designated  by the Administrative Agent may carry out, at the Borrower’s expense, two (2) such  field examinations in such calendar year, and (b) at any time during the continuation  of a Designated Event of Default, any Person designated by the Administrative  Agent may carry out, at the Borrower’s expense, such field examinations as  frequently as determined by the Administrative Agent in its Reasonable Credit  Judgment. The Loan Parties will reasonably cooperate with the Administrative  Agent and such Persons in the conduct of such field examinations.  (3) Prior to the date on which Inventory is first included in the Borrowing Base  hereunder, upon the Administrative Agent’s written request at any time Specified  Excess Availability has been less than the greater of (a) $25.0 million and (b) 10%  of the Line Cap for 30 consecutive days, the Loan Parties will permit any  Acceptable Appraiser designated by the Administrative Agent to conduct, at the  Borrower’s expense, one (1) inventory appraisal of the Collateral in any calendar  year (and one (1) additional inventory appraisal of the Collateral at the expense of  the Lenders or the Administrative Agent in such calendar year), in each case at  reasonable business times and upon reasonable prior notice to the Borrower;  provided, however, at any time during the continuation of a Designated Event of  





 






  152  AmericasActive:17030364.10  Default, an Acceptable Appraiser designated by the Administrative Agent may  carry out, upon the Administrative Agent’s written request and at the Borrower’s  expense, such inventory appraisals as frequently as determined by the  Administrative Agent in its Reasonable Credit Judgment.  Following the date on  which Inventory is first included in the borrowing Base hereunder, upon the  Administrative Agent’s written request, the Loan Parties will permit any  Acceptable Appraiser designated by the Administrative Agent to conduct, at the  Borrower’s expense, one (1) inventory appraisal of the Collateral in any calendar  year (and one (1) additional inventory appraisal of the Collateral at the expense of  the Lenders or the Administrative Agent in such calendar year); provided, however,  that notwithstanding the foregoing limitations (a) at any time on or after a Collateral  Test Triggering Event, an Acceptable Appraiser designated by the Administrative  Agent may carry out, upon the Administrative Agent’s written request and at the  Borrower’s expense, two (2) such inventory appraisals in such calendar year, and  (b) at any time during the continuation of a Designated Event of Default, an  Acceptable Appraiser designated by the Administrative Agent may carry out, upon  the Administrative Agent’s written request and at the Borrower’s expense, such  inventory appraisals as frequently as determined by the Administrative Agent in its  Reasonable Credit Judgment. The Loan Parties will reasonably cooperate with the  Administrative Agent and such Acceptable Appraiser in the conduct of such  appraisals.  In addition, the Loan Parties will have the right (but not the obligation),  at their expense, at any time and from time to time to provide the Administrative  Agent with additional appraisals or updates thereof of any or all of the Collateral  from any Acceptable Appraiser prepared in a form and on a basis reasonably  satisfactory to the Administrative Agent, in which case such appraisals or updates  shall be used in connection with the determination of the Net Orderly Liquidation  Value and the calculation of the Borrowing Base hereunder.  With respect to each  appraisal made pursuant to this Section 5.07(3) after the Closing Date, (i) the  Administrative Agent and the Loan Parties will each be given a reasonable amount  of time to review and comment on a draft form of the appraisal prior to its  finalization and (ii) any adjustments to the Net Orderly Liquidation Value or the  Borrowing Base hereunder as a result of such appraisal shall be reflected in the  Borrowing Base Certificate delivered immediately succeeding such appraisal.  (4) Notwithstanding anything to the contrary in this Agreement (including  Sections 5.04(7), 5.05 and 5.07) or any other Loan Document, none of the Loan  Parties or any of the Restricted Subsidiaries will be required to disclose, permit the  inspection, examination or making copies or abstracts of, or discussion of, any  document, information or other matter with any Disqualified Institution or other  competitor to the Borrower or any of its Subsidiaries or that (1) constitutes non- financial trade secrets or non-financial proprietary information, (2) in respect of  which disclosure is prohibited by law or any binding agreement, (3) is subject to  attorney-client or similar privilege or constitutes attorney work product or  (4) creates an unreasonably excessive expense or burden on the Borrower or any of  its Subsidiaries.  





 






  153  AmericasActive:17030364.10  Section 5.08 Use of Proceeds.  Use the proceeds of the Revolving Loans and request  issuance of Letters of Credit solely for working capital and other general corporate purposes  (including for capital expenditures, Permitted Investments, Restricted Payments and the repayment  or refinancing of Indebtedness, in each case to the extent not prohibited hereunder, and any other  uses not prohibited by the Loan Documents).  Section 5.09 Compliance with Environmental Laws.  Comply, and make reasonable  efforts to cause all lessees and other Persons occupying its fee-owned Real Properties to comply,  with all Environmental Laws applicable to its operations and properties, and obtain and renew all  material authorizations and permits required pursuant to Environmental Law for its operations and  properties, in each case in accordance with Environmental Laws, except, in each case, to the extent  the failure to do so would not reasonably be expected to have, individually or in the aggregate, a  Material Adverse Effect.  Section 5.10 Further Assurances; Additional Security.  (1) If (a) a Restricted Subsidiary (other than an Excluded Subsidiary) of the Borrower  is formed or acquired after the Closing Date or (b) an Unrestricted Subsidiary is  redesignated as a Restricted Subsidiary, within 120 days after the date such  Restricted Subsidiary is formed or acquired or such Unrestricted Subsidiary is  redesignated as a Restricted Subsidiary, as applicable (or such longer period as the  Collateral Agent agrees), the Borrower will or will cause such Restricted Subsidiary  to:  (i) deliver a joinder to the Collateral Agreement, substantially in the  form specified therein or in such other form as is acceptable to such  Restricted Subsidiary, the Borrower and the Administrative Agent,  duly executed on behalf of such Restricted Subsidiary;  (ii) to the extent required by and subject to the exceptions set forth in  this Section 5.10 or the Security Documents, pledge the outstanding  Equity Interests (other than Excluded Equity Interests) owned by  such Restricted Subsidiary, and cause each Loan Party owning any  Equity Interests issued by such Restricted Subsidiary to pledge such  outstanding Equity Interests (other than Excluded Equity Interests),  and deliver all certificates (if any) representing such Equity  Interests, together with stock powers or other instruments of transfer  with respect thereto endorsed in blank, to the Collateral Agent (or a  designated bailee thereof);  (iii) to the extent required by and subject to the exceptions set forth in  this Section 5.10 or the Security Documents, deliver to the Collateral  Agent (or a designated bailee thereof) Uniform Commercial Code  financing statements with respect to such Restricted Subsidiary and  such other documents reasonably requested by the Collateral Agent  to create the Liens intended to be created under the Security  





 






  154  AmericasActive:17030364.10  Documents and perfect such Liens to the extent required by the  Security Documents; and  (iv) except as otherwise contemplated by this Section 5.10 or any  Security Document or as otherwise agreed by the Collateral Agent,  obtain all consents and approvals required to be obtained by it in  connection with (A) the execution and delivery of all Security  Documents (or supplements thereto) to which it is a party and the  granting by it of the Liens thereunder and (B) the performance of its  obligations thereunder.  (2) Furnish to the Collateral Agent within 20 calendar days of such event (or such later  date as the Collateral Agent may agree in its sole discretion) written notice of any  change in any Loan Party’s:  (a) legal name;  (b) type of organization;  (c) location (determined as provided in UCC Section 9-307); or  (d) jurisdiction of organization;  The Borrower will not effect or permit any such change unless all filings  have been made, or will be made within any statutory period, under the Uniform  Commercial Code or otherwise that are required in order for the Collateral Agent  to continue at all times following such change to have a valid, legal and perfected  security interest, for the benefit of the applicable Secured Parties, in all Collateral  held by such Loan Party.  (3) Execute any and all other documents, financing statements, agreements and  instruments, and take all such other actions (including the filing and recording of  financing statements and other documents), not described in the preceding clauses  (1) and (2) and that may be required under any applicable law, or that the Collateral  Agent may reasonably request in writing to the Borrower, to satisfy the  requirements set forth in this Section 5.10 and in the Security Documents with  respect to the creation and perfection of the Liens on the Collateral in favor of the  Collateral Agent, for the benefit of the Secured Parties, contemplated herein and in  the Security Documents and to cause such requirement to be and remain satisfied,  all at the expense of the Borrower, and provide to the Collateral Agent, from time  to time upon Collateral Agent’s reasonable written request, evidence as to the  perfection and priority of the Liens created by the Security Documents (subject to  Permitted Liens).  (4) Notwithstanding anything to the contrary,  (a) the other provisions of this Section 5.10 need not be satisfied with respect  to any Excluded Assets or Excluded Equity Interests or any exclusions and  





 






  155  AmericasActive:17030364.10  carve-outs from the security or perfection requirements, as applicable, set  forth in the Collateral Agreement or other applicable Security Document;  (b) neither the Borrower nor the other Loan Parties will be required to grant a  security interest in any asset or perfect a security interest in any Collateral  to the extent the cost, burden, difficulty or consequence of obtaining or  perfecting a security interest therein outweighs the benefit of the security  afforded thereby as reasonably determined by a Responsible Officer of the  Borrower and the Administrative Agent (or with respect to matters relating  primarily to the Term Priority Collateral, the Borrower and the Term  Agent); and  (c) (i) no actions will be required (A) outside of the United States in order to  create or perfect any security interest in any assets located outside of the  United States, (B) in any non-United States jurisdiction or (C) under the  laws of any non-United States jurisdiction to create any security interests or  to perfect or make enforceable any security interests, and (ii) no non-United  States law security or pledge agreements, non-United States law mortgages  or deeds or non-United States intellectual property filings or other  agreements or documents governed under the laws of any non-United States  jurisdiction or non-United States searches will be required.  Section 5.11 Cash Management Systems; Application of Proceeds of Accounts.  (1) As soon as practicable and in any event within 120 days after the Closing Date (or  such longer period as may be consented to by the Administrative Agent in its  reasonable discretion):  (a) enter into Control Agreements in form reasonably satisfactory to the  Administrative Agent, with the Collateral Agent and any bank with which  the Borrower or any Subsidiary Loan Party maintains a DDA (other than  any Excluded Account) (a “Blocked Account”) covering each such Blocked  Account maintained with such bank; provided that if the applicable Loan  Party shall not have entered into a Control Agreement with respect to any  such DDA (other than any Excluded Account) within such 120 day period  (or such later date as the Administrative Agent shall reasonably agree), such  DDA shall be closed and all funds therein transferred to a Deposit Account  at the Administrative Agent, an Affiliate of the Administrative Agent, or  another financial institution that has executed a Control Agreement; and  (b) ensure that all cash, checks, proceeds of collections of Accounts and other  amounts received by or on behalf of the Borrower or any Subsidiary Loan  Party are deposited promptly upon receipt in accordance with historical  practices into a DDA maintained in the name of the Borrower or such  Subsidiary Loan Party.  





 






  156  AmericasActive:17030364.10  Notwithstanding anything herein to the contrary, the provisions of Section 5.11(1)(a) will not  apply to any deposit account that is acquired by a Loan Party in connection with a Permitted  Acquisition or other Investment permitted under this Agreement prior to the date that is 120 days  (or such later date as may be consented to by the Administrative Agent in its reasonable discretion)  following the date of such Permitted Acquisition or other Investment, and the balances held in  such deposit accounts at the date of such Permitted Acquisition or other Investment shall not be  counted toward the amount set forth in clause (1) of the definition of “Excluded Account” until  the end of such 120 day period (or later period, if applicable; provided that if the applicable Loan  Party shall not have entered into a Control Agreement with respect to any such deposit account  (other than any Excluded Account) within such 120 day period (or such later date as the  Administrative Agent shall reasonably agree), all funds therein will be transferred to a Deposit  Account at the Administrative Agent, an Affiliate of the Administrative Agent, or another financial  institution that has executed a Control Agreement).  (2) Each such Control Agreement will require, during a Cash Dominion Period and  upon receipt by the Borrower of written notice thereof by the Administrative Agent,  an ACH or wire transfer no less frequently than once per Business Day of all  available cash balances and cash receipts, including the then contents or then entire  ledger balance of each Blocked Account net of such minimum balance (not to  exceed $100,000 per account), if any, required by the bank at which such Blocked  Account is maintained to an account specified by the Administrative Agent (which  account will be established with, and at all times under the sole dominion of and  subject to the control of, the Collateral Agent) (the “Dominion Account”).  All  collected amounts received in the Dominion Account shall be distributed and  applied on a daily basis to the repayment of all Loans outstanding under this  Agreement and to the payment of all other Obligations then due and owing pursuant  to the waterfall set forth in Section 2.18(3); provided that amounts applied pursuant  to subclauses (iv) and (v) thereof will be applied:  (a) first, to ABR loans (including Swingline Loans);  (b) second, to SOFR Revolving Loans; and  (c) third, to the cash collateralization of Letters of Credit;  with any excess, unless an Event of Default shall have occurred and be  continuing, to be remitted to the Borrower.  (3) At any time after the occurrence and during the continuance of a Cash Dominion  Period as to which the Administrative Agent has notified the Borrower, any cash or  Cash Equivalents owned by the Borrower or any Subsidiary Loan Party are  deposited to any account, held or invested in any manner, otherwise than in a  Blocked Account subject to a Control Agreement (or a DDA which is swept daily  to such Blocked Account), the Administrative Agent will be entitled to require the  Borrower or any Subsidiary Loan Party to close such account and have all funds  therein transferred to a Blocked Account;  





 






  157  AmericasActive:17030364.10  provided that the foregoing will not apply to cash or Cash Equivalents constituting Term Priority  Collateral required to be deposited in a blocked account in favor of the lenders under the Term  Loan Credit Agreement pursuant to the terms of the Term Loan Credit Agreement; provided,  further, that the foregoing will not apply to cash or Cash Equivalents deposited, held or invested  in any of the following:  (a) any Excluded Account; or  (b) de minimis cash or cash equivalents from time to time inadvertently  misapplied by the Borrower or any Restricted Subsidiary.  (4) The Loan Parties may close DDAs or Blocked Accounts and/or open new DDAs  or Blocked Accounts, subject to the execution and delivery to the Administrative  Agent of a Control Agreement within one hundred twenty (120) days (or such later  date as the Administrative Agent may agree) of opening any new DDA or Blocked  Account, which Control Agreement (for the avoidance of doubt) will be subject to  the first sentence of Section 5.11(2); provided that such new DDA or Blocked  Account shall not be permitted to be funded until a Control Agreement in respect  of such new DDA or Blocked Account has been executed and delivered to the  Administrative Agent; provided, further, that the Loan Parties may close DDAs or  Blocked Accounts or open new DDAs that are Excluded Accounts without  executing or delivering any Control Agreement.  (5) Anything to the contrary notwithstanding, so long as (i) no Event of Default has  occurred and is continuing and (ii) no Cash Dominion Period is then in effect, the  Loan Parties will have full and complete access to, and may direct the manner of  disposition of, funds in the Blocked Accounts.  (6) Any amounts held or received in the Dominion Account (including all interest and  other earnings with respect thereto, if any) at any time (i) after this Agreement and  the Commitments have been terminated and the Obligations have been Paid in Full  and all Letters of Credit have expired, terminated or been cash collateralized on  terms satisfactory to the applicable Issuing Bank or (ii) when all Events of Default  have been cured and no Cash Dominion Period is then in effect, in each case will  be remitted to the Loan Parties as the Borrower may direct.  Section 5.12 Post-Closing Matters. Deliver to Administrative Agent, in form and  substance reasonably satisfactory to the Administrative Agent, the items described on Schedule  5.12 hereof on or before the dates specified with respect to such items on Schedule 5.12 (or, in  each case, such later date as may be agreed to by Administrative Agent in its reasonable discretion  or, with respect to matters relating primarily to the Term Priority Collateral, in the reasonable  discretion of the Term Agent). All representations and warranties contained in this Agreement and  the other Loan Documents will be deemed modified to the extent necessary to effect the foregoing  (and to permit the taking of the actions described on Schedule 5.12 within the time periods  specified thereon, rather than as elsewhere provided in any of the Loan Documents).  





 






  158  AmericasActive:17030364.10  ARTICLE VI    NEGATIVE COVENANTS  The Borrower covenants and agrees with each Lender that, so long as this Agreement is in  effect and until the Commitments have been terminated and the Obligations have been Paid in  Full, unless the Required Lenders otherwise consent in writing, it will not and will not permit any  Restricted Subsidiary to:  Section 6.01 Indebtedness.  Issue, incur or assume any Indebtedness; provided that the  Borrower and the Restricted Subsidiaries may issue, incur or assume Permitted Additional  Indebtedness so long as immediately after giving effect to the issuance, incurrence or assumption  of such Permitted Additional Indebtedness, the aggregate outstanding principal amount of such  Permitted Additional Indebtedness does not exceed the Ratio Debt Cap (“Ratio Debt”).  The foregoing limitation will not apply to (collectively, “Permitted Debt”):  (1) (a) Indebtedness created under the Loan Documents (including Indebtedness  created under Incremental Facilities, Refinancing Term Loans and Extended  Commitments), (b) Specified Hedge Obligations and (c) Credit Agreement  Refinancing Indebtedness;  (2) (a) Indebtedness incurred pursuant to the Term Loan Credit Agreement (including  all Incremental Term Loans, Refinancing Term Loans and Extended Term Loans,  in each case, as defined in the Term Loan Credit Agreement); (b) any Incremental  Equivalent Term Debt; (c) Specified Hedge Obligations (as defined in the Term  Loan Credit Agreement); and (d) Term Loan Credit Agreement Refinancing  Indebtedness; provided that the aggregate outstanding principal amount, including  all Permitted Refinancing Indebtedness incurred to Refinance any Indebtedness  originally incurred pursuant to this clause (2) (and any successive Permitted  Refinancing Indebtedness thereof), as of the date any such Indebtedness is incurred,  does not exceed the sum of;  (i) $2,700.0 million; plus  (ii) $619,791,601; plus  (iii) the Term Incremental Amount;  provided that:  (A) if the Borrower incurs any Indebtedness under the preceding  clause (ii) on the same date that it incurs Indebtedness under  the preceding clause (iii), then the Term Incremental  Amount will be calculated without regard to any incurrence  of Indebtedness under the preceding clause (ii);  





 






  159  AmericasActive:17030364.10  (B) unless the Borrower elects otherwise, any Incremental Term  Loans or Incremental Equivalent Term Debt will be deemed  incurred first as Term Incremental Amount to the extent  permitted, with any balance incurred under the preceding  clause (ii); and  (C) the Borrower may classify, and may later reclassify, any  Incremental Term Loans or Incremental Equivalent Term  Debt as incurred as, and in reliance on, the preceding clause  (ii), the Term Incremental Amount, or both, on the date of  incurrence or thereafter, to the extent permitted on the date  of classification (or the date of any such reclassification);  (3) Indebtedness existing on the Closing Date (other than Indebtedness described in  clauses (1) or (2) above and clause (30) below);  (4) any (a) Attributable Indebtedness relating to any transactions and (b) Capital Lease  Obligations and other Indebtedness with respect to mortgage financings and  purchase money Indebtedness to finance all or any part of the purchase, lease,  construction, installation, repair or improvement of property (real or personal),  plant or equipment or other fixed or capital assets and Indebtedness arising from  the conversion of the obligations of the Borrower or any Restricted Subsidiary  under or pursuant to any “synthetic lease” transactions to on-balance sheet  Indebtedness of the Borrower or such Restricted Subsidiary, in an aggregate  outstanding principal amount incurred pursuant to this clause (4), including all  Permitted Refinancing Indebtedness incurred to Refinance any Indebtedness  originally incurred pursuant to this clause (4) (and any successive Permitted  Refinancing Indebtedness), not to exceed the greater of (i) $160.0 million and (ii)  25% of TTM Consolidated EBITDA as of the applicable date of determination, in  each case determined as of the time of incurrence; provided that such Indebtedness  is incurred within 270 days after the purchase, lease, construction, installation,  repair or improvement of the property that is the subject of such Indebtedness;  provided further that for the purposes of determining compliance with this Section  6.01(4), Attributable Indebtedness and Capital Lease Obligations will not be  deemed to arise from any Sale Leaseback Transaction that is originally treated  under GAAP as an operating lease at the time such Sale Leaseback Transaction is  consummated but is subsequently treated under GAAP as a capital lease;  (5) Indebtedness (including obligations in respect of letters of credit or bank  Guarantees, bankers’ acceptances or similar instruments) in respect of workers’  compensation, health, disability or other employee benefits (whether to current or  former employees) or property, casualty or liability insurance or self-insurance in  respect of such items, or other Indebtedness with respect to reimbursement-type  obligations regarding workers’ compensation claims, health, disability or other  employee benefits (whether current or former) or property, casualty or liability  insurance;  





 






  160  AmericasActive:17030364.10  (6) Indebtedness constituting indemnification obligations, earn-outs, milestones,  royalties, adjustment of purchase or acquisition price or similar obligations, in each  case, incurred or assumed in connection with the Transactions, a commercial or  license agreement, any Permitted Investment or the disposition of any business,  assets or Restricted Subsidiaries not prohibited by this Agreement;  (7) intercompany Indebtedness between or among the Borrower and the Restricted  Subsidiaries to the extent such Indebtedness is not prohibited by Section 6.04  (without regard to Section 6.04(14));  (8) Indebtedness pursuant to Hedge Agreements;  (9) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety  bonds and completion Guarantees and similar obligations and instruments, in each  case, provided in the ordinary course of business, including those incurred to secure  health, safety and environmental obligations in the ordinary course of business;  (10) Guarantees of Indebtedness permitted to be incurred under this Agreement to the  extent such Guarantees are not prohibited by the provisions of Section 6.04 (without  regard to Section 6.04(14)); provided that, if the Indebtedness being guaranteed is  subordinated to the Obligations, such Guarantee shall be subordinated to the  Obligations on terms at least as favorable to the Lenders;  (11) Indebtedness  (a) of any Person that becomes a Restricted Subsidiary after the Closing Date  pursuant to a Permitted Investment, which Indebtedness is (i) existing at the  time such Person becomes a Restricted Subsidiary, (ii) not incurred in  contemplation of such Person becoming a Restricted Subsidiary and (iii)  non-recourse to the Borrower or any other Restricted Subsidiary (other than  any Person that becomes a Subsidiary in connection with the foregoing and  its Subsidiaries);  (b) issued, incurred or assumed in connection with any Permitted Investment  so long as (i) in the case of any such issued or incurred Indebtedness,  immediately after giving effect to such issuance or incurrence, such  Indebtedness would be permitted to be incurred as Ratio Debt and (ii) in the  case of any such assumed Indebtedness, such Indebtedness was not incurred  in anticipation of such Permitted Investment;  provided that the outstanding principal amount of such Indebtedness issued, incurred or assumed  by Restricted Subsidiaries that are not Guarantors pursuant to this clause (11)(b) does not exceed  the greater of (A) $125.0 million and (B) 20% of TTM Consolidated EBITDA as of the applicable  date of determination, in each case determined as of the time of incurrence; and  (c) all Permitted Refinancing Indebtedness incurred to Refinance any  Indebtedness originally incurred pursuant to the preceding clauses (11)(a)  and (11)(b) (and any successive Permitted Refinancing Indebtedness);  





 






  161  AmericasActive:17030364.10  (12) Indebtedness arising from the honoring by a bank or other financial institution of a  check, draft or similar instrument drawn against insufficient funds in the ordinary  course of business;  (13) Indebtedness (a) supported by a Letter of Credit, in a principal amount not in excess  of the stated amount of such Letter of Credit, (b) in respect of letters of credit in an  aggregate face amount at any time outstanding not to exceed the greater of (i) $25.0  million and (ii) 4.0% of TTM Consolidated EBITDA as of the applicable date of  determination, in each case determined as of the time of incurrence, and (c) in  respect of letters of credit that are cash collateralized;  (14) Contribution Indebtedness;  (15) Indebtedness consisting of (a) the financing of insurance premiums or (b) take or  pay obligations contained in supply arrangements, in each case, in the ordinary  course of business;  (16) Indebtedness incurred in connection with a Qualified Receivables Transaction that  is not recourse (except for Standard Securitization Undertakings) to the Borrower  or any Restricted Subsidiary other than a Receivables Subsidiary in an aggregate  principal amount not to exceed $50.0 million, measured at any time, with respect  to a Qualified Receivables Financing, by the aggregate amount of such  Indebtedness under such Qualified Receivables Financing that was incurred during  the term of this Agreement, whether or not such Indebtedness remains outstanding  at such time, and with respect to a Qualified Receivables Factoring, by the  aggregate amount of such Indebtedness under such Qualified Receivables  Factoring that was incurred during the term of this Agreement and remains  outstanding at such time;  (17) Cash Management Obligations and other Indebtedness in respect of Cash  Management Services, and netting services, automatic clearinghouse arrangements,  overdraft protections, employee credit card programs and other cash management  and similar arrangements entered into in the ordinary course of business;  (18) Indebtedness issued to any future, current or former officers, directors, managers,  employees, consultants and independent contractors of the Borrower or any  Restricted Subsidiary or any direct or indirect parent thereof, or their respective  estates, heirs, family members, spouses, former spouses, executors, administrators,  trustees, legatees or distributees, in each case to finance the purchase or redemption  of Equity Interests of the Borrower (or any Parent Entity) permitted by Section  6.07;  (19) Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of,  joint ventures in an aggregate outstanding principal amount of such Indebtedness,  together with any Permitted Refinancing Indebtedness incurred to Refinance any  Indebtedness originally incurred pursuant to this clause (19) (and any successive  Permitted Refinancing Indebtedness), not to exceed the greater of (a) $50.0 million  





 






