Credit Agreement


 Exhibit 10.1 
  
 $500,000,000 
  
 CREDIT AGREEMENT 
  
 dated as of 
  
 March 4, 2005 
  
 among 
  
 UNIVERSAL HEALTH SERVICES, INC. 
  
 THE ELIGIBLE SUBSIDIARIES REFERRED TO HEREIN 
  
 THE BANKS LISTED HEREIN 
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
  
 BANK OF AMERICA, N.A., 
 as Syndication Agent

  
 and 
  
 ABN AMRO BANK N.V., 
 SUNTRUST BANK 
 and 
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Co-Documentation Agents 
  

  
 J.P. Morgan Securities Inc. 
 Banc of America Securities LLC,  
 Joint Lead Arrangers and Joint Bookrunners 






 TABLE OF CONTENTS 
  

			
	 ARTICLE 1
 DEFINITIONS
	  	 
	 	  	PAGE


	 Section 1.01.  Definitions
	  	1
	 Section 1.02.  Accounting Terms and Determinations
	  	17
	 Section 1.03.  Types of Borrowings
	  	18
	ARTICLE 2	  	 
	THE CREDITS	  	 
	 Section 2.01.  Commitments to Lend
	  	18
	 Section 2.02.  Method of Committed Borrowing
	  	19
	 Section 2.03.  Competitive Bid Borrowings
	  	19
	 Section 2.04.  Notice to Lenders; Funding of Loans.
	  	23
	 Section 2.05.  Notes
	  	24
	 Section 2.06.  Maturity of Loans
	  	25
	 Section 2.07.  Interest Rates
	  	25
	 Section 2.08.  Fees
	  	27
	 Section 2.09.  Optional Termination or Reduction of Commitments
	  	28
	 Section 2.10.  Method of Electing Interest Rates
	  	28
	 Section 2.11.  Scheduled Termination of Commitments
	  	29
	 Section 2.12.  Optional Prepayments
	  	30
	 Section 2.13.  General Provisions as to Payments
	  	30
	 Section 2.14.  Funding Losses
	  	31
	 Section 2.15.  Computation of Interest and Fees
	  	32
	 Section 2.16.  Letters of Credit
	  	32
	 Section 2.17.  Regulation D Compensation
	  	35
	 Section 2.18.  Takeout of Swingline Loans
	  	35
	 Section 2.19.  Increased Commitments, Additional Lenders
	  	37
	 Section 2.20.  Currency Equivalents
	  	38
		
	ARTICLE 3	  	 
	CONDITIONS	  	 
	 Section 3.01.  Effectiveness
	  	39
	 Section 3.02.  Borrowings and Issuances of Letters of Credit
	  	40
	 Section 3.03.  First Borrowing by Each Eligible Subsidiary
	  	41
		
	ARTICLE 4	  	 
	REPRESENTATIONS AND WARRANTIES	  	 
	 Section 4.01.  Existence and Power
	  	41








			
	 	  	PAGE


	 Section 4.02.  Corporate and Governmental Authorization; No Contravention
	  	41
	 Section 4.03.  Binding Effect
	  	42
	 Section 4.04.  Financial Information.
	  	42
	 Section 4.05.  Litigation
	  	42
	 Section 4.06.  Ownership of Capital Stock of Subsidiaries
	  	43
	 Section 4.07.  Compliance with ERISA
	  	43
	 Section 4.08.  Environmental Matters
	  	43
	 Section 4.09.  Taxes
	  	43
	 Section 4.10.  Not an Investment Company
	  	44
	 Section 4.11.  Full Disclosure
	  	44
	
	ARTICLE 5
	COVENANTS
		
	 Section 5.01.  Information
	  	44
	 Section 5.02.  Payment of Obligations
	  	47
	 Section 5.03.  Maintenance of Property; Insurance
	  	47
	 Section 5.04.  Conduct of Business and Maintenance of Existence
	  	47
	 Section 5.05.  Compliance with Laws
	  	47
	 Section 5.06.  Inspection of Property, Books and Records
	  	47
	 Section 5.07.  Leverage Ratio
	  	48
	 Section 5.08.  Fixed Charge Coverage
	  	48
	 Section 5.09.  Consolidations, Mergers, Sales of Assets, Dissolutions, Reorganizations, etc
	  	48
	 Section 5.10.  Subsidiary Debt
	  	49
	 Section 5.11.  Use of Proceeds
	  	49
	 Section 5.12.  Negative Pledge
	  	49
	
	ARTICLE 6
	DEFAULTS
		
	 Section 6.01.  Events of Default
	  	50
	 Section 6.02.  Notice of Default
	  	53
	 Section 6.03.  Cash Cover
	  	53
	
	ARTICLE 7
	THE AGENTS
		
	 Section 7.01.  Appointment and Authorization
	  	53
	 Section 7.02.  Administrative Agent and Affiliates
	  	54
	 Section 7.03.  Action by Administrative Agent
	  	54
	 Section 7.04.  Consultation with Experts
	  	54
	 Section 7.05.  Liability of Administrative Agent
	  	54
	 Section 7.06.  Indemnification
	  	55
	 Section 7.07.  Credit Decision
	  	55

  

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	 	  	PAGE


	 Section 7.08.  Successor Administrative Agent
	  	55
	 Section 7.09.  Administrative Agent’s Fee; Arrangers’ Fees
	  	55
	 Section 7.10.  Other Agents
	  	56
		
	 ARTICLE 8
 CHANGE IN CIRCUMSTANCES
	  	 
		
	 Section 8.01.  Basis for Determining Interest Rate Inadequate or Unfair
	  	56
	 Section 8.02.  Illegality
	  	56
	 Section 8.03.  Increased Cost and Reduced Return
	  	57
	 Section 8.04.  Taxes
	  	58
	 Section 8.05.  Foreign Subsidiary Costs
	  	60
	 Section 8.06.  Base Rate Loans Substituted for Affected Fixed Rate Loans
	  	61
	 Section 8.07.  Substitution of Lender
	  	61
		
	ARTICLE 9	  	 
	REPRESENTATIONS AND WARRANTIES OF ELIGIBLE SUBSIDIARIES	  	 
		
	 Section 9.01.  Corporate Existence and Power
	  	62
	 Section 9.02.  Corporate Governmental Authorization; No Contravention
	  	62
	 Section 9.03.  Binding Effect
	  	62
	 Section 9.04.  Taxes
	  	62
	
	 ARTICLE 10
 GUARANTY

		
	 Section 10.01.  The Guaranty
	  	62
	 Section 10.02.  Guaranty Unconditional
	  	63
	 Section 10.03.  Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances
	  	64
	 Section 10.04.  Waiver by the Company
	  	64
	 Section 10.05.  Subrogation
	  	64
	 Section 10.06.  Stay of Acceleration
	  	64
	
	 ARTICLE 11
 MISCELLANEOUS

		
	 Section 11.01.  Notices
	  	64
	 Section 11.02.  No Waivers
	  	65
	 Section 11.03.  Expenses; Indemnification
	  	65
	 Section 11.04.  Sharing of Set-offs
	  	65
	 Section 11.05.  Amendments and Waivers
	  	66
	 Section 11.06.  Successors and Assigns
	  	67
	 Section 11.07.  Designated Lenders
	  	68
	 Section 11.08.  Collateral
	  	69
	 Section 11.09.  Governing Law; Submission to Jurisdiction
	  	69

  

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	 	  	PAGE


	 Section 11.10.  Counterparts; Integration
	  	69
	 Section 11.11.  WAIVER OF JURY TRIAL
	  	70
	 Section 11.12.  Judgment Currency
	  	70
	 Section 11.13.  USA Patriot Act
	  	70

  

	
	Pricing Schedule
	Commitment Schedule
	
	Schedule 1—Subsidiaries
	
	Schedule 2—Existing Debt
	
	Exhibit A—Note
	
	Exhibit B—Competitive Bid Quote Request
	
	Exhibit C—Invitation for Competitive Bid Quotes
	
	Exhibit D—Competitive Bid Quote
	
	Exhibit E-1—Opinion of Counsel for the Borrower
	
	Exhibit E-2—Opinion of the General Counsel of the Borrower
	
	Exhibit F—Opinion of Special Counsel for the Administrative Agent and the Arrangers
	
	Exhibit G—Election to Participate
	
	Exhibit H—Election to Terminate
	
	Exhibit I—Opinion of Counsel for an Eligible Subsidiary
	
	Exhibit J—Assignment and Assumption Agreement
	
	Exhibit K—Designation Agreement

  

 iv 







 CREDIT AGREEMENT 
  

AGREEMENT dated as of March 4, 2005 among UNIVERSAL HEALTH SERVICES, INC., the ELIGIBLE SUBSIDIARIES referred to herein, the LENDERS listed on the
signature pages hereof, JPMORGAN CHASE BANK, N.A., as Administrative Agent, BANK OF AMERICA, N.A., as Syndication Agent and ABN AMRO BANK N.V., SUNTRUST BANK and WACHOVIA BANK, NATIONAL ASSOCIATION, as Co-Documentation Agents. 
  
 The parties hereto agree as follows: 
  
 ARTICLE 1 
 DEFINITIONS 
  
 Section 1.01. Definitions. The following terms, as used herein, have the following meanings: 
  
 “Absolute Rate Auction” means a solicitation of Competitive Bid Quotes setting forth Competitive Bid Absolute Rates pursuant to Section
2.03. 
  
 “Additional Lender” has the meaning set
forth in Section 2.19. 
  
 “Administrative Agent”
means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders under the Loan Documents, and its successors in such capacity. 
  
 “Administrative Questionnaire” means, with respect to each Lender, an administrative questionnaire in the form prepared by the
Administrative Agent and submitted to the Administrative Agent (with a copy to the Company) duly completed by such Lender. 
  
 “Agents” means the Administrative Agent, the Syndication Agent and the Co-Documentation Agents. 
  
 “Alternative Currency” means Euro, British Sterling and
Swedish Kronor; provided that any other currency (except Dollars) may also be an Alternative Currency if (i) the Company requests, by notice to the Administrative Agent, that such currency be included as an additional Alternative Currency for
purposes of this Agreement, (ii) such currency is freely transferable and is freely convertible into Dollars in the London foreign exchange market, (iii) deposits in such currency are customarily offered to banks in the London interbank market and
(iv) each Lender, by notice to the Administrative Agent, approves the inclusion of such currency as an additional Alternative Currency for purposes hereof. The Lenders’ approval of any such additional Alternative Currency may be limited to a
specified maximum Dollar Amount or a specified period of time or both. 






 “Alternative Currency Loan” means a Syndicated Loan that is made in an Alternative
Currency pursuant to the applicable Notice of Committed Borrowing. 
  
 “Alternative Currency Sublimit” means a Dollar Amount equal to $75,000,000. 
  
 “Applicable Lending Office” means, with respect to any Lender, (i) in the case of its Base Rate Loans, its Domestic Lending Office, (ii)
in the case of its Euro-Currency Loans, its Euro-Currency Lending Office, (iii) in the case of its Competitive Bid Loans, its Competitive Bid Lending Office and (iv) in the case of its Swingline Loans, its Swingline Lending Office. 
  
 “Approved Fund” means any Fund that is administered or
managed by (i) a Lender, (ii) an affiliate of a Lender or (iii) an entity or an affiliate of an entity that administers or manages a Lender. 
  
 “Arranger” means each of J.P. Morgan Securities Inc. and Banc of America Securities LLC. 
  
 “Assignee” means (i) a Lender; (ii) an affiliate of a
Lender; (iii) an Approved Fund; and (iv) any other Person (other than a natural Person) approved by the Administrative Agent, the Issuing Lenders and, so long as no Event of Default shall have occurred and be continuing, the Company (each such
approval not to be unreasonably withheld or delayed). 
  
 “Base Rate” means, for any day, a rate per annum equal to the higher of (i) the Prime Rate for such day and (ii) the sum of  1/2 of 1% plus the Federal Funds Rate for such day. 
  
 “Base Rate Loan” means (i) a Syndicated Loan which bears interest at the Base Rate pursuant to the applicable Notice of Committed
Borrowing or Notice of Interest Rate Election or the provisions of Article 8 or (ii) an overdue amount which was a Base Rate Loan immediately before it became overdue. 
  
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of
ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 
  
 “Borrower” means the Company or any Eligible Subsidiary, as the context may require, and their respective successors, and
“Borrowers” means all of the foregoing. When used in relation to any Loan or Letter of Credit, references to “the Borrower” are to the particular Borrower to which such Loan is or is to be made or at whose request
such Letter of Credit is or is to be issued. 
  

 2 







 “Borrowing” has the meaning set forth in Section 1.03. 
  
 “British Sterling” means the lawful currency of the United
Kingdom. 
  
 “Co-Documentation Agents” means and
ABN AMRO Bank N.V., SunTrust Bank and Wachovia Bank, National Association in their capacity as co-documentation agents in respect of this Agreement. 
  
 “Commitment” means (i) with respect to each Lender, the amount of such Lender’s Commitment, as such amount is set forth opposite the
name of such Lender on the Commitment Schedule, (ii) with respect to any Additional Lender, the amount of the Commitment assumed by it pursuant to Section 2.19 and (iii) with respect to any Assignee, the amount of the transferor Lender’s
Commitment assigned to it pursuant to Section 11.06(c), in each case as such amount may be changed from time to time pursuant to Section 2.09, 2.19 or 11.06(c); provided that, if the context so requires, the term “Commitment” means
the obligation of a Lender to extend credit up to such amount to the Borrowers hereunder. 
  
 “Commitment Schedule” means the Commitment Schedule attached hereto. 
  
 “Committed Loan” means a Syndicated Loan or a Swingline Loan. 
  
 “Company” means Universal Health Services, Inc., a Delaware corporation, and its successors. 
  
 “Company’s 2003 Form 10-K” means the Company’s
annual report on Form 10-K for 2003, as filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. 
  