  162  AmericasActive:17030364.10  and (b) 8.0% of TTM Consolidated EBITDA as of the applicable date of  determination, in each case determined as of the time of incurrence;  (20) [Reserved];  (21) Indebtedness of any Non-U.S. Subsidiaries or Non-Loan Parties (a) in an aggregate  outstanding principal amount, together with any Permitted Refinancing  Indebtedness incurred to Refinance any Indebtedness originally incurred pursuant  to this clause (21) (and any successive Permitted Refinancing Indebtedness), not  exceed the greater of (i) $100.0 million and (ii) 16% of TTM Consolidated  EBITDA as of the applicable date of determination, in each case determined as of  the time of incurrence and (b) consisting of working capital or other local lines of  credit that are not secured by any Collateral and non-recourse to the Loan Parties;  (22) obligations to pay the deferred purchase price of goods or services or progress  payments in connection with such goods and services so long as such obligations  are incurred in the ordinary course of business and not in connection with the  borrowing of money;  (23) Indebtedness representing deferred compensation or other similar arrangements  incurred by the Borrower or any Restricted Subsidiary (a) in the ordinary course of  business or (b) in connection with the Transactions or any Permitted Investment;  (24) any Permitted Refinancing Indebtedness incurred to Refinance Incremental  Equivalent Term Debt or Indebtedness incurred under clauses (2), (3), (4), (11),  (13)(b), (14), (19), (21), this clause (24) or clause (28) of this Section 6.01;  (25) customer deposits and advance payments received in the ordinary course of  business from customers for goods purchased in the ordinary course of business;  (26) Indebtedness incurred by the Borrower or any Restricted Subsidiary in connection  with bankers’ acceptances, discounted bills of exchange, warehouse receipts or  similar facilities or the discounting or factoring of receivables for credit  management purposes, in each case incurred or undertaken in the ordinary course  of business;  (27) any Permitted Convertible Indebtedness Call Transaction entered into in  connection with any Convertible Indebtedness otherwise permitted to be incurred  under this Section 6.01;  (28) additional Indebtedness in an aggregate outstanding principal amount, including all  Permitted Refinancing Indebtedness incurred to Refinance any Indebtedness  originally incurred pursuant this clause (28) (and any successive Permitted  Refinancing Indebtedness), not to exceed the greater of (a) $225.0 million and (b)  36% of TTM Consolidated EBITDA as of the applicable date of determination, in  each case determined as of the time of incurrence;  





 






  163  AmericasActive:17030364.10  (29) unsecured Indebtedness of the Borrower or any Restricted Subsidiary so long as (a)  immediately after giving Pro Forma Effect to the incurrence of such Indebtedness  the Payment Conditions are satisfied and (b) the final maturity date of such  Indebtedness is no earlier than the Latest Maturity Date, and any Permitted  Refinancing Indebtedness incurred to Refinance any Indebtedness originally  incurred pursuant to this clause (29) (and any successive Permitted Refinancing  Indebtedness);  (30) unsecured Tax Distribution Indebtedness; and  (31) all premiums (if any), interest (including post-petition interest), fees, expenses,  charges and additional or contingent interest on obligations described in clauses (1)  through (30) above.  For purposes of determining compliance with this Section 6.01, in the event that an item  of Indebtedness (or any portion thereof) meets the criteria of more than one of the categories of  Permitted Debt or is entitled to be incurred (in whole or in part) as Ratio Debt, the Borrower may,  in its sole discretion, at the time of incurrence, divide, classify or reclassify, or at any later time  divide, classify or reclassify, such item of Indebtedness (or any portion thereof) in any manner that  complies with this covenant at the time of incurrence or at such later time (as applicable); provided  that all Indebtedness outstanding under the Loan Documents and the Term Loan Credit Agreement  and any Permitted Refinancing thereof will be deemed to have been incurred in reliance on the  exception in clauses (1) and (2), respectively, of the definition of “Permitted Debt” and shall not  be permitted to be reclassified pursuant to this paragraph.  All unsecured Permitted Debt originally  incurred under clause (4), (11)(b), (19), (21) or (28) of the definition of Permitted Debt will be  automatically reclassified as Ratio Debt on the first date on which such Indebtedness would have  been permitted to be incurred as Ratio Debt.  The accrual of interest, the accretion of accreted  value, amortization of original issue discount, the payment of interest or dividends in the form of  additional Indebtedness with the same terms (including any pay-in-kind interest) and increases in  the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of  currencies, will not be deemed to be an incurrence of Indebtedness for purposes of this  Section 6.01.  The principal amount of any non-interest bearing Indebtedness or other discount  security constituting Indebtedness at any date will be the principal amount thereof that would be  shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.  Guarantees of, or obligations in respect of letters of credit relating to Indebtedness that is otherwise  included in the determination of a particular amount of Indebtedness will not be included in the  determination of such amount of Indebtedness; provided that the incurrence of the Indebtedness  represented by such Guarantee or letter of credit, as the case may be, was in compliance with this  Section 6.01. Any incurrence of Permitted Refinancing Indebtedness with respect to any  Refinanced Debt that was incurred in reliance on a dollar or ratio basket (and not subsequently  reclassified) shall not, for the avoidance of doubt, reload any such dollar or ratio based basket.  For purposes of determining compliance with any Dollar-denominated (or percentage of  EBITDA, if greater) restriction on the incurrence of Indebtedness, the Dollar equivalent principal  amount of Indebtedness denominated in a currency other than Dollars shall be calculated based on  the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the  case of term debt, or first committed or first incurred (whichever yields the lower Dollar  





 






  164  AmericasActive:17030364.10  equivalent), in the case of revolving credit debt; provided that if such Indebtedness is incurred to  Refinance other Indebtedness denominated in a currency other than Dollars, and such refinancing  would cause the applicable Dollar-denominated (or percentage of EBITDA, if greater) restriction  to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such  refinancing, such Dollar-denominated (or percentage of EBITDA, if greater) restriction will be  deemed not to have been exceeded so long as the principal amount of such refinancing  Indebtedness does not exceed the principal amount of such Indebtedness being refinanced (plus  unpaid accrued interest and premium (including tender premiums) thereon and underwriting  discounts, defeasance costs, fees, commissions and expenses in connection therewith).  Any Indebtedness permitted to be incurred under this Section 6.01 may, at the option of  the Borrower, be Convertible Indebtedness.  Section 6.02 Liens.  Create, incur, assume or permit to exist any Lien that secures  obligations under any Indebtedness on any property or assets at the time owned by it, except the  following (collectively, “Permitted Liens”):  (1) Liens securing Indebtedness incurred in accordance with Sections 6.01(1) or  6.01(2), including Liens on the Collateral securing obligations in respect of any  Permitted Junior Secured Refinancing Debt and all Permitted Refinancing  Indebtedness incurred to Refinance any such Indebtedness; provided that, in the  case of Indebtedness incurred in accordance with Section 6.01(2), the applicable  Liens are subject to the Closing Date Intercreditor Agreement or other Intercreditor  Agreement(s) substantially consistent with and no less favorable to the Lenders in  any material respect than the Closing Date Intercreditor Agreement as determined  in good faith by a Responsible Officer of the Borrower;  (2) Liens securing Indebtedness existing on the Closing Date; provided that such Liens  only secure the obligations that they secure on the Closing Date (and any Permitted  Refinancing Indebtedness in respect of such obligations permitted by Section 6.01)  and do not apply to any other property or assets of the Borrower or any Restricted  Subsidiary other than replacements, additions, accessions and improvements  thereto and products thereof and customary security deposits; provided further, that  individual financings of equipment or other assets provided by a lender may be  cross collateralized to other financings of equipment or other assets financed by  such lender;  (3) Liens securing Indebtedness incurred in accordance with Sections 6.01(4);  provided that such Liens only extend to the assets financed with such Indebtedness  (and any replacements, additions, accessions and improvements thereto and  products thereof and customary security deposits); provided further, that individual  financings of equipment or other assets provided by a lender may be cross  collateralized to other financings of equipment or other assets financed by such  lender;  





 






  165  AmericasActive:17030364.10  (4) Liens on Securitization Assets sold, conveyed, assigned or otherwise transferred or  purported to be sold, conveyed, assigned or otherwise transferred in connection  with a Qualified Receivables Transaction permitted pursuant to Section 6.01(16);  (5) Liens on assets of Non-Loan Parties securing Indebtedness incurred in accordance  with Section 6.01(19) or (21);  (6) [Reserved];  (7) (a) Liens on property or Equity Interests of a Person at the time such Person  becomes a Restricted Subsidiary if such Liens were not created in connection with,  or in contemplation of, such other Person becoming a Restricted Subsidiary and  (b) Liens on property at the time the Borrower or a Restricted Subsidiary acquired  such property, including any acquisition by means of a merger or consolidation  with or into the Borrower or any of the Restricted Subsidiaries, if such Liens were  not created in connection with, or in contemplation of, such acquisition;  (8) Liens on property or assets of any Restricted Subsidiary that is not a Guarantor and  on any Excluded Assets securing Indebtedness in an aggregate principal amount  not to exceed $100,000,000;  (9) Liens for Taxes, assessments or other governmental charges or levies that are not  overdue for a period of more than 60 days or that are not yet delinquent or that are  being contested in compliance with Section 5.03;  (10) Liens disclosed by any title insurance policies delivered on or subsequent to the  Closing Date and any replacement, extension or renewal of any such Liens (so long  as the Indebtedness and other obligations secured by such replacement, extension  or renewal Liens are permitted by this Agreement); provided that such replacement,  extension or renewal Liens do not cover any property other than the property that  was subject to such Liens prior to such replacement, extension or renewal (plus any  replacements, additions, accessions and improvements thereto and products  thereof);  (11) Liens securing any judgments or orders that do not constitute an Event of Default  under Section 8.01(10) and notices of lis pendens or similar notices and associated  rights related to litigation being contested in good faith by appropriate proceedings  and in respect of which, if applicable, the Borrower or any affected Restricted  Subsidiary has set aside on its books reserves in accordance with GAAP with  respect thereto;  (12) Liens imposed by law, including landlord’s, carriers’, warehousemen’s,  mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in  the ordinary course of business securing obligations that are not overdue by more  than 60 days or that are being contested in good faith by appropriate proceedings  and in respect of which, if applicable, the Borrower or a Restricted Subsidiary has  set aside on its books reserves in accordance with GAAP;  





 






  166  AmericasActive:17030364.10  (13) (a) pledges and deposits and other Liens made in the ordinary course of business in  compliance with any workers’ compensation, health, disability or other similar  employee benefits, unemployment insurance and other similar laws or regulations  and other insurance-related obligations (including in respect of deductibles, self- insured retention amounts and premiums and adjustments thereto) and deposits  securing liability to insurance carriers under insurance or self-insurance  arrangements in respect of such obligations and (b) pledges and deposits and other  Liens 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 Restricted Subsidiary;  (14) deposits to secure the performance of bids, trade contracts (other than for  Indebtedness), leases (other than Capital Lease Obligations), statutory obligations,  stay, customs, surety and appeal bonds, performance and return of money bonds,  bids, leases, government contracts, trade contracts, agreements with utilities, and  other obligations of a like nature (including letters of credit in lieu of any such  bonds or to support the issuance thereof) incurred by the Borrower or any Restricted  Subsidiary in the ordinary course of business, including those incurred to secure  health, safety and environmental obligations in the ordinary course of business;  (15) survey exceptions and such matters as an accurate survey would disclose,  easements, trackage rights, leases (other than Capital Lease Obligations), licenses,  special assessments, rights of way, covenants, conditions, restrictions (including  zoning restrictions), and declarations on or with respect to the use of Real Property,  encroachments, protrusions, servicing agreements, development agreements, site  plan agreements and other encumbrances and title defects or irregularities that, in  the aggregate, do not interfere in any material respect with the ordinary conduct of  the business of the Borrower and its Restricted Subsidiaries, taken as a whole;  (16) any interest or title of a lessor, sublessor, licensor or sublicensor or secured by a  lessor’s, sublessor’s, licensor’s or sublicensor’s interest under any leases,  subleases, licenses or sublicenses entered into by the Borrower or any Restricted  Subsidiary in the ordinary course of business;  (17) Liens that are contractual rights of set-off relating to (a)  the establishment of  depository relations with banks or other deposit-taking financial institutions in the  ordinary course of business, (b) pooled deposit or sweep accounts of the Borrower  or any Restricted Subsidiary to permit satisfaction of overdraft or similar  obligations incurred in the ordinary course of business of the Borrower or any  Restricted Subsidiary or (c)  purchase orders and other agreements entered into with  customers of the Borrower or any Restricted Subsidiary in the ordinary course of  business;  (18) Liens arising solely by virtue of any statutory or common law provision relating to  banker’s liens, rights of set-off or similar rights;  





 






  167  AmericasActive:17030364.10  (19) leases or subleases, licenses or sublicenses (including with respect to Intellectual  Property Rights and software) (or other agreement under which the Borrower or  any Restricted Subsidiary has granted rights to end users to access and use the  Borrower’s or any Restricted Subsidiary’s products, technologies or services)  granted to others in the ordinary course of business that do not interfere in any  material respect with the business of the Borrower and the Restricted Subsidiaries,  taken as a whole;  (20) Liens (a) solely on any cash earnest money deposits made by the Borrower or any  Restricted Subsidiary in connection with any letter of intent or other agreement in  respect of any Permitted Investment and (b) incurred in connection with escrow  arrangements or other similar agreements relating to an acquisition or Investment  permitted hereunder;  (21) the prior rights of consignees and their lenders under consignment arrangements  entered into in the ordinary course of business;  (22) purported Liens evidenced by precautionary Uniform Commercial Code financing  statements or similar public filings;  (23) Liens on Equity Interests or assets of any joint venture (a) securing obligations of  such joint venture or (b) pursuant to the relevant joint venture agreement or  arrangement;  (24) Liens 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;  (25) Liens on securities that are the subject of repurchase agreements constituting Cash  Equivalents under clause (4) of the definition thereof;  (26) Liens (a) securing insurance premium financing arrangements and (b) securing  obligations to insurance companies with respect to insurable liabilities incurred in  the ordinary course of business;  (27) Liens on vehicles or equipment of the Borrower or any of the Restricted  Subsidiaries granted in the ordinary course of business;  (28) Liens on property or assets used to defease or to satisfy and discharge Indebtedness;  provided that such defeasance or satisfaction and discharge is not prohibited by this  Agreement;  (29) Liens:  (a) of a collection bank arising under Section 4-208 or 4-210 of the Uniform  Commercial Code, or any comparable or successor provision, on items in  the course of collection;  





 






  168  AmericasActive:17030364.10  (b) attaching to pooling, commodity trading accounts or other commodity  brokerage accounts incurred in the ordinary course of business; or  (c) in favor of banking or other financial institutions or entities, or electronic  payment service providers, arising as a matter of law 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  or finance industry;  (30) Liens 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 entered into in the ordinary course of business issued or created for  the account of such Person to facilitate the purchase, shipment, processing or  storage of such inventory or other goods;  (31) Liens securing Ratio Debt, Term Loan Credit Agreement Refinancing Indebtedness  or Indebtedness incurred in accordance with Section 6.01(11)(b), in each case, to  be secured on a pari passu basis with the Initial Term Loans; provided that after  giving Pro Forma Effect to the incurrence of such Indebtedness, the First Lien Net  Leverage Ratio measured as of the date of initial incurrence of such Indebtedness  is (a) less than or equal to 4.20 to 1.00 or (b) the First Lien Net Leverage Ratio  immediately prior to such incurrence; provided that a Debt Representative acting  on behalf of the holders of such Indebtedness will become party to or otherwise  subject to the provisions of the Closing Date Intercreditor Agreement and/or a  Junior Lien Intercreditor Agreement, as applicable;  (32) Liens securing Ratio Debt, Credit Agreement Refinancing Indebtedness or  Indebtedness incurred in accordance with Section 6.01(11)(b), in each case, that  constitutes Junior Lien Debt; provided that, after giving Pro Forma Effect to the  incurrence of such Indebtedness, the Total Net Leverage Ratio measured as of the  date of initial incurrence of such Junior Lien Debt is less than or equal to (a) 4.20  to 1.00 or (b) the Total Net Leverage Ratio immediately prior to such incurrence;  provided that a Debt Representative acting on behalf of the holders of such  Indebtedness will become party to or otherwise subject to the provisions of the  Closing Date Intercreditor Agreement and/or a Junior Lien Intercreditor  Agreement, as applicable;  (33) Liens securing Indebtedness or other obligations in an aggregate outstanding  principal amount not to exceed the greater of (a) $150.0 million and (b) 24% of  TTM Consolidated EBITDA, as of the applicable date of determination, in each  case determined as of the time of initial attachment of such lien;  (34) Liens in favor of the Borrower or a Loan Party securing any Indebtedness permitted  to be incurred under Section 6.01;  (35) [Reserved];  





 






  169  AmericasActive:17030364.10  (36) Liens (a) on cash advances in favor of the seller of any property to be acquired in a  Permitted Investment, (b) consisting of an agreement to Dispose of any property,  (c) arising out of conditional sale, title retention, consignment or similar  arrangements for sale of goods in the ordinary course of business or (d) imposed by  law or incurred pursuant to customary reservations or retentions of title (including  contractual Liens in favor of sellers and suppliers of goods) incurred in the ordinary  course of business;  (37) Liens in respect of cash collateralization of letters of credit;  (38) (a) ground leases in respect of real property on which facilities owned or leased by  the Borrower or any of its Restricted Subsidiaries are located, (b) deposits of cash  with the owner or lessor of premises leased and operated by the Borrower or any of  its Restricted Subsidiaries in the ordinary course of business and (c) any zoning or  similar law or right reserved to or vested in any Governmental Authority to control  or regulate the use of any real property that does not materially interfere with the  ordinary conduct of the business of the Borrower and its Restricted Subsidiaries,  taken as a whole;  (39) Liens deemed to exist in connection with Permitted Investments in repurchase  agreements and reasonable customary initial deposits and margin deposits and  similar Liens attaching to commodity trading accounts or other brokerage accounts  maintained in the ordinary course of business and not for speculative purposes;  (40) the modification, replacement, renewal or extension of any Lien permitted by this  Section 6.02; provided that the Lien does not extend to any additional property  other than property that is affixed or incorporated into the property covered by such  Lien and replacements, improvements, proceeds and products thereof; provided,  further that the modification, replacement, renewal, extension or refinancing of the  obligations secured or benefited by such Liens is permitted by Section 6.01;  (41) Liens securing Permitted Refinancing Indebtedness (but without reloading any  dollar or EBITDA grower based basket); provided that:  (i) such Indebtedness being Refinanced was permitted by Section 6.01  and was secured by a Lien permitted by this Section 6.02,  (ii) such Permitted Refinancing Indebtedness is permitted by Section  6.01, and  (iii) the Lien does not extend to any additional property other than  property that is affixed or incorporated into the property covered by  such Lien and replacements, improvements, proceeds and products  thereof, and  (42) Liens securing amounts owing to any Qualified Counterparty (as defined in the  Term Loan Credit Agreement) under any Specified Hedge Agreement (as defined  in the Term Loan Credit Agreement), which amounts are secured under the Term  





 






  170  AmericasActive:17030364.10  Loan Documents; provided that, in each case, the applicable Liens are subject to  the Closing Date Intercreditor Agreement or other Intercreditor Agreement  substantially consistent with and no less favorable to the Lenders in any material  respect than the Closing Date Intercreditor Agreement as determined in good faith  by a Responsible Officer of the Borrower.  For purposes of determining compliance with this Section 6.02, in the event that any Lien  (or any portion thereof) meets the criteria of more than one of the categories set forth above, the  Borrower may, in its sole discretion, at the time of incurrence, divide, classify or reclassify, or at  any later time divide, classify or reclassify, such Lien (or any portion thereof) in any manner that  complies with this covenant on the date such Lien is incurred or such later time, as applicable;  provided that all Liens created pursuant to the Loan Documents will be deemed to have been  incurred in reliance on Section 6.02(1) above and shall not be permitted to be reclassified pursuant  to this paragraph.  Section 6.03 [Reserved].  Section 6.04 Investments, Loans and Advances.  Purchase, hold or acquire (including  pursuant to any merger, consolidation or amalgamation with a Person that is not a Wholly Owned  Subsidiary immediately prior to such merger, consolidation or amalgamation) any Equity Interests,  evidences of Indebtedness or other securities of, make any loans or advances to or Guarantees of  the obligations of, or make any investment or any other interest in (in each case, excluding any (i)  Short Term Advances and (ii) acquisitions of or licenses under intellectual property or related  tangible assets used or useful in a business permitted under Section 6.09) (each, a “Investment”),  any other Person, except the following (collectively, “Permitted Investments”):  (1) the Transactions;  (2) (a) payroll advances in the ordinary course of business and (b) loans and advances  to officers, directors, employees or consultants of any Parent Entity, the Borrower  or any Restricted Subsidiary  (i) for reasonable and customary business-related travel, entertainment,  relocation and analogous ordinary business purposes,  (ii) in connection with such Person’s purchase of Equity Interests of the  Borrower (or any Parent Entity); provided that, to the extent such  loans or advances are made in cash, the amount of such loans and  advances used to acquire such Equity Interests shall be contributed  to the Borrower in cash, and  (iii) for any other purpose; provided that the aggregate principal amount  outstanding under this clause (iii) shall not exceed the greater of (A)  $20.0 million and (B) 3.0% of TTM Consolidated EBITDA as of  the applicable date of determination, in each case determined as of  the time of making such Investment;  





 






  171  AmericasActive:17030364.10  (3) Investments in Joint Ventures, Unrestricted Subsidiaries or Similar Businesses that  do not exceed in the aggregate at any time outstanding the greater of (i) $200  million and (ii) 32% of TTM Consolidated EBITDA as of the applicable date of  determination, in each case determined as of the time of making such Investment;  (4) Permitted Acquisitions and pre-existing Investments held by Persons acquired in  Permitted Acquisitions or acquired in connection with Permitted Acquisitions;  (5) Investments of any Person that becomes a Restricted Subsidiary on or after the date  hereof (or of a Person merged, consolidated or amalgamated with or into a  Restricted Subsidiary); provided that any such Investment (a) exists at the time such  person becomes (or merges, consolidates or amalgamates with or into) a Restricted  Subsidiary and (b) is not made in anticipation of such Person becoming a Restricted  Subsidiary (or such merger, consolidation or amalgamation);  (6) Investments  (a) by the Borrower or any Restricted Subsidiary in the Borrower or any  Restricted Subsidiary; and  (b) by the Borrower or any Restricted Subsidiary in a Person if, as a result of  such Investment, (i) such Person becomes a Restricted Subsidiary or (ii)  such Person is merged, consolidated or amalgamated with or into, or  transfers or conveys substantially all of its assets to, or is liquidated into,  the Borrower or any Restricted Subsidiary;  provided that Investments made after the Closing Date pursuant to this Section 6.04(6) by a Person  that is a Loan Party on the date such Investment is made in any Person that on the date of such  Investment is not a Loan Party (or does not become a Loan Party as a result thereof) shall not  exceed, in the aggregate at any time outstanding, the greater of (i) $155.0 million and (ii) 25% of  TTM Consolidated EBITDA as of the applicable date of determination, in each case determined  as of the time of making such Investment;  (7) [Reserved];  (8) Cash Equivalents and, to the extent not made for speculative purposes, Investment  Grade Securities or Investments that were Cash Equivalents or Investment Grade  Securities when made;  (9) Investments arising out of the receipt by the Borrower or any of the Restricted  Subsidiaries of promissory notes and other non-cash consideration in connection  with any Disposition permitted under Section 6.06;  (10) (a) Investments (including debt obligations and Equity Interests) received in  connection with the bankruptcy, workout, recapitalization or reorganization of, or  in settlement of delinquent obligations of, or other disputes with, the issuer of such  Investment or an Affiliate thereof and (b) Investments consisting of accounts or  notes receivable, security deposits and prepayments and other credits granted or  





 






  172  AmericasActive:17030364.10  made in the ordinary course of business and any Investments received in  satisfaction or partial satisfaction thereof from financially troubled account debtors  and others, including in connection with the bankruptcy or reorganization of, or  settlement of delinquent accounts and disputes with or judgments against, such  account debtors and others, in each case in the ordinary course of business;  (11) Investments (including debt obligations and Equity Interests) (a) upon a foreclosure  with respect to any secured Investments or other transfer of title with respect to any  secured Investment in default, (b) in satisfaction of judgments against other Persons  and (c) as a result of the settlement, compromise or resolution of litigation,  arbitration or other disputes with Persons who are not Affiliates;  (12) Hedge Agreements;  (13) Investments existing on or contractually committed as of the Closing Date and, with  respect to each such Investment in an amount in excess of $25.0 million, set forth  on Schedule 6.04, and any modification, replacements, refinancings, refunds,  extensions, renewals or reinvestments thereof, so long as the aggregate amount of  all Investments pursuant to this clause (13) is not increased at any time above the  amount of such Investments existing or committed on the Closing Date (other than  pursuant to an increase as required by the terms of any such Investment as in  existence on the Closing Date);  (14) Investments consisting of Indebtedness (including, for the avoidance of doubt,  Guarantees) permitted under Section 6.01, Permitted Liens, mergers, dissolutions,  liquidations and consolidations permitted under Section 6.05, Dispositions  permitted under Section 6.06 and Restricted Payments permitted under Section  6.07;  (15) [Reserved];  (16) acquisitions of obligations of one or more future, present or former employees,  managers, officers, directors, consultants or contractors (or spouses, former  spouses, successors, executors, administrators, heirs, trustees, legatees or  distributees of any of the foregoing) of the Borrower, any of its Restricted  Subsidiaries or any direct or indirect parent thereof, in connection with such  employee’s, manager’s, officer’s, director’s, consultant’s or contractor’s  acquisition of Equity Interests of the Borrower or any direct or indirect parent  thereof, so long as no cash is actually advanced by the Borrower or any Restricted  Subsidiary to such Persons in connection with the acquisition of any such  obligations;  (17) Guarantees of operating leases or of other obligations that do not constitute  Indebtedness, in each case, entered into by the Borrower or any Restricted  Subsidiary in the ordinary course of business;  





 






  173  AmericasActive:17030364.10  (18) Investments to the extent that payment for such Investments is made with Equity  Interests of the Borrower or any Parent Entity or the proceeds  from the issuance  thereof;  (19) the issuance of, entry into (including any payments of premiums in connection  therewith), performance of obligations under, or exercise, transfer, assignment,  unwinding, settlement or early termination of, or the satisfaction of any condition  that would permit or require any of the foregoing, any Permitted Bond Hedge  Transaction; the issuance of, entry into, performance of obligations under, or  repurchase, redemption, transfer, assignment, unwinding, settlement or early  termination of, or the satisfaction of any condition that would permit or require any  of the foregoing, any related Permitted Warrant Transaction; and the issuance of,  entry into performance of obligations under (including any payments of interest),  conversion, exercise, repurchase, redemption, transfer, assignment, unwinding,  settlement, cancellation or early termination of, or the satisfaction of any condition  that would permit or require any of the foregoing, any Convertible Indebtedness, in  each case, whether in cash, common Capital Stock of Borrower or any direct or  indirect parent of Borrower or other securities or property following a merger event  or other change of the common Capital Stock of Borrower or such parent and  whether in whole or in part and including by netting or set-off;  (20) Investments in the ordinary course of business consisting of Uniform Commercial  Code Article 3 endorsements for collection or deposit and Uniform Commercial  Code Article 4 customary trade arrangements with customers;  (21) [Reserved];  (22) advances in the form of a prepayment of expenses, so long as such expenses are  being paid in accordance with customary trade terms of the Borrower or any  Restricted Subsidiary;  (23) Investments, including loans and advances, to any Person so long as the Borrower  or any Restricted Subsidiary (as applicable) would otherwise be permitted to make  a Restricted Payment in such amount to such Person; provided that the amount of  any such Investment will be deemed to be a Restricted Payment under the  appropriate clause of Section 6.07 for all purposes of this Agreement;  (24) Investments consisting of the leasing, subleasing, licensing or sublicensing of  Intellectual Property Rights in the ordinary course of business or the contribution  of Intellectual Property Rights pursuant to joint marketing arrangements with other  Persons;  (25) Investments (a) consisting of purchases or acquisitions of inventory, supplies,  materials, equipment, contract rights or Intellectual Property Rights in each case in  the ordinary course of business and (b) made in the ordinary course of business in  connection with obtaining, maintaining or renewing client contracts or similar  





 






  174  AmericasActive:17030364.10  arrangements and loans or advances made to distributors in the ordinary course of  business;  (26) Investments in assets useful in the business of the Borrower or any Restricted  Subsidiary made with (or in an amount equal to) any Reinvestment Deferred  Amount or Below Threshold Asset Sale Proceeds; provided that if the underlying  Asset Sale was with respect to assets of the Borrower or a Subsidiary Loan Party,  then such Investment shall be consummated by the Borrower or a Subsidiary Loan  Party;  (27) any Investment in a Receivables Subsidiary or any Investment by a Receivables  Subsidiary in any other Person, in each case in connection with a Qualified  Receivables Financing, including Investments of funds held in accounts permitted  or required by the arrangements governing such Qualified Receivables Financing  or any related Indebtedness;  (28) intercompany current liabilities owed to Unrestricted Subsidiaries or joint ventures  incurred in the ordinary course of business in connection with the cash management  operations of the Borrower and its Subsidiaries;  (29) Investments that are made with Excluded Contributions that are Not Otherwise  Applied;  (30) Investments  (a) made in furtherance of collaboration, development, promotion, marketing,  supply, research or similar arrangements with respect to pharmaceutical or  other therapeutic products, diagnostic products or medical device  businesses products, including payments for shared development costs,  reimbursements for product development or for patent, regulatory,  manufacturing or commercialization expenses, or other payments or  Investments paid to a Person in the pharmaceutical industry with a view  toward developing the Borrower’s or any Restricted Subsidiary’s business  in the ordinary course of business and in a manner consistent with standard  business practices;  (b) constituting (i) any customary upfront milestone, marketing, revenue  sharing, royalty, profit sharing or other funding payment in the ordinary  course of business to another Person in connection with obtaining a right to  receive royalty or other payments in the future, (ii) Exclusive Licenses from  a Restricted Subsidiary that is not a Loan Party to a Loan Party of rights to  a drug or other biologic or therapeutic products, diagnostic products,  delivery technologies, medical devices or biotechnology businesses or (iii)  transfers of Intellectual Property Rights (“Transferred IP”) to a Specified  IP Subsidiary; provided that (x) such transfers do not, individually or in the  aggregate, materially impair the Loan Parties’ ability to pay their  obligations under the Loan Documents as when due, (y) except as otherwise  





 






  175  AmericasActive:17030364.10  agreed by the Collateral Agent, prior to such transfer (or at such later date  as the Collateral Agent may agree), the Borrower shall pledge (or cause to  be pledged) 100% of the issued and outstanding Equity Interests (other than  any voting Equity Interests of any non-U.S. Subsidiary or any FSHCO in  excess of 65% of the issued and outstanding voting Equity Interests of such  non-U.S. Subsidiary or FSHCO) of such Specified IP Subsidiary to the  Collateral Agent for the benefit of the Secured Parties under (and in  accordance with) the Collateral Agreement and (z) such Specified IP  Subsidiary shall grant to the Loan Parties an irrevocable license to use such  Transferred IP; or  (c) consisting of the licensing (or equivalent thereof), acquisition, sale or  contribution of Intellectual Property Rights or proprietary materials  pursuant to pharmaceutical or therapeutic product licensing, collaboration,  development, promotion, marketing, supply, research or similar  arrangements with other Persons made in the ordinary course of business or  not exceeding at any time outstanding an aggregate principal amount of the  greater of (i) $60 million and (ii) 10% of TTM Consolidated EBITDA as of  the applicable date of determination, in each case determined as of the time  of incurrence;  (31) Investments; provided that both immediately before such Investment is made and  immediately after giving Pro Forma Effect to the making of such Investment, the  Payment Conditions are satisfied; and  (32) Investments that do not exceed the greater of (i) $320.0 million and (ii) 52% of  TTM Consolidated EBITDA as of the applicable date of determination, in each case  determined as of the time of making such Investment.  For purposes of determining compliance with this Section 6.04, (x) the amount of any  Investment at any time shall be the amount of cash and the fair market value of other property  actually invested (measured at the time made), without adjustment for subsequent changes in the  value of such Investment, net of any return, whether a return of capital, interest, dividend or  otherwise, with respect to such Investment and (y) in the event that any Investment (or any portion  thereof) meets the criteria of more than one of the categories set forth above, the Borrower may,  in its sole discretion, at the time such Investment is made, divide, classify or reclassify, or at any  later time divide, classify or reclassify, such Investment (or any portion thereof) in any manner  that complies with this Section 6.04 on the date such Investment is made or such later time, as  applicable.  To the extent any Investment in any Person is made in compliance with this Section 6.04  in reliance on a category above that is subject to a Dollar-denominated restriction on the making  of Investments and, subsequently, such Person returns to the Borrower, any other Loan Party or,  to the extent applicable, any Restricted Subsidiary all or any portion of such Investment (in the  form of a dividend, distribution, liquidation or otherwise but excluding intercompany  Indebtedness), such return shall be deemed to be credited to the Dollar-denominated category  against which the Investment is then charged (but in any event not in an amount that would result  





 






  176  AmericasActive:17030364.10  in the aggregate Dollar amount able to be invested in reliance on such category to exceed such  Dollar-denominated restriction).  The amount set forth in Section 6.07(14) and clause (1)(f) of Section 6.11 (without  duplication) may, in lieu of Restricted Payments or prepayments, repayments, redemptions,  purchases, defeasances or satisfactions of any Junior Financings, as applicable, be utilized by the  Borrower or any Restricted Subsidiary to make or hold any Investments without regards to this  Section 6.04.  Section 6.05 Fundamental Changes. 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:  (1) any Restricted Subsidiary may merge or consolidate with the Borrower (including  a merger, the purpose of which is to reorganize the Borrower into a new  jurisdiction); provided that  (a) the Borrower will be the continuing or surviving Person, and  (b) such merger or consolidation 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;  (2) any Restricted Subsidiary may merge or consolidate with or into any other  Restricted Subsidiary, liquidate, dissolve or change its legal form if the Borrower  determines in good faith that such action is in the best interests of the Borrower and  the Restricted Subsidiaries and is not materially disadvantageous to the Lenders,  taken as a whole;  (3) any merger the sole purpose of which is to reincorporate or reorganize (i) any U.S.  Subsidiary in another jurisdiction in the U.S. or (ii) any Non-U.S. Subsidiary in the  U.S. or any other jurisdiction shall be permitted;  (4) so long as no Event of Default has occurred and is continuing or would result  therefrom, the Borrower may merge or consolidate with any other Person; provided  that  (a) the Borrower will be the continuing or surviving Person, or  (b) if the Person formed by or surviving any such merger or consolidation is  not the Borrower (any such Person, the “Successor Borrower”),  (i) the Successor Borrower will be an entity organized or existing under  the Laws of the United States, any state thereof or the District of  Columbia;  





 






  177  AmericasActive:17030364.10  (ii) the Successor Borrower will 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;  (iii) each Guarantor, unless it is party to such merger or consolidation,  will have confirmed that its Guarantee of the Obligations pursuant  to the Collateral Agreement will apply to, and the Secured  Obligations (as defined in the Collateral Agreement) will include,  the Successor Borrower’s Obligations; and  (iv) the Borrower will have delivered to the Administrative Agent (A)  an officer’s certificate stating that such merger or consolidation  complies with this Agreement and (B) an opinion of counsel,  including customary organization, due execution, no conflicts and  enforceability opinions with respect to the Successor Borrower, in  each case to the extent reasonably requested by the Administrative  Agent;  it being agreed that if the foregoing are satisfied, the Successor Borrower  will succeed to, and be substituted for, the Borrower under this Agreement;  and  (5) subject to clauses (1) and (4) above, transactions the purpose of which is to effect  a Permitted Investment (other than pursuant to Section 6.04(14)) or a Disposition  permitted pursuant to Section 6.06 (other than pursuant to Section 6.06(5) or a  Disposition of all or substantially all of the assets of the Borrower and its Restricted  Subsidiaries); and  (6) the Transactions.  Section 6.06 Dispositions. Make any Disposition, except:  (1) Dispositions of obsolete, damaged, worn out, used or surplus property (including  for purposes of recycling) in the ordinary course of business or Dispositions of  property no longer used or useful in the conduct of the business of the Borrower  and the Restricted Subsidiaries;  (2) Dispositions of inventory and goods held for sale in the ordinary course of business;  (3) Dispositions of property to the extent that (a) such property is exchanged for credit  against the purchase price of similar replacement property or (b) the proceeds of  such Disposition are promptly applied to the purchase price of such replacement  property; provided that to the extent the property being transferred constitutes  Collateral such replacement property shall constitute Collateral;  (4) Dispositions of property to the Borrower or a Restricted Subsidiary; provided that  if the transferor of such property is a Loan Party (a) the transferee thereof must be  





 






  178  AmericasActive:17030364.10  a Loan Party or (b) to the extent constituting an Investment, such Investment must  be a Permitted Investment in a Restricted Subsidiary that is not a Loan Party in  accordance with Section 6.04 (other than Section 6.04(14));  (5) Dispositions consisting of Investments permitted under Section 6.04 (other than  Section 6.04(14)), transactions permitted under Section 6.05 (other than Section  6.05(5)) or Restricted Payments permitted under Section 6.07 (other than Section  6.07(4)) or consisting of Permitted Liens;  (6) Dispositions of property pursuant to Sale Leaseback Transactions, provided that (i)  no Event of Default has occurred and is continuing or would result therefrom (other  than any such Disposition made pursuant to a legally binding commitment entered  into at a time when no Event of Default has occurred and is continuing) and (ii)  such Disposition shall be for no less than the fair market value of such property at  the time of such Disposition;  (7) Dispositions of Cash Equivalents (or Investments that were Cash Equivalents when  made); provided, that such Disposition shall be for no less than the fair market value  of such property at the time of such Disposition;  (8) leases, subleases, licenses or sublicenses (including the provision of software under  an open source license), in each case in the ordinary course of business and which  do not materially interfere with the business of the Borrower and the Restricted  Subsidiaries, taken as a whole, provided, that such Disposition shall be for no less  than the fair market value of such property at the time of such Disposition;  (9) Dispositions of property subject to any Casualty Event;  (10) Dispositions; provided that  (a) 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 has occurred and is continuing), no Event of Default has  occurred and is continuing or would result therefrom; and  (b) with respect to any Disposition pursuant to this clause (10) for a purchase  price in excess of the greater of (i) $25.0 million and (ii) 4.0% of TTM  Consolidated EBITDA as of the applicable date of determination, in each  case determined as of the time of making such Disposition, the Borrower or  any of the Restricted Subsidiaries shall receive not less than 75% of such  consideration in the form of cash or Cash Equivalents; provided, however,  that for the purposes of this clause (b) each of the following will be deemed  to be cash,  (i) any liabilities (as shown on the Borrower’s or any Restricted  Subsidiary’s most recent balance sheet provided hereunder or in the  footnotes thereto) of the Borrower or any Restricted Subsidiary,  other than liabilities that are by their terms subordinated in right of  





 






  179  AmericasActive:17030364.10  payment to the Obligations, that are assumed by the transferee with  respect to the applicable Disposition and for which the Borrower and  the Restricted Subsidiaries have been validly released by all  applicable creditors in writing;  (ii) any securities received by the Borrower or any Restricted Subsidiary  from such transferee that are converted by the Borrower or any  Restricted Subsidiary into cash or Cash Equivalents (to the extent of  the cash or Cash Equivalents received) within one hundred and  eighty (180) days following the closing of the applicable  Disposition;  (iii) any Designated Non-Cash Consideration received in respect of such  Disposition having an aggregate fair market value, taken together  with all other Designated Non-Cash Consideration received  pursuant to this clause (iii) that is at that time outstanding, not in  excess of the greater of (A) $25.0 million and (B) 4.0% of TTM  Consolidated EBITDA as of the applicable date of determination,  with the fair market value of each item of Designated Non-Cash  Consideration being measured at the time received and without  giving effect to subsequent changes in value; and  (iv) such Disposition shall be for no less than the fair market value of  such property at the time of such Disposition (or, if earlier, the  definitive documentation or other Contractual Obligation with  respect to such Disposition is entered into by the Borrower or any  Restricted Subsidiary (as applicable);  (11) Dispositions of Investments in joint ventures to the extent required by, or made  pursuant to customary buy/sell arrangements among, the joint venture parties set  forth in joint venture or similar agreements or arrangements;  (12) Dispositions or discounts of accounts receivable and related assets in connection  with the collection or compromise thereof;  (13) Dispositions (including issuances or sales) of Equity Interests in, or Indebtedness  owing to, or of other securities of, an Unrestricted Subsidiary;  (14) Dispositions constituting any exchange of like property (excluding any boot  thereon) for use in any business conducted by the Borrower or any of the Restricted  Subsidiaries, to the extent allowable under Section 1031 of the Code (or  comparable or successor provision); provided that to the extent the property being  transferred constitutes Collateral, such replacement property shall constitute  Collateral;  (15) the unwinding of any Hedge Agreement;  





 






  180  AmericasActive:17030364.10  (16) Dispositions of assets in connection with the closing or sale of a facility, including  Dispositions of inventory, fee or leasehold interests in the premises of such facility,  equipment and fixtures located at such premises, and the books and records relating  to the operations of such facility; provided that as to each and all such sales and  closings, (a) no Event of Default shall have occurred and be continuing or shall  result therefrom and (b) such Dispositions shall be for no less than fair market value  at the time of such Disposition;  (17) the sale, assignment or other transfer of Securitization Assets to (a) a Receivables  Subsidiary in a Qualified Receivables Financing or (b) any other Person in a  Qualified Receivables Factoring, in each case of clauses (a) and (b), in an amount  not to exceed $50.0 million in the aggregate for all such transactions in any fiscal  year;  (18) (i) settlement of litigation concerning Intellectual Property Rights, or (ii) the lease,  sublease, license or sublicense of Intellectual Property Rights outside the United  States or (iii) the lapse, abandonment, discontinuance of the use or maintenance of  any Intellectual Property Rights, in each case of (i), (ii) and (iii), if the Borrower or  any Restricted Subsidiary determines in its reasonable business judgment that it  would not materially interfere with the business of the Borrower and its Restricted  Subsidiaries, taken as a whole;  (19) Disposition of any property or asset with a fair market value not to exceed either  (a) the greater of (i) $10.0 million and (ii) 2.0% of TTM Consolidated EBITDA as  of the applicable date of determination, in each case determined as of the time of  making such Disposition, with respect to any transaction or series of related  transactions or (b) the greater of (i) $50.0 million and (ii) 8.0% of TTM  Consolidated EBITDA as of the applicable date of determination, in each case  determined as of the time of making such Disposition, in the aggregate for all such  transactions in any fiscal year;  (20) Disposition of assets acquired in a Permitted Investment that the Borrower  determines will not be used or useful in the business of the Borrower and its  Restricted Subsidiaries;  (21) Dispositions of pipeline, marketed or other assets required by regulatory authorities  in connection with the Transactions, any Permitted Acquisition or other investment  permitted hereunder;  (22) any Disposition(s) in connection with licensing of Intellectual Property Rights to  any Non-Loan Party Restricted Subsidiary or Non-Loan Party Restricted  Subsidiaries in connection with bona fide tax planning purposes as determined in  good faith by the Borrower; provided, that the Collateral and the Lenders are not  adversely affected in any material respect by such Disposition(s);  (23) Dispositions, including leases, subleases, licenses or sublicenses, of Products in  Development in jurisdictions outside the United States; provided, that (a) such  





 






  181  AmericasActive:17030364.10  disposition does not materially interfere with the business of the Borrower and the  Restricted Subsidiaries, taken as a whole and (b) such Disposition shall be for no  less than the fair market value of such property at the time of such Disposition;  (24) the Transactions; and  (25) the issuance of, entry into (including any payments of premiums in connection  therewith), performance of obligations under, or exercise, transfer, assignment,  unwinding, settlement or early termination of, or the satisfaction of any condition  that would permit or require any of the foregoing, any Permitted Bond Hedge  Transaction; the issuance of, entry into, performance of obligations under, or  repurchase, redemption, transfer, assignment, unwinding, settlement, cancellation  or early termination of, or the satisfaction of any condition that would permit or  require any of the foregoing, any related Permitted Warrant Transaction; and the  issuance of, entry into performance of obligations under (including any payments  of interest), conversion, exercise, repurchase, redemption, transfer, assignment,  unwinding, settlement, cancellation or early termination of, or the satisfaction of  any condition that would permit or require any of the foregoing, any Convertible  Indebtedness, in each case, whether in cash, common Capital Stock of Borrower or  any direct or indirect parent of Borrower or other securities or property following a  merger event or other change of the common Capital Stock of Borrower or such  parent and whether in whole or in part and including by netting or set-off.  To the extent any Collateral is Disposed of as expressly permitted (or not prohibited) by this  Section 6.05 to any Person other than a Loan Party, such Collateral will be Disposed of free and  clear of the Liens created by the Loan Documents, and, without limiting, and subject to, the  provisions of Section 9.11, the Administrative Agent will take, and each Lender hereby authorizes  the Administrative Agent to take, any actions reasonably requested by the Borrower or deemed  appropriate in order to evidence or effect the foregoing.  Section 6.07 Restricted Payments.  Declare or make, directly or indirectly, any  Restricted Payment, other than the declaration or making of the following:  (1) Restricted Payments to the Borrower or any Restricted Subsidiary (or, in the case  of any non-Wholly Owned Restricted Subsidiary, to the Borrower, any Restricted  Subsidiary and each other owner of Equity Interests of such non-Wholly Owned  Subsidiary on a pro rata basis (or more favorable basis from the perspective of the  Borrower or such Restricted Subsidiary) according to their relative ownership  interests);  (2) the declaration and making of any Restricted Payments payable solely in the form  of Equity Interests (other than Disqualified Stock) of the Borrower;  (3) [reserved];  (4) to the extent constituting a Restricted Payment or Restricted Payments, mergers,  dissolutions, liquidations and consolidations permitted under Section 6.05 (other  





 






  182  AmericasActive:17030364.10  than a merger or consolidation involving the Borrower) or transactions permitted  under Section 6.08 (other than Section 6.08(9));  (5) repurchases of Equity Interests (a) deemed to occur upon exercise of options,  warrants or similar rights if such Equity Interests represent a portion of the exercise  price of such options or warrants or similar rights or (b) in consideration of  withholding or similar taxes payable by any future, present or former employee,  manager, officer, director, consultant or contractor (or any spouses, former spouses,  successors, executors, administrators, heirs, trustees, legatees or distributees of any  of the foregoing), including deemed repurchases in connection with the exercise of  stock options or the vesting of any equity awards;  (6) Restricted Payments to purchase, repurchase, retire, redeem or otherwise acquire  Equity Interests (including related stock appreciation rights or similar securities)  (or to allow any direct or indirect parent entity to purchase, retire, redeem or  otherwise acquire Equity Interests (including related stock appreciation rights or  similar securities)) held directly or indirectly by any future, present or former  employee, manager, officer, director, consultant or contractor (or any spouses,  former spouses, successors, executors, administrators, heirs, trustees, legatees or  distributees of any of the foregoing) of the Borrower, any of its Subsidiaries or any  Parent Entity upon the death, disability, retirement or termination of employment  of any such Person or otherwise pursuant to any management, employee or director  equity plan, management, employee or director stock option or profits interest plan  or any other management, employee or director benefit plan or other agreement or  arrangement (including any separation, stock subscription, shareholder, partnership  or similar agreement) in an aggregate amount after the Closing Date, together with  the aggregate amount of loans and advances to any Parent Entity made pursuant to  Section 6.04(23) in lieu of Restricted Payments permitted by this clause (6), not to  exceed $25 million in any fiscal year with any unused amounts in any fiscal year  being carried over to succeeding fiscal years; provided that such amount in any  fiscal year may be increased by,  (a) the amount of net proceeds of any key man life insurance policies received  by the Borrower or any Restricted Subsidiary after the Closing Date;  (b) to the extent contributed in cash to the common equity of the Borrower and  Not Otherwise Applied, the proceeds from the sale of Equity Interests of the  Borrower or any direct or indirect parent thereof (other than Disqualified  Stock, Excluded Contributions or Cure Amounts), in each case to any  future, present or former employee, manager, officer director, consultant or  contractor (or any spouses, former spouses, successors, executors,  administrators, heirs, trustees, legatees or distributees of any of the  foregoing) of the Borrower, any of its Subsidiaries or any direct or indirect  parent thereof that occurs after the Closing Date; and  (c) the amount of any cash bonuses or other compensation otherwise payable  to any future, present or former employee, manager, officer, director,  





 






  183  AmericasActive:17030364.10  consultant or contractor (or any spouses, former spouses, successors,  executors, administrators, heirs, trustees, legatees or distributees of any of  the foregoing) of the Borrower or any of its Restricted Subsidiaries or any  Parent Entity that are foregone in return for the receipt of Equity Interests  of the Borrower or any of its Restricted Subsidiaries or any direct or indirect  parent thereof;  (7) Restricted Payments to purchase, repurchase, retire, redeem or otherwise acquire  (or permit any direct or indirect parent entity to acquire) Equity Interests of the  Borrower or any direct or indirect parent thereof in an aggregate amount per fiscal  year not to exceed the greater of (a) $25.0 million and (b) 4.0% of TTM  Consolidated EBITDA as of the applicable date of determination, in each case  determined as of the time of making such Restricted Payment;  (8) Restricted Payments the proceeds of which will be used to pay or finance (or permit  any Parent Entity to pay or finance):  (a) distributions made pursuant to Section 4.01(b) of the LLC Agreement;  (b) operating, overhead, legal, accounting and other professional fees costs and  expenses (including directors’ fees and expenses and Public Company  Costs) and other ordinary course overhead costs and operational expenses  (including administrative, legal, accounting, filing and similar expenses  provided by third parties), in each case to the extent related to any such  Parent Entity’s separate existence as a holding company or attributable to  the ownership or operations of the Borrower and its Restricted Subsidiaries;  (c) franchise taxes and other fees, taxes and expenses in connection with (i) the  ownership of the Borrower or any Restricted Subsidiary or (ii) the  maintenance of the Borrower’s or any such parent entity’s corporate or legal  existence;  (d) to the extent constituting Restricted Payments, the Borrower and the  Restricted Subsidiaries may enter into and consummate transactions  expressly permitted under Sections 6.08(3), (5), (7), (16), (17), (19) and  (21), in each case to the extent such payments are due at the time of such  Restricted Payment;  (e) any Permitted Investment; provided that (i) such Restricted Payment shall  be made substantially concurrently with the closing of such Investment and  (ii) the Borrower will, immediately following the closing thereof, cause (A)  all property acquired (whether assets or Equity Interests) to be contributed  to the Borrower or a Subsidiary (which shall be a Restricted Subsidiary to  the extent required by Section 6.04) or (B) the merger (to the extent  permitted in Section 6.05) of the Person formed or acquired with or into the  Borrower or a Subsidiary (which shall be a Restricted Subsidiary to the  extent required by Section 6.04) in order to consummate such Investment;  





 