 “Company’s 2004 Form 10-Q Reports” means the Company’s quarterly reports on Form 10-Q for each of the quarters ended March 31,
2004, June 30, 2004 and September 30, 2004, as filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. 
  
 “Company’s Latest Form 10-Q” means the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2004, as
filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. 
  
 “Competitive Bid Absolute Rate” has the meaning set forth in Section 2.03(d). 
  
 “Competitive Bid Absolute Rate Loan” means a loan to be made
by a Lender pursuant to an Absolute Rate Auction. 
  

 3 







 “Competitive Bid Lending Office” means, as to each Lender, its Domestic Lending Office
or such other office, branch or affiliate of such Lender as it may hereafter designate as its Competitive Bid Lending Office by notice to the Borrower and the Administrative Agent; provided that any Lender may from time to time by notice to
the Company and the Administrative Agent designate separate Competitive Bid Lending Offices for its Competitive Bid LIBOR Loans, on the one hand, and its Competitive Bid Absolute Rate Loans, on the other hand, in which case all references herein to
the Competitive Bid Lending Office of such Lender will be deemed to refer to either or both of such offices, as the context may require. 
  
 “Competitive Bid LIBOR Loan” means a loan to be made by a Lender pursuant to a LIBOR Auction (including such a loan bearing interest at
the Base Rate pursuant to Section 8.01). 
  
 “Competitive
Bid Loan” means a Competitive Bid LIBOR Loan or a Competitive Bid Absolute Rate Loan. 
  
 “Competitive Bid Margin” has the meaning set forth in Section 2.03(d)(iii)(C). 
  
 “Consolidated Debt” means at any date the Debt of the Company and its Consolidated Subsidiaries (exclusive of the French Subsidiary
Debt), determined on a consolidated basis as of such date; provided that from December 1 of any year to but not including June 30 of the following year Consolidated Debt shall not include amounts borrowed to fund the Voluntary Employment
Benefit Association not exceeding the aggregate amount of employee benefits prepaid by the Company and its Consolidated Subsidiaries through payments to the Voluntary Employment Benefit Association during such period. 
  
 “Consolidated EBITDA” means, for any period, the sum of (i)
Consolidated Net Income for such period plus (ii) to the extent deducted in the determination thereof, Consolidated Interest Expense, depreciation and amortization expense and provision for income taxes plus (or minus) (iii) the amount of any
material nonrecurring items of loss (or gain), adjusted to eliminate the effect of any such item on the provision for income taxes for such period minus (iv) the amount of debt service (i.e., interest, fees and any net reduction in
outstanding principal balance) on the French Subsidiary Debt for such period. 
  
 “Consolidated EBITDAR” means, for any period, Consolidated EBITDA for such period plus, to the extent deducted in determining Consolidated EBITDA for such period, Consolidated Rental Expense for such
period. 
  
 “Consolidated Finance Liabilities”
means, at any date, the sum of (i) Consolidated Debt at such date plus (ii) eight times Consolidated Rental Expense for the period of four consecutive fiscal quarters most recently ended on or prior to such date. 
  

 4 







 “Consolidated Interest Expense” means, for any period, the interest expense (net of
interest income and exclusive of interest on the French Subsidiary Debt) of the Company and its Consolidated Subsidiaries determined on a consolidated basis for such period. 
  
 “Consolidated Net Income” for any period means the consolidated net income of the Company and its
Consolidated Subsidiaries determined on a consolidated basis for such period. 
  
 “Consolidated Net Worth” means at any date the consolidated stockholders’ equity of the Company and its Consolidated Subsidiaries, determined as of such date. 
  
 “Consolidated Net Tangible Assets” means, at any date, the
Net Tangible Assets of the Company and its Consolidated Subsidiaries determined on a consolidated basis as of such date. 
  
 “Consolidated Rental Expense” means, for any period, the lease and rental expense of the Company and its Consolidated Subsidiaries under
all leases (other than capital leases), determined on a consolidated basis for such period. 
  
 “Consolidated Subsidiary” means at any date any Subsidiary or other entity the accounts of which would be consolidated with those of the Company in its consolidated financial statements if such
statements were prepared as of such date. 
  
 “Credit
Exposure” means, with respect to any Lender at any time, (i) the amount of its Commitment (whether used or unused) at such time or (ii) if the Commitments have terminated in their entirety, the sum of the aggregate Dollar Amount of its
Loans at such time (including any participations in Swingline Loans purchased by it and excluding any participations in Swingline Loans sold by it) plus its Letter of Credit Liabilities at such time. 
  
 “Debt” of any Person means at any date, without duplication,
(i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or
services, except trade accounts payable arising in the ordinary course of business, (iv) all obligations of such Person as lessee which are capitalized in accordance with generally accepted accounting principles, (v) all non-contingent obligations
(and, for purposes of Section 5.12 and the definitions of Material Debt and Material Financial Obligations, all contingent obligations) of such Person to reimburse any other Person in respect of amounts paid under a letter of credit or 

 

 5 







 similar instrument, (vi) all Debt secured by a Lien on any asset of such Person, whether or not such Debt is otherwise an
obligation of such Person, and (vii) all Debt of others Guaranteed by such Person. 
  
 “Default” means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of Default.

  
 “Derivatives Obligations” of any Person means
all obligations of such Person in respect of any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the
foregoing transactions) or any combination of the foregoing transactions. 
  
 “Designated Lender” means, with respect to any Designating Lender, an Approved Fund designated by it pursuant to Section 11.07(a) as a Designated Lender for purposes of this Agreement. 
  
 “Designating Lender” means, with respect to each Designated
Lender, the Lender that designated such Designated Lender pursuant to Section 11.07(a). 
  
 “Dollar Amount” means, at any time: 
  
 (i) with respect to any Dollar-Denominated Loan, the principal amount thereof then outstanding; 
  
 (ii) with respect to any Alternative Currency Loan, the principal amount thereof then outstanding in the relevant Alternative Currency, converted to
Dollars in accordance with Section 2.20(a); and 
  
 (iii) with
respect to any Letter of Credit Liabilities, (A) if denominated in Dollars, the amount thereof and (B) if denominated in an Alternative Currency, the amount thereof converted to Dollars in accordance with Section 2.20(b). 
  
 “Dollar-Denominated Loan” means a Loan that is made in
Dollars pursuant to the applicable Notice of Borrowing. 
  
 “Dollars” and the sign “$” mean lawful currency of the United States. 
  
 “Domestic Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized by
law to close. 
  

 6 







 “Domestic Lending Office” means, as to each Lender, its office located at its address
set forth in its Administrative Questionnaire (or identified in its Administrative Questionnaire as its Domestic Lending Office) or such other office as such Lender may hereafter designate as its Domestic Lending Office by notice to the Company and
the Administrative Agent. 
  
 “Effective Date”
means the date this Agreement becomes effective in accordance with Section 3.01. 
  
 “Election to Participate” means an Election to Participate substantially in the form of Exhibit G hereto. 
  
 “Election to Terminate” means an Election to Terminate substantially in the form of Exhibit H hereto. 
  
 “Eligible Subsidiary” means any Majority-Owned Consolidated
Subsidiary as to which an Election to Participate shall have been delivered to the Administrative Agent and as to which an Election to Terminate with respect to such Election to Participate shall not have been delivered to the Administrative Agent.
Each such Election to Participate and Election to Terminate shall be duly executed on behalf of such Majority-Owned Consolidated Subsidiary and the Company in such number of copies as the Administrative Agent may request. If at any time a Subsidiary
theretofore designated as an Eligible Subsidiary no longer qualifies as a Majority-Owned Consolidated Subsidiary, the Company shall cause to be delivered to the Administrative Agent an Election to Terminate terminating the status of such Subsidiary
as an Eligible Subsidiary. The delivery of an Election to Terminate shall not affect any obligation of an Eligible Subsidiary theretofore incurred or the Company’s guaranty thereof. The Administrative Agent shall promptly give notice to the
Lenders of the receipt of any Election to Participate or Election to Terminate. 
  
 “Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits,
concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to the environment, the effect of the environment on human health or to emissions, discharges or releases of pollutants, contaminants, Hazardous
Substances or wastes into the environment including, without limitation, ambient air, surface water, ground water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling
of pollutants, contaminants, Hazardous Substances or wastes or the clean-up or other remediation thereof. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 
  

 7 







 “ERISA Group” means the Company, any Subsidiary and all members of a controlled group of
corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Company or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code. 
  
 “Euro” means the single currency of the Participating Member
States in the European Union. 
  
 “Euro-Currency Business
Day” means a Euro-Dollar Business Day, unless such term is used in connection with an Alternative Currency Loan, in which case such day shall only be a Euro-Currency Business Day if commercial banks are open for international business
(including dealings in deposits in such Alternative Currency) in both London and the place designated by the Administrative Agent for funds to be paid or made available in such Alternative Currency. 
  
 “Euro-Currency Lending Office” means, as to each Lender, its
office, branch or affiliate located at its address set forth in its Administrative Questionnaire (or identified in its Administrative Questionnaire as its Euro-Currency Lending Office) or such other office, branch or affiliate of such Lender as it
may hereafter designate as its Euro-Currency Lending Office by notice to the Company and the Administrative Agent; provided that any Lender may from time to time by notice to the Borrower and the Administrative Agent designate separate
Euro-Currency Lending Offices for its Loans in different currencies, in which case all references herein to the Euro-Currency Lending Office of such Lender shall be deemed to refer to any or all of such offices, as the context may require.

  
 “Euro-Currency Loan” means either a
Euro-Dollar Loan or an Alternative Currency Loan. 
  
 “Euro-Currency Margin” means a rate per annum determined in accordance with the Pricing Schedule. 
  
 “Euro-Currency Rate” means a rate of interest determined pursuant to Section 2.07(b) on the basis of a London Interbank Offered Rate.

  
 “Euro-Currency Reserve Percentage” means for
any day that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement for a member bank of the
Federal Reserve System in New York City with deposits exceeding five billion dollars in respect of “Eurocurrency liabilities” (or in respect of any other category of liabilities which includes deposits by reference to which the
interest rate on Euro-Dollar Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to the United States residents). 
  

 8 







 “Euro-Dollar Business Day” means any Domestic Business Day on which commercial banks are
open for international business (including dealings in dollar deposits) in London. 
  
 “Euro-Dollar Loan” means (i) a Syndicated Loan denominated in Dollars which bears interest at a Euro-Currency Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate
Election or (ii) an overdue amount which was a Euro-Dollar Loan immediately before it became overdue. 
  
 “Event of Default” has the meaning set forth in Section 6.01. 
  
 “Evergreen Letter of Credit” means a Letter of Credit that is automatically extended unless the Issuing
Lender gives notice to the beneficiary thereof stating that such Letter of Credit will not be extended. 
  
 “Existing Credit Agreement” means the Credit Agreement dated as of December 13, 2001 among the Company and the lenders and agents party
thereto, as amended to the Effective Date. 
  
 “Federal
Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Domestic Business Day next succeeding such day, provided that (i) if such day is not a Domestic Business Day, the Federal Funds Rate
for such day shall be such rate on such transactions on the next preceding Domestic Business Day as so published on the next succeeding Domestic Business Day, and (ii) if no such rate is so published on such next succeeding Domestic Business Day,
the Federal Funds Rate for such day shall be the average rate quoted to JPMorgan Chase Bank, N.A., on such day on such transactions as determined by the Administrative Agent. 
  
 “Fixed Charge Coverage Ratio” means, at any date, the ratio of Consolidated EBITDAR to Fixed Charges for
the period of four consecutive fiscal quarters most recently ended on or prior to such date. 
  
 “Fixed Charges” means, for any period, the sum of Consolidated Interest Expense and Consolidated Rental Expense for such period. 
  
 “Fixed Rate Loans” means Euro-Currency Loans, Swingline Loans or Competitive Bid Loans (excluding Swingline
Loans or Competitive Bid LIBOR Loans bearing interest at the Base Rate) or any combination of the foregoing. 
  

 9 







 “French Subsidiary” means, at any time, Health Partners Sarl and any direct or indirect
Subsidiary thereof. 
  
 “French Subsidiary Debt”
means Debt of any French Subsidiary which is not recourse to, Guaranteed by or otherwise Debt of the Company or any Subsidiary other than a French Subsidiary, to the extent the outstanding principal amount thereof does not exceed $50,000,000 (or the
equivalent in other currencies). 
  
 “Fund” means
any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
  
 “Group” means at any time a group of Loans consisting of (i)
all Loans to the same Borrower which are Base Rate Loans at such time or (ii) all Euro-Currency Loans to the same Borrower denominated in the same currency and having the same Interest Period at such time, provided that, if a Committed Loan
of any particular Lender is converted to or made as a Base Rate Loan pursuant to Article 8, such Loan shall be included in the same Group or Groups of Loans from time to time as it would have been if it had not been so converted or made. 

 
 “Guarantee” by any Person means any obligation,
contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such
Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt 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 to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a
corresponding meaning. 
  
 “Hazardous Substances”
means any toxic, radioactive, caustic or otherwise hazardous substance, including petroleum, its derivatives, by-products and other hydrocarbons, or any substance having any constituent elements displaying any of the foregoing characteristics.

  
 “Indemnitee” has the meaning set forth in
Section 9.03(b). 
  