  184  AmericasActive:17030364.10  (f) costs, fees and expenses related to any equity or debt offering expressly  permitted by this Agreement or any Permitted Investment, whether or not  consummated; and  (g) (i) customary salary, bonus and other benefits payable to future, present or  former employees, managers, officers, directors, consultants or contractors  (or any spouses, former spouses, successors, executors, administrators,  heirs, trustees, legatees or distributees of any of the foregoing) to the extent  such salaries, bonuses and other benefits are attributable to the ownership  or operation of the Borrower and its Restricted Subsidiaries or (ii) payments  permitted under Sections 6.08(7);  (9) Restricted Payments to pay (or permit any direct or indirect parent entity to pay)  cash in lieu of the issuance of fractional Equity Interests in connection with the  exercise of warrants, upon the conversion or exchange of Equity Interests of any  such Person, in connection with any merger, consolidation, amalgamation or other  business combination, or in connection with any dividend, distribution, split or  combination of Equity Interests or any Permitted Investment;  (10) [Reserved];  (11) the making of any Restricted Payment in exchange for, or out of or with the net  cash proceeds of the substantially concurrent sale (other than to a Restricted  Subsidiary of the Borrower) of Equity Interests (other than Disqualified Stock) of  the Borrower or any Parent Entity or from the substantially concurrent contribution  of common equity capital to the Borrower, in each case that are Not Otherwise  Applied, other than (a) Excluded Contributions and (b) Cure Amounts;  (12) Restricted Payments that are made with Excluded Contributions that are Not  Otherwise Applied;  (13) Restricted Payments of Investments in one or more Unrestricted Subsidiaries;  (14) Restricted Payments (the proceeds of which may be utilized by any Parent Entity)  in an aggregate amount not to exceed, when taken together with any prepayments,  repayments, redemptions, purchases, defeasances or satisfactions made under  clause (1)(f) of Section 6.11, the greater of (i) $125.0 million and (ii) 20% of TTM  Consolidated EBITDA as of the applicable date of determination, in each case  determined as of the time of making such Restricted Payment; provided, in each  case, that no Event of Default shall have occurred and be continuing either  immediately before, or after, giving Pro Forma effect to, such Restricted Payment;  (15) Restricted Payments; provided that both immediately prior to and after giving Pro  Forma Effect to such Restricted Payment, the RP Payment Conditions are satisfied;  and  (16) the issuance of, entry into (including any payments of premiums in connection  therewith), performance of obligations under, or exercise, transfer, assignment,  





 






  185  AmericasActive:17030364.10  unwinding, settlement or early termination of, or the satisfaction of any condition  that would permit or require any of the foregoing, any Permitted Bond Hedge  Transaction; the issuance of, entry into, performance of obligations under, or  repurchase, redemption, transfer, assignment, unwinding, settlement, cancellation  or early termination of, or the satisfaction of any condition that would permit or  require any of the foregoing, any related Permitted Warrant Transaction; and the  issuance of, entry into performance of obligations under (including any payments  of interest), conversion, exercise, repurchase, redemption, transfer, assignment,  unwinding, settlement, cancellation or early termination of, or the satisfaction of  any condition that would permit or require any of the foregoing, any Convertible  Indebtedness, in each case, whether in cash, common Capital Stock of Borrower or  any direct or indirect parent of Borrower or other securities or property following a  merger event or other change of the common Capital Stock of Borrower or such  parent and whether in whole or in part and including by netting or set-off.  The amount set forth in Section 6.07(14) may (without duplication), in lieu of Restricted Payments,  be utilized by the Borrower or any Restricted Subsidiary to (i) make or hold any Investments  without regards to Section 6.04 or (ii) prepay, repay redeem, purchase, defease or otherwise satisfy  prior to the scheduled maturity thereof any Junior Financing without regards to Section 6.11.  Section 6.08 Transactions with Affiliates.  Engage in any transaction with any Affiliate  of the Borrower, except that this Section 6.08 will not prohibit:  (1) any transactions between or among the Borrower or any of the Restricted  Subsidiaries or any Person that becomes a Restricted Subsidiary as a result of such  transaction;  (2) any transactions on terms substantially as favorable to the Borrower or such  Restricted Subsidiary (as applicable) 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 (as determined by the Borrower in good faith);  (3) the Transactions (including the issuance or conversion of Equity Interests in  connection therewith) and the payment of fees and expenses (including the  Transaction Costs) related to the Transactions;  (4) the issuance, transfer or conversion of Equity Interests (other than Disqualified  Stock) of the Borrower or any Parent Entity not constituting a Change in Control;  (5) employment and severance arrangements and confidentiality agreements among  the Borrower, any of its Subsidiaries or any direct or indirect parent thereof and any  future, present or former employee, manager, officer, director, consultant or  contractor (or any spouses, former spouses, successors, executors, administrators,  heirs, trustees, legatees or distributees of any of the foregoing) of the Borrower, any  of its Subsidiaries or any direct or indirect parent thereof in the ordinary course of  business and transactions pursuant to equity plans, stock option or profits interest  plan or any other equity or benefit plan or other similar agreement or arrangement  





 






  186  AmericasActive:17030364.10  (including to the extent set forth in any separation, stock subscription, shareholder,  partnership or similar agreement);  (6) the licensing of Intellectual Property Rights in the ordinary course of business to  permit the commercial exploitation of Intellectual Property Rights between or  among the Borrower, its Affiliates or its Restricted Subsidiaries;  (7) the payment of fees, reasonable out-of-pocket costs and expenses to, and  indemnities provided to or on behalf of, any officers, directors, managers,  employees, consultants or contractors of the Borrower, any of its Subsidiaries or  any direct or indirect parent thereof in the ordinary course of business to the extent  attributable to the ownership or operation of the Borrower and the Restricted  Subsidiaries or any such parent’s separate existence;  (8) any other transaction, agreement, instrument or arrangement as in effect as of the  Closing Date and, with respect to each such transaction, agreement, instrument or  arrangement involving aggregate payments or consideration in excess of $25.0  million, set forth on Schedule 6.08, or any amendment thereto (so long as any such  amendment is not materially adverse to the Lenders, taken as a whole, as compared  to the applicable transaction, agreement, instrument or arrangement as in effect on  the Closing Date);  (9) any Restricted Payments permitted under Section 6.07, transactions permitted  under Sections 6.05 and Investments permitted under Section 6.04;  (10) (a) the Tax Receivable Agreement or transactions thereunder or (b) payments by  the Borrower, any Subsidiary or any direct or indirect parent thereof pursuant to  reasonable tax sharing arrangements between or among such Persons;  (11) any transactions in which the Borrower or any of the Restricted Subsidiaries, as the  case may be, delivers to the Administrative Agent a letter from an Independent  Financial Advisor stating that such transaction is fair to the Borrower or any such  Restricted Subsidiary, as applicable, from a financial point of view or meets the  requirements of clause (2) of this Section 6.08 (without giving effect to the  parenthetical phrase at the end thereof);  (12) any transaction or series of related transactions with consideration valued (as  determined in good faith by the Borrower) at less than the greater of (a) $20.0  million and (b) 3.0% of TTM Consolidated EBITDA as of the applicable date of  determination, in each case determined as of the time of consummating such  transaction(s);  (13) investments by the Investors in securities of the Borrower or any Parent Entity or  Indebtedness of the Borrower, any Parent Entity or any of the Restricted  Subsidiaries so long as (a) the investment is being offered generally to other  investors on the same or more favorable terms and (b) any such investment  constitutes less than 5.0% of the proposed or outstanding issue amount of such class  





 






  187  AmericasActive:17030364.10  of securities; provided, that any investments in debt securities by any Debt Fund  Affiliates shall not be subject to the limitation in this clause (b);  (14) payments to or from, and transactions with, Joint Ventures (to the extent any such  Joint Venture is only an Affiliate as a result of Investments by the Borrower and  the Restricted Subsidiaries in such Joint Venture);  (15) transactions between or among the Borrower or its Subsidiaries effected as part of  any Qualified Receivables Transaction permitted hereunder;  (16) the payment of reasonable out-of-pocket costs and expenses relating to registration  rights and indemnities provided to shareholders of the Borrower or any Parent  Entity pursuant to the stockholders agreement or the registration and participation  rights agreement entered into on the Closing Date in connection therewith;  (17) the payment of any dividend or distribution or consummation of any redemption  within sixty (60) days after the date of declaration thereof or the giving of a  redemption notice related thereto, if at the date of declaration or notice  such  payment would have complied with the provisions of this Agreement;  (18) transactions between or among the Borrower, any of its Restricted Subsidiaries or  any direct or indirect parent thereof and any Person, a director of which Person is  also a director of the Borrower or any Parent Entity of the Borrower; provided,  however, that such director abstains from voting as a director of the Borrower or  such Parent Entity, as the case may be, on any matter involving such other Person  and such Person is not an Affiliate of the Borrower for any reason other than such  director’s acting in such capacity;  (19) payments, loans (or cancellation of loans) or advances to any future, present or  former employee, manager, officer, director, consultant or contractor (or any  spouses, former spouses, successors, executors, administrators, heirs, trustees,  legatees or distributees of any of the foregoing) that are approved in good faith by  a majority of the Disinterested Directors of the Borrower, any of its applicable  Restricted Subsidiaries or any applicable direct or indirect parent of the foregoing;  (20) any purchase by any Parent Entity of the Equity Interests of the Borrower and the  issuance, sale or transfer of Equity Interests of the Borrower to any Parent Entity  and capital contributions by any Parent Entity to the Borrower (and payment of  reasonable out-of-pocket expenses incurred in connection therewith);  (21) the existence of, or the performance by the Borrower or any of its Subsidiaries of  its obligations under the terms of, any customary registration rights agreement to  which  such Person or any Parent Entity is a party or becomes a party in the future;  and  (22) transactions approved by a majority of the Disinterested Directors of the Borrower  or any applicable Parent Entity.  





 






  188  AmericasActive:17030364.10  Section 6.09 Business of the Borrower and its Subsidiaries.  Engage in any material  line of business substantially different from those lines of business conducted or proposed to be  conducted by the Borrower and its Restricted Subsidiaries on the Closing Date (after giving effect  to the Transactions) and any business that is similar, corollary, ancillary, incidental or  complementary or related to, or a reasonable extension, development or expansion of, the  businesses conducted or proposed to be conducted by the Borrower and its Restricted Subsidiaries  on the Closing Date (after giving effect to the Transactions), including any Similar Business.  Section 6.10 Burdensome Agreements.  Enter or permit any Material Restricted  Subsidiary to enter into any Contractual Obligation (other than the Loan Documents or the Term  Loan Documents) that by its terms restricts (I) with respect to any such Material Restricted  Subsidiary that is not a Guarantor, Restricted Payments from such Material Restricted Subsidiary  to the Borrower or any other Loan Party, as applicable, that is a direct or indirect parent of such  Restricted Subsidiary or (II) with respect to the Borrower or any such Material Restricted  Subsidiary that is a Loan Party, the granting of Liens by such Material Restricted Subsidiary  pursuant to the Security Documents; provided that the foregoing clauses (I) and (II) will not apply  to any Contractual Obligations that:  (1) (a) exist on the Closing Date and are to the extent such Contractual Obligation  relates to any security with a value exceeding $25.0 million, listed on Schedule 6.10  and (b) to the extent Contractual Obligations permitted by clause (a) are set forth  in an agreement evidencing Indebtedness, are set forth in any agreement evidencing  any permitted Refinancing of such Indebtedness so long as (to the extent not  otherwise permitted by this Section 6.10) such Refinancing does not materially  expand the scope of such Contractual Obligation with respect to restrictions  described in the preceding clauses (I) or (II);  (2) are (a) binding on a Restricted Subsidiary at the time such Restricted Subsidiary  first becomes a Restricted Subsidiary or (b) acquired in connection with a Permitted  Investment, so long as, in each case, such Contractual Obligations were not entered  into in contemplation of such Person becoming a Restricted Subsidiary or such  Permitted Investment, in each case as such Contractual Obligations may be  amended, restated, supplemented, modified extended renewed or replaced, so long  as such amendment, restatement, supplement, modification, extension, renewal or  replacement does not expand in any material respect the scope of any restriction  contemplated by this Section 6.10 contained therein;  (3) represent Indebtedness of a Restricted Subsidiary that is not a Loan Party;  (4) are customary restrictions and conditions that arise in connection with (a) any Lien  (other than Liens on Collateral) permitted by Section 6.02, and relate to the property  permitted to be subject to such Lien, or (b) any Disposition pending consummation  of such Disposition and solely with respect to the assets (including Equity Interests)  subject to such Disposition;  (5) are customary provisions in joint venture or similar agreements relating to the  applicable joint venture;  





 






  189  AmericasActive:17030364.10  (6) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness  permitted under Section 6.01, but solely to the extent any such negative pledge  relates to the property financed by or the subject of such Indebtedness and the  proceeds and products thereof;  (7) are customary restrictions on leases, subleases, licenses or asset sale agreements  otherwise permitted hereby so long as such restrictions relate to the assets subject  thereto;  (8) comprise restrictions imposed by any agreement relating to secured Indebtedness  permitted under Section 6.01 to the extent that such restrictions apply only to the  property or assets securing such Indebtedness;  (9) are (a) customary provisions restricting subletting or assignment of any lease  governing a leasehold interest or (b) customary net worth provisions contained in  Real Property leases entered into by Restricted Subsidiaries, so long as a  Responsible Officer of the Borrower has determined in good faith that such net  worth provisions would not reasonably be expected to impair the ability of the  Borrower and the other Restricted Subsidiaries to meet their ongoing obligations;  (10) are customary provisions restricting assignment of any Contractual Obligation  entered into in the ordinary course of business;  (11) are customary provisions contained in leases or licenses of Intellectual Property  Rights and other similar agreements entered into in the ordinary course of business;  (12) are restrictions on cash or other deposits imposed by customers under contracts  entered into in the ordinary course of business;  (13) arise in connection with cash or other deposits permitted under Section 6.02;  (14) comprise restrictions in any Indebtedness permitted pursuant to Section 6.01 that  are, taken as a whole, in the good faith judgment of the Borrower, no more  restrictive with respect to the Borrower or any Restricted Subsidiary than customary  market terms for agreements governing Indebtedness of such type or otherwise  reasonably acceptable to the Administrative Agent, so long as the Borrower shall  have determined in good faith that such restrictions will not affect its obligation or  ability to make any payments required hereunder;  (15) apply by reason of any applicable Law, rule, regulation or order or are required by  any Governmental Authority having or purporting to have jurisdiction over the  Borrower or any Restricted Subsidiary;  (16) customary restrictions contained in Indebtedness permitted to be incurred pursuant  to Sections 6.01(4) and (11)(a), and any Permitted Refinancing Indebtedness in  respect of the foregoing;  





 






  190  AmericasActive:17030364.10  (17) consist of any encumbrances or restrictions imposed by any amendments,  modifications, restatements, renewals, increases, supplements, refundings,  replacements or refinancings of the contracts, instruments or obligations referred to  in clauses (1) through (16) above, so long as such amendments, modifications,  restatements, renewals, increases, supplements, refundings, replacements or  refinancings are, in the good faith judgment of the Borrower, not materially more  restrictive with respect to such Lien, dividend and other payment restrictions, taken  as a whole, than those contained in the Lien, dividend or other payment restrictions  prior to such amendment, modification, restatement, renewal, increase, supplement,  refunding, replacement or refinancing; or  (18) are encumbrances or restrictions applicable to a Receivables Subsidiary in  connection with a Qualified Receivables Financing that, in the good faith  determination of the Borrower, are necessary or advisable to effect such Qualified  Receivables Financing.  Section 6.11 Limitation on Payments and Modifications of Certain Indebtedness;  Amendments of Certain Documents.  (1) Prepayments of Junior Financing.  Prepay, repay, redeem, purchase, defease or  otherwise satisfy prior to scheduled maturity thereof any Junior Financing, except:  (a) the refinancing thereof with the Net Cash Proceeds of, or in exchange for,  any Permitted Refinancing Indebtedness;  (b) the conversion or exchange of any Junior Financing into or for Equity  Interests (other than Disqualified Stock) of the Borrower or any Parent  Entity;  (c) the prepayment repayment, redemption, purchase, defeasance or  satisfaction of any of Indebtedness of the Borrower or any of its Restricted  Subsidiaries owed to the Borrower or any of its Restricted Subsidiaries;  (d) the prepayment, repayment, redemption, purchase, defeasance or  satisfaction of any Junior Financing with the proceeds of (i) any other Junior  Financing or (ii) any Qualified Equity Interests or any cash contribution to  the common equity capital of the Borrower after the Closing Date (other  than any Cure Amount or Excluded Contribution) that is Not Otherwise  Applied; provided that such prepayment, repayment, redemption, purchase,  defeasance or satisfaction is made within 60 days after receipt of such  proceeds and no Event of Default has occurred and is continuing;  (e) payments or distributions in respect of all or any portion of such Junior  Financing with the proceeds contributed directly or indirectly to the  Borrower by any Parent Entity from the issuance, sale or exchange by any  Parent Entity of Equity Interests (other than Disqualified Stock, Cure  Amounts or Excluded Contributions) made within eighteen (18) months  prior thereto and Not Otherwise Applied;  





 






  191  AmericasActive:17030364.10  (f) prepayments, repayments, redemptions, purchases, defeasances or  satisfactions of any Junior Financing in an aggregate amount not to exceed,  when taken together with any Restricted Payments made under Section  6.07(14)(a), the greater of (i) $125 million and (ii) 20% of TTM  Consolidated EBITDA as of the applicable date of determination, in each  case determined as of the time of making such prepayment, repayment,  redemption, purchase, defeasance or satisfaction; provided, in each case,  that no Event of Default shall have occurred and be continuing or shall result  therefrom; or  (g) prepayments, repayments, redemptions, purchases, defeasances or  satisfactions, of any Junior Financing so long as immediately prior to and  after giving Pro Forma Effect to such prepayment, repayment, redemption,  purchase, defeasance or satisfaction, the RP Payment Conditions are  satisfied;  provided, however, that each of the following shall be permitted: payments of regularly scheduled  principal and interest (including default interest and any “AHYDO” catch-up payment) on Junior  Financing, fees related to Junior Financing, indemnity and expense reimbursement payments in  connection with Junior Financing, and mandatory prepayments, mandatory redemptions and  mandatory purchases of any Junior Financing (including any principal, premium or interest with  respect thereto), in each case pursuant to the terms of the applicable Junior Financing  Documentation.  The amount set forth in clause (1)(f) of this Section 6.11 (without duplication) may be, in  lieu of prepayments, repayments, redemptions, purchases, defeasances or satisfactions of any  Junior Financing, be utilized by the Borrower or any Restricted Subsidiary to (i) make or hold any  Investments without regards to Section 6.04 or (ii) make Restricted Payments without regards to  Section 6.07.  (2) Amendments to Junior Financing Documentation.  Amend, modify or change in  any manner without the consent of the Administrative Agent, any Junior Financing  Documentation in a manner that is materially adverse to the interests of the Lenders  (taken as a whole), in each case other than as a result of a permitted Refinancing  thereof; provided that a certificate of a Responsible Officer delivered to the  Administrative Agent at least four (4) Business Days (or such shorter period as may  be agreed by the Administrative Agent) prior to any such amendment, modification  or change, together with a reasonably detailed description of the material terms and  conditions of such amendment, modification or change 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 (2) shall  be conclusive evidence that such amendment, modification or change satisfies this  clause (2) unless the Administrative Agent notifies the Borrower within such four  (4) Business Day (or shorter) period that it disagrees with such determination  (including a description of the basis upon which it disagrees); or  





 






  192  AmericasActive:17030364.10  (3) Amendments to Organization Documents.  Amend, modify or change its certificate  or articles of incorporation or formation (including by the filing or modification of  any certificate or articles of designation), certificate of formation, limited liability  company agreement or by-laws (or the equivalent organizational documents), as  applicable, in each case, in any manner materially adverse to the interests of the  Lenders (taken as a whole); provided that, in each case, a certificate of a  Responsible Officer delivered to the Administrative Agent at least four (4) Business  Days (or such shorter period as may be agreed by the Administrative Agent) prior  to any such amendment, modification or change, together with a reasonably  detailed description of the material terms and conditions of such amendment,  modification or change 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 (3) shall be conclusive evidence that such  amendment, modification or change satisfies such requirement unless the  Administrative Agent notifies the Borrower within such four (4) Business Day (or  shorter) period that it disagrees with such determination (including a description of  the basis upon which it disagrees).  (4) Repayments of certain Indebtedness to Amneal Inc.  Prepay, repay, redeem,  purchase, defease or otherwise satisfy the principal of, or make cash payments of  interest on, any Tax Distribution Indebtedness except:  (a) if immediately prior to and after giving Pro Forma Effect to such  prepayment, repayment, redemption, purchase, defeasance or satisfaction  or such cash payment of interest, the Payment Conditions are satisfied; or   (b) the conversion or exchange of such Tax Distribution Indebtedness into or  for Equity Interests (other than Disqualified Stock) of the Borrower or any  Parent Entity.  Section 6.12 Use of Proceeds.  The Borrower shall not use, and the Borrower shall  procure that its Subsidiaries and its or their respective directors, officers, employees and, to the  Borrower’s knowledge, agents shall not use, the proceeds of the Loans (a) in furtherance of an  offer, payment, promise to pay, or authorization of the payment or giving of money, or anything  else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of  funding, financing or facilitating any activities, business or transaction of or with any Sanctioned  Person, or in or with any Sanctioned Country, or (c) in any manner that would result in the violation  of any Sanctions applicable to any Person participating in the Loans, whether as Administrative  Agent, Arranger, Issuing Bank, Lender, underwriter, advisor, investor or otherwise.  Section 6.13 Financial Performance Covenant.  Upon the occurrence and during the  continuance of a Covenant Trigger Event, the Borrower will maintain a Fixed Charge Coverage  Ratio of not less than 1.0 to 1.0 measured at the time of occurrence of such Covenant Trigger Event  (as of the last day of the Test Period ending immediately prior to the date on which such Covenant  Trigger Event has commenced), and on the last day of each subsequent Test Period ending during  the continuance of such Covenant Trigger Event.  





 






  193  AmericasActive:17030364.10  ARTICLE VII    [RESERVED]  ARTICLE VIII    EVENTS OF DEFAULT  Section 8.01 Events of Default.  In case of the happening of any of the following events  (each, an “Event of Default”):  (1) any representation or warranty made by the Borrower or any other Loan Party  herein or in any other Loan Document or any certificate or document required to  be delivered pursuant hereto or thereto proves to have been false or misleading in  any material respect when so made;  (2) default is made in the payment of any principal of any Loan or the reimbursement  of any L/C Disbursement when and as the same becomes due and payable, whether  at the due date thereof, at a date fixed for prepayment thereof, by acceleration  thereof or otherwise;  (3) default is made in the payment of any interest on any Loan or in the payment of any  fee (other than an amount referred to in clause (2) of this Section 8.01), when and  as the same becomes due and payable, and such default continues unremedied for  a period of five (5) Business Days;  (4) default is made in the due observance or performance by the Borrower or any  Restricted Subsidiary of any covenant, condition or agreement contained in (a)  Section 5.01(1) (with respect to the Borrower only), 5.05(1) or in Article VI (in  each case solely to the extent applicable to such Person), (b) Section 5.11 but only  if such default continues unremedied for a period of five (5) Business Days or (c)  Section 5.04(9) and such default continues unremedied for a period of five (5)  Business Days (or, after the occurrence and during the continuance of an Increased  Reporting Period (Weekly), two (2) Business Days)  following notice thereof from  the Administrative Agent to the Borrower;  (5) default is made in the due observance or performance by the Borrower or any  Restricted Subsidiary of any covenant, condition or agreement contained in any  Loan Document (other than those specified in clauses (1), (2), (3) and (4) of this  Section 8.01), in each case solely to the extent applicable to such Person, and such  default continues unremedied for a period of 30 days after the earlier of (x) receipt  of written notice thereof from the Administrative Agent to the Borrower and (y) the  date on which an executive officer of the Borrower becomes aware of such default;  (6) (a) (i) any event or condition occurs (other than, with respect to Indebtedness under  any Hedge Agreement, termination events or equivalent events pursuant to the  terms of such Hedge Agreement that do not result from a default thereunder by a  Loan Party or Restricted Subsidiary) that (A) results in any Material Indebtedness  





 






  194  AmericasActive:17030364.10  becoming due prior to its scheduled maturity or (B) enables or permits (with all  applicable grace periods having expired) the holder or holders of any Material  Indebtedness or any trustee or agent on its or their behalf to cause any Material  Indebtedness to become due, or to require the prepayment, repurchase, redemption  or defeasance thereof, prior to its scheduled maturity or (ii) the Borrower or any  Restricted Subsidiary fails to pay the principal of any Material Indebtedness at the  stated final maturity thereof and (b) such event, condition or failure is unremedied  and is not waived or cured by the holders of such Indebtedness prior to any  acceleration of the Loans pursuant to this Section 8.01; provided that this clause (6)  will not apply to any (A) secured Indebtedness that becomes due as a result of the  voluntary sale or transfer of all or a portion of the property or assets securing such  Indebtedness or (B) any redemption, repurchase, conversion, exercise or settlement  (or the occurrence of any event or satisfaction of any condition giving rise to or  permitting any of the foregoing) with respect to any Convertible Indebtedness  pursuant to its terms unless such redemption, repurchase, conversion or settlement (or  occurrence, giving rise to, or permitting any of the foregoing) results from a default  thereunder or an event of the type that constitutes an Event of Default thereunder;  (7) a Change in Control occurs;  (8) an involuntary proceeding is commenced or an involuntary petition is filed in a  court of competent jurisdiction seeking:  (a) relief in respect of the Borrower or any of the Material Restricted  Subsidiaries, or of a substantial part of the property or assets of the  Borrower or any Material Restricted Subsidiary, under Title 11 of the  United States Code, as now constituted or hereafter amended, or any other  applicable federal, state or foreign bankruptcy, insolvency, receivership or  similar law;  (b) the appointment of a receiver, trustee, custodian, sequestrator, conservator  or similar official for the Borrower or any of the Material Restricted  Subsidiaries or for a substantial part of the property or assets of the  Borrower or any Restricted Subsidiary; or  (c) the winding up or liquidation of the Borrower or any Material Restricted  Subsidiary (except, in the case of any Material Restricted Subsidiary, in a  transaction permitted by Section 6.05) and such proceeding or petition  continues undismissed for 60 days or an order or decree approving or  ordering any of the foregoing is entered;  (9) the Borrower or any Material Restricted Subsidiary:  (a) voluntarily commences any proceeding or files any petition seeking relief  under Title 11 of the United States Code, as now constituted or hereafter  amended, or any other applicable federal, state or foreign bankruptcy,  insolvency, receivership or similar law;  





 