 “Interest Period” means: (1)
with respect to each Euro-Currency Loan, the period commencing on the date of borrowing specified in the applicable Notice of Borrowing or on the date specified in the applicable Notice of Interest 
  

 10 







 Rate Election and ending one, two, three or six months thereafter, as the Borrower may elect in the applicable notice,
provided that: 
  
 (a) any Interest Period
which would otherwise end on a day which is not a Euro-Currency Business Day shall be extended to the next succeeding Euro-Currency Business Day unless such Euro-Currency Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Euro-Currency Business Day; 
  
 (b) any Interest Period which begins on the last Euro-Currency Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest
Period) shall, subject to clause (c) below, end on the last Euro-Currency Business Day of a calendar month; and 
  
 (c) any Interest Period which would otherwise end after the Termination Date shall end on the Termination Date; 
  
 (2) with respect to each Swingline Loan, the period commencing on the date of
borrowing specified in the applicable Notice of Borrowing and ending such number of days thereafter (but not more than 14 days) as the Borrower may elect in such notice; provided that: 
  
 (a) any Interest Period (other than an Interest Period
determined pursuant to clause (b) below) which would otherwise end on a day which is not a Euro-Dollar Business Day shall be extended to the next succeeding Euro-Dollar Business Day; and 
  
 (b) any Interest Period which would otherwise end after the Termination Date shall end on the Termination
Date. 
  
 (3) with respect to each Competitive Bid LIBOR Loan, the
period commencing on the date of borrowing specified in the applicable Notice of Borrowing and ending such whole number of months thereafter as the Borrower may elect in accordance with Section 2.03; provided that: 
  
 (a) any Interest Period which would otherwise end on a day
which is not a Euro-Dollar Business Day shall, subject to clause (c) below, be extended to the next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case such Interest Period shall
end on the next preceding Euro-Dollar Business Day; 
  
 (b) any Interest Period which begins on the last Euro-Dollar Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to
clause (c) below, end on the last Euro-Dollar Business Day of a calendar month; and 
  

 11 







 (c) any Interest Period which would otherwise end after the Termination Date shall end on
the Termination Date; and 
  
 (4) with respect to each Competitive
Bid Absolute Rate Loan, the period commencing on the date of borrowing specified in the applicable Notice of Borrowing and ending such number of days thereafter (but not less than 7 days) as the Borrower may elect in accordance with Section 2.03;
provided that: 
  
 (a) any Interest Period
(other than an Interest Period determined pursuant to clause (b) below) which would otherwise end on a day which is not a Euro-Dollar Business Day shall be extended to the next succeeding Euro-Dollar Business Day; and 
  
 (b) any Interest Period which would otherwise end after the
Termination Date shall end on the Termination Date; 
  
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended, or any successor statute. 
  
 “Issuing Lender” means any Lender that may agree to issue letters of credit hereunder pursuant to an instrument in form satisfactory to
the Company, such Lender and the Administrative Agent, in its capacity as issuer of a Letter of Credit hereunder. 
  
 “Lender” means each Person listed in the Commitment Schedule, each Additional Lender or Assignee which becomes a Lender pursuant to
Section 2.19 or 11.06(c), and their respective successors. 
  
 “Letter of Credit” means a letter of credit to be issued hereunder by the Issuing Lender in accordance with Section 2.16. 
  
 “Letter of Credit Liabilities” means, for any Lender and at any time, such Lender’s ratable participation in the sum of (x) the
amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit. 
  
 “Leverage Ratio” means, at any date, the ratio of (i) Consolidated Finance Liabilities at such date to (ii)
the sum of such Consolidated Finance Liabilities plus Consolidated Net Worth at such date. 
  
 “LIBOR Auction” means a solicitation of Competitive Bid Quotes setting forth Competitive Bid Margins based on the London Interbank Offered Rate pursuant to Section 2.03. 
  

 12 







 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind, or any other type of preferential arrangement that has the practical effect of creating a security interest, in respect of such asset. For the purposes of this Agreement, the Company or any Subsidiary shall be
deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 
  
 “Loan” means a Committed Loan or a Competitive Bid Loan and
“Loans” means Committed Loans or Competitive Bid Loans or both. 
  
 “Loan Documents” means this Agreement and the Notes. 
  
 “London Interbank Offered Rate” has the meaning set forth in Section 2.07(b). 
  
 “Majority-Owned Consolidated Subsidiary” means any
Consolidated Subsidiary the majority of the shares of capital stock or other ownership interests of which (except directors’ qualifying shares) are at the time directly or indirectly owned by the Borrower. 
  
 “Material Adverse Effect” means a material adverse effect on
the business, condition (financial or otherwise), properties or results of operations of the Company and its Consolidated Subsidiaries, considered as a whole. 
  

“Material Debt” means Debt (other than the Loans and the French Subsidiary Debt) of the Company and/or one or more of its
Subsidiaries, arising in one or more related or unrelated transactions, in an aggregate principal amount exceeding $25,000,000. 
  
 “Material Financial Obligation” means a principal or face amount of Debt (other than the French Subsidiary Debt) and/or payment or
collateralization obligations in respect of Derivatives Obligations and/or Synthetic Leases of the Company and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, exceeding in the aggregate $25,000,000.

  
 “Material Plan” means at any time a Plan or
Plans having aggregate Unfunded Liabilities in excess of $25,000,000. 
  
 “Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions
or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five-year period. 
  

 13 







 “Net Tangible Assets” means, as to any Person or other business unit, its gross assets,
net of depreciation and other proper reserves, less its goodwill and other intangible assets. 
  
 “Notes” means promissory notes of a Borrower, substantially in the form of Exhibit A hereto, evidencing the obligation of such Borrower to repay the Loans made to it, and “Note” means
any one of such promissory notes issued hereunder. 
  
 “Notice of Borrowing” means a Notice of Committed Borrowing (as defined in Section 2.03) or a Notice of Competitive Bid Borrowing (as defined in Section 2.03(f)). 
  
 “Notice of Interest Rate Election” has the meaning set forth
in Section 2.10(b). 
  
 “Notice of Issuance” has
the meaning set forth in Section 2.16(b). 
  
 “Outstanding
Committed Amount” means, as to any Lender at any time, the sum of (i) the aggregate Dollar Amount of Committed Loans made by it outstanding at such time, plus (ii) the aggregate Dollar Amount of its Letter of Credit Liabilities at such
time, plus (iii) in the case of any Lender other than the Swingline Lender, the aggregate amount of its participating interests in any Unrefunded Swingline Loans. 
  
 “Parent” means, with respect to any Lender, any Person controlling such Lender. 
  
 “Participant” has the meaning set forth in Section 11.06(b).

  
 “Participating Member States” means those
members of the European Union from time to time which shall have adopted a single, shared currency. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 
  
 “Person” means an individual, a corporation, a partnership,
an association, a trust, a limited liability company or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
  
 “Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is
covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group
or (ii) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 

 

 14 







 “Pricing Schedule” means the Pricing Schedule attached hereto. 
  
 “Prime Rate” means the rate of interest publicly announced
by JPMorgan Chase Bank, N.A. in New York City from time to time as its Prime Rate. 
  
 “Quarterly Date” means each March 31, June 30, September 30 and December 31. 
  
 “Receivables Financing” means a financing arrangement among the Company, certain Subsidiaries of the Company, including a wholly-owned
special purpose Subsidiary of the Company and certain other parties pursuant to which Subsidiaries of the Company will sell substantially all of their accounts receivable from time to time to the special purpose Subsidiary of the Company which will,
in turn, sell or pledge such receivables to certain investors for an aggregate purchase price outstanding not at any time in excess of $200,000,000. 
  
 “Reference Banks” means the principal London offices of JPMorgan Chase Bank, N.A., Bank of America, N.A., ABN AMRO Bank N.V., SunTrust
Bank and Wachovia Bank, National Association. 
  
 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
  
 “Reimbursement Obligation” has the meaning set forth in Section 2.16(d). 
  
 “Required Lenders” means at any time Lenders more than 50% of the aggregate amount of the Credit Exposures
at such time. 
  
 “Restricted Payment” means (i)
any dividend or other distribution on any shares of the Company’s capital stock (except dividends payable solely in shares of its common stock) or (ii) any payment on account of the purchase, redemption, retirement or acquisition of (a) any
shares of the Company’s capital stock (except shares acquired upon the conversion thereof into shares of its common stock) or (b) any option, warrant or other right to acquire shares of the Company’s capital stock. 
  
 “Revolving Credit Period” means the period from and
including the Effective Date to but excluding the Termination Date. 
  
 “Spot Rate” means, for any Alternative Currency on any day, the average of the Administrative Agent’s spot buying and selling rates for the exchange of such Alternative Currency and Dollars as of approximately 11:00
A.M. (London time) on such day. 
  

 15 







 “Subsidiary” means, as to any Person, any corporation or other entity of which
securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person; unless otherwise specified,
“Subsidiary” means a Subsidiary of the Company. The term “Subsidiary” shall include, without limitation, each partnership or limited liability company in which the Company or one of its Subsidiaries is a partner or
member, as the case may be, which operates surgical care centers or other health care facilities. 
  
 “Swedish Kronor” means the lawful currency of the Kingdom of Sweden. 
  
 “Swingline Bank” means JPMorgan Chase Bank, N.A., and its successors. 
  
 “Swingline Lending Office” means, as to the Swingline
Lender, its office located at its address set forth in its Administrative Questionnaire (or identified in its Administrative Questionnaire as its Swingline Lending Office) or such other office as such Lender may hereafter designate as its Swingline
Lending Office by notice to the Company and the Administrative Agent. 
  
 “Swingline Loan” means a loan made by the Swingline Lender pursuant to Section 2.01(b). 
  
 “Swingline Takeout Loan” means a Base Rate Loan made pursuant to Section 2.18. 
  
 “Syndicated Loan” means a Loan made by a Lender pursuant to
Section 2.01(a); provided that, if any such loan or loans (or portions thereof) are combined or subdivided pursuant to a Notice of Interest Rate Election, the term “Syndicated Loan” shall refer to the combined principal
amount resulting from such combination or to each of the separate principal amounts resulting from such subdivision, as the case may be. 
  
 “Syndication Agent” means Bank of America, N.A., in its capacity as syndication agent in respect of this Agreement. 
  
 “Synthetic Lease” means a lease as to which (i) the
obligations of the lessee are not capitalized in accordance with generally accepted accounting principles but (ii) the lessee is treated as owner of the leased property for purposes of the Internal Revenue Code. 
  
 “Termination Date” means March 4, 2010, or, if such day is
not a Euro-Dollar Business Day, the next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case the Termination Date shall be the next preceding Euro-Dollar Business Day. 

 

 16 







 “Total Outstanding Amount” means, at any time, the aggregate Dollar Amount of all Loans
outstanding at such time plus the aggregate Dollar Amount of the Letter of Credit Liabilities of all Lenders at such time. 
  
 “Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (i) the value of all benefit liabilities
under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA
(excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any
other Person under Title IV of ERISA. 
  
 “United
States” means the United States of America, including the States and the District of Columbia, but excluding its territories and possessions. 
  
 “Unrefunded Swingline Loans” has the meaning set forth in Section 2.18(b). 
  
 “Wholly-Owned Consolidated Subsidiary” means any Consolidated Subsidiary all of the shares of capital stock
or other ownership interests of which (except directors’ qualifying shares) are at the time directly or indirectly owned by the Borrower. 
  
 Section 1.02. Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted accounting principles as in effect from time to time, applied on a basis
consistent (except for changes concurred in by the Company’s independent public accountants) with the most recent audited consolidated financial statements of the Company and its Consolidated Subsidiaries delivered to the Lenders;
provided that, if the Company notifies the Administrative Agent that the Company wishes to amend any covenant in Article 5 to eliminate the effect of any change in generally accepted accounting principles on the operation of such covenant (or
if the Administrative Agent notifies the Company that the Required Lenders wish to amend Article 5 for such purpose), then the Company’s compliance with such covenant shall be determined on the basis of generally accepted accounting principles
in effect immediately before the relevant change in generally accepted accounting principles became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Company and the Required Lenders.

  

 17 







 Section 1.03. Types of Borrowings. The term “Borrowing” denotes the aggregation
of Loans of one or more Lenders to be made to a single Borrower pursuant to Article 2 in the same currency on the same date, all of which Loans are of the same type (subject to Article 8) and, except in the case of Base Rate Loans, have the same
initial Interest Period. Borrowings are classified for purposes of this Agreement either by reference to the pricing of Loans comprising such Borrowing (e.g., a “Fixed Rate Borrowing” is a Euro-Currency Borrowing, a Swingline
Borrowing or a Competitive Bid Borrowing (excluding any such Borrowing consisting of Swingline Loans or Competitive Bid LIBOR Loans bearing interest at the Base Rate), and a “Euro-Currency Borrowing” is a Borrowing comprised of
Euro-Dollar Loans) or by reference to the provisions of Article 2 under which participation therein is determined (i.e., a “Syndicated Borrowing” is a Borrowing under Section 2.01(a) in which all Lenders participate in
proportion to their Commitments, while a “Competitive Bid Borrowing” is a Borrowing under Section 2.03 in which the Lender participants are determined on the basis of their bids in accordance therewith). 
  
 ARTICLE 2 
 THE CREDITS 
  
 Section 2.01. Commitments to Lend. (a) Syndicated Loans. During the Revolving Credit Period each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Loans
denominated in Dollars or in an Alternative Currency to any Borrower from time to time in amounts such that (i) such Lender’s Outstanding Committed Amount shall not exceed its Commitment and (ii) the Total Outstanding Amount shall not exceed
the aggregate amount of the Commitments. Each Borrowing under this subsection (other than a Swingline Takeout Borrowing) shall be in a minimum aggregate Dollar Amount of $5,000,000 and, in the case of a Dollar-Denominated Borrowing, a multiple of
$1,000,000 (except that any such Borrowing may be in the aggregate amount available to the Borrowers in accordance with Section 3.02) and shall be made from the several Lenders ratably in proportion to their respective Commitments. Within the
foregoing limits, the Borrower may borrow under this Section, repay, or to the extent permitted by Section 2.12, prepay Loans and reborrow at any time during the Revolving Credit Period under this Section. 
  
 (b) Swingline Loans. From time to time prior to the Termination Date,
the Swingline Lender agrees, on the terms and conditions set forth in this Agreement, to make loans to the Company in Dollars pursuant to this subsection from time to time in amounts such that (i) its Outstanding Committed Amount shall not exceed
the amount of its Commitment and (ii) the aggregate principal amount of Swingline Loans at any time outstanding shall not exceed $25,000,000. Within the foregoing limits, the Company may borrow under this subsection, repay or, to the extent
permitted by Section 2.12, prepay Loans and reborrow at any time during the Revolving Credit Period under this subsection; provided that 
  

 18 







 the proceeds of a Swingline Borrowing may not be used, in whole or in part, to refund any prior Swingline Borrowing. Each
Borrowing under this subsection 2.01(b) shall be in an aggregate principal amount of $2,000,000 or any larger multiple of $500,000 (except that any such Borrowing may be in the aggregate amount available in accordance with Section 3.02). 

 
 Section 2.02. Method of Committed Borrowing. The Borrower shall
give the Administrative Agent notice (a “Notice of Committed Borrowing”) (i) not later than 11:00 A.M. (New York City time) on (x) the date of each Base Rate Borrowing, (y) the third Euro-Dollar Business Day before each Euro-Dollar
Borrowing, and (z) the fourth Euro-Currency Business Day before each Alternative Currency Borrowing and (ii) not later than 2:00 P.M. (New York City time) on the date of each Swingline Borrowing, specifying: 
  
 (a) the date of such Borrowing, which shall be a Domestic Business Day in
the case of a Base Rate Borrowing or a Swingline Borrowing and a Euro-Dollar Business Day in the case of a Euro-Dollar Borrowing; 
  
 (b) the currency and the aggregate amount (in such currency) of such Borrowing; 
  
 (c) whether the Loans comprising such Borrowing are to be Swingline Loans; 
  
 (d) in the case of a Syndicated Borrowing in Dollars, whether the Loans
comprising such Borrowing are to bear interest initially at the Base Rate or a Euro-Currency Rate; and 
  
 (e) in the case of a Fixed Rate Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions of the definition of
Interest Period. 
  
 Section 2.03. Competitive Bid Borrowings.
(a) The Competitive Bid Option. In addition to Committed Borrowings pursuant to Section 2.01, the Borrower may, as set forth in this Section, request the Lenders to make offers to make Competitive Bid Loans in Dollars to the Borrower from
time to time during the Revolving Credit Period. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section. 
  
 (b) Competitive Bid Quote Request. When the Borrower wishes to request
offers to make Competitive Bid Loans under this Section, it shall transmit to the Administrative Agent by telex or facsimile a Competitive Bid Quote Request substantially in the form of Exhibit B hereto so as to be received not later than 10:30 A.M.
(New York City time) on (x) the fifth Euro-Dollar Business Day before the date of Borrowing proposed therein, in the case of a LIBOR Auction or 
  

 19 







 (y) the Domestic Business Day next preceding the date of Borrowing proposed therein, in the case of an Absolute Rate
Auction (or, in either case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first LIBOR
Auction or Absolute Rate Auction for which such change is to be effective) specifying: 
  
 (i) the proposed date of Borrowing, which shall be a Euro-Dollar Business Day in the case of a LIBOR Auction or a Domestic Business Day in
the case of an Absolute Rate Auction, 
  
 (ii)
the aggregate amount of such Borrowing, which shall be $5,000,000 or a larger multiple of $1,000,000, 
  
 (iii) the duration of the Interest Period applicable thereto, subject to the provisions of the definition of Interest Period, and

  
 (iv) whether the Competitive Bid Quotes
requested are to set forth a Competitive Bid Margin or a Competitive Bid Absolute Rate. 
  
 The Borrower may request offers to make Competitive Bid Loans for more than one Interest Period in a single Competitive Bid Quote Request. No Competitive Bid Quote Request shall be given within five Euro-Dollar Business Days (or such other
number of days as the Borrower and the Administrative Agent may agree) of any other Competitive Bid Quote Request. 
  
 (c) Invitation for Competitive Bid Quotes. Promptly after receiving a Competitive Bid Quote Request, the Administrative Agent shall send to the
Lenders by telex or facsimile an Invitation for Competitive Bid Quotes substantially in the form of Exhibit C hereto, which shall constitute an invitation by the Borrower to each Lender to submit Competitive Bid Quotes offering to make the
Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with this Section. 
  
 (d) Submission and Contents of Competitive Bid Quotes. (i) Each Lender may submit a Competitive Bid Quote containing an offer or offers to make
Competitive Bid Loans in response to any Invitation for Competitive Bid Quotes. Each Competitive Bid Quote must comply with the requirements of this subsection 2.03(d) and must be submitted to the Administrative Agent by telex or facsimile at its
address referred to in Section 11.01 not later than (x) 2:00 P.M. (New York City time) on the fourth Euro-Dollar Business Day before the proposed date of Borrowing, in the case of a LIBOR Auction or (y) 9:30 A.M. (New York City time) on the proposed
date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the
Competitive Bid Quote Request for 
  

 20 







 the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective); provided that
Competitive Bid Quotes submitted by the Administrative Agent (or any affiliate of the Administrative Agent) in the capacity of a Lender may be submitted, and may only be submitted, if the Administrative Agent or such affiliate notifies the Borrower
of the terms of the offer or offers contained therein not later than (x) one hour before the deadline for the other Lenders, in the case of a LIBOR Auction or (y) 15 minutes before the deadline for the other Lenders, in the case of an Absolute Rate
Auction. Subject to Articles 3 and 8, any Competitive Bid Quote so made shall not be revocable except with the written consent of the Administrative Agent given on the instructions of the Borrower. 
  
 (ii) Each Competitive Bid Quote shall be substantially in
the form of Exhibit D hereto and shall in any case specify: 
  
 (A) the proposed date of Borrowing, 
  
 (B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than or less than the Commitment of the quoting Lender, (x) must be $5,000,000 or
a larger multiple of $1,000,000, (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to an aggregate limitation as to the principal amount of Competitive Bid Loans for which offers
being made by such quoting Lender may be accepted, 
  
 (C) in the case of a LIBOR Auction, the margin above or below the applicable London Interbank Offered Rate (the “Competitive Bid Margin”) offered for each such Competitive Bid Loan, expressed as a percentage (specified to
the nearest 1/10,000th of 1%) to be added to or subtracted from such base rate, 
  
 (D) in the case of an Absolute Rate Auction, the rate of interest per annum (specified to the nearest 1/10,000th of 1%) (the
“Competitive Bid Absolute Rate”) offered for each such Competitive Bid Loan, and 
  
 (E) the identity of the quoting Lender. 
  
 A Competitive Bid Quote may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for
Competitive Bid Quotes. 
  

 21 







 (iii) Any Competitive Bid Quote shall be disregarded if it: 
  
 (A) is not substantially in conformity with Exhibit D hereto
or does not specify all of the information required by subsection (d)(ii) above; 
  
 (B) contains qualifying, conditional or similar language; 
  
 (C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive
Bid Quotes; or 
  
 (D) arrives after the time set
forth in subsection (d)(i). 
  
 (e) Notice to Borrower. The
Administrative Agent shall promptly notify the Borrower of the terms of (i) any Competitive Bid Quote submitted by a Lender that is in accordance with subsection (d) and (ii) any Competitive Bid Quote that amends, modifies or is otherwise
inconsistent with a previous Competitive Bid Quote submitted by such Lender with respect to the same Competitive Bid Quote Request. Any such subsequent Competitive Bid Quote shall be disregarded by the Administrative Agent unless such subsequent
Competitive Bid Quote is submitted solely to correct a manifest error in such former Competitive Bid Quote. The Administrative Agent’s notice to the Borrower shall specify (A) the aggregate principal amount of Competitive Bid Loans for which
offers have been received for each Interest Period specified in the related Competitive Bid Quote Request, (B) the respective principal amounts and Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be, so offered and (C) if
applicable, limitations on the aggregate principal amount of Competitive Bid Loans for which offers in any single Competitive Bid Quote may be accepted. 
  
 (f) Acceptance and Notice by Borrower. Not later than 10:30 A.M. (New York City time) on (x) the third Euro-Dollar Business Day before the proposed
date of Borrowing, in the case of a LIBOR Auction or (y) the proposed date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and
shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the Borrower shall notify the Administrative Agent of its
acceptance or non-acceptance of the offers so notified to it pursuant to subsection (e). In the case of acceptance, such notice (a “Notice of Competitive Bid Borrowing”) shall specify the aggregate principal amount of offers for
each Interest Period that are accepted. The Borrower may accept any Competitive Bid Quote in whole or in part; provided that: 
  
 (i) the aggregate principal amount of each Competitive Bid Borrowing may not exceed the applicable amount set forth in the related
Competitive Bid Quote Request; 
  

 22 







 (ii) the principal amount of each Competitive Bid Borrowing must be $5,000,000 or a
larger multiple of $1,000,000; 
  
 (iii)
acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and 
  
 (iv) the Borrower may not accept any offer that is described in subsection (d)(iii) or that otherwise fails to comply with the
requirements of this Agreement. 
  
 (g) Allocation by
Administrative Agent. If offers are made by two or more Lenders with the same Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be, for a greater aggregate principal amount than the amount in respect of which such offers
are accepted for the related Interest Period, the principal amount of Competitive Bid Loans in respect of which such offers are accepted shall be allocated by the Administrative Agent among such Lenders as nearly as possible (in multiples of
$1,000,000, as the Administrative Agent may deem appropriate) in proportion to the aggregate principal amounts of such offers. Determinations by the Administrative Agent of the amounts of Competitive Bid Loans shall be conclusive in the absence of
manifest error. 
  
 Section 2.04. Notice to Lenders; Funding of
Loans. 
  
 (a) Upon receipt of a Notice of Borrowing, the
Administrative Agent shall promptly (but in any event on the same day) notify each Lender of the contents thereof and of such Lender’s ratable share (if any) of such Borrowing and such Notice of Borrowing shall not thereafter be revocable by
the Borrower. 
  
 (b) On the date of each Borrowing, each Lender
participating therein shall make available its ratable share of such Borrowing: 
  
 (A) if such Borrowing is to be made in Dollars, not later than 12:00 Noon (New York City time), in Federal or other funds immediately
available in New York City, to the Administrative Agent at its office specified in or pursuant to Section 11.01; or 
  
 (B) if such Borrowing is to be made in an Alternative Currency, in such Alternative Currency (in such funds as may then be customary for
the settlement of international transactions in such Alternative Currency) to the account of the Administrative Agent at such time and place as shall have been notified by the Administrative Agent to the Borrower and the Lenders. 
  

 23 







 Unless the Administrative Agent determines that any applicable condition specified in Article 3 has not been satisfied,
the Administrative Agent will make the funds so received from the Lenders available to the Borrower at the aforesaid address. 
  
 (c) Unless the Administrative Agent shall have received notice from a Lender prior to the 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 to the Administrative Agent on the date of such Borrowing in accordance with subsections (b)
of this Section 2.04 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such share available to the
Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the
Borrower until the date such amount is repaid to the Administrative Agent, at the Federal Funds Rate (if such Borrowing is in Dollars) or the applicable London Interbank Offered Rate (if such Borrowing is in an Alternative Currency). If such Lender
shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Loan included in such Borrowing for purposes of this Agreement. 
  
 Section 2.05. Notes. (a) The Administrative Agent shall maintain a
register (the “Register”) on which it will record the Commitment of each Lender, each Loan made by such Lender and each repayment of any Loan made by such Lender. Any such recordation by the Administrative Agent on the Register
shall be presumptively correct, absent manifest error. Failure to make any such recordation, or any error in such recordation, shall not affect any Borrower’s obligations hereunder. 
  
 (b) Each Borrower hereby agrees that, promptly upon the request of any Lender at any time, such Borrower shall deliver to
such Lender a single Note, in substantially the form of Exhibit A hereto, duly executed by such Borrower and payable to the order of such Lender and representing the obligation of such Borrower to pay the unpaid principal amount of all Loans made to
such Borrower by such Lender, with interest as provided herein on the unpaid principal amount from time to time outstanding. 
  
 (c) Each Lender shall record the date, amount and maturity of each Loan made by it and the date and amount of each payment of principal made by the
Borrower with respect thereto, and each Lender receiving a Note pursuant to 
  

 24 







 this Section, if such Lender so elects in connection with any transfer or enforcement of any Note, may endorse on the
schedule forming a part thereof appropriate notations to evidence the foregoing information with respect to each such Loan then outstanding; provided that neither the failure of such Lender to make any such recordation or endorsement nor any
error therein shall affect the obligations of any Borrower hereunder or under the Notes. Such Lender is hereby irrevocably authorized by each Borrower so to endorse any Note and to attach to and make a part of any Note a continuation of any such
schedule as and when required. 
  
 Section 2.06. Maturity of
Loans. (a) Each Syndicated Loan shall mature, and the principal amount thereof shall be due and payable, together with accrued interest thereon, on the Termination Date. 
  
 (b) Each Swingline Loan included in any Swingline Borrowing and each Competitive Bid Loan included in any Competitive Bid
Borrowing shall mature, and the principal amount thereof shall be due and payable (together with interest accrued thereon), on the last day of the Interest Period applicable to such Borrowing. 
  
 Section 2.07. Interest Rates. (a) Each Base Rate Loan shall bear
interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the Base Rate for such day. Such interest shall be payable in arrears on each Quarterly Date and,
with respect to the principal amount of any Base Rate Loan converted to a Euro-Dollar Loan, on each date a Base Rate Loan is so converted. Any overdue principal of or overdue interest on any Base Rate Loan shall bear interest, payable on demand, for
each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. 
  
 (b) Each Euro-Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto,
at a rate per annum equal to the sum of the Euro-Currency Margin for such day plus the London Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such
Interest Period is longer than three months, at intervals of three months after the first day thereof. 
  