  195  AmericasActive:17030364.10  (b) consents to the institution of, or fails to contest in a timely and appropriate  manner, any proceeding or the filing of any petition described in clause (8)  of this Section 8.01;  (c) applies for or consents to the appointment of a receiver, trustee, custodian,  sequestrator, conservator or similar official for the Borrower or any of the  Material Restricted Subsidiaries or for a substantial part of the property or  assets of the Borrower or any Material Restricted Subsidiary;  (d) files an answer admitting the material allegations of a petition filed against  it in any such proceeding;  (e) makes a general assignment for the benefit of creditors; or  (f) becomes unable or admits in writing its inability or fails generally to pay its  debts as they become due;  (10) the Borrower or any Restricted Subsidiary fails to pay one or more final judgments  for the payment of money aggregating in excess of the Threshold Amount (to the  extent not covered by insurance or other indemnity obligation), which such  judgment(s) are not satisfied, vacated, discharged, stayed, bonded pending appeal  or effectively waived or stayed for a period of 60 consecutive days;  (11) an ERISA Event occurs with respect to any Plan or Multiemployer Plan, and such  ERISA Event, together with all other such ERISA Events, if any, is reasonably  expected to have a Material Adverse Effect; or  (12) (a) any material provision of the Loan Documents, taken as a whole, at any time  after their execution and delivery and prior the Payment In Full of the Obligations,  for any reason other than as expressly permitted under a Loan Document (including  as a result of a transaction permitted under Section 6.05), ceases to be, or is asserted  in writing by the Borrower or any Restricted Subsidiary not to be, for any reason, a  legal, valid and binding obligation of any party thereto, (b) any security interest  purported to be created by any Security Document and to extend to assets that are  included in the Borrowing Base or otherwise are not immaterial to the Borrower  and the Restricted Subsidiaries, when taken as a whole, on a consolidated basis  ceases to be, or is asserted in writing by the Borrower or any other Loan Party not  to be, a valid and perfected security interest in the Collateral covered thereby,  except to the extent that any such loss of validity or perfection results from (i) the  limitations of foreign laws, rules and regulations or the application thereof, or (ii)  the failure of the Collateral Agent to maintain possession of certificates actually  delivered to it representing securities pledged under a Security Document or to file  Uniform Commercial Code continuation statements or take any other action and  except to the extent that such loss is covered by a lender’s title insurance policy and  the Collateral Agent is reasonably satisfied with the credit of such insurer or (c) the  Guarantees pursuant to the Security Documents by any Material Restricted  Subsidiary Guarantor of any of the Obligations cease to be in full force and effect  





 






  196  AmericasActive:17030364.10  (other than in accordance with the terms hereof or thereof, including the release of  such Person as provided for under the Loan Documents and the Payment in Full of  the Obligations) or are asserted in writing by the Borrower or any other Subsidiary  Loan Party not to be in effect or not to be legal, valid and binding obligations,  except in the cases of clauses (b) and (c), in connection with an Asset Sale permitted  by this Agreement;  then, (i) upon the occurrence of any such Event of Default (other than an Event of Default with  respect to the Borrower described in clause (8) or (9) of this Section 8.01) and at any time thereafter  during the continuance of such Event of Default, the Administrative Agent, at the request of the  Required Lenders, will, by notice to the Borrower, take any or all of the following actions, at the  same or different times: (A) terminate forthwith the Commitments, (B) declare the Loans then  outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the  Loans so declared to be due and payable, together with accrued interest thereon and any unpaid  accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan  Document, will become forthwith due and payable, without presentment, demand, protest or any  other notice of any kind, all of which are hereby expressly waived by the Borrower, anything  contained herein or in any other Loan Document to the contrary notwithstanding; (C) if the Loans  have been declared due and payable pursuant to clause (B) above, demand cash collateral pursuant  to Section 2.05(11); and (D) exercise all rights and remedies granted to it under any Loan  Document and all of its rights under any other applicable law or in equity, and (ii) in any event  with respect to the Borrower described in clause (8) or (9) of this Section 8.01, the principal of the  Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and  all other liabilities of the Borrower accrued hereunder and under any other Loan Document, will  automatically become due and payable and the Administrative Agent shall be deemed to have  made a demand for cash collateral to the full extent permitted under Section 2.05(11), without  presentment, demand, protest or any other notice of any kind, all of which are hereby expressly  waived by the Borrower, anything contained herein or in any other Loan Document to the contrary  notwithstanding; provided that, notwithstanding any of the foregoing, (w) upon the occurrence of  and during the continuance of an Event of Default under Section 8.01(2) or (3) with respect to the  Refinancing Term Loans, the Administrative Agent, at the request of the Required Term Lenders,  will, by notice to the Borrower, declare the Refinancing Term Loans then outstanding to be  forthwith due and payable in whole or in part pursuant to the foregoing clause (B), (x) upon the  acceleration of the Revolving Loans hereunder, the principal of the Refinancing Term Loans then  outstanding, together with accrued interest thereon and all other Obligations accrued in respect  thereof, shall be automatically due and payable in whole immediately and all Refinancing Term  Loan Commitments shall automatically terminate, in each case without presentment, demand,  protest or other notice of any kind, all of which are hereby waived by the Borrower, (y) upon the  acceleration of the Refinancing Term Loans hereunder, the principal of the Revolving Loans then  outstanding, together with accrued interest thereon and all other Obligations accrued in respect  thereof, shall be automatically due and payable in whole immediately and all Commitments shall  automatically terminate, in each case without presentment, demand, protest or other notice of any  kind, all of which are hereby waived by the Borrower and (z) except as expressly set forth herein  (including, without limitation, in the FILO Intercreditor Provisions), no Refinancing Term Lender  shall have any right to affirmatively exercise any remedy with respect to the Collateral upon the  occurrence and during the continuance of an Event of Default until the Discharge of ABL  Revolving Claims.  





 






  197  AmericasActive:17030364.10  Section 8.02 Right to Cure.  Notwithstanding anything to the contrary contained in  Section 8.01, in the event that the Borrower fails (or, but for the operation of this Section 8.02,  would fail) to comply with the requirements of the Financial Performance Covenant, until the  expiration of the tenth Business Day subsequent to the date the Required Financial Statements are  required to be delivered pursuant to Section 5.04(1) or (2) for the applicable fiscal quarter, the  Borrower shall have the right to issue Permitted Cure Securities for cash (provided that, if such  Permitted Cure Securities are not in the form of common equity, the terms of such Permitted Cure  Securities must be reasonably acceptable to the Administrative Agent) or otherwise receive cash  contributions to the capital of the Borrower, and, in each case, to contribute any such cash to the  capital of the Borrower (collectively, the “Cure Right”) and, upon the receipt by the Borrower of  such cash (the “Cure Amount”) pursuant to the exercise by the Borrower of such Cure Right, the  Financial Performance Covenant shall be recalculated giving effect to a pro forma adjustment by  which Consolidated EBITDA shall be increased with respect to such applicable fiscal quarter and  any Test Period that contains such quarter, solely for the purpose of measuring the Financial  Performance Covenant and not for any other purpose under this Agreement, by an amount equal  to the Cure Amount.  The resulting increase to Consolidated EBITDA from the application of a  Cure Amount shall not result in any adjustment to Consolidated EBITDA or any other financial  definition for any purpose under this Agreement other than for purposes of calculating the  Financial Performance Covenant and there shall be no pro forma or other reduction in  Indebtedness from the application of a Cure Amount for purposes of calculating the Financial  Performance Covenant unless such Cure Amount is actually applied to prepay Indebtedness.  In  each four fiscal quarter period there shall be at least two fiscal quarters in which the Cure Right is  not exercised and the Cure Right may not be exercised more than five times during the term of this  Agreement and, for purposes of this Section 8.02, the Cure Amount shall be no greater than the  amount required for purposes of complying with the Financial Performance Covenant.  If, after  giving effect to the adjustments in this Section 8.02, the Borrower shall then be in compliance with  the requirements of the Financial Performance Covenant, the Borrower shall be deemed to have  satisfied the requirements of the Financial Performance Covenant as of the relevant date of  determination with the same effect as though there had been no failure to comply therewith at such  date, and the applicable breach of the Financial Performance Covenant and any related default that  had occurred shall be deemed cured for the purposes of this Agreement.  Notwithstanding the  foregoing, after the occurrence of an Event of Default under the Financial Performance Covenant,  the Borrower shall not be able to request the making of any Loan or the issuance or renewal of any  Letter of Credit until receipt by the Borrower of the Cure Amount.  ARTICLE IX    THE AGENTS  Section 9.01 Appointment.  (1) Each Lender (in its capacities as a Lender and on behalf of itself and its Affiliates  as potential counterparties to Hedge Agreements) and each Issuing Bank and  Swingline Lender hereby irrevocably designates and appoints the entity named as  Administrative Agent in the heading of this Agreement and its permitted successors  and assigns to serve as administrative agent under this Agreement and the other  Loan Documents, as applicable, including as the Collateral Agent for such Lender  





 






  198  AmericasActive:17030364.10  and the other applicable Secured Parties under the applicable Security Documents,  and each such Lender irrevocably authorizes the Administrative Agent, in such  capacities, to take such action on its behalf under the provisions of this Agreement  and the other Loan Documents and to exercise such powers and perform such duties  as are delegated to the Administrative Agent under this Agreement and the other  Loan Documents, together with such other powers as are reasonably incidental  thereto.  In addition, to the extent required under the laws of any jurisdiction other  than the United States, each of the Lenders, the Issuing Banks and the Swingline  Lenders hereby grants to the Administrative Agent any required powers of attorney  to execute and enforce any Security Document governed by the laws of such  jurisdiction on such Lender’s, Issuing Bank’s or Swingline Lender’s behalf.   Without limiting the foregoing, each Lender, each Issuing Bank and each Swingline  Lender authorizes the Administrative Agent to execute and deliver, and to perform  its obligations under, each of the Loan Documents to which the Administrative  Agent is a party, to exercise all rights, powers and remedies that the Administrative  Agent may have under such Loan Documents.  (2) Notwithstanding any provision to the contrary elsewhere in this Agreement, the  Administrative Agent shall not have any duties or responsibilities, except those  expressly set forth herein, or any fiduciary relationship with any Lender, and no  implied covenants, functions, responsibilities, duties, obligations or liabilities shall  be read into this Agreement or any other Loan Document or otherwise exist against  the Administrative Agent; additionally, each Lender, each Issuing Bank and each  Swingline Lender agrees that it will not assert any claim against the Administrative  Agent based on an alleged breach of fiduciary duty by the Administrative Agent in  connection with this Agreement and transactions contemplated hereby.  To the  extent required by any applicable law, the Administrative Agent may withhold from  any payment to any Lender an amount equivalent to any applicable withholding  Tax.  If the Internal Revenue Service or any other Governmental Authority asserts  a claim that the Administrative Agent did not properly withhold Tax from amounts  paid to or for the account of any Lender because the appropriate form was not  delivered or was not properly executed or because such Lender failed to notify the  Administrative Agent of a change in circumstance which rendered the exemption  from, or reduction of, withholding Tax ineffective or for any other reason, such  Lender shall indemnify the Administrative Agent fully for all amounts paid,  directly or indirectly, by the Administrative Agent as Tax or otherwise, including  any penalties or interest and together with all expenses (including legal expenses,  allocated internal costs and out-of-pocket expenses) incurred.  For the avoidance of  doubt, the Borrower shall not have liability for the actions of the Administrative  Agent pursuant to the immediately preceding sentence.  (3) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,  reorganization, arrangement, adjustment, composition or other judicial proceeding  relative to any Loan Party, (a) the Administrative Agent (irrespective of whether  the principal of any Obligation 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, by  





 






  199  AmericasActive:17030364.10  intervention in such proceeding or otherwise (i) to file and prove a claim for the  whole amount of the principal and interest owing and unpaid in respect of any or  all of the 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, the  Issuing Banks, the Swingline Lenders and the Agents and any Subagents allowed  in such judicial proceeding and (ii) to collect and receive any monies or other  property payable or deliverable on any such claims and to distribute the same, and  (b) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other  similar official in any such judicial proceeding is hereby authorized by each Lender,  Issuing Bank and Swingline Lender to make such payments to the Administrative  Agent and, if the Administrative Agent shall consent to the making of such  payments directly to the Lenders, the Issuing Banks and the Swingline Lenders to  pay to the Administrative Agent 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 the Administrative Agent under the Loan  Documents.  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, Issuing Bank or Swingline Lender any plan of reorganization, arrangement,  adjustment or composition affecting the Obligations or the rights of any Lender,  Issuing Bank or Swingline Lender or to authorize the Administrative Agent to vote  in respect of the claim of any Lender, Issuing Bank or Swingline Lender in any  such proceeding.  Section 9.02 Delegation of Duties.  The Administrative Agent may execute any of its  duties under this Agreement and the other Loan Documents (including for purposes of holding or  enforcing any Lien on the Collateral (or any portion thereof) by or through agents, employees or  attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts  concerning all matters pertaining to such duties.  The Administrative Agent shall not be responsible  for the negligence or misconduct of the agents or attorneys-in-fact selected by it with reasonable  care.  The Administrative Agent may also from time to time, when the Administrative Agent deems  it to be necessary or desirable, appoint one or more trustees, co-trustees, collateral co-agents,  collateral subagents or attorneys-in-fact (each, a “Subagent”) with respect to all or any part of the  Collateral; provided that no such Subagent shall be authorized to take any action with respect to  any Collateral unless and except to the extent expressly authorized in writing by the Administrative  Agent.  Should any instrument in writing from the Borrower or any other Loan Party be reasonably  required by any Subagent so appointed by the Administrative Agent to more fully or certainly vest  in and confirm to such Subagent such rights, powers, privileges and duties, the Borrower shall, or  shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments  promptly upon reasonable written request by the Administrative Agent.  If any Subagent, or  successor thereto, shall die, become incapable of acting, resign or be removed, all rights, powers,  privileges and duties of such Subagent, to the extent permitted by law, shall automatically vest in  and be exercised by the Administrative Agent until the appointment of a new Subagent.  The  Administrative Agent shall not be responsible for the negligence or misconduct of any agent,  attorney-in-fact or Subagent that it selects in accordance with the foregoing provisions of this  Section 9.02 in the absence of the Administrative Agent’s gross negligence or willful misconduct.  





 






  200  AmericasActive:17030364.10  Section 9.03 Exculpatory Provisions.  None of the Administrative Agent, its Affiliates  or any of their respective officers, directors, employees, agents or attorneys-in-fact shall be  (1) liable for any action lawfully taken or omitted to be taken by it or such Person under or in  connection with this Agreement or any other Loan Document (except to the extent that any of the  foregoing are found by a final and non-appealable decision of a court of competent jurisdiction to  have resulted from its or such Person’s own gross negligence or willful misconduct) or  (2) responsible in any manner to any of the Lenders for any recitals, statements, representations or  warranties made by any Loan Party or any officer thereof contained in this Agreement or any other  Loan Document or in any certificate, report, statement or other document referred to or provided  for in, or received by the Agents under or in connection with, this Agreement or any other Loan  Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of  this Agreement or any other Loan Document or for any failure of any Loan Party to perform its  obligations hereunder or thereunder.  The Agents shall not be under any obligation to any Lender  to ascertain or to inquire as to the observance or performance of any of the agreements contained  in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties,  books or records of any Loan Party.  The Administrative Agent shall not have any duties or  obligations except those expressly set forth herein and in the other Loan Documents.  Without  limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any  fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred  and is continuing, and (b) the Administrative Agent 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 of its Affiliates that is communicated  to or obtained by the Administrative Agent or any of its Affiliates in any capacity.  The  Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into:  (i) any statement, warranty or representation made in or in connection  with this Agreement or any other Loan Document;  (ii) the contents of any certificate, report or other document delivered  hereunder or thereunder or in connection herewith or therewith;  (iii) the performance or observance of any of the covenants, agreements  or other terms or conditions set forth herein or therein or the  occurrence of any Default or Event of Default;  (iv) the validity, enforceability, effectiveness or genuineness of this  Agreement, any other Loan Document or any other agreement,  instrument or document, or the creation, perfection or priority of any  Lien purported to be created by the Security Documents;  (v) the value or the sufficiency of any Collateral; or  (vi) the satisfaction of any condition set forth in Article IV or elsewhere  herein, other than to confirm receipt of items expressly required to  be delivered to the Administrative Agent.  





 






  201  AmericasActive:17030364.10  Section 9.04 Reliance by Administrative Agent.  The Administrative Agent shall be  entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,  certificate, consent, statement, instrument, document or other writing (including any electronic  message, Internet or intranet website posting or other distribution) or conversation believed in  good faith by it to be genuine and to have been signed, sent or otherwise authenticated by the  proper Person.  The Administrative Agent also may rely upon any statement made to it orally or  by telephone and believed in good faith by it to have been made by the proper Person, and shall  not incur any liability for relying thereon.  In determining compliance with any condition  hereunder to any Credit Event, that by its terms must be fulfilled to the satisfaction of a Lender,  Swingline Lender or any Issuing Bank, the Administrative Agent may presume that such condition  is satisfactory to such Lender, Swingline Lender or Issuing Bank unless the Administrative Agent  shall have received notice to the contrary from such Lender, Swingline Lender or the Issuing Bank  prior to such Borrowing.  The Administrative Agent may consult with legal counsel (including  counsel to 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 Administrative Agent may deem and treat the payee of any Note as  the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer  thereof shall have been filed with the Administrative Agent.  The Administrative Agent shall be  fully justified in failing or refusing to take any action under this Agreement or any other Loan  Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if  so specified by this Agreement, all or other Lenders) as it deems appropriate or it shall first be  indemnified to its satisfaction by the Lenders against any and all liability and expense that may be  incurred by it by reason of taking or continuing to take any such action.  The Administrative Agent  shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement  and the other Loan Documents in accordance with a request of the Required Lenders (or, if so  specified by this Agreement, all or other Lenders), and such request and any action taken or failure  to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans.  Section 9.05 Notice of Default.  The Administrative Agent shall not be deemed to have  knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative  Agent has received written notice from a Lender or the Borrower referring to this Agreement,  describing such Default or Event of Default and stating that such notice is a “notice of default.”   In the event that the Administrative Agent receives such a notice, the Administrative Agent shall  give notice thereof to the Lenders.  The Administrative Agent shall take such action with respect  to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if  so specified by this Agreement, all or other Lenders); provided that unless and until the  Administrative Agent shall have received such directions, the Administrative Agent may (but shall  not be obligated to) take such action, or refrain from taking such action, with respect to such  Default or Event of Default as it shall deem advisable in the best interests of the Lenders.  Section 9.06 Non-Reliance on Agents and Other Lenders.  Each Lender expressly  acknowledges that neither the Agents nor any of their respective officers, directors, employees,  agents, attorneys-in-fact or Affiliates have made any representations or warranties to it and that no  act by the Administrative Agent hereafter taken, including any review of the affairs of a Loan Party  or any Affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by  the Administrative Agent to any Lender.  Each Lender represents to the Agents that it has,  independently and without reliance upon the Administrative Agent or any other Lender, and based  





 






  202  AmericasActive:17030364.10  on such documents and information as it has deemed appropriate, made its own appraisal of and  investigation into the business, operations, property, financial and other condition and  creditworthiness of the Loan Parties and their Affiliates and made its own decision to make its  Loans hereunder and enter into this Agreement.  Each Lender also represents that it will,  independently and without reliance upon the Administrative Agent 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 analysis, appraisals and decisions in taking or not taking action under this Agreement  and the other Loan Documents, and to make such investigation as it deems necessary to inform  itself as to the business, operations, property, financial and other condition and creditworthiness  of the Loan Parties and their Affiliates.  Except for notices, reports and other documents expressly  required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative  Agent shall not have any duty or responsibility to provide any Lender with any credit or other  information concerning the business, operations, property, condition (financial or otherwise),  prospects or creditworthiness of any Loan Party or any Affiliate of a Loan Party that may come  into the possession of the Administrative Agent or any of its officers, directors, employees, agents,  attorneys-in-fact or Affiliates.  Section 9.07 Indemnification.  The Lenders agree to indemnify each Agent, Swingline  Lender and each Issuing Bank, in each case in its capacity as such (to the extent not reimbursed  by the Borrower and without limiting the obligation of the Borrower to do so), in the amount of its  pro rata share (based on its aggregate Revolving Facility Credit Exposure and, in the case of the  indemnification of each Agent, unused Commitments hereunder; provided that the aggregate  principal amount of L/C Disbursements owing to any Issuing Bank shall be considered to be owed  to the Revolving Lenders ratably in accordance with their respective Revolving Facility Credit  Exposure) (determined at the time such indemnity is sought), from and against any and all  liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or  disbursements of any kind whatsoever that may at any time (whether before or after the payment  of the Loans) be imposed on, incurred by or asserted against the Administrative Agent, Swingline  Lender or such Issuing Bank in any way relating to or arising out of the Commitments, this  Agreement, any of the other Loan Documents or any documents contemplated by or referred to  herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted  by the Administrative Agent, Swingline Lender or such Issuing Bank under or in connection with  any of the foregoing; provided that no Lender shall be liable for the payment of any portion of  such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses  or disbursements that are found by a final and non-appealable decision of a court of competent  jurisdiction to have resulted from the Administrative Agent’s, Swingline Lender’s or such Issuing  Bank’s gross negligence or willful misconduct.  The failure of any Lender to reimburse the  Administrative Agent, Swingline Lender or any Issuing Bank, as the case may be, promptly upon  demand for its ratable share of any amount required to be paid by the Lenders to the Administrative  Agent, Swingline Lender or such Issuing Bank, as the case may be, as provided herein shall not  relieve any other Lender of its obligation hereunder to reimburse the Administrative Agent,  Swingline Lender or such Issuing Bank, as the case may be, for its ratable share of such amount,  but no Lender shall be responsible for the failure of any other Lender to reimburse the  Administrative Agent, Swingline Lender or such Issuing Bank, as the case may be, for such other  Lender’s ratable share of such amount.  The agreements in this Section 9.07 shall survive the  payment of the Loans and all other amounts payable hereunder.  





 






  203  AmericasActive:17030364.10  Section 9.08 Agent in Its Individual Capacity.  Each Agent and its Affiliates may make  loans to, accept deposits from, and generally engage in any kind of business with any Loan Party  as though the Administrative Agent were not the Administrative Agent.  With respect to its Loans  made or renewed by it and with respect to any Letter of Credit issued, or Letter of Credit  participated in by it, each Agent shall have the same rights and powers under this Agreement and  the other Loan Documents as any Lender and may exercise the same as though it were not the  Administrative Agent, and the terms “Lender” and “Lenders” shall include each Agent in its  individual capacity.  Section 9.09 Successor Agent.  The Administrative Agent may resign as Administrative  Agent upon thirty days’ notice to the Lenders and the Borrower.  Any such resignation by the  Administrative Agent hereunder shall also constitute its resignation as Swingline Lender and an  Issuing Bank, in which case the resigning Administrative Agent (x) shall not be required to issue  any further Letters of Credit hereunder and (y) shall maintain all of its rights as Issuing Bank with  respect to any Letters of Credit issued by it prior to the date of such resignation.  If the  Administrative Agent resigns as the Administrative Agent under this Agreement and the other  Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor  agent for the Lenders, which successor agent shall (unless a Specified Event of Default shall have  occurred and be continuing) be subject to approval by the Borrower (which approval shall not be  unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights,  powers and duties of the Administrative Agent, and the reference to the resigning Administrative  Agent means such successor agent effective upon such appointment and approval, and the former  Administrative Agent’s rights, powers and duties as Agent shall be terminated, without any other  or further act or deed on the part of such former Administrative Agent or any of the parties to this  Agreement or any holders of the Loans.  If no successor shall have been so appointed by the  Required Lenders and shall have accepted such appointment within 30 days after the retiring  Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may,  on behalf of the Lenders, appoint a successor Administrative 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 accepted  appointment as Administrative Agent by the date that is 30 days following a retiring  Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation will  nevertheless thereupon become effective, and the Required Lenders will thereafter perform all the  duties of such Administrative Agent hereunder or under any other Loan Document until such time,  if any, as the Required Lenders, Swingline Lender and the Issuing Banks appoint a successor  Administrative Agent which shall (unless a Specified Event of Default shall have occurred and be  continuing) be subject to approval by the Borrower (which approval shall not be unreasonably  withheld or delayed).  After any retiring Administrative Agent’s resignation as Administrative  Agent, the provisions of this Section 9.09 shall inure to its benefit as to any actions taken or omitted  to be taken by it while it was Administrative Agent under this Agreement and the other Loan  Documents.  Section 9.10 Arrangers; Co-Syndication Agents; Documentation Agent.  None of the  Arrangers, Co-Syndication Agents or Documentation Agent will have any duties, responsibilities  or liabilities hereunder in their respective capacities as such.  Section 9.11 Collateral and Guaranty Matters.  