 The “London Interbank Offered Rate” applicable to any Euro-Currency Loan for any Interest Period means the rate appearing on the Screen
at approximately 11:00 A.M. (London time) on the Rate Fixing Date as the rate for deposits in Dollars or the relevant Alternative Currency with a maturity comparable to such Interest Period. If no rate appears on the Screen for the necessary
currency and period, then the “London Interbank Offered Rate” with respect to such Euro-Currency Loan for such Interest Period shall be the rate at which deposits of that currency with a maturity comparable to such Interest Period are
offered to each of the Reference Banks in the London interbank market at approximately 11:00 A.M. (London time), on the Rate Fixing Date. 
  

 25 







 The “Screen” means (i) with respect to Dollar-Denominated Loans, Telerate Page 3750 and
(ii) with respect to Alternative Currency Loans, the Telerate page selected by the Administrative Agent that displays rates for inter-bank deposits in the appropriate Alternative Currency. The Administrative Agent may nominate an alternative source
of screen rates if these pages are replaced by others which display rates for inter-bank deposits offered by leading banks in London. 
  
 “Rate Fixing Date” means, with respect to any Interest Period, the date falling two Euro-Currency Business Days before the first day of
such Interest Period. 
  
 (c) Any overdue principal of or interest
on any Euro-Currency Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Currency Margin for such day plus the London Interbank Offered Rate applicable to
such Loan at the date such payment was due and (ii) the sum of 2% plus the Euro-Currency Margin for such day plus the quotient obtained (rounded upward, if necessary, to the next higher 1/100 of 1%) by dividing (x) the average (rounded upward, if
necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Currency Business Days, then for such other period of time not longer than three months as the
Administrative Agent may select) deposits in an amount approximately equal to such overdue payment due to each of the Reference Banks are offered to such Reference Banks in the London interbank market for the applicable period determined as provided
above by (y) 1.00 minus the Euro-Currency Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist with respect to a payment due in Dollars, at a rate per annum equal to the sum of 2% plus the rate
applicable to Base Rate Loans for such day). 
  
 (d) Each
Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate per annum equal to the Base Rate for such day or such other rate as may be from time to time
determined by mutual agreement between the Swingline Lender and the Borrower. Interest on each Swingline Loan shall be payable at the maturity of such Loan. Any overdue principal of or interest on any Swingline Loan shall bear interest, payable on
demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Base Rate for such day. 
  
 (e) Subject to Section 8.01, the unpaid principal amount of each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount
thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the London Interbank Offered Rate for such Interest Period 
  

 26 







 (determined in accordance with Section 2.07(b) as if the related Competitive Bid LIBOR Borrowing were a Euro-Currency
Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Lender making such Loan. The unpaid principal amount of each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest
Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Lender making such Loan. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer
than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Competitive Bid Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2%
plus the Base Rate for such day. 
  
 (f) The Administrative Agent
shall determine each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be
conclusive in the absence of manifest error. 
  
 (g) Each
Reference Bank agrees to use its best efforts to furnish quotations to the Administrative Agent as contemplated hereby. If any Reference Bank does not furnish a timely quotation, the Administrative Agent shall determine the relevant interest rate on
the basis of the quotation or quotations furnished by the remaining Reference Bank or Banks or, if none of such quotations is available on a timely basis, the provisions of Section 8.01 shall apply. 
  
 Section 2.08. Fees. (a) The Company shall pay to the Administrative
Agent for the account of the Lenders ratably a facility fee in Dollars at the Facility Fee Rate (determined daily in accordance with the Pricing Schedule) on the daily aggregate amount of the Credit Exposures. Such facility fee shall accrue from and
including the Effective Date to but excluding the date on which the Credit Exposures are reduced to zero. 
  
 (b) The Borrower shall pay to the Administrative Agent (i) for the account of the Lenders ratably a letter of credit fee in Dollars accruing daily on the
aggregate Dollar Amount of all outstanding Letters of Credit at the Letter of Credit Fee Rate (determined daily in accordance with the Pricing Schedule) and (ii) for the account of each Issuing Lender a letter of credit fronting fee accruing daily
on the aggregate Dollar Amount of all Letters of Credit issued by such Issuing Lender at a rate per annum mutually agreed from time to time by the Borrower and such Issuing Lender. 
  
 (c) Accrued fees under this Section shall be payable quarterly in arrears on each Quarterly Date and on the date of
termination of the Commitments in their entirety (and, if later, the date the Credit Exposures are reduced to zero). 
  

 27 







 Section 2.09. Optional Termination or Reduction of Commitments. During the Revolving Credit
Period, the Company may, upon at least three Domestic Business Days’ notice to the Administrative Agent, (i) terminate the Commitments at any time, if no Loans or Letter of Credit Liabilities are outstanding at such time or (ii) ratably and
permanently reduce from time to time by an aggregate amount of $5,000,000 or a larger multiple of $1,000,000, the aggregate amount of the Commitments in excess of the Total Outstanding Amount. 
  
 Section 2.10. Method of Electing Interest Rates. (a) The Loans
included in each Syndicated Borrowing of Dollar-Denominated Loans shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to
change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article 8 and the last sentence of this subsection (a)), as follows: 
  
 (i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to Euro-Dollar Loans as
of any Euro-Dollar Business Day; and 
  
 (ii) if
such Loans are Euro-Dollar Loans, the Borrower may elect to convert such Loans to Base Rate Loans or elect to continue such Loans as Euro-Dollar Loans for an additional Interest Period, subject to Section 2.14 in the case of any such conversion or
continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans. 
  
 Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”) to the Administrative Agent not later than 11:00 A.M. (New
York City time) on the third Euro-Dollar Business Day before the conversion or continuation selected in such notice is to be effective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal
amount of the relevant Group of Loans, provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each
$5,000,000 or any larger multiple of $1,000,000. 
  
 (b) Each
Notice of Interest Rate Election shall specify: 
  
 (i) the Group of Loans (or portion thereof) to which such notice applies; 
  
 (ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable
clause of subsection 2.10(a) above; 
  

 28 







 (iii) if the Loans comprising such Group are to be converted, the new type of Loans and,
if the Loans being converted are to be Fixed Rate Loans, the duration of the next succeeding Interest Period applicable thereto; and 
  
 (iv) if such Loans are to be continued as Euro-Dollar Loans for an additional Interest Period, the duration of such additional Interest
Period. 
  
 Each Interest Period specified in a Notice of Interest Rate Election
shall comply with the provisions of the definition of the term “Interest Period”. 
  
 (c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to subsection 2.10(a) above, the Administrative Agent shall promptly
notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If no Notice of Interest Rate Election is timely received prior to the end of an Interest Period for any Group of Loans, the Borrower shall
be deemed to have elected that such Group of Loans be converted to Base Rate Loans as of the last day of such Interest Period. 
  
 (d) An election by the Borrower to change or continue the rate of interest applicable to any Group of Loans pursuant to this Section shall not constitute
a “Borrowing” subject to the provisions of Section 3.02. 
  
 (e) The initial Interest Period for each Syndicated Borrowing of Alternative Currency Loans shall be specified by the Borrower in the applicable Notice of Committed Borrowing. The Borrower may specify the duration of
each subsequent Interest Period applicable to such Group of Loans by delivering to the Administrative Agent not later than 11:00 A.M. (New York City time) on the fourth Euro-Currency Business Day before the end of the immediately preceding Interest
Period, a notice specifying the Group of Loans to which such notice applies and the duration of such subsequent Interest Period (which shall comply with the provisions of the definition of Interest Period). Such notice may, if it so specifies, apply
to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the Dollar Amounts of the portion to which such notice
applies, and the remaining portion to which it does not apply, are each at least $5,000,000. If no such notice is timely received by the Administrative Agent before the end of any applicable Interest Period, the Borrower shall be deemed to have
elected that the subsequent Interest Period for such Group of Loans shall have a duration of one month (subject to the provisions of the definition of Interest Period). 
  
 Section 2.11. Scheduled Termination of Commitments. The Commitments shall terminate on the Termination Date, and any
Loans then outstanding (together with accrued interest thereon) shall be due and payable on such date. 
  

 29 







 Section 2.12. Optional Prepayments. (a) Subject in the case of any Fixed Rate Loan to Section
2.14, the Borrower may, upon at least one Domestic Business Day’s notice to the Administrative Agent, prepay any Group of Base Rate Loans, any Swingline Borrowing (or any Competitive Bid Borrowing bearing interest at the Base Rate pursuant to
Section 8.01), or upon at least three (four, in the case of Alternative Currency Loans) Euro-Currency Business Days’ notice to the Administrative Agent, prepay any Group of Euro-Currency Loans, in each case in whole at any time, or from time to
time in part in amounts aggregating $5,000,000 ($1,000,000 in the case of a Swingline Borrowing) or any larger multiple of $1,000,000, by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment.
Each such optional prepayment shall be applied to prepay ratably the Loans of the several Lenders included in such Borrowing. 
  
 (b) Except as provided in subsection 2.12(a) above the Borrower may not prepay all or any portion of the principal amount of any Competitive Bid Loan
prior to the maturity thereof. 
  
 (c) Upon receipt of a notice of
prepayment pursuant to this Section, the Administrative Agent shall promptly notify each Lender of the contents thereof and of such Lender’s ratable share (if any) of such prepayment and such notice shall not thereafter be revocable by the
Borrower. 
  
 Section 2.13. General Provisions as to Payments.
(a) The Borrowers shall make each payment of principal of, and interest on, the Dollar-Denominated Loans, of Letter of Credit Liabilities denominated in Dollars and of fees hereunder, not later than 12:00 Noon (New York City time) on the date
when due, in Dollars in Federal or other funds immediately available in New York City, to the Administrative Agent at its address referred to in Section 11.01. The Borrowers shall make each payment of principal of, and interest on, the Alternative
Currency Loans in the relevant Alternative Currency in such funds as may then be customary for the settlement of international transactions in such Alternative Currency, to such account and at such time and at such place as shall have been notified
by the Administrative Agent to the Company and the Lenders. In any event, all payments to be made by the Borrowers hereunder shall be made without condition or deduction for any counterclaim, defense, recoupment or set-off. The Administrative Agent
will promptly distribute to each Lender its ratable share of each such payment received by the Administrative Agent for the account of the Lenders. Whenever any payment of principal of, or interest on, the Base Rate Loans, Swingline Loans or Letter
of Credit Liabilities denominated in Dollars or of fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day. Whenever any payment of principal of, or
interest on, the Euro-Currency 
  

 30 







 Loans shall be due on a day which is not a Euro-Currency Business Day, the date for payment thereof shall be extended to
the next succeeding Euro-Currency Business Day unless such Euro-Currency Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding Euro-Currency Business Day. Whenever any payment of
principal of, or interest on, the Competitive Bid Loans shall be due on a day which is not a Euro-Dollar Business Day, the date for payment thereof shall be extended to the next succeeding Euro-Dollar Business Day. Whenever any payment of principal
of or interest on Letter of Credit Liabilities denominated in an Alternative Currency shall be due on a day which is not a Euro-Currency Business Day, the date for payment thereof shall be extended to the next succeeding Euro-Currency Business Day.
If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time. 
  
 (b) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder
that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption,
cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower shall not have so made such payment, each Lender shall repay to the Administrative Agent forthwith on
demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at (i) the Federal Funds
Rate (if such amount was distributed in Dollars) or (ii) the rate per annum at which one-day deposits in the relevant currency are offered by the principal London office of the Administrative Agent in the London interbank market for such day (if
such amount was distributed in an Alternative Currency). 
  
 Section 2.14. Funding Losses. If the Borrower makes any payment of principal with respect to any Fixed Rate Loan or any Fixed Rate Loan is converted (pursuant to Article 2, 6 or 8 or otherwise) on any day other than the last day of
an Interest Period applicable thereto, or the last day of an applicable period fixed pursuant to Section 2.07(c), or if the Borrower fails to borrow, prepay, convert or continue any Fixed Rate Loans after notice has been given to any Lender in
accordance with Section 2.04(a), 2.12(c) or 2.10(c), the Borrower shall reimburse each Lender within 15 days after demand for any resulting loss or expense incurred by it (or by an existing or prospective Participant in the related Loan), including
(without limitation) any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss of margin for the period after any such payment or conversion or failure to borrow, prepay, convert or continue,
provided that such Lender shall have delivered to the Borrower and the Administrative Agent a certificate as to the amount of such loss or expense, which certificate shall be conclusive in the absence of manifest error. 
  

 31 







 Section 2.15. Computation of Interest and Fees. Interest based on the Prime Rate hereunder shall
be computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day). All other interest and fees shall be computed on the basis of a year of
360 days and paid for the actual number of days elapsed (including the first day but excluding the last day); provided that if the Administrative Agent reasonably determines that a different basis of computation is the market convention for a
particular Alternative Currency (other than the Euro, British Sterling and Swedish Kronor), such different basis shall be used after notice to such effect has been given to the Company. 
  
 Section 2.16. Letters of Credit. (a) Subject to the terms and conditions hereof, the Issuing Lender agrees to issue
Letters of Credit hereunder denominated in Dollars or in an Alternative Currency from time to time before the tenth day before the Termination Date upon the request of any Borrower; provided that, immediately after each Letter of Credit is
issued (i) the Total Outstanding Amount shall not exceed the aggregate amount of the Commitments and (ii) the aggregate Dollar Amount of Letter of Credit Liabilities shall not exceed $75,000,000. Upon the date of issuance by the Issuing Lender of a
Letter of Credit, the Issuing Lender shall be deemed, without further action by any party hereto, to have sold to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have purchased from the Issuing Lender, a
participation in such Letter of Credit and the related Letter of Credit Liabilities in the proportion their respective Commitments bear to the aggregate Commitments. 
  