 






  204  AmericasActive:17030364.10  (1) Each of the Lenders (including in its capacity as a potential Qualified Counterparty  or Cash Management Bank) and the other Secured Parties irrevocably appoints and  authorizes the Administrative Agent and the Collateral Agent to be the agent for  and representative of the Lenders with respect to the Collateral Agreement, the  Collateral and the Security Documents, together with such powers and discretion  as are reasonably incidental thereto; provided that neither the Administrative Agent  nor the Collateral Agent shall owe any fiduciary duty, duty of loyalty, duty of care,  duty of disclosure or any other obligation whatsoever to any holder of any Cash  Management Obligations or Specified Hedge Obligations.  (2) Each Agent, each Lender and each other Secured Party agrees that:  (a) Liens on any property granted to or held by an Agent in favor of any Secured  Party under any Loan Document will be automatically released,  (i) upon Payment in Full and the termination of the Commitments;  (ii) at the time the property subject to such Lien is Disposed (or to be  Disposed) as part of, or in connection with, any transfer permitted  under the Loan Documents to any Person that is not (and is not  required to be) a Loan Party,  (iii) if the property subject to such Lien is owned by a Guarantor, upon  release of such Guarantor from its obligations under the Collateral  Agreement pursuant to clause (c) below;  (iv) subject to Section 10.08, if the release of such Lien is approved,  authorized or ratified in writing by the Required Lenders; or  (v) upon such property becoming an Excluded Asset or Excluded  Equity Interest.  (b) it will 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 Section  6.02(3);  (c) if any Subsidiary Loan Party ceases to be a Subsidiary in a transaction  permitted hereunder, is not a Material Subsidiary or as a result of a  transaction permitted hereunder becomes an Excluded Subsidiary (in each  case, as certified in writing by a Responsible Officer), and the Borrower  notifies the Administrative Agent in writing that it wishes such Guarantor  to be released from its obligations under the Collateral Agreement and, upon  request of the Administrative Agent or the Collateral Agent, as applicable,  provides the Administrative Agent and the Collateral Agent certifications  that such Subsidiary Loan Party is not a Material Subsidiary or has become  an Excluded Subsidiary (as applicable), it will release (or evidence the  release) of (i) such Subsidiary Loan Party from its obligations under the  





 






  205  AmericasActive:17030364.10  Collateral Agreement and the other Loan Documents and (ii) any Liens  granted by such Subsidiary or Liens on the Equity Interests of such  Subsidiary; and  (d) the Administrative Agent and the Collateral Agent will exclusively exercise  the rights and remedies under the Loan Documents, and neither the Lenders  nor any other Secured Party will exercise such rights and remedies (other  than the Required Lenders through the Administrative Agent); provided that  the foregoing shall not preclude any Lender from exercising any right of  set-off in accordance with the provisions of Section 10.06 or enforcing  compliance with the provisions set forth in clauses (i) through (vi) of  Section 10.08(2) or from exercising rights and remedies (other than the  enforcement of Collateral) with respect to any payment default after the  occurrence of the Maturity Date with respect to any Loans made by it or  filing proofs of claim or appearing and filing pleadings on its own behalf  during the pendency of a proceeding relative to any Loan Party under any  Debtor Relief Law.  Each Agent agrees that it will take such action and execute any such documents as may be  reasonably requested by the Borrower in connection with any of the foregoing releases or any such  subordination.  Each of the Collateral Agent and the Administrative Agent shall be entitled to rely  exclusively on an officers certificate of the Borrower confirming that such release or subordination  (as applicable) is permitted hereunder.  Each Lender and each Secured Party irrevocably authorizes  each Administrative Agent to take such action and execute any such document and consents to  such reliance. No Agent will be responsible for or have a duty to ascertain or inquire into any  representation or warranty regarding the existence, value or collectability of the Collateral, the  existence, priority or perfection of the Collateral Agent’s Lien thereon, or contained in any  certificate prepared or delivered by the Borrower or any Loan Party in connection with the  Collateral or compliance with the terms set forth above or in a Loan Document, nor shall any Agent  be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the  Collateral.  Upon request by the Administrative Agent at any time, the Required Lenders will confirm  in writing the Administrative Agent’s authority to release or subordinate its interest in particular  types or items of property, or to release any Loan Party from its obligations under, the Loan  Documents. Notwithstanding anything to the contrary set forth herein, any execution and delivery  of documents by any Agent pursuant to this Section 9.11 shall be without recourse to or warranty  by such Agent and at the Borrower’s expense; and such documents shall be reasonably acceptable  to such Agent and the Borrower.  (3) Anything contained in any of the Loan Documents to the contrary notwithstanding,  each Agent, each Lender and each Secured Party hereby agree that:  (a) no Lender or other Secured Party shall have any right individually to realize  upon any of the Collateral or to enforce the Collateral Agreement or any  other Loan Document, it being understood and agreed that all powers, rights  and remedies hereunder and under any of the Loan Documents may be  





 






  206  AmericasActive:17030364.10  exercised solely by the Administrative Agent or the Collateral Agent, as  applicable, for the benefit of the Secured Parties in accordance with the  terms hereof and thereof, and all powers, rights and remedies under the  Security Documents may be exercised solely by the Collateral Agent for the  benefit of the Lenders in accordance with the terms thereof;  (b) in the event of a foreclosure or similar enforcement action by the Collateral  Agent on any of the Collateral pursuant to a public or private sale or other  disposition (including pursuant to Section 363(k), Section 1129(b)(2)(a)(ii)  or otherwise of the U.S. Bankruptcy Code), the Collateral Agent (or any  Lender, except with respect to a “credit bid” pursuant to Section 363(k),  Section 1129(b)(2)(a)(ii) or otherwise of the U.S. Bankruptcy Code) may  be the purchaser or licensor of any or all of such Collateral at any such sale  or other disposition, and the Collateral Agent, as agent for and  representative of Lenders (but not any Lender or Lenders in its or their  respective individual capacities), shall be entitled, upon instructions from  the Required Lenders, for the purpose of bidding and making settlement or  payment of the purchase price for all or any portion of the Collateral sold at  any such sale or disposition, to use and apply any of the Obligations as a  credit on account of the purchase price for any collateral payable by the  Collateral Agent at such sale or other disposition;  (c) no provision of any Loan Documents shall require the creation, perfection  or maintenance of pledges of or security interests in, or the obtaining of title  insurance or abstracts with respect to, any Excluded Assets, any Excluded  Equity Interests and any other particular assets, if and for so long as, in the  reasonable judgment of the Collateral Agent, the cost of creating, perfecting  or maintaining such pledges or security interests in such other particular  assets or obtaining title insurance or abstracts in respect of such other  particular assets is excessive in view of the fair market value of such assets  or the practical benefit to the Lenders afforded thereby as reasonably  determined by a Responsible Officer of the Borrower and the  Administrative Agent (or with respect to matters relating primarily to the  Term Priority Collateral, the Borrower and the Term Agent);  (d) the Collateral Agent may grant extensions of time for the creation or  perfection of security interests in or the obtaining of title insurance and  surveys with respect to particular assets (including extensions beyond the  Closing Date for the creation or perfection of security interests in the assets  of the Loan Parties on such date) where it reasonably determines, in  consultation with the Borrower, that creation or perfection cannot be  accomplished without undue effort or expense by the time or times at which  it would otherwise be required by this Agreement or the Security  Documents;  (e) no actions required by the Laws of any non-U.S. jurisdiction shall be  required in order to create any security interests in any assets or to perfect  





 






  207  AmericasActive:17030364.10  such security interests (including any intellectual property registered in any  non-U.S. jurisdiction) (it being understood that there shall be no security  agreements or pledge agreements governed under the Laws of any non-U.S.  jurisdiction);  (f) no control agreements shall be required with respect to assets requiring  perfection through control agreements or perfection by “control” (as  defined in the Uniform Commercial Code); and  (g) the provisions of Section 5.10(4) of this Agreement and Sections 4.01(4)  and 4.01(6) of the Collateral Agreement shall supersede any other provision  of a Loan Document to the contrary.  Section 9.12 Certain ERISA Matters.  (1) Each Lender (x) represents and warrants, as of the date such Person became a  Lender party hereto, to, and (y) covenants, from the date such Person became a  Lender party hereto to the date such Person ceases being a Lender party hereto,  solely for the benefit of, the Administrative Agent, the Arrangers and the  Bookrunners and their respective Affiliates (the “Relevant Parties”), and not, for  the avoidance of doubt, to or for the benefit of the Borrower or any other Loan  Party, that at least one of the following is and will be true:  (a) such Lender is not using “plan assets” of one or more Benefit Plans in  connection with the Loans, the Letter of Credit or the Commitments;  (b) the transaction exemption set forth in one or more PTEs, such as PTE 84- 14 (a class exemption for certain transactions determined by independent  qualified professional asset managers), PTE 95-60 (a class exemption for  certain transactions involving insurance company general accounts), PTE  90-1 (a class exemption for certain transactions involving insurance  company pooled separate accounts), PTE 91-38 (a class exemption for  certain transactions involving bank collective investment funds) or PTE 96- 23 (a class exemption for certain transactions determined by in-house asset  managers), is applicable, and the conditions of such exemptions are satisfied  will continue to be satisfied, with respect to such Lender’s entrance into,  participation in, administration of and performance of the Loans, the Letter  of Credit, the Commitments and this Agreement;  (c) (A) such Lender is an investment fund managed by a “Qualified  Professional Asset Manager” (within the meaning of Part VI of PTE 84-14),  (B) such Qualified Professional Asset Manager made the investment  decision on behalf of such Lender to enter into, participate in, administer  and perform the Loans, the Letter of Credit, the Commitments and this  Agreement, (C) the entrance into, participation in, administration of and  performance of the Loans, the Letter of Credit, the Commitments and this  Agreement satisfies the requirements of sub-sections (b) through (g) of Part  





 






  208  AmericasActive:17030364.10  I of PTE 84-14 and (D) to the best knowledge of such Lender, the  requirements of subsection (a) of Part I of PTE 84-14 are satisfied, and the  conditions of such exemption are satisfied and will continue to be satisfied,  with respect to such Lender’s entrance into, participation in, administration  of and performance of the Loans, the Letter of Credit, the Commitments  and this Agreement; or  (d) such other representation, warranty and covenant as may be agreed in  writing between the Administrative Agent, in its sole discretion, and such  Lender.  (2) In addition, (I) unless sub-clause (i) in the immediately preceding clause (a) is true  with respect to a Lender or (II) if such sub-clause (i) is not true with respect to a  Lender and such Lender has not provided another representation, warranty and  covenant as provided in sub-clause (iv) in the immediately preceding clause (a),  such Lender further (x) represents and warrants, as of the date such Person became  a Lender party hereto, to, and (y) covenants, from the date such Person became a  Lender party hereto to the date such Person ceases being a Lender party hereto, for  the benefit of, the Relevant Parties, and not, for the avoidance of doubt, to or for  the benefit of the Borrower or any other Loan Party, that:  (a) none of the Relevant Parties is a fiduciary with respect to the assets of such  Lender (including in connection with the reservation or exercise of any  rights by the Administrative Agent under this Agreement, or any of the other  Loan Documents);  (b) the Person making the investment decision on behalf of such Lender with  respect to the entrance into, participation in, administration of and  performance of the Loans, the Commitments and this Agreement is  independent (within the meaning of 29 CFR § 2510.3-21, as amended from  time to time) and is a bank, an insurance carrier, a registered investment  adviser, a registered broker-dealer or other person that has under  management or control, total assets of at least $50 million, in each case as  described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), as amended from time to  time;  (c) the Person making the investment decision on behalf of such Lender with  respect to the entrance into, participation in, administration of and  performance of the Loans, the Letter of Credit, the Commitments and this  Agreement is capable of evaluating investment risks independently, both in  general and with regard to particular transactions and investment strategies;  (d) the Person making the investment decision on behalf of such Lender with  respect to the entrance into, participation in, administration of and  performance of the Loans, the Commitments and this Agreement is a  fiduciary under ERISA or the Code, or both, with respect to the Loans, the  Letter of Credit, the Commitments and this Agreement and is responsible  





 






  209  AmericasActive:17030364.10  for exercising independent judgment in evaluating the transactions  hereunder; and  (e) no fee or other compensation is being paid directly to any Relevant Party  for investment advice (as opposed to other services) in connection with the  Loans, the Letter of Credit, the Commitments or this Agreement.  (3) Each of the Administrative Agent, the Arrangers and the Bookrunners hereby  informs the Lenders that each such Person is not undertaking to provide impartial  investment advice, or to give advice in a fiduciary capacity, in connection with the  transactions contemplated hereby, and that such Person has a financial interest in  the transactions contemplated hereby in that such Person or an Affiliate thereof (i)  may receive interest or other payments with respect to the Loans, the Letter of  Credit, the Commitments and this Agreement, (ii) may recognize a gain if it  extended the Loans, the Letter of Credit or the Commitments for an amount less  than the amount being paid for an interest in the Loans, the Letter of Credit or the  Commitments by such Lender or (iii) may receive fees or other payments in  connection with the transactions contemplated hereby, the Loan Documents or  otherwise, including structuring fees, commitment fees, arrangement fees, facility  fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent  or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees,  fronting fees, deal-away or alternate transaction fees, amendment fees, processing  fees, term out premiums, banker’s acceptance fees, breakage or other early  termination fees or fees similar to the foregoing.  For purposes of this Section 9.12, the following definitions apply to each of the capitalized terms  below:  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is  subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code, to which Section  4975 of the Code applies or (c) any Person whose assets include (for purposes of ERISA Section  3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any  such “employee benefit plan” or “plan”.  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.  Section 9.13 Cash Management Obligations and Specified Hedge Obligations.  (1) Except when the Cash Management Bank is Truist Bank and its Affiliates, each  Cash Management Bank shall promptly provide written notice (acknowledged by  the Borrower) to the Administrative Agent of (x) the existence of any Cash  Management Services, (y) the maximum dollar amount of obligations arising  thereunder (the “Cash Management Services Amount”) and (z) the methodology  to be used by such parties in determining the obligations under such Cash  Management Services from time to time.  In no event shall any Cash Management  Bank acting in such capacity be deemed a Lender for purposes hereof to the extent  





 






  210  AmericasActive:17030364.10  of and as to Cash Management Services and in no event shall the approval of any  such person in its capacity as Cash Management Bank be required in connection  with the release or termination of any security interest or Lien of the Administrative  Agent.  The Cash Management Services Amount may be changed from time to time  upon written notice to the Administrative Agent by the applicable Cash  Management Bank.  No Cash Management Services Amount may be established or  revised at any time that a Default or Event of Default exists.  (2) Except when the Qualified Counterparty is Truist Bank and its Affiliates, each  Qualified Counterparty shall promptly provide written notice (acknowledged by the  Borrower) to the Administrative Agent of (w) the existence of any Specified Hedge  Agreement, (x) the maximum dollar amount of obligations arising thereunder (the  “Specified Hedge Amount”), (y) the portion of the Specified Hedge Amount, if any,  that is elected by the Qualified Counterparty and the Borrower to be pari passu to  the payment of principal on Revolving Facility Credit Exposure (the “Specified  Pari Hedge Amount”) and (z) the methodology to be used by such parties in  determining the obligations under such Specified Hedge Agreement from time to  time.  A Reserve shall be established equal to the amount of any Specified Pari  Hedge Amount to the extent such Reserve would not cause Excess Availability to  be less than zero at the time such Reserve is established.  In no event shall any  Qualified Counterparty acting in such capacity be deemed a Lender for purposes  hereof to the extent of and as to Specified Hedge Agreement and in no event shall  the approval of any such person in its capacity as Qualified Counterparty be  required in connection with the release or termination of any security interest or  Lien of the Administrative Agent.  The Specified Hedge Amount and Specified Pari  Hedge Amount may be changed from time to time upon written notice to the  Administrative Agent by the applicable Qualified Counterparty and acknowledged  by the Borrower.  No Specified Hedge Amount may be established or revised at  any time that a Default or Event of Default exists.  (3) No Cash Management Bank or Qualified Counterparty that obtains the benefits of  Section 2.18(3), the Security Documents or any Collateral by virtue of the  provisions hereof or of any other Loan Document shall have any right to notice of  any action or to consent to, direct or object to any action hereunder or under any  other Loan Document or otherwise in respect of the Collateral (including the release  or impairment of any Collateral) other than in its capacity as a Lender and, in such  case, only to the extent expressly provided in the Loan Documents.   Notwithstanding any other provision of this Article to the contrary, the  Administrative Agent shall not be required to verify the payment of, or that other  satisfactory arrangements have been made with respect to, Cash Management  Obligations and Specified Hedge Obligations unless the Administrative Agent has  received written notice of such Obligations, together with such supporting  documentation as the Administrative Agent may request, from the applicable Cash  Management Bank or Qualified Counterparty, as the case may be.  





 






  211  AmericasActive:17030364.10  Section 9.14 Erroneous Payments.  (1) If the Administrative Agent notifies a Lender, an Issuing Bank or a Secured Party,  or any Person who has received funds on behalf of a Lender, an Issuing Bank or a  Secured Party (any such Lender, Issuing Bank, Secured Party or other recipient, a  “Payment Recipient”) that the Administrative Agent has determined in its sole  discretion (whether or not after receipt of any notice under immediately succeeding  paragraph (b)) that any funds received by such Payment Recipient from the  Administrative Agent or any of its Affiliates were erroneously transmitted to, or  otherwise erroneously or mistakenly received by, such Payment Recipient (whether  or not known to such Lender, Issuing Bank, Secured Party or other Payment  Recipient on its behalf) (any such funds, whether received as a payment,  prepayment or repayment of principal, interest, fees, distribution or otherwise,  individually and collectively, an “Erroneous Payment”) and demands the return of  such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all  times remain the property of the Administrative Agent and shall be segregated by  the Payment Recipient and held in trust for the benefit of the Administrative Agent,  and such Lender, Issuing Bank or Secured Party shall (or, with respect to any  Payment Recipient who received such funds on its behalf, shall cause such Payment  Recipient to) promptly, but in no event later than two (2) Business Days thereafter,  return to the Administrative Agent the amount of any such Erroneous Payment (or  portion thereof) as to which such a demand was made, in same day funds (in the  currency so received), together with interest thereon in respect of each day from  and including the date such Erroneous Payment (or portion thereof) was received  by such Payment Recipient to the date such amount is repaid to the Administrative  Agent in same day funds at the greater of the Federal Funds Rate and a rate  determined by the Administrative Agent in accordance with banking industry rules  on interbank compensation from time to time in effect.  A notice of the  Administrative Agent to any Payment Recipient under this paragraph (a) shall be  conclusive, absent manifest error.  (2) Without limiting immediately preceding paragraph (a), each Lender, each Issuing  Bank, each Secured Party, or any other Person who has received funds on behalf of  a Lender, an Issuing Bank or any Secured Party, hereby further agrees that if it  receives a payment, prepayment or repayment (whether received as a payment,  prepayment or repayment of principal, interest, fees, distribution or otherwise) from  the Administrative Agent (or any of its Affiliates) (x) that is in a different amount  than, or on a different date from, that specified in a notice of payment, prepayment  or repayment sent by the Administrative Agent (or any of its Affiliates) with respect  to such payment, prepayment or repayment, (y) that was not preceded or  accompanied by a notice of payment, prepayment or repayment sent by the  Administrative Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank  or Secured Party, or other such recipient, otherwise becomes aware was  transmitted, or received, in error or by mistake (in whole or in part) in each case:  (a) (A) in the case of immediately preceding clauses (x) or (y), an error shall be  presumed to have been made (absent written confirmation from the  





 






  212  AmericasActive:17030364.10  Administrative Agent to the contrary) or (B) an error has been made (in the  case of immediately preceding clause (z)), in each case, with respect to such  payment, prepayment or repayment; and  (b) such Lender, Issuing Bank or Secured Party shall (and shall cause any other  recipient that receives funds on its respective behalf to) promptly (and, in  all events, within one Business Day of its knowledge of such error) notify  the Administrative Agent of its receipt of such payment, prepayment or  repayment, the details thereof (in reasonable detail) and that it is so  notifying the Administrative Agent pursuant to this Section 9.14(2).  (3) Each Lender, Issuing Bank and Secured Party hereby authorizes the Administrative  Agent to set off, net and apply any and all amounts at any time owing to such  Lender, Issuing Bank or Secured Party under any Loan Document, or otherwise  payable or distributable by the Administrative Agent to such Lender, Issuing Bank  or Secured Party from any source, against any amount due to the Administrative  Agent under immediately preceding paragraph (a) or under the indemnification  provisions of this Agreement.  (4) In the event that an Erroneous Payment (or portion thereof) is not recovered by the  Administrative Agent for any reason, after demand therefor by the Administrative  Agent in accordance with immediately preceding paragraph (a), from any Lender  or Issuing Bank that has received such Erroneous Payment (or portion thereof)  (and/or from any Payment Recipient who received such Erroneous Payment (or  portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous  Payment Return Deficiency”), upon the Administrative Agent’s notice to such  Lender or Issuing Bank at any time, (i) such Lender or Issuing Bank shall be  deemed to have assigned its Loans (but not its Commitments) of the relevant Class  with respect to which such Erroneous Payment was made (the “Erroneous Payment  Impacted Class”) in an amount equal to the Erroneous Payment Return Deficiency  (or such lesser amount as the Administrative Agent may specify) (such assignment  of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the  “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid  interest (with the assignment fee to be waived by the Administrative Agent in such  instance), and is hereby (together with the Borrower) deemed to execute and deliver  an Assignment and Assumption (or, to the extent applicable, an agreement  incorporating an Assignment and Assumption by reference pursuant to a Platform  as to which the Administrative Agent and such parties are participants) with respect  to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing  Bank shall deliver any promissory notes evidencing such Loans to the Borrower or  the Administrative Agent, (ii) the Administrative Agent as the assignee Lender  shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii)  upon such deemed acquisition, the Administrative Agent as the assignee Lender  shall become a Lender or Issuing Bank, as applicable, hereunder with respect to  such Erroneous Payment Deficiency Assignment and the assigning Lender or  assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable,  hereunder with respect to such Erroneous Payment Deficiency Assignment,  





 






  213  AmericasActive:17030364.10  excluding, for the avoidance of doubt, its obligations under the indemnification  provisions of this Agreement and its applicable Commitments which shall survive  as to such assigning Lender or assigning Issuing Bank, and (iv) the Administrative  Agent may reflect in the Register its ownership interest in the Loans subject to the  Erroneous Payment Deficiency Assignment.  The Administrative Agent may, in its  discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency  Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment  Return Deficiency owing by the applicable Lender or Issuing Bank shall be reduced  by the net proceeds of the sale of such Loan (or portion thereof), and the  Administrative Agent shall retain all other rights, remedies and claims against such  Lender or Issuing Bank (and/or against any recipient that receives funds on its  respective behalf).  For the avoidance of doubt, no Erroneous Payment Deficiency  Assignment will reduce the Commitments of any Lender or Issuing Bank and such  Commitments shall remain available in accordance with the terms of this  Agreement.  In addition, each party hereto agrees that, except to the extent that the  Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an  Erroneous Payment Deficiency Assignment, and irrespective of whether the  Administrative Agent may be equitably subrogated, the Administrative Agent shall  be contractually subrogated to all the rights and interests of the applicable Lender,  Issuing Bank or Secured Party under the Loan Documents with respect to each  Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation  Rights”).  (5) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay,  discharge or otherwise satisfy any Obligations owed by the Borrower or any other  Loan Party, except, in each case, to the extent such Erroneous Payment is, and  solely with respect to the amount of such Erroneous Payment that is, comprised of  funds received by the Administrative Agent from the Borrower or any other Loan  Party for the purpose of making such Erroneous Payment.  (6) To the extent permitted by applicable law, no Payment Recipient shall assert any  right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive,  any claim, counterclaim, defense or right of set-off or recoupment with respect to  any demand, claim or counterclaim by the Administrative Agent for the return of  any Erroneous Payment received, including without limitation waiver of any  defense based on “discharge for value” or any similar doctrine.  Each party’s obligations, agreements and waivers under this Section 9.14 shall survive the  resignation or replacement of the Administrative Agent, any transfer of rights or  obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the  Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any  portion thereof) under any Loan Document.  Section 9.15 ABL Reports.  Administrative Agent shall promptly provide to Lenders,  when complete, any field examination, audit, appraisal or consultant report prepared for  Administrative Agent with respect to any Loan Party or Collateral.  Reports and other Borrower  Materials may be made available to Lenders by posting them on the Platform, but Administrative  





 






  214  AmericasActive:17030364.10  Agent shall not be responsible for system failures or access issues that may occur from time to  time.  Each Lender agrees (a) that Reports are not intended to be comprehensive audits or  examinations, and that Administrative Agent or any other Person performing an audit or  examination will inspect only limited information and will rely significantly upon Borrowers'  books, records and representations; (b) that Administrative Agent makes no representation or  warranty as to the accuracy or completeness of any Borrower Materials and shall not be liable for  any information contained in or omitted from any Borrower Materials; and (c) to keep all Borrower  Materials confidential pursuant to Section 10.16.    ARTICLE X    MISCELLANEOUS  Section 10.01 Notices; Communications.  (1) Except in the case of notices and other communications expressly permitted to be  given by telephone (and except as provided in Section 10.01(2)), all 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 facsimile or e-mail, and all notices and other communications expressly  permitted hereunder to be given by telephone shall be made to the applicable  telephone number, in each case, as follows:  (a) if to any Loan Party, the Administrative Agent, the Swingline Lender or any  Issuing Bank as of the Closing Date, to the address, facsimile number,  e-mail address or telephone number specified for such Person on  Schedule 10.01; and  (b) if to any other Lender, Swingline Lender or Issuing Bank, to the address,  facsimile number, e-mail address or telephone number specified in its  Administrative Questionnaire.  (2) Notices and other communications to the Lenders and any Issuing Bank hereunder  may be delivered or furnished by electronic communication (including e-mail and  Internet or intranet websites) pursuant to procedures approved by the  Administrative Agent; provided that the foregoing shall not apply to notices to any  Lender or any Issuing Bank pursuant to Article II if such Lender or any Issuing  Bank, as applicable, has notified the Administrative Agent that it is incapable of  receiving notices under such Article by electronic communication.  The  Administrative Agent or the Borrower may, in its discretion, agree to accept notices  and other communications to it hereunder by electronic communications pursuant  to procedures approved by it; provided that approval of such procedures may be  limited to particular notices or communications. Notices sent by e-mail shall be  deemed to have been given when sent and confirmation of transmission received  (except that, if not sent during normal business hours for the recipient, such e-mail  shall be deemed to have been given at the opening of business on the next Business  Day for the recipient).  