 (b) The Borrower shall give the Issuing Lender notice at least five Euro-Currency Business Days prior to the requested
issuance of a Letter of Credit specifying the date such Letter of Credit is to be issued, and describing the terms of such Letter of Credit and the nature of the transactions to be supported thereby (such notice, including any such notice given in
connection with the extension of a Letter of Credit, a “Notice of Issuance”). Upon receipt of a Notice of Issuance, the Issuing Lender shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly
notify each Lender of the contents thereof and of the amount of such Lender’s participation in such Letter of Credit. The issuance by the Issuing Lender of each Letter of Credit shall, in addition to the conditions precedent set forth in
Article 3, be subject to the conditions precedent that such Letter of Credit shall be in such form and contain such terms as shall be satisfactory to the Issuing Lender and that the Borrower shall have executed and delivered such other instruments
and agreements relating to such Letter of Credit as the Issuing Lender shall have reasonably requested. The Borrower shall also pay to the Issuing Lender for its own account issuance, drawing, amendment and extension charges in the amounts and at
the times as agreed between the Borrower and the Issuing Lender. The extension or renewal of any Letter of Credit shall be 
  

 32 







 deemed to be an issuance of such Letter of Credit, and if any Letter of Credit contains a provision pursuant to which it
is deemed to be extended unless notice of termination is given by the Issuing Lender, the Issuing Lender shall timely give such notice of termination unless it has theretofore timely received a Notice of Issuance and the other conditions to issuance
of a Letter of Credit have also theretofore been met with respect to such extension. 
  
 (c) No Letter of Credit shall have a term extending or be so extendible beyond the fifth Euro-Currency Business Day preceding the Termination Date. Subject to the preceding sentence, each Letter of Credit issued
hereunder shall expire on or before the first anniversary of the date of such issuance; provided that the expiry date of any Letter of Credit may be extended from time to time (i) at the Borrower’s request or (ii) in the case of an
Evergreen Letter of Credit, automatically, in each case so long as such extension is for a period not exceeding one year and is granted (or the last day on which notice can be given to prevent such extension occurs) no earlier than three months
before the then existing expiry date thereof. 
  
 (d) Upon receipt
from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the Issuing Lender shall notify the Administrative Agent and the Administrative Agent shall promptly notify the Borrower and each other Lender as to
the amount to be paid as a result of such demand or drawing and the payment date. The Borrower shall be irrevocably and unconditionally obligated forthwith to reimburse the Issuing Lender for any amounts paid by the Issuing Lender upon any drawing
under any Letter of Credit, in the currency of such payment (a “Reimbursement Obligation”) without presentment, demand, protest or other formalities of any kind. All such amounts paid by the Issuing Lender and remaining unpaid by
the Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus (i) if such amount is denominated in Dollars, the Base Rate for such day and (ii) if such amount is denominated in an
Alternative Currency, the sum of the Euro-Currency Margin plus the rate per annum at which one-day deposits in the relevant currency are offered by the principal London office of the Administrative Agent in the London interbank market for such day.
In addition, each Lender will pay to the Administrative Agent, for the account of the Issuing Lender, immediately upon the Issuing Lender’s demand at any time during the period commencing after such drawing until reimbursement therefor in full
by the Borrower, an amount equal to such Lender’s ratable share of such drawing (in proportion to its participation therein), together with interest on such amount for each day from the date of the Issuing Lender’s demand for such payment
(or, if such demand is made after 12:00 Noon (New York City time) on such date, from the next succeeding Domestic Business Day) to the date of payment by such Lender of such amount at a rate of interest per annum equal to the (i) if such amount is
denominated in Dollars, the Federal Funds Rate and (ii) if such amount is denominated in an Alternative Currency, the rate per annum at which one-day 
  

 33 







 deposits in the relevant currency are offered by the principal London office of the Administrative Agent in the London
interbank market for such day. The Issuing Lender will pay to each Lender ratably all amounts received from the Borrower for application in payment of its reimbursement obligations in respect of any Letter of Credit, but only to the extent such
Lender has made payment to the Issuing Lender in respect of such Letter of Credit pursuant hereto. 
  
 (e) The obligations of the Borrower and each Lender under subsection 2.16(d) above shall be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including without limitation the following circumstances: 
  
 (i) the use which may be made of the Letter of Credit by, or any acts or omission of, a beneficiary of a
Letter of Credit (or any Person for whom the beneficiary may be acting); 
  
 (ii) the existence of any claim, set-off, defense or other rights that the Borrower may have at any time against a beneficiary of a Letter of Credit (or any Person for whom the beneficiary may be acting), the Lenders
(including the Issuing Lender) or any other Person, whether in connection with this Agreement or the Letter of Credit or any document related hereto or thereto or any unrelated transaction; 
  
 (iii) any statement or any 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 whatsoever; 
  
 (iv) payment under a Letter of Credit to the beneficiary of such Letter of Credit against presentation to the Issuing Lender of a draft or
certificate that does not comply with the terms of the Letter of Credit; or 
  
 (v) any other act or omission to act or delay of any kind by any Lender (including the Issuing Lender), the Administrative Agent or any other Person or any other event or circumstance whatsoever that might, but for
the provisions of this subsection (v), constitute a legal or equitable discharge of the Borrower’s or the Lender’s obligations hereunder. 
  
 (f) The Borrower hereby indemnifies and holds harmless each Lender (including the Issuing Lender) and the Administrative Agent from and against any and
all claims, damages, losses, liabilities, costs or expenses which such Lender or the Administrative Agent may incur (including, without limitation, any claims, damages, losses, liabilities, costs or expenses which the Issuing Lender may incur by
reason of or in connection with the failure of any other Lender to fulfill or comply with its obligations to such Issuing Lender hereunder (but nothing herein 
  

 34 







 contained shall affect any rights the Borrower may have against such defaulting Lender)), and none of the Lenders
(including the Issuing Lender) nor the Administrative Agent nor any of their officers or directors or employees or agents shall be liable or responsible, by reason of or in connection with the execution and delivery or transfer of or payment or
failure to pay under any Letter of Credit, including without limitation any of the circumstances enumerated in subsection 2.16(d) above, as well as (i) any error, omission, interruption or delay in transmission or delivery of any messages, by mail,
cable, telegraph, telex or otherwise, (ii) any loss or delay in the transmission of any document required in order to make a drawing under a Letter of Credit, and (iii) any consequences arising from causes beyond the control of the Issuing Lender,
including without limitation any government acts, or any other circumstances whatsoever in making or failing to make payment under such Letter of Credit; provided that the Borrower shall not be required to indemnify the Issuing Lender for any
claims, damages, losses, liabilities, costs or expenses, and the Borrower shall have a claim for direct (but not consequential) damage suffered by it, to the extent found by a court of competent jurisdiction to have been caused by (x) the willful
misconduct or gross negligence of the Issuing Lender in determining whether a request presented under any Letter of Credit complied with the terms of such Letter of Credit or (y) the Issuing Lender’s failure to pay under any Letter of Credit
after the presentation to it of a request strictly complying with the terms and conditions of the Letter of Credit. Nothing in this subsection 2.16(f) is intended to limit the obligations of the Borrower under any other provision of this Agreement.
To the extent the Borrower does not indemnify the Issuing Lender as required by this subsection, the Lenders agree to do so ratably in accordance with their Commitments. 
  
 Section 2.17. Regulation D Compensation. Each Lender may require the Borrower to pay, contemporaneously with each
payment of interest on the Euro-Currency Loans, additional interest on the related Euro-Currency Loan of such Lender at a rate per annum determined by such Lender up to but not exceeding the excess of (i) (A) the applicable London Interbank Offered
Rate divided by (B) one minus the Euro-Currency Reserve Percentage over (ii) the applicable London Interbank Offered Rate. Any Lender wishing to require payment of such additional interest (x) shall so notify the Company and the Administrative
Agent, in which case such additional interest on the Euro-Currency Loans of such Lender shall be payable to such Lender at the place indicated in such notice with respect to each Interest Period commencing at least three Euro-Currency Business Days
after such Lender gives such notice and (y) shall notify the Borrower at least five Euro-Currency Business Days before each date on which interest is payable on the Euro-Currency Loans of the amount then due it under this Section. 
  
 Section 2.18. Takeout of Swingline Loans. (a) In the event that any
Swingline Borrowing shall not be repaid in full at or prior to the maturity thereof, the Administrative Agent shall, on behalf of the Company (the Company hereby 
  

 35 







 irrevocably directing and authorizing the Administrative Agent so to act on its behalf), give a Notice of Borrowing
requesting the Lenders, including the Swingline Lender, to make a Base Rate Borrowing in an amount equal to the unpaid principal amount of such Swingline Borrowing. Each Lender will make the proceeds of its Base Rate Loan included in such Borrowing
available to the Administrative Agent for the account of the Swingline Lender on such date in accordance with Section 2.04. The proceeds of such Base Rate Borrowing shall be immediately applied to repay such Swingline Borrowing. 
  
 (b) If, for any reason, a Base Rate Borrowing may not be (as determined by
the Administrative Agent in its sole discretion), or is not, made pursuant to subsection (a) above to refund Swingline Loans as required by said clause, then, effective on the date such Borrowing would otherwise have been made, each Lender
severally, unconditionally and irrevocably agrees that it shall purchase an undivided participating interest in such Swingline Loans (“Unrefunded Swingline Loans”) in an amount equal to the amount of the Loan which otherwise would
have been made by such Lender pursuant to subsection (a), which purchase shall be funded by the time such Loan would have been required to be funded pursuant to Section 2.04 by transfer to the Administrative Agent, for the account of the Swingline
Lender, in immediately available funds, of the amount of its participation. 
  
 (c) Whenever, at any time after the Swingline Lender has received from any Lender payment in full for such Lender’s participating interest in a Swingline Loan, the Swingline Lender (or the Administrative Agent on
its behalf) receives any payment on account thereof, the Swingline Lender (or the Administrative Agent, as the case may be) will promptly distribute to such Lender its participating interest in such payment (appropriately adjusted, in the case of
interest payments, to reflect the period of time during which such Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment is subsequently required to be returned, such
Lender will return to the Swingline Lender (or the Administrative Agent, as the case may be) any portion thereof previously distributed by the Swingline Lender (or the Administrative Agent, as the case may be) to it. 
  
 (d) Each Lender’s obligation to purchase and fund participating
interests pursuant to this Section shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation: (i) any setoff, counterclaim, recoupment, defense or other right which such Lender or the Company
may have against the Swingline Lender, or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or the failure to satisfy any of the conditions specified in Article 3; (iii) any adverse change in the condition
(financial or otherwise) of the Company; (iv) any breach of this Agreement by the Company or any Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
  

 36 







 Section 2.19. Increased Commitments, Additional Lenders. (a) From time to time (but no more than
two times), the Company may, upon at least 15 Domestic Business Days’ notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Lenders), propose to increase the aggregate amount of the Commitments by an
amount not less than $25,000,000 (the amount of any such increase, the “Increased Commitments”). Each Lender party to this Agreement at such time shall have the right (but no obligation), for a period of 15 days following receipt of
such notice, to elect by notice to the Company and the Administrative Agent to increase its Commitment by a principal amount which bears the same ratio to the Increased Commitments as its then Commitment bears to the aggregate Commitments then
existing. Any Lender not responding within 15 days of receipt of such notice shall be deemed to have declined to increase its Commitment. 
  
 (b) If any Lender party to this Agreement shall not elect to increase its Commitment pursuant to subsection (a) of this Section, the Company may, within
10 days of the Lenders’ response, designate one or more of the existing Lenders or other financial institutions acceptable to the Administrative Agent and the Company which at the time agree to (i) in the case of any such lender that is an
existing Lender, increase its Commitment and (ii) in the case of any other such lender (an “Additional Lender”), become a party to this Agreement with a Commitment of not less than $10,000,000. The sum of the increases in the
Commitments of the existing Lenders pursuant to this subsection (b) plus the Commitments of the Additional Lenders shall not in the aggregate exceed the unsubscribed amount of the Increased Commitments. 
  
 (c) Any increase in the Commitments pursuant to this Section 2.19 shall be
subject to satisfaction of the following conditions: 
  
 (i) before and after giving effect to such increase, all representations and warranties contained in Article 4 shall be true; 
  
 (ii) at the time of such increase, no Default shall have occurred and be continuing or would result from such increase; and 
  
 (iii) after giving effect to such increase, the aggregate
amount of all increases in Commitments made pursuant to this Section 2.19 shall not exceed $100,000,000. 
  
 (d) An increase in the aggregate amount of the Commitments pursuant to this Section 2.19 shall become effective upon the receipt by the Administrative
Agent of (i) an agreement in form and substance satisfactory to the Administrative Agent signed by the Company, by each Additional Lender and by each other Lender whose Commitment is to be increased, setting forth the new Commitments of such Lenders
and setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound by all the terms and provisions 
  

 37 







 hereof, (ii) such evidence of appropriate corporate authorization on the part of the Borrower with respect to the
Increased Commitments and such opinions of counsel for the Company with respect to the Increased Commitments as the Administrative Agent may reasonably request and (iii) such evidence of the satisfaction of the conditions set forth in subsection (c)
above as the Administrative Agent may reasonably request. 
  
 (e)
Upon any increase in the aggregate amount of the Commitments pursuant to this Section 2.19, (i) the respective Letter of Credit Liabilities of the Lenders shall be redetermined as of the effective date of such increase and (ii) within five Domestic
Business Days, in the case of Base Rate Loans then outstanding, and at the end of the then current Interest Period with respect thereto, in the case of Committed Fixed Rate Loans then outstanding, the Borrower shall prepay or repay such Loans in
their entirety and, to the extent the Borrower elects to do so and subject to the conditions specified in Article 3, the Borrower shall reborrow Committed Loans from the Lenders in proportion to their respective Commitments after giving effect to
such increase, until such time as all outstanding Committed Loans are held by the Lenders in such proportion. 
  
 Section 2.20. Currency Equivalents. (a) The Administrative Agent shall determine the Dollar Amount of each Alternative Currency Loan as of the
first day of each Interest Period applicable thereto and, in the case of any such Interest Period of more than three months, at three-month intervals after the first day thereof, and shall promptly notify the Borrower and the Lenders of each Dollar
Amount so determined by it. Each such determination shall be based on the Spot Rate (i) on the date of the related Notice of Committed Borrowing for purposes of the initial such determination for any Alternative Currency Loan and (ii) on the fourth
Euro-Currency Business Day prior to the date as of which such Dollar Amount is to be determined, for purposes of any subsequent determination. 
  
 (b) The Administrative Agent shall determine the Dollar Amount of the Letter of Credit Liabilities related to each Letter of Credit as of the date of
issuance thereof and at three-month intervals after the date of issuance thereof. Each such determination shall be based on the Spot Rate (i) on the date of the related Notice of Issuance, in the case of the initial determination in respect of any
Letter of Credit and (ii) on the fourth Euro-Currency Business Day prior to the date as of which such Dollar Amount is to be determined, in the case of any subsequent determination with respect to an outstanding Letter of Credit. 
  
 (c) If after giving effect to any such determination of a Dollar Amount, the
Total Outstanding Amount exceeds of the aggregate amount of the Commitments or the aggregate Dollar Amount of Alternative Currency Loans and Letter of Credit Liabilities denominated in an Alternative Currency exceeds 105% of the Alternative Currency
Sublimit, the Borrowers shall within five Euro-Currency Business Days prepay outstanding Loans (as selected by the Company and notified to the Lenders through the Administrative Agent not less than three Euro-Currency Business Days prior to the date
of prepayment) or take other action to the extent necessary to eliminate any such excess. 
  

 38 







 ARTICLE 3 
 CONDITIONS 
  
 Section 3.01. Effectiveness. This Agreement shall become effective on the date (the “Effective Date”) on which the Administrative Agent shall have received (x) a fee paid by the Company to the Administrative Agent
for the account of each Lender in the amount heretofore mutually agreed and (y) each of the following documents, each dated the Effective Date unless otherwise indicated: 
  
 (a) counterparts hereof signed by each of the parties hereto (or, in the case of any party as to which an executed
counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory to it of telegraphic, telex, facsimile transmission or other written confirmation from such party of execution of a counterpart hereof signed by such
party); 
  
 (b) an opinion of Fulbright & Jaworski L.L.P.,
substantially in the form of Exhibit E-1 hereto and covering such additional matters relating to the transactions contemplated hereby as the Required Lenders may reasonably request; 
  
 (c) an opinion of the General Counsel of the Company, substantially in the form of Exhibit E-2 hereto and covering such
additional matters relating to the transactions contemplated hereby as the Required Lenders may reasonably request; 
  
 (d) an opinion of Davis Polk & Wardwell, special counsel for the Administrative Agent and the Arrangers, substantially in the form of Exhibit F hereto
and covering such additional matters relating to the transactions contemplated hereby as the Required Lenders may reasonably request; 
  
 (e) all documents the Administrative Agent may reasonably request relating to the existence of the Company, the corporate authority for and the validity
of the Loan Documents, and any other matters relevant hereto, all in form and substance satisfactory to the Administrative Agent; and 
  
 (f) evidence satisfactory to the Administrative Agent of the payment of all principal of and interest on any loans outstanding under, and all accrued
commitment fees under, the Existing Credit Agreement. 
  
 The Administrative Agent
shall promptly notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding on all parties hereto. The Company and the Lenders party to the Existing Credit Agreement, 
  

 39 







 comprising the “Required Lenders” as defined therein, hereby agree that (i) the commitments of the banks
under the Existing Credit Agreement shall terminate in their entirety immediately and automatically upon the effectiveness of this Agreement, without further action by any party to the Existing Credit Agreement, (ii) all accrued facility fees under
the Existing Credit Agreement shall be due and payable at such time and (iii) subject to Section 2.14 of the Existing Credit Agreement, the Company may prepay any and all loans outstanding thereunder on the date of effectiveness of this Agreement.

  
 Section 3.02. Borrowings and Issuances of Letters of
Credit. The obligation of any Lender to make a Loan on the occasion of any Borrowing and the obligation of the Issuing Lender to issue (or renew or extend the term of) any Letter of Credit is subject to the satisfaction of the following
conditions; provided that if such Borrowing is a Swingline Takeout Borrowing, only the conditions set forth in clauses 3.02(a) and 3.02(b) must be satisfied: 
  
 (a) receipt (or deemed receipt) by the Administrative Agent of a Notice of Borrowing as required by Section 2.02 or Section
2.03 or receipt by the Issuing Lender of a Notice of Issuance as required by Section 2.16(b), as the case may be; 
  
 (b) the fact that, immediately after such Borrowing or issuance of such Letter of Credit (i) the Total Outstanding Amount will not exceed the aggregate
amount of the Commitments, (ii) the aggregate outstanding principal amount of Swingline Loans will not exceed $25,000,000, (iii) the aggregate Dollar Amount of Letter of Credit Liabilities will not exceed $75,000,000 and (iv) the aggregate Dollar
Amount of Alternative Currency Loans outstanding and Letter of Credit Liabilities denominated in an Alternative Currency will not exceed the Alternative Currency Sublimit; 
  
 (c) the fact that, immediately before and after such Borrowing or issuance of such Letter of Credit, no Default shall have
occurred and be continuing; and 
  
 (d) the fact that the
representations and warranties of the Borrower (and of the Company if it is not the Borrower) contained in this Agreement shall be true in all material respects on and as of the date of such Borrowing or issuance of such Letter of Credit, except to
the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct in all material respects on and as of such earlier date. 
  
 Each Borrowing and issuance of a Letter of Credit hereunder shall be deemed to be a
representation and warranty by the Borrower (and by the Company if it is not the Borrower) on the date of such Borrowing as to the facts specified in clauses 3.02(b), 3.02(c) and 3.02(d) (unless such Borrowing is a Swingline Takeout Borrowing).

  

 40 







 Section 3.03. First Borrowing by Each Eligible Subsidiary. The obligation of each Lender to make a
Loan, and the obligation of an Issuing Lender to issue a Letter of Credit, on the occasion of the first Borrowing by or issuance of a Letter of Credit for the account of each Eligible Subsidiary is subject to the satisfaction of the following
further conditions: 
  
 (a) receipt by the Administrative Agent
of an opinion of counsel for such Eligible Subsidiary acceptable to the Administrative Agent, substantially to the effect of Exhibit I hereto and covering such additional matters relating to the transactions contemplated hereby as the Required
Lenders may reasonably request; and 
  
 (b) receipt by the
Administrative Agent of all documents which it may reasonably request relating to the existence of such Eligible Subsidiary, the corporate authority for and the validity of the Election to Participate of such Eligible Subsidiary, this Agreement and
the Notes of such Eligible Subsidiary, and any other matters relevant thereto, all in form and substance satisfactory to the Administrative Agent. 
  
 ARTICLE 4 
 REPRESENTATIONS
AND WARRANTIES 
  
 The Company
represents and warrants that: 
  
 Section 4.01. Existence and
Power. The Company and each of its Subsidiaries is a corporation, partnership, limited liability company or other entity duly organized, validly existing and, where applicable, in good standing under the laws of their respective jurisdictions of
organization and have all powers and all material governmental licenses, authorizations, consents and approvals required to carry on their business as now conducted except where the failure to be in compliance with any of the foregoing could not
reasonably be expected to have a Material Adverse Effect. 
  
 Section 4.02. Corporate and Governmental Authorization; No Contravention. The execution, delivery and performance by the Company of this Agreement and the Notes are within the Company’s corporate powers, have been duly
authorized by all necessary action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the
certificate of incorporation or by-laws of the Company or of any agreement or instrument evidencing or governing Debt of the Company or any Subsidiary or any other material agreement, judgment, injunction, order, decree or other instrument binding
upon the Company or any of its Subsidiaries or result in the creation or imposition of any Lien on any asset of the Company or any of its Subsidiaries. 
  

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 Section 4.03. Binding Effect. This Agreement constitutes a valid and binding agreement of the
Company and each Note of the Company, when executed and delivered in accordance with this Agreement, will constitute a valid and binding obligation of the Company, in each case enforceable in accordance with its terms. 
  
 Section 4.04. Financial Information. 
  
 (a) The consolidated balance sheet of the Company and its Consolidated
Subsidiaries as of December 31, 2003 and the related consolidated statements of income, common stockholders’ equity and cash flows for the fiscal year then ended, reported on by KPMG LLP and set forth in the Company’s 2003 Form 10-K, a
copy of which has been delivered to each of the Lenders, fairly present, in conformity with generally accepted accounting principles, the consolidated financial position of the Company and its Consolidated Subsidiaries as of such date and their
consolidated results of operations and cash flows for such fiscal year. 
  
 (b) The unaudited consolidated balance sheet of the Company and its Consolidated Subsidiaries as of September 30, 2004 and the related unaudited consolidated statements of income, common stockholders’ equity and cash flows for the nine
months then ended, set forth in the Company’s Latest Form 10-Q, a copy of which has been delivered to each of the Lenders, fairly present, in conformity with generally accepted accounting principles applied on a basis consistent with the
financial statements referred to in subsection 4.04(a), the consolidated financial position of the Company and its Consolidated Subsidiaries as of such date and their consolidated results of operations and cash flows for such nine-month period
(subject to normal year-end adjustments). 
  
 (c) Except as
disclosed in the Company’s 2004 Form 10-Q Reports, since December 31, 2003 there has been no material adverse change in the business, financial position or results of operations of the Company and its Consolidated Subsidiaries, considered as a
whole. 
  
 Section 4.05. Litigation. Except as disclosed in
the Company’s 2003 Form 10-K and the Company’s 2004 Form 10-Q Reports, there is no action, suit or proceeding pending against, or to the knowledge of the Company threatened against or affecting, the Company or any of its Subsidiaries
before any court or arbitrator or any governmental body, agency or official in which there is a reasonable possibility of an adverse decision which could materially adversely affect the business, consolidated financial position or consolidated
results of operations of the Company and its Consolidated Subsidiaries, considered as a whole, or which in any manner draws into question the validity of any of the Loan Documents. 
  

 42 







 Section 4.06. Ownership of Capital Stock of Subsidiaries. The Subsidiaries of the Company existing
on the date hereof are listed on Schedule 1 hereto. All shares of the capital stock of each Subsidiary of the Company that is a corporation are owned by the Company, directly or indirectly through Subsidiaries, free and clear of all Liens.

  
 Section 4.07. Compliance with ERISA. Each member of the
ERISA Group has fulfilled its obligations under the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the
Internal Revenue Code with respect to each Plan. No member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to make any contribution or
payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the posting of a bond or other security
under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 
  
 Section 4.08. Environmental Matters. In the ordinary course of its business, the Company reviews when and as
appropriate the effect of Environmental Laws on the business, operations and properties of the Company and its Subsidiaries, in the course of which it identifies and evaluates associated liabilities and costs (including, without limitation, any
capital or operating expenditures required for clean-up or closure of properties presently or previously owned, any capital or operating expenditures required to achieve or maintain compliance with environmental protection standards imposed by law
or as a condition of any license, permit or contract, any related constraints on operating activities, including any periodic or permanent shutdown of any facility or reduction in the level of or change in the nature of operations conducted thereat,
any costs or liabilities in connection with off-site disposal of wastes or Hazardous Substances, and any actual or potential liabilities to third parties, including employees, and any related costs and expenses). On the basis of this review, the
Company has reasonably concluded that such associated liabilities and costs, including the costs of compliance with Environmental Laws, are unlikely to have a Material Adverse Effect. 
  
 Section 4.09. Taxes. The Company and its Subsidiaries have filed all United States Federal income tax returns and all
other material tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company or any Subsidiary. The charges, accruals and reserves on the books of the
Company and its Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Company, adequate. 
  

 43 







 Section 4.10. Not an Investment Company. The Company is not an “investment
company” within the meaning of the Investment Company Act of 1940, as amended. 
  
 Section 4.11. Full Disclosure. All information heretofore furnished by the Company to any Agent or Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all
such information hereafter furnished by the Company to the any Agent or Lender will be, true and accurate in all material respects on the date as of which such information is stated or certified. The Company has disclosed to the Lenders in writing
any and all facts which materially and adversely affect or could reasonably be expected to materially and adversely affect (to the extent the Company can now reasonably foresee), the business, operations or financial condition of the Company and its
Consolidated Subsidiaries, taken as a whole, or the ability of the Company to perform its obligations under this Agreement. 
  