 






  215  AmericasActive:17030364.10  (3) Notices sent by hand or overnight courier service, or mailed by certified or  registered mail, shall be deemed to have been given when received.  Notices sent  by facsimile shall be deemed to have been given when sent and confirmation of  transmission received (except that, if not sent during normal business hours for the  recipient, such notice shall be deemed to have been given at the opening of business  on the next Business Day for the recipient).  Notices delivered through electronic  communications to the extent provided in Section 10.01(2) shall be effective as  provided in such Section 10.01(2).  (4) Any party hereto may change its address, facsimile number or e-mail address for  notices and other communications hereunder by notice to the other parties hereto.  (5) Documents required to be delivered hereunder may be delivered electronically  (including as set forth in Section 10.17) and if so delivered, shall be deemed to have  been delivered on the date (a) on which the Borrower posts such documents or  provides a link thereto on the Borrower’s website on the Internet at the website  address listed on Schedule 10.01 or (b) on which such documents are posted on the  Borrower’s behalf on an Internet or intranet 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); provided that (i) the  Borrower shall notify the Administrative Agent (by facsimile or e-mail) of the  posting of any such documents and, upon the Administrative Agent’s written  request, provide to the Administrative Agent by electronic mail electronic versions  (i.e., soft copies) of such documents and (ii) upon reasonable written request by the  Administrative Agent, the Borrower shall also provide a hard copy to the  Administrative Agent of any such document; provided, further, that any documents  posted for which a link is provided after normal business hours for the recipient  shall be deemed to have been given at the opening of business on the next Business  Day.  The Administrative Agent shall have no obligation to request the delivery or  to maintain copies of the documents referred to above, and in any event shall have  no responsibility to monitor compliance by the Loan Parties with any such request  for delivery, and each Lender shall be solely responsible for requesting delivery to  it or maintaining its copies of such documents.  Section 10.02 Survival of Agreement.  All covenants, agreements, representations and  warranties made by the Loan Parties herein, in the other Loan Documents 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 each Issuing  Bank and shall survive the making by the Lenders of the Loans, the execution and delivery of the  Loan Documents and the issuance of the Letters of Credit, regardless of any investigation made  by such Persons or on their behalf, and shall continue in full force and effect until the Obligations  are Paid in Full, the Commitments are terminated and any outstanding Letters of Credit are expired,  terminated or cash collateralized on terms reasonably satisfactory to the applicable Issuing Bank(s)  in accordance herewith.  Without prejudice to the survival of any other agreements contained  herein, indemnification and reimbursement obligations contained herein (including pursuant to  Sections 2.15, 2.17 and 10.05) shall survive the payment in full of the principal and interest  





 






  216  AmericasActive:17030364.10  hereunder, the expiration of the Letters of Credit and the termination of the Commitments or this  Agreement.  Section 10.03 Binding Effect.  This Agreement shall become effective when it has been  executed by the Borrower and the Administrative Agent and when the Administrative Agent has  received counterparts hereof which, when taken together, bear the signatures of each of the other  parties hereto, and thereafter shall be binding upon and inure to the benefit of the Borrower, the  Subsidiary Loan Parties, each Agent, each Swingline Lender, each Issuing Bank, each Lender and  their respective permitted successors and assigns.  Section 10.04 Successors and Assigns.  (1) The provisions of this Agreement shall be binding upon and inure to the benefit of  the parties hereto and their respective successors and assigns permitted hereby  (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except  that (a) the Borrower may not assign or otherwise transfer any of its rights or  obligations hereunder without the prior written consent of each Lender (and any  attempted assignment or transfer by the Borrower without such consent shall be  null and void), except to any Successor Borrower pursuant to Section 6.05 and  (b) no Lender may assign or otherwise transfer its rights or obligations hereunder  except in accordance with this Section 10.04.  Nothing in this Agreement, expressed  or implied, shall be construed to confer upon any Person (other than the parties  hereto, their respective successors and assigns permitted hereby (including any  Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the  extent provided in paragraph (3) of this Section 10.04) and, to the extent expressly  contemplated hereby, the Related Parties of each of the Agents, any Issuing Bank  and the Lenders) any legal or equitable right, remedy or claim under or by reason  of this Agreement or the other Loan Documents.  (2) (a) Subject to the conditions set forth in paragraph (2)(b) of this Section 10.04, any  Lender may assign to one or more assignees (other than a natural person, a  Disqualified Institution or a Defaulting Lender) (each, an “Assignee”) all or a  portion of its rights and obligations under this Agreement (including all or a portion  of its Commitments and the Loans at the time owing to it) with the prior written  consent (such consent not to be unreasonably withheld, delayed or conditioned) of:  (i) the Borrower; provided that no consent of the Borrower shall be  required for an assignment to a Lender, an Affiliate of a Lender, an  Approved Fund or, if a Specified Event of Default with respect to  the Borrower has occurred and is continuing; provided, further, that  such consent shall be deemed to have been given if the Borrower  has not responded within ten (10) Business Days after delivery of a  written request therefor by the Administrative Agent; and  (ii) the Administrative Agent, each Swingline Lender and each Issuing  Bank; provided that no consent of the Administrative Agent, any  Swingline Lender or any Issuing Bank will be required for an  





 






  217  AmericasActive:17030364.10  assignment of all or any portion of Loan to a Lender, an Affiliate of  a Lender or an Approved Fund; and  (b) Assignments shall be subject to the following additional conditions:  (i) except in the case of an assignment to a Lender, an Affiliate of a  Lender or an Approved Fund or an assignment of the entire  remaining amount of the assigning Lender’s Commitments or  Loans, the amount of the Commitments 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 not be less than  $2,500,000, unless each of the Borrower and the Administrative  Agent otherwise consent; provided that (1) no such consent of the  Borrower shall be required if a Specified Event of Default with  respect to the Borrower has occurred and is continuing and (2) such  amounts shall be aggregated in respect of each Lender and its  Affiliates or Approved Funds (with simultaneous assignments to or  by two or more Approved Funds being treated as one assignment for  purposes of meeting the minimum assignment amount requirement),  if any;  (ii) the parties to each assignment shall execute and deliver to the  Administrative Agent an Assignment and Acceptance via an  electronic settlement system acceptable to the Administrative Agent  (or, if previously agreed with the Administrative Agent, manually),  and, shall pay to the Administrative Agent a processing and  recordation fee of $3,500 (which fee may be waived or reduced in  the sole discretion of the Administrative Agent);  (iii) the Assignee, if it shall not already be a Lender, shall deliver to the  Administrative Agent an Administrative Questionnaire and any tax  forms required to be delivered pursuant to Section 2.17;  (iv) the Assignee will not be the Borrower or any of the Borrower’s  Affiliates or Subsidiaries; and  (v) the Assignor shall deliver to the Administrative Agent any Note  issued to it with respect to the assigned Loan.  (c) Subject to acceptance and recording thereof pursuant to paragraph (2)(e) of  this Section 10.04, from and after the effective date specified in each  Assignment and Acceptance 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 the assigning Lender thereunder shall, to the extent of the  interest assigned by such Assignment and Acceptance, be released from its  





 






  218  AmericasActive:17030364.10  obligations under this Agreement (and, in the case of an Assignment and  Acceptance covering all of the 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 2.15, 2.16, 2.17 and 10.05  with respect to facts and circumstances occurring prior to the effective date  of such Assignment and Acceptance).  Any assignment or transfer by a  Lender of rights or obligations under this Agreement that does not comply  with this Section 10.04 shall be treated for purposes of this Agreement as a  sale by such Lender of a participation in such rights and obligations in  accordance with paragraph (4) of this Section 10.04 to the extent such  participation would be permitted by such Section 10.04(4).  (d) The Administrative Agent, acting for this purpose as the Administrative  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 Commitments of, and  principal amount (and stated interest with respect thereto) of the Loans and  Revolving L/C Exposure 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, Swingline Lender and the Issuing Bank and the Lenders may 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 Issuing Bank and any Lender (but solely,  in the case of a Lender, entries with respect to such Lender’s Loans) at any  reasonable time and from time to time upon reasonable prior notice.  This  clause (d) and Section 2.09 shall be construed so that all Refinancing Term  Loans are at all times maintained in “registered form” within the meaning  of Sections 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 a duly completed Assignment and Acceptance executed  by an assigning Lender and an Assignee, the Assignee’s completed  Administrative Questionnaire (unless the Assignee shall already be a  Lender hereunder), all applicable tax forms, any Note outstanding with  respect to the assigned Loan (or other documentation (including an affidavit  of loss and indemnitee agreement) reasonably acceptable to the Borrower  in lieu thereof), the processing and recordation fee referred to in  paragraph (2)(b)(ii) of this Section 10.04 and any written consent to such  assignment required by paragraph (2) of this Section 10.04, the  Administrative Agent promptly shall accept such Assignment and  Acceptance and record the information contained therein in the Register.   No assignment, whether or not evidenced by a promissory note, shall be  effective for purposes of this Agreement unless it has been recorded in the  Register as provided in this paragraph (2)(e).  





 






  219  AmericasActive:17030364.10  (3) 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:  (a) 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  that its Revolving Facility Commitment, and the outstanding balances of its  Revolving Loans, in each case, without giving effect to assignments thereof  which have not become effective, are as set forth in such Assignment and  Acceptance;  (b) except as set forth in clause (a) 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 Restricted Subsidiary or the performance  or observance by the Borrower or any Restricted Subsidiary of any of its  obligations under this Agreement, any other Loan Document or any other  instrument or document furnished pursuant hereto;  (c) the Assignee represents and warrants that it is legally authorized to enter  into such Assignment and Acceptance;  (d) the Assignee confirms that it has received a copy of this Agreement,  together with copies of the most recent Required Financial Statements  delivered pursuant to Section 5.04, 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;  (e) the Assignee will independently and without reliance upon the  Administrative Agent or 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;  (f) the Assignee appoints and authorizes the Administrative Agent to take such  action as agent on its behalf and to exercise such powers under this  Agreement as are delegated to the Administrative Agent by the terms of this  Agreement, together with such powers as are reasonably incidental thereto;  and  (g) the 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.  





 






  220  AmericasActive:17030364.10  (4) (a) Any Lender may, without the consent of the Administrative Agent or, subject  to Section 10.04(8), the Borrower, sell participations to one or more banks or other  entities (other than any Disqualified Institution) (a “Participant”) in all or a portion  of such Lender’s rights and obligations under this Agreement (including all or a  portion of its Commitments and the Loans owing to it); provided 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; and  (iii) the Borrower, the Administrative Agent, Swingline Lender, the  Issuing Bank and the other Lenders shall continue to deal solely and  directly with such Lender in connection with such Lender’s rights  and obligations under this Agreement.  Any agreement pursuant to which a Lender sells such a participation  shall provide that such Lender shall retain the sole right to enforce  this Agreement and the other Loan Documents and to approve any  amendment, modification or waiver of any provision of this  Agreement and the other Loan Documents; provided that (A) such  agreement may provide that such Lender will not, without the  consent of the Participant, agree to any amendment, modification or  waiver that (1) requires the consent of each Lender directly affected  thereby pursuant to Section 10.04(1)(a) or clauses (i), (ii), (iii), (iv),  (v) or (vi) of the first proviso to Section 10.08(2) and (2) directly  affects such Participant and (B) no other agreement with respect to  amendment, modification or waiver may exist between such Lender  and such Participant.  Subject to clause (4)(b) of this Section 10.04,  the Borrower agrees that each Participant shall be entitled to the  benefits of Sections 2.15, 2.16 and 2.17 (in each case subject to the  requirements thereof and the delivery of any documentation  required thereunder) to the same extent as if it were a Lender and  had acquired its interest by assignment pursuant to paragraph (2) of  this Section 10.04.  To the extent permitted by law, each Participant  also shall be entitled to the benefits of Section 10.06 as though it  were a Lender; provided that such Participant shall be subject to  Section 2.18(5) as though it were a Lender.  Each Lender that sells  a participation 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 the principal amounts (and  stated interest) of each Participant’s interest in the Loans or other  obligations under the Loan Documents (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 any information relating to a Participant’s interest in  





 






  221  AmericasActive:17030364.10  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 to establish that such commitment,  loan, letter of credit or other obligation is in registered form under  Section 5f.103-1(c) of the United States Treasury Regulations.  The  entries in the Participant Register shall be conclusive absent  manifest error, and such Lender 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 any  notice to the contrary.  For the avoidance of doubt, the  Administrative Agent (in its capacity as Administrative Agent) shall  have no responsibility for maintaining a Participant Register.  Each  Lender shall indemnify the Loan Parties for any Taxes (including  any additions to Tax) attributable to or resulting from such Lender’s  failure to comply with the provisions of this Section 10.04(4)(a)  relating to the maintenance of a Participant Register.  (b) A Participant shall not be entitled to receive any greater payment under  Section 2.15, 2.16 or 2.17 than the applicable Lender would have been  entitled to receive with respect to the participation sold to such Participant,  except to the extent such entitlement to receive a greater payment results  from a Change in Law that occurs after the Participant acquired the  applicable participation.  A Participant shall not be entitled to the benefits  of Section 2.17 to the extent such Participant fails to comply with  Section 2.17(5) as though it were a Lender.  (5) Any Lender may at any time pledge or assign a security interest in all or any portion  of its rights under this Agreement to secure obligations of such Lender, including  any pledge or assignment to secure obligations to a Federal Reserve Bank or other  central bank; provided that no such pledge or assignment of a security interest shall  release a Lender from any of its obligations hereunder or substitute any such  pledgee or Assignee for such Lender as a party hereto.  (6) The Borrower, upon receipt of written notice from the relevant Lender, agrees to  issue Notes to any Lender requiring Notes to facilitate transactions of the type  described in paragraph (5) of this Section 10.04; provided that such Lender will  have delivered for exchange any Notes previously issued with respect to the  applicable Loans (or other documentation (including an affidavit of loss and  indemnitee agreement) reasonably acceptable to the Borrower in lieu thereof).  (7) If the Borrower wishes to replace the Loans or Commitments with ones having  different terms, it shall have the option, with the consent of the Administrative  Agent and, where relevant, each Swingline Lender and Issuing Bank, and subject  to at least three Business Days’ advance notice to the Lenders, instead of repaying  the Loans or reducing or terminating the Commitments to be replaced, to (i) require  the Lenders to assign such Loans or Commitments to the Administrative Agent or  its designees and (ii) amend the terms thereof in accordance with Section 10.08  





 






  222  AmericasActive:17030364.10  (with such replacement, if applicable, being deemed to have been made pursuant to  Section 10.08(5)).  Pursuant to any such assignment, all Loans and Commitments  to be replaced shall be purchased at par (allocated among the Lenders in the same  manner as would be required if such Loans were being optionally prepaid or such  Commitments were being optionally reduced or terminated by the Borrower),  accompanied by payment of any accrued interest and fees thereon and any amounts  owing pursuant to Section 10.05(2); provided that, for the avoidance of doubt, the  Administrative Agent shall not be required to purchase such Loans and  Commitments to be replaced unless it has agreed to purchase such Loans and  Commitments in its sole discretion.  By receiving such purchase price, the Lenders  shall automatically be deemed to have assigned the Loans or Commitments  pursuant to the terms of the form of Assignment and Acceptance attached hereto as  Exhibit A, and accordingly no other action by such Lenders shall be required in  connection therewith.  The provisions of this paragraph (7) are intended to facilitate  the maintenance of the perfection and priority of existing security interests in the  Collateral during any such replacement.  (8) Notwithstanding the foregoing, no assignment may be made or participation sold  to a Disqualified Institution without the prior written consent of the Borrower;  provided that, in connection with a participation, the Lenders shall have received a  list of the Disqualified Institutions prior to the execution of such participation right.  To the extent that any assignment is purported to be made or participation is  purported to be sold to a Disqualified Institution (notwithstanding this clause (8) or  otherwise), such Disqualified Institution shall be required immediately (and in any  event within five (5) Business Days) to assign all Loans and Commitments then  owned by such Disqualified Institution to another Lender (other than a Defaulting  Lender) or another Assignee in accordance with this Section 10.04 or unwind such  participation, as applicable (and the Borrower shall be entitled to seek specific  performance in any applicable court of law or equity to enforce this sentence).  Section 10.05 Expenses; Indemnity.  (1) If the Transactions are consummated and the Closing Date occurs, the Borrower  agrees to pay all reasonable, documented and invoiced out-of-pocket expenses  incurred by the Administrative Agent and the Arrangers in connection with the  preparation of this Agreement and the other Loan Documents, or by the  Administrative Agent, the Arrangers (and, in the case of enforcement of this  Agreement, each Lender) in connection with the preparation, execution and  delivery, amendment, modification, waiver or enforcement of this Agreement and  the other Loan Documents (including expenses incurred in connection with due  diligence and initial and ongoing Collateral examination to the extent incurred with  the reasonable prior approval of the Borrower or provided for in this Agreement or  the other Loan Documents) or in connection with the administration of this  Agreement or the other Loan Documents and any amendments, modifications or  waivers of the provisions hereof or thereof, including the reasonable, documented  and invoiced fees and out-of-pocket charges and disbursements of a single counsel  for the Administrative Agent and the Arrangers, one firm of local counsel in each  





 






  223  AmericasActive:17030364.10  appropriate jurisdiction (which may include a single special counsel acting in  multiple jurisdictions) and, in the case of any actual or perceived conflict of interest,  one additional firm of counsel for each such group of affected Persons similarly  situated.  (2) The Borrower agrees to indemnify the Administrative Agent, each Arranger, each  Lender, each of their respective Affiliates and each of their respective directors,  officers, employees, agents, advisors, controlling Persons, equityholders, partners,  members and other representatives and each of their respective successors and  permitted assigns (each such Person being called an “Indemnitee”) against, and to  hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities  and reasonable, documented and invoiced out-of-pocket fees and expenses (limited  to reasonable and documented legal fees of a single firm of counsel for all  Indemnitees, taken as a whole, and, if necessary, one firm of counsel in each  appropriate jurisdiction (which may include a single special counsel acting in  multiple jurisdictions) for all Indemnitees taken as a whole (and, in the case of an  actual or perceived conflict of interest, where the applicable Indemnitees affected  by such conflict informs the Borrower of such conflict and has retained, or  thereafter retains, its own counsel, of an additional counsel for each group of  affected Indemnitees similarly situated taken as a whole)), incurred by or asserted  against any Indemnitee arising out of, in any way connected with, or as a result of:  (a) the execution, delivery or administration of this Agreement or any other  Loan Document, the performance by the parties hereto and thereto of their  respective obligations thereunder or the consummation of the Transactions  and the other transactions contemplated hereby;  (b) the use of the proceeds of the Loans; or  (c) any claim, litigation, investigation or proceeding relating to any of the  foregoing, whether based in contract, tort or any other theory, whether or  not any Indemnitee is a party thereto and regardless of whether such matter  is initiated by a third party or by the Borrower or any of their Restricted  Subsidiaries or Affiliates or creditors (and including any investigation,  preparation for, or defense of any pending or threatened claim, litigation,  investigation or proceeding);  provided that no Indemnitee will be indemnified for any loss, claim, damage, liability, cost or  expense to the extent it: (i) has been determined by a final, non-appealable judgment of a court of  competent jurisdiction to have resulted from (A) the gross negligence, bad faith or willful  misconduct of such Indemnitee or any of its Related Parties or (B) a material breach of the  obligations of such Indemnitee under the Loan Documents or (ii) relates to any proceeding  between or among Indemnitees other than (A) claims against Administrative Agent or Arrangers  or their respective Affiliates, in each case, in their capacity or in fulfilling their role as the agent or  arranger or any other similar role under the Revolving Facility (excluding their role as a Lender)  to the extent such Persons are otherwise entitled to receive indemnification under this Section  





 






  224  AmericasActive:17030364.10  10.05(2) or (B) claims arising out of any act or omission on the part of the Borrower or its  Restricted Subsidiaries.  (3) Subject to and without limiting the generality of the foregoing sentence, the  Borrower agrees to indemnify each Indemnitee against, and hold each Indemnitee  harmless from, any and all losses claims, damages, liabilities and related out-of- pocket expenses, including reasonable, documented and invoiced fees and out-of- pocket charges and disbursements of one firm of counsel for all Indemnitees, taken  as a whole, and, if necessary, one firm of counsel in each appropriate jurisdiction  (which may include a single special counsel in multiple jurisdictions) for all  Indemnitees taken as a whole (and, in the case of an actual or perceived conflict of  interest where the applicable Indemnitees affected by such conflict informs the  Borrower of such conflict, an additional counsel for each group of affected  Indemnitees similarly situated, taken as a whole) and reasonable, documented and  invoiced consultant fees, in each case, incurred by or asserted against any  Indemnitee arising out of, in any way connected with, or as a result any claim  related in any way to Environmental Laws and the Borrower or any of the  Restricted Subsidiaries, or any actual or alleged presence, Release or threatened  Release of Hazardous Materials at, under, on or from any property for which the  Borrower or any Restricted Subsidiaries would reasonably be expected to be held  liable under Environmental Laws; provided that such indemnity shall not, as to any  Indemnitee, be available to the extent that such losses, claims, damages, liabilities  or related expenses are determined by a final, non-appealable judgment of a court  of competent jurisdiction to have resulted from the gross negligence, bad faith or  willful misconduct of such Indemnitee or any of its Related Parties.  (4) Any indemnification or payments required by the Loan Parties under this  Section 10.05 shall not apply with respect to (a) Taxes other than (x) any Taxes that  represent losses, claims, damages, etc. arising from any non-Tax claim and (y)  expenses related to the enforcement of Section 2.17 or (b) Taxes that are duplicative  of any indemnification or payments required by the Loan Parties under Section 2.15  or 2.17.  (5) To the fullest extent permitted by applicable law, no  Indemnitee or Loan Party  shall assert, and each hereby waives, any claim against any Indemnitee or Loan  Party, as applicable, nor will any Indemnitee, Loan Party or any of their respective  Affiliates be liable, 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, the transactions contemplated  hereby or thereby, any Commitment, any Letter of Credit, any Loan or the use of  the proceeds thereof.  No Indemnitee, Loan Party or any of their respective  Affiliates shall be liable for any damages arising from the use by unintended  recipients of any information or other materials distributed by it through  telecommunications, electronic or other information transmission systems in  connection with this Agreement or the other Loan Documents or the transactions  contemplated hereby or thereby; provided that, nothing in this clause (5) shall  





 






  225  AmericasActive:17030364.10  relieve any Loan Party of any obligation it may otherwise have hereunder to  indemnify an Indemnitee against special, indirect, consequential or punitive  damages asserted against such Indemnitee by a third party.  (6) The agreements in this Section 10.05 shall survive the resignation of the  Administrative Agent, the replacement of any Lender, the termination of the  Commitments and the repayment, satisfaction or discharge of all the other  Obligations and the termination of this Agreement.  All amounts due under this  Section 10.05 shall be payable on written demand therefor accompanied by  reasonable documentation with respect to any reimbursement, indemnification or  other amount requested.  Section 10.06 Right of Set-off.  (1) If an Event of Default shall have occurred and be continuing, each Revolving  Lender and each Issuing Bank is hereby authorized at any time and from time to  time, to the fullest extent permitted by law, to set off and apply any and all deposits  (general or special, time or demand, provisional or final) at any time held and other  Indebtedness at any time owing by such Revolving Lender or such Issuing Bank to  or for the credit or the account of the Borrower or any Subsidiary Loan Party against  any and all of the Obligations (except to the extent relating to Refinancing Term  Loans) of the Borrower or any Subsidiary Loan Party now or hereafter existing  under this Agreement or any other Loan Document held by such Revolving Lender  or such Issuing Bank, irrespective of whether or not such Revolving Lender or such  Issuing Bank shall have made any demand under this Agreement or such other Loan  Document and although such Obligations may be unmatured.  The rights of each  Revolving Lender and each Issuing Bank under this Section 10.06(1) are in addition  to other rights and remedies (including other rights of set-off) that such Revolving  Lender or such Issuing Bank may have, but may be exercised only at the direction  of the Administrative Agent or the Required Lenders.  (2) After the Discharge of ABL Revolving Claims, if an Event of Default shall have  occurred and be continuing, each Refinancing Term Lender is hereby authorized at  any time and from time to time, to the fullest extent permitted by law, to set off and  apply any and all deposits (general or special, time or demand, provisional or final)  at any time held and other Indebtedness at any time owing by such Refinancing  Term Lender to or for the credit or the account of the Borrower or any Subsidiary  Loan Party against any and all of the Obligations (to the extent relating to the  Refinancing Term Loans) of the Borrower or any Subsidiary Loan Party now or  hereafter existing under this Agreement or any other Loan Document held by such  Refinancing Term Lender, irrespective of whether or not such Refinancing Term  Lender shall have made any demand under this Agreement or such other Loan  Document and although such Obligations may be unmatured.  The rights of each  Refinancing Term Lender under this Section 10.06(2) are in addition to other rights  and remedies (including other rights of set-off) that such Refinancing Term Lender  may have, but may be exercised only at the direction of the Administrative Agent  





 






  226  AmericasActive:17030364.10  or the Required Term Lenders and only after the Discharge of ABL Revolving  Claims.  Section 10.07 Applicable Law.  THIS AGREEMENT AND THE OTHER LOAN  DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN THE OTHER LOAN  DOCUMENTS) AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION  (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT  OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND THE  TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE CONSTRUED  IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW  YORK (EXCEPT FOR CONFLICTS OF LAW PRINCIPLES THAT WOULD RESULT IN THE  APPLICATION OF THE LAWS OF ANOTHER JURISDICTION).  Section 10.08 Waivers; Amendment.  (1) No failure or delay of the Administrative Agent, Swingline Lender, any Issuing  Bank or any Lender in exercising any right or power hereunder or under any 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 each Agent, each  Swingline Lender, each Issuing Bank 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 (2) of this Section 10.08, 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 or any other Loan Party in  any case shall entitle such Person to any other or further notice or demand in similar  or other circumstances.  (2) Subject to Section 2.14 and 10.08(12) below, except as otherwise set forth in this  Agreement (or the applicable Loan Documents), neither this Agreement nor any  other Loan Document nor any provision hereof or thereof may be waived, amended  or modified except:  (a) as provided in Sections 2.21, 2.22, 2.23 and 10.20;  (b) in the case of this Agreement, pursuant to an agreement or agreements in  writing signed by the Borrower and the Required Lenders; and  (c) in the case of any other Loan Document, pursuant to an agreement or  agreements in writing entered into by each party thereto, the Administrative  Agent (with the consent of the Required Lenders) and the Borrower;  provided, however, that, except as expressly provided in Sections 2.14, 2.21, 2.22, 2.23 and 10.20,  no such agreement will:  





 