 ARTICLE 5 
 COVENANTS 

 
 The Company agrees that, so long as any Lender has any Credit Exposure
hereunder: 
  
 Section 5.01. Information. The Company will
deliver to each of the Lenders: 
  
 (a) as soon
as available and in any event within five days after the applicable deadline for filing the information described in this Section 5.01(a) with the Securities and Exchange Commission (the “SEC”), a consolidated and consolidating
balance sheet of the Company and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated and consolidating statements of income and common stockholders’ equity and consolidated statement of cash flows for
such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on in a manner acceptable to the Securities and Exchange Commission by KPMG LLP or other independent public accountants of
nationally recognized standing or, in the case of the consolidating financial statements, certified as to fairness of presentation, generally accepted accounting principles and consistency by the Company’s chief financial officer or chief
accounting officer, except that the consolidating financial statements with respect to the special purpose Subsidiary referred to in the definition of “Receivables Financing” need not be so certified as to generally accepted
accounting principles; 
  
 (b) as soon as
available and in any event within five days after the applicable deadline for filing the information described in this Section 
  

 44 







 5.01(b) with the SEC, a consolidated and consolidating balance sheet of the Company and its Consolidated
Subsidiaries as of the end of such quarter and the related consolidated and consolidating statements of income and common stockholders’ equity and consolidated statement of cash flows for such quarter and for the portion of the Company’s
fiscal year ended at the end of such quarter, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of the Company’s previous fiscal year, all certified (subject to normal
year-end adjustments) as to fairness of presentation, generally accepted accounting principles and consistency by the chief financial officer or the chief accounting officer of the Company, except that the consolidating financial statements with
respect to the special purpose Subsidiary referred to in the definition of “Receivables Financing” need not be so certified as to generally accepted accounting principles; 
  
 (c) simultaneously with the delivery of each set of financial statements referred to in clauses 5.01(a) and
5.01(b) above, a certificate of the chief financial officer or the chief accounting officer of the Company setting forth (i) in reasonable detail the calculations required to establish whether the Company was in compliance with the requirements of
Sections 5.07 to 5.10, inclusive, on the date of such financial statements, (ii) the Leverage Ratio, Fixed Charge Coverage Ratio and Consolidated Net Worth as at the date of such financial statements and (iii) stating whether any Default exists on
the date of such certificate and, if any Default then exists, setting forth the details thereof and the action which the Company is taking or proposes to take with respect thereto; 
  
 (d) simultaneously with the delivery of each set of financial statements referred to in clause 5.01(a)
above, a statement of the firm of independent public accountants which reported on such statements (i) whether anything has come to their attention to cause them to believe that any Default existed on the date of such statements and (ii) confirming
the calculations set forth in the officer’s certificate delivered simultaneously therewith pursuant to clause 5.01(c) above; 
  
 (e) within five Domestic Business Days after any officer of the Company obtains knowledge of any Default, if such Default is then
continuing, a certificate of the chief financial officer or the chief accounting officer of the Company setting forth the details thereof and the action which the Company is taking or proposes to take with respect thereto; 
  
 (f) promptly upon the mailing thereof to the shareholders of
the Company generally, copies of all financial statements, reports and proxy statements so mailed; 
  

 45 







 (g) promptly upon the filing thereof, copies of all registration statements (other than
the exhibits thereto and any registration statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which the Company shall have filed with the Securities and Exchange Commission; 
  
 (h) if and when any member of the ERISA Group (i) gives or
is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan
administrator of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability
under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability
(other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy
of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a
copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the
imposition of a Lien or the posting of a bond or other security, a certificate of the chief financial officer or the chief accounting officer of the Company setting forth details as to such occurrence and action, if any, which the Company or
applicable member of the ERISA Group is required or proposes to take; and 
  
 (i) from time to time such additional information regarding the financial position or business of the Company and its Subsidiaries as the Administrative Agent, at the request of any Lender, may reasonably request.

  
 Information required to be delivered pursuant to clauses 5.01(a), 5.01(b),
5.01(f) or 5.01(g) above shall be deemed to have been delivered on the date on which the Company provides notice to the Lenders that such information has been filed with the SEC and is available at www.sec.gov. Such notice may be included in a
certificate delivered pursuant to clause 5.01(c); provided that the Company shall deliver paper copies of the information referred to in clauses 5.01(a), 5.01(b), 5.01(f) or 5.01(g) to any Lender which specifically requests such
delivery. 
  

 46 







 Section 5.02. Payment of Obligations. (a) The Company will pay and discharge, and will cause each
Subsidiary to pay and discharge, at or before maturity, all their respective material obligations and liabilities, including, without limitation, tax liabilities, except where the same may be contested in good faith by appropriate proceedings, and
will maintain, and will cause each Subsidiary to maintain, in accordance with generally accepted accounting principles, appropriate reserves for the accrual of any of the same. 
  
 (b) The Company shall not permit any Subsidiary to agree to any amendment or modification of any lease which could
reasonably be expected to have a Material Adverse Effect. 
  
 Section 5.03. Maintenance of Property; Insurance. The Company will, and will cause each Subsidiary to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and
tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as is customarily maintained by companies engaged in the same or similar businesses operating in the same or
similar locations; provided that the Company may self-insure for professional and general liability claims, including, without limitation, malpractice and workers compensation, so long as the Company maintains adequate reserves in accordance
with the recommendations of a nationally recognized actuary. 
  
 Section 5.04. Conduct of Business and Maintenance of Existence. Except as permitted by Section 5.09 the Company will continue, and will cause each Subsidiary to continue, to engage in business of the same general type as now
conducted by the Company and its Subsidiaries, and will preserve, renew and keep in full force and effect, and, except as permitted by Section 5.09, will cause each Subsidiary to preserve, renew and keep in full force and effect their respective
corporate or partnership existence and their respective rights, privileges and franchises necessary or desirable in the normal conduct of business. 
  
 Section 5.05. Compliance with Laws. The Company will comply, and cause each Subsidiary to comply, in all material respects with all applicable
laws, ordinances, rules, regulations, and requirements of governmental authorities (including, without limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except where the necessity of compliance therewith is contested
in good faith by appropriate proceedings or where such failures in the aggregate could not reasonably be expected to have a Material Adverse Effect. 
  
 Section 5.06. Inspection of Property, Books and Records. The Company will keep, and will cause each Subsidiary to keep, proper books of record and
account in which full, true and correct entries in conformity with generally accepted accounting principles shall be made of all dealings and transactions in relation to its business and activities; and will permit, and will cause each 

 

 47 







 Subsidiary to permit, representatives of any Lender at such Lender’s expense to visit and inspect any of their
respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants, all at
such reasonable times and as often as may reasonably be desired. 
  
 Section 5.07. Leverage Ratio. The Leverage Ratio will not, at any time exceed 0.65 to 1.00. 
  
 Section 5.08. Fixed Charge Coverage. The Fixed Charge Coverage Ratio will not, at the last day of any fiscal quarter, be less than 4.00 to 1.00.

  
 Section 5.09. Consolidations, Mergers, Sales of Assets,
Dissolutions, Reorganizations, etc. (a) The Company will not, nor will it permit any Subsidiary to, enter into any transaction of merger or consolidation, reorganize, liquidate, dissolve or wind up (or suffer any reorganization, liquidation,
dissolution or winding up) or convey, sell, lease or otherwise dispose of, in one or a series of related transactions, substantially all of its property, assets or business, except: 
  
 (i) the Company and its Subsidiaries may sell their inventory in the ordinary course of business;

  
 (ii) any Subsidiary of the Company may be
voluntarily liquidated, dissolved or wound up or merged into or consolidated with, or may convey all or any part of its property, assets or business to, the Company or any Wholly-Owned Consolidated Subsidiary; provided that (A) if a
Subsidiary of the Company is merged into or consolidated with the Company or any Wholly-Owned Consolidated Subsidiary, the Company or such Wholly-Owned Consolidated Subsidiary, as the case may be, shall be the surviving corporation and (B) no
disposition of assets referred to above in this clause (ii) of this Section shall be permitted if, immediately after giving effect thereto, a Default shall have occurred and be continuing; 
  
 (iii) any Subsidiary of the Company may sell substantially
all of its accounts receivable to the special purpose Subsidiary referred to in the definition of “Receivables Financing” pursuant to the Receivables Financing and such Subsidiary may obtain financing of up to $200,000,000 by
selling or pledging substantially all such accounts receivable to certain investors; and 
  
 (iv) the Company and its Subsidiaries may sell two acute care facilities in Puerto Rico (Hospital San Pablo, a 430-bed acute care hospital
in Bayamon, and Hospital San Pablo del Este, a 180-bed acute care hospital in Fajardo) on substantially the terms heretofore publicly announced. 
  

 48 







 Notwithstanding the foregoing, (x) the Company may permit any Subsidiary to enter into any transaction of merger or
consolidation, reorganize, liquidate, dissolve or wind up (or suffer any reorganization, liquidation, dissolution or winding up of such Subsidiary) or convey, sell, lease or otherwise dispose of, in one or a series of related transactions,
substantially all of its property, assets or business, and (y) the Company may trade or exchange (through formation of joint ventures or otherwise), the assets of any Subsidiary for similar assets, provided that the aggregate amount of Net
Tangible Assets so disposed of pursuant to clauses (x) and (y) during the term of this Agreement shall not exceed 20% of Consolidated Net Tangible Assets, determined as of the last day of the fiscal quarter most recently ended on or prior to the
date of consummation of the most recent such trade or exchange. 
  
 Section 5.10. Subsidiary Debt. The Company will not, after the date of this Agreement, permit any of its Subsidiaries to incur, assume or suffer to exist any Debt except (A) Debt existing on the date hereof, (B) Debt owing to the
Company or a Wholly-Owned Consolidated Subsidiary, (C) non-recourse financing approved in advance in writing by the Required Lenders, (D) Debt secured by Liens permitted pursuant to Section 5.12, (E) Guarantees of letter of credit reimbursement
obligations of the Company in an aggregate amount (contingent and non-contingent) at no time exceeding $30,000,000, (F) Loans made to or Reimbursement Obligations incurred by an Eligible Subsidiary hereunder, (G) the French Subsidiary Debt and (H)
Debt (other than Debt permitted pursuant to clauses (A), (B), (C), (D), (E), (F) and (G) hereof) not exceeding in aggregate principal amount at any time outstanding for all Subsidiaries 10% of Consolidated Net Worth. 
  
 Section 5.11. Use of Proceeds. The proceeds of the Loans made under
this Agreement will be used by the Borrower for its general corporate purposes. None of such proceeds will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of purchasing or carrying any “margin
stock” within the meaning of Regulation U (other than any such stock issued by the Company). 
  
 Section 5.12. Negative Pledge. The Company will not, and will not permit any Subsidiary to, create, assume or suffer to exist any Lien on any asset
(including the stock and assets of any Subsidiary) now owned or hereafter acquired by it, except: 
  
 (a) Liens on cash and cash equivalents securing Derivatives Obligations, provided that the aggregate amount of cash and cash
equivalents subject to such Liens may at no time exceed $25,000,000; 
  

 49 







 (b) Liens existing on December 31, 2004 securing Debt outstanding as of December 31, 2004
and listed on Schedule 2; 
  
 (c) any Lien
existing on any asset of any Person at the time such Person becomes a Subsidiary and not created in contemplation of such event; 
  
 (d) any Lien on any asset securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring such
asset; provided that such Lien attaches to such asset concurrently with or within 90 days after the acquisition thereof; 
  
 (e) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Company or a
Subsidiary and not created in contemplation of such event; 
  
 (f) any Lien existing on any asset prior to the acquisition thereof by the Company or a Subsidiary and not created in contemplation of such acquisition; 
  
 (g) any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien
permitted by any of the foregoing clauses of this Section; provided that such Debt is not increased and is not secured by any additional assets; 
  
 (h) Liens arising in the ordinary course of its business which (i) do not secure Debt or Derivatives Obligations, (ii) do not secure
obligations exceeding $25,000,000 in aggregate amount and (iii) do not in the aggregate materially detract from the value of its assets or materially impair the use thereof in the operation of its business; 
  
 (i) Liens arising out of the Receivables Financing;

  
 (j) Liens on assets of any French Subsidiary
securing the French Subsidiary Debt; and 
  
 (k)
Liens not otherwise permitted by the foregoing clauses of this Section securing Debt in an aggregate principal amount at any time outstanding not to exceed 5% of Consolidated Net Worth. 
  
 ARTICLE 6 
 DEFAULTS 
  
 Section 6.01. Events of
Default. If one or more of the following events (“Events of Default”) shall have occurred and be continuing: 
  
 (a) any Borrower shall fail to pay when due any principal of any Loan or any Reimbursement Obligation or shall fail to pay within 2
Domestic Business Days of the date when due any interest on any Loan, any fees or any other amount payable hereunder; 
  

 50 







 (b) the Company or any of its Subsidiaries shall fail to observe or perform any covenant
contained in Sections 5.01(e) or 5.07 to 5.12, inclusive; 
  
 (c) the Company or any of its Subsidiaries shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by clause 6.01(a) or 6.01(b) above) for 30 days after notice
thereof has been given to the Company by the Administrative Agent at the request of any Lender; 
  
 (d) any representation, warranty, certification or statement made by the Company or any of its Subsidiaries in the Loan Documents or in
any certificate, financial statement or other document delivered pursuant hereto or thereto shall prove to have been incorrect in any material respect when made (or deemed made); 
  
 (e) the Company or any Subsidiary shall fail to make any payment in respect of any Material Financial
Obligations when due or within any applicable grace period; 
  
 (f) any event or condition shall occur which results in the acceleration of the maturity of any Material Debt or enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such
Material Debt or any Person acting on such holder’s behalf to accelerate the maturity thereof; 
  
 (g) the Company or any of its Subsidiaries shall commence a voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the
benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing; 
  
 (h) an involuntary case or other proceeding shall be commenced against the Company or any of its Subsidiaries seeking liquidation,
reorganization or other relief with respect to it or its debts 
  

 51 







 under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an
order for relief shall be entered against the Company or any Subsidiary under the federal bankruptcy laws as now or hereafter in effect; 
  
 (i) any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $25,000,000 which it shall have
become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan (other than pursuant to a standard termination under Section 4041(b) of ERISA) shall be filed under Title IV of ERISA by any member of the ERISA Group,
any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee
to be appointed to administer any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial
withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of
$25,000,000; 
  
 (j) judgments or orders for the
payment of money in an amount or amounts aggregating in excess of $25,000,000 shall be rendered against the Company or any Subsidiary and such judgments or orders shall continue unsatisfied and unstayed for a period of 30 days; 
  
 (k) any person or group of persons (within the meaning of
Section 13 or 14 of the Securities Exchange Act of 1934, as amended) (except a person that has or a group of persons each of which has as of the date hereof more than 10% of such voting common stock) shall have acquired beneficial ownership (within
the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of 25% or more in voting power of the common stock of the Company; or, during any period of 24 consecutive calendar months, individuals who were either
(i) directors of the Company on the first day of such period or (ii) elected to fill vacancies caused by the ordinary course resignation or retirement of any other director and whose nomination or election was approved by a vote of at least a
majority of directors then still in office who were directors of the Company on the first day of such period, shall cease to constitute a majority of the board of directors of the Company; or 
  

 52 







 (l) at any time any obligation is owed to the Lenders by any Eligible Subsidiary, the
provisions of Article 10 shall cease to constitute valid, binding and enforceable obligations