  227  AmericasActive:17030364.10  (i) decrease, forgive, waive or excuse the principal amount of, or any  interest on, or extend the final maturity of, or decrease the rate of  interest on, any Loan or any L/C Disbursement, or extend the stated  expiration of any Letter of Credit beyond the Maturity Date, without  the prior written consent of each Lender directly and adversely  affected thereby, except as provided in Section 2.05(3) with respect  to the expiration of Letters of Credit (it being understood that  waivers or other modifications of any conditions precedent,  covenants, mandatory prepayments, mandatory commitment  reductions, default interest, Defaults or Events of Default shall not  constitute a decrease, forgiveness, waiver or excuse of the principal  amount of, or any interest on, or an extension of the final maturity  of, or a decrease the rate of interest on, any Loan or L/C  Disbursement or an extension of the stated expiration of any Letter  of Credit beyond the Maturity Date);  (ii) increase or extend the Commitment or Refinancing Term Loan  Commitment of any Lender or decrease, forgive, waive or excuse  the Commitment Fees or L/C Participation Fees or other fees of any  Lender, Agent or Issuing Bank without the prior written consent of  such Lender, Agent or Issuing Bank (it being understood that  waivers or other modifications of conditions precedent, covenants,  mandatory prepayments, mandatory commitment reductions,  default interest, Defaults or Events of Default or of a mandatory  reduction in the aggregate Commitments or Refinancing Term Loan  Commitments shall not constitute an increase or extension of the  Commitments or Refinancing Term Loan Commitments of any  Lender or a decrease, forgiveness, waiver or excuse of any such  fees);  (iii) extend any date on which payment of principal or interest on any  Loan or any L/C Disbursement or any Fees is due, without the prior  written consent of each Lender directly and adversely affected  thereby (it being understood that waivers or other modifications of  any conditions precedent, covenants, mandatory prepayments,  mandatory commitment reductions, default interest, Defaults or  Events of Default shall not constitute an extension of any date on  which payment of principal or interest on any Loan, L/C  Disbursement or any Fee is due);  (iv) amend the provisions of Section 2.18(3), (4) or (5) of this  Agreement, Section 5.02 of the Collateral Agreement or any  analogous provision of any other Loan Document, in a manner that  would by its terms alter the pro rata sharing of payments required  thereby or the relative priorities of such payments, without the prior  written consent of each Lender directly and adversely affected  thereby;  





 






  228  AmericasActive:17030364.10  (v) change the definition of the term “Borrowing Base” or any  component definition thereof if as a result thereof the amounts  available to be borrowed by the Borrower would be increased, or  increase any of the percentages set forth in the definition of  “Borrowing Base”, without the prior written consent of the  Supermajority Lenders; provided that, for the avoidance of doubt,  the foregoing shall not limit the ability of the Administrative Agent  to implement, change or eliminate any Reserves in its Reasonable  Credit Judgment as permitted hereunder without the prior written  consent of any Lenders;  (vi) amend or modify the provisions of this Section 10.08 or the  definition of the term “Supermajority Lenders”, “Required  Lenders”, “Required Revolving Lenders” or “Required Term  Lenders”, as the case may be, or any other provision hereof  specifying the number or percentage of Supermajority Lenders,  Required Lenders, Required Revolving Lenders or Required Term  Lenders, as the case may be, required to waive, amend or modify  any rights hereunder or make any determination or grant any consent  hereunder, without the prior written consent of each applicable  Lender; or  (vii) subordinate or release the liens on all or substantially all of the  Collateral or all or substantially all of the aggregate value of the  Guarantees (other than in connection with any transfer or other  release of Collateral or of the relevant Guarantor permitted by the  Loan Documents), without the prior written consent of each Lender;  provided, further, that no such agreement shall amend, modify or otherwise affect the rights or  duties of the Administrative Agent, Swingline Lender or an Issuing Bank hereunder without the  prior written consent of the Administrative Agent, Swingline Lender or such Issuing Bank acting  as such at the effective date of such agreement, as applicable.  Each Lender shall be bound by any waiver, amendment or modification authorized by this  Section 10.08 and any consent by any Lender pursuant to this Section 10.08 shall bind any assignee  of such Lender.  (3) Without the consent of any Lender or Issuing Bank, the Loan Parties and the  Administrative Agent may enter into any amendment, modification or waiver of  any Loan Document, or enter into any new agreement or instrument, in each case  to effect the granting, perfection, protection, expansion or enhancement of any  security interest in any Collateral or additional property to become Collateral for  the benefit of the Secured Parties, or as required by local law to give effect to, or  protect any security interest for the benefit of the Secured Parties, in any property  or so that the security interests therein comply with applicable law.  





 






  229  AmericasActive:17030364.10  (4) No Lender consent is required to effect any amendment or supplement to any  Intercreditor Agreement that is:  (a) for the purpose of adding the holders of Junior Lien Debt or Indebtedness  secured on a pari passu basis with the Liens securing the Initial Term Loans,  Permitted Junior Secured Refinancing Debt (or a Debt Representative with  respect thereto) as parties thereto, as expressly contemplated by the terms  of such 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), or  (b) expressly contemplated by any Intercreditor Agreement.  (5) This Agreement may be amended (or amended and restated) with the written  consent of the Required Lenders, the Administrative Agent and the Borrower (a) to  add one or more additional credit facilities to this Agreement and to permit the  extensions of credit from time to time outstanding thereunder and the accrued  interest and fees in respect thereof to share ratably in the benefits of this Agreement  and the other Loan Documents with the Loans and the Letters of Credit and the  accrued interest and fees in respect thereof and (b) to include appropriately the  Lenders holding such credit facilities in any determination of the Required Lenders;  provided that after giving effect to such new credit facilities (and each incurrence  of Indebtedness thereunder), in no event shall the total Revolving Facility Credit  Exposure (plus any such Indebtedness under a new facility permitted under this  section (5)) exceed the Line Cap (subject to the Administrative Agent’s authority,  in its sole discretion, to make Overadvances under Section 2.01(2) or Protective  Advances under Section 2.01(3));  (6) Notwithstanding anything in this Section 10.08 to the contrary, the Borrower may  enter into Incremental Facility Amendments in accordance with Section 2.21,  Refinancing Amendments in accordance with Section 2.22, and Extension  Amendments in accordance with Section 2.23, and such Incremental Facility  Amendments, Refinancing Amendments and Extension Amendments shall be  effective to amend the terms of this Agreement and the other applicable Loan  Documents, in each case, without any further action or consent of any other party  to any Loan Document.  (7) [Reserved].  (8) Notwithstanding anything to the contrary herein or any other Loan Document other  than as set forth in the definition of “Required Revolving Lenders” or “Required  Term Lenders”, no Defaulting Lender or Disqualified Institution will have any right  to approve or disapprove any amendment, waiver or consent hereunder and any  amendment, waiver or consent which by its terms requires the consent of all  Lenders, the Required Lenders or each affected Lender may be effected with the  





 






  230  AmericasActive:17030364.10  consent of the applicable Lenders other than any Defaulting Lenders or Disqualified  Institutions.  (9) Notwithstanding anything in this Agreement or any other Loan Document to the  contrary, any amendment or waiver that by its terms affects the rights or duties of  Lenders holding Loans or Commitments of a particular tranche (but not the Lenders  holding Loans or Commitments of any other tranche) will require only the requisite  percentage in interest of the affected Lenders that would be required to consent  thereto if such Lenders were the only Lenders.  (10) Notwithstanding anything in this Agreement or any other Loan Document to the  contrary, technical and conforming modifications to the Loan Documents may be  made with the consent of the Borrower and the Administrative Agent.  (11) Prior to the Discharge of ABL Revolving Claims, any amendment, modification,  termination or waiver of or consent with respect to any provision of this Agreement  solely affecting the Refinancing Term Lenders will be in writing and signed by the  Administrative Agent and the Required Term Lenders.  Prior to the Discharge of  ABL Revolving Claims, it is understood that no Refinancing Term Lender will have  any voting or consent rights under, or with respect to, any Loan Document other  than as expressly provided herein.  (12) Notwithstanding anything in this Agreement or any other Loan Document to the  contrary, the Administrative Agent, with the consent of the Borrower, may amend,  modify or supplement any Loan Document without the consent of any  Lender or  the Required Lenders in order to correct, amend or cure any ambiguity,  inconsistency or defect or correct any typographical error or other manifest error in  any Loan Document, and such amendment, modification or supplement shall  become effective without any further action or consent of any other party to any  Loan Document if the same is not objected to in writing by the Required Lenders  within five Business Days following receipt of notice thereof.  (13) In addition, notwithstanding anything to the contrary herein or any other Loan  Document, the Collateral Agreement, each of the other Security Documents and  any related documents may be in a form reasonably determined by the  Administrative Agent and the Borrower and may be, together with this Agreement,  amended and waived with the consent of the Administrative Agent at the request  of the Borrower without the need to obtain the consent of any other Lender if such  amendment or waiver is delivered in order (a) to comply with local Law or advice  of local counsel, (b) to cure ambiguities or defects (as reasonably determined by  the Administrative Agent and the Borrower) or (c) to cause such Security  Document or other document to be consistent with this Agreement and the other  Loan Documents  Section 10.09 Interest Rate Limitation.  Notwithstanding anything herein to the  contrary, if at any time the applicable interest rate, together with all fees and charges that are treated  as interest under applicable law (collectively, the “Charges”), as provided for herein or in any  





 






  231  AmericasActive:17030364.10  other document executed in connection herewith, or otherwise contracted for, charged, received,  taken or reserved by any Lender, shall exceed the maximum lawful rate (the “Maximum Rate”)  that may be contracted for, charged, taken, received or reserved by such Lender in accordance with  applicable law, the rate of interest payable hereunder, together with all Charges payable to such  Lender, shall be limited to the Maximum Rate; provided that such excess amount shall be paid to  such Lender on subsequent payment dates to the extent not exceeding the legal limitation.  In no  event will the total interest received by any Lender exceed the amount which it could lawfully  have received and any such excess amount received by any Lender will be applied to reduce the  principal balance of the Loans or to other amounts (other than interest) payable hereunder to such  Lender, and if no such principal or other amounts are then outstanding, such excess or part thereof  remaining will be paid to the Borrower.  Section 10.10 Entire Agreement.  This Agreement, the other Loan Documents and the  agreements regarding certain Fees referred to herein constitute the entire contract between the  parties relative to the subject matter hereof.  Any previous agreement among or representations  from the parties or their Affiliates with respect to the subject matter hereof is superseded by this  Agreement and the other Loan Documents.  Notwithstanding the foregoing, the Fee Letter shall  survive the execution and delivery of this Agreement and remain in full force and effect.  Nothing  in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer  upon any party other than the parties hereto and thereto 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.  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.  This Agreement may be executed in one or more  counterparts, each of which shall constitute an original but all of which, when taken together, shall  constitute but one contract, and shall become effective as provided in Section 10.03.  The words  “execution”, “execute”, “signed”, “signature” and words of like import in or related to this  





 






  232  AmericasActive:17030364.10  Agreement or any other document to be signed in connection with this Agreement and the  transactions contemplated hereby shall be deemed to include electronic signatures, the electronic  matching of assignment terms and contract formations on electronic platforms approved by the  Administrative Agent, or the keeping of records in electronic form, each of which shall be of the  same legal effect, validity or enforceability as a manually executed signature or the use of a paper- based recordkeeping system, as the case may be, to the extent and as provided for in any applicable  law, including the Federal Electronic Signatures in Global and National Commerce Act, the New  York State Electronic Signatures and Records Act, or any other similar state laws based on the  Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to  the contrary the Administrative Agent is under no obligation to agree to accept electronic  signatures in any form or in any format unless expressly agreed to by the Administrative Agent  pursuant to procedures approved by it.  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.  (1) 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 Southern District of New York sitting in the Borough of Manhattan (or if such  court lacks subject matter jurisdiction, the Supreme Court of the State of New York  sitting in the Borough of Manhattan) and any appellate court from any thereof  (collectively, “New York Courts”), in any action or proceeding arising out of or  relating to this Agreement or the other Loan Documents or the transactions relating  hereto or thereto, 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 (to the extent permitted by law) or New York State 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.  Nothing in this Agreement or in any other Loan  Document shall affect any right that any party may otherwise have to bring any  action or proceeding relating to this Agreement or any of the other Loan Documents  in the courts of any jurisdiction, except that each of the Loan Parties agrees that it  will not bring any such action or proceeding in any court other than New York  Courts (it being acknowledged and agreed by the parties hereto that any other forum  would be inconvenient and inappropriate in view of the fact that more of the  Lenders who would be affected by any such action or proceeding have contacts  with the State of New York than any other jurisdiction).  (2) 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 New York  State or federal court.  Each of the parties hereto hereby irrevocably waives, to the  





 






  233  AmericasActive:17030364.10  fullest extent permitted by law, the defense of an inconvenient forum to the  maintenance of such action or proceeding in any such court.  Section 10.16 Confidentiality.  Each of the Lenders, each Issuing Bank and each of the  Agents agrees (and agrees to cause each of its Related Parties) to use all information provided to  it by or on behalf of the Borrower or its Restricted Subsidiaries under the Loan Documents or  otherwise in connection with the Transactions solely for the purposes of the transactions  contemplated by this Agreement and the other Loan Documents and shall not publish, disclose or  otherwise divulge such information (other than information that  (1) has become generally available to the public other than as a result of a disclosure  by such Person or its Related Parties;  (2) has been independently developed by such Lender, such Issuing Bank or the  Administrative Agent without violating this Section 10.16 or relying on such  information; or  (3) was available to such Lender, such Issuing Bank or the Administrative Agent from  a third party having, to such Person’s knowledge, no obligations of confidentiality  to the Borrower or any other Loan Party);  and shall not reveal the same other than to its directors, trustees, officers, employees  and advisors with a need to know or to any Person that approves or administers the  Revolving Facility or any Refinancing Term Loans on behalf of such Lender or any  numbering, administration or settlement service providers (so long as each such  Person shall have been instructed to keep the same confidential in accordance with  this Section 10.16 and, with respect to its directors, trustees, officers, employees  and advisors, to the extent within its control, such Lender or Agent, as applicable,  will be responsible for any such Person’s non-compliance with this Section 10.16),  except:  (a) to the extent necessary to comply with law or any legal process or the  requirements of any Governmental Authority, the National Association of  Insurance Commissioners or of any securities exchange on which securities  of the disclosing party or any Affiliate of the disclosing party are listed or  traded, in which case such Person agrees, to the extent practicable and not  prohibited by applicable law, to inform you promptly thereof prior to  disclosure or, if not practicable prior to disclosure and not prohibited by  law, promptly after disclosure;  (b) as part of normal reporting or review procedures to, or examinations by,  Governmental Authorities or any bank accountants or bank regulatory  authority exercising examination or regulatory authority, in which case  (except with respect to any audit or examination conducted by any such  bank accountant or bank regulatory authority) such Person agrees, to the  extent practicable and not prohibited by applicable law, to inform you  





 






  234  AmericasActive:17030364.10  promptly thereof prior to disclosure or, if not practicable prior to disclosure  and not prohibited by law, promptly after disclosure;  (c) to its parent companies, Affiliates or auditors (so long as each such Person  shall have been instructed to keep the same confidential in accordance with  this Section 10.16 and, to the extent within its control, such Lender or Agent  will be responsible for any such Person’s non-compliance with this Section  10.16);  (d) in order to enforce its rights under any Loan Document in a legal  proceeding;  (e) to any pledgee or assignee under Section 10.04(5) or any other prospective  assignee of, or prospective Participant in, any of its rights under this  Agreement (so long as such Person shall have been instructed to keep the  same confidential in accordance with this Section 10.16);  (f) to any direct or indirect contractual counterparty in Hedge Agreements or  such contractual counterparty’s professional advisor (so long as such  contractual counterparty or professional advisor to such contractual  counterparty agrees to be bound by the provisions of this Section 10.16);  and  (g) with the prior written consent of the Borrower; and  (h) to any rating agency when required by it, provided that, prior to any  disclosure, such rating agency shall undertake to preserve the  confidentiality of any confidential information relating to the Loan Parties  received by it from such Person.  Notwithstanding the foregoing, no such information shall be disclosed to a  Disqualified Institution that constitutes a Disqualified Institution at the time of such  disclosure without the Borrower’s prior written consent.  Section 10.17 Platform; Borrower Materials.  The Borrower hereby acknowledges that  (1) the Administrative Agent or the Arrangers will make available to the Lenders and the Issuing  Bank materials or information provided by or on behalf of the Borrower hereunder (collectively,  “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, Debt Domain  or another similar electronic system (the “Platform”) and (2) certain of the Lenders may be  “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information  with respect to the Borrower or its securities) (each, a “Public Lender”).  The Borrower hereby  agrees that it will use commercially reasonable efforts to identify that portion of the Borrower  Materials that may be distributed to the Public Lenders and that:  (a) all the Borrower Materials shall be clearly and conspicuously marked  “PUBLIC” which, at a minimum, means that the word “PUBLIC” shall  appear prominently on the first page thereof;  





 






  235  AmericasActive:17030364.10  (b) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed  to have authorized the Administrative Agent, the Arrangers, the Issuing  Bank and the Lenders to treat the Borrower Materials as either publicly  available information or not material information (although it may be  sensitive and proprietary) with respect to the Borrower or its securities for  purposes of United States Federal and state securities laws;  (c) all Borrower Materials marked “PUBLIC” are permitted to be made  available through a portion of the Platform designated “Public Investor;”  and  (d) the Administrative Agent and the Arrangers shall be entitled to treat the  Borrower Materials that are not marked “PUBLIC” as being suitable only  for posting on a portion of the Platform not designated “Public Investor.”  Notwithstanding the foregoing, the Borrower shall be under no obligation to provide any  Borrower Materials suitable for distribution to any Public Lenders or to mark any Borrower  Materials “PUBLIC.”  Section 10.18 [Reserved].  Section 10.19 USA PATRIOT Act Notice.  Each Lender that is subject to the USA  PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby  notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required  to obtain, verify and record information that identifies each Loan Party, which information  includes the name and address of each Loan Party and other information that will allow such  Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with  the USA PATRIOT Act.  Section 10.20 Intercreditor Agreements.  (1) The parties hereto acknowledge and agree that any provision of any Loan  Document to the contrary notwithstanding, prior to the discharge in full of all Term  Loan Claims, the Loan Parties shall not be required to act or refrain from acting  under any Loan Document with respect to the Term Priority Collateral in any  manner that would result in a “Default” or “Event of Default” (as defined in any  Term Loan Document) under the terms and provisions of the Term Loan  Documents.  (2) Each Secured Party:  (a) consents to the subordination of Liens on Term Priority Collateral provided  for in the Closing Date Intercreditor Agreement,  (b) agrees that it will be bound by and will take no actions contrary to the  provisions of the Closing Date Intercreditor Agreement; and  





 






  236  AmericasActive:17030364.10  (c) authorizes and instructs the Administrative Agent to enter into the Closing  Date Intercreditor Agreement as ABL Agent (as defined in the Intercreditor  Agreement) and on behalf of such Lender.  The foregoing provisions are  intended as an inducement to the lenders under the Term Loan Credit  Agreement to extend credit and such lenders are intended third party  beneficiaries of such provisions and the provisions of the Closing Date  Intercreditor Agreement.  (3) Each Secured Party:  (a) authorizes and instructs the Administrative Agent to enter into any Junior  Lien Intercreditor Agreement in the form attached hereto or in such other  form as may be satisfactory to the Administrative Agent and agrees that it  will be bound by and will take no actions contrary to the provisions of any  Junior Lien Intercreditor Agreement;  (b) agrees that the Administrative Agent may from time to time enter into a  modification of the Closing Date Intercreditor Agreement or any Junior  Lien Intercreditor Agreement, as the case may be, so long as the  Administrative Agent reasonably determines that such modification is  consistent with the terms of this Agreement and agrees that it will be bound  by and will take no actions contrary to any such Intercreditor Agreement (as  so modified); and  (c) pursuant to the express terms of the Intercreditor Agreements, in the event  of any conflict or inconsistency between the provisions of the Intercreditor  Agreements and this Agreement, the provisions of the Intercreditor  Agreements shall govern and control.  Section 10.21 No Advisory or Fiduciary Responsibility.  In connection with all aspects  of each transaction contemplated hereby (including in connection with any amendment, waiver or  other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees  that: (1) (a) the arranging and other services regarding this Agreement provided by the Agents, the  Lenders and the Arrangers are arm’s-length commercial transactions between the Borrower, on  the one hand, and the Agents and the Arrangers, on the other hand, (b) the Borrower has consulted  its own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate and  (c) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and  conditions of the transactions contemplated hereby and by the other Loan Documents; (2) (a) each  Agent, each Lender and each Arranger each is and has been acting solely as a principal and, except  as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting  as an advisor, agent or fiduciary for the Borrower or any other Person and (b) none of the Agents  or Arrangers has any obligation to the Borrower or any of its Affiliates with respect to the  transactions contemplated hereby except those obligations expressly set forth herein and in the  other Loan Documents; and (3) the Agents, the Arrangers and their respective Affiliates may be  engaged in a broad range of transactions that involve interests that differ from those of the  Borrower and its Affiliates, and none of the Agents or any Arranger has any obligation to disclose  any of such interests to the Borrower or any of its Affiliates.  The Borrower agrees that it will not  





 






  237  AmericasActive:17030364.10  assert any claim against any Agent, Arranger or their respective Affiliates based on an alleged  breach of fiduciary duty by such party in connection with this Agreement and the transactions  contemplated hereby.  Section 10.22 Private-Side Information Contacts.  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 Investor” 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 information that is not made available through the “Public Investor” portion of the  Platform and that may contain MNPI with respect to the Borrower, any of its Affiliates, their  respective Subsidiaries or their respective securities for purposes of United States federal or state  securities laws. In the event that any Public Lender has determined for itself to not access any  information disclosed through the Platform or otherwise, such Public Lender acknowledges that  (1) other Lenders may have availed themselves of such information and (2) neither the Borrower  nor the Administrative Agent has (a) any responsibility for such Public Lender’s decision to limit  the scope of the information it has obtained in connection with this Agreement and the other Loan  Documents and (b) any duty to disclose such information to such Public Lender or to use such  information on behalf of such Public Lender, and shall not be liable for the failure to so disclose  or use, such information.  Section 10.23 Acknowledgement and Consent to Bail-In of EEA Financial  Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other  agreement, arrangement or understanding among any such parties, each party hereto acknowledges  that any liability of any Affected Financial Institution arising under any Loan Document, to the  extent such liability is unsecured, may be subject to the write-down and conversion powers of the  applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be  bound by:  (1) the application of any Write-Down and Conversion Powers by the applicable  Resolution Authority to any such liabilities arising hereunder which may be payable  to it by any party hereto that is an Affected Financial Institution; and  (2) the effects of any Bail-In Action on any such liability, including, if applicable:  (a) a reduction in full or in part or cancellation of any such liability;  (b) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent  entity, or a bridge institution that may be issued to it or otherwise conferred  on it, and that such shares or other instruments of ownership will be  accepted by it in lieu of any rights with respect to any such liability under  this Agreement or any other Loan Document; or  (c) the variation of the terms of such liability in connection with the exercise of  the Write-Down and Conversion Powers of the applicable Resolution  Authority.  





 






  238  AmericasActive:17030364.10  Section 10.24 Incorporation by Reference. The FILO Intercreditor Provisions are  hereby incorporated by reference in this Agreement and apply to each Refinancing Term Lender,  and to all Refinancing Term Loans at any time incurred or outstanding hereunder, as fully as if set  forth herein in their entirety.  Each Refinancing Term Lender, by extending Refinancing Term  Loans or acquiring same by assignment, agrees to be bound by the FILO Intercreditor Provisions.  Section 10.25 Acknowledgement Regarding any Supported QFCs.  To the extent that  the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or  any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each  such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the  resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit  Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act  (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in  respect of such Supported QFC and QFC Credit Support (with the provisions below applicable  notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be  governed by the laws of the State of New York and/or of the United States or any other state of  the United States):  (1) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered  Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime,  the transfer of such Supported QFC and the benefit of such QFC Credit Support  (and any interest and obligation in or under such Supported QFC and such QFC  Credit Support, and any rights in property securing such Supported QFC or such  QFC Credit Support) from such Covered Party will be effective to the same extent  as the transfer would be effective under the U.S. Special Resolution Regime if the  Supported QFC and such QFC Credit Support (and any such interest, obligation  and rights in property) were governed by the laws of the United States or a state of  the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered  Party becomes subject to a proceeding under a U.S. Special Resolution Regime,  Default Rights under the Loan Documents that might otherwise apply to such  Supported QFC or any QFC Credit Support that may be exercised against such  Covered Party are permitted to be exercised to no greater extent than such Default  Rights could be exercised under the U.S. Special Resolution Regime if the  Supported QFC and the Loan Documents were governed by the laws of the United  States or a state of the United States. Without limitation of the foregoing, it is  understood and agreed that rights and remedies of the parties with respect to a  Defaulting Lender shall in no event affect the rights of any Covered Party with  respect to a Supported QFC or any QFC Credit Support.  (2) As used in this Section 10.20, the following terms have the following meanings:  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under,  and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  “Covered Entity” means any of the following:  





 






  239  AmericasActive:17030364.10  (i) a “covered entity” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. §252.82(b);  (ii) a “covered bank” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. §47.3(b); or  (iii) a “covered FSI” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. §382.2(b).  “Default Right” has the meaning assigned to that term in, and shall be interpreted  in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1, as applicable.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and  shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  





 






  [Amneal Pharmaceuticals – ABL Credit Agreement]  AmericasActive:17030364.10  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed as of the date first above written.  AMNEAL PHARMACEUTICALS LLC,   as the Borrower  By:         Name:  Title:     





 






  [Amneal Pharmaceuticals – ABL Credit Agreement]  AmericasActive:17030364.10  TRUIST BANK, as a Lender, Issuing Bank,  Swingline Lender, Administrative Agent and  Collateral Agent  By:         Name:  Title:     





 






  [Amneal Pharmaceuticals – ABL Credit Agreement]  AmericasActive:17030364.10  [_____________], as a Lender [and Issuing Bank]  By:         Name:  Title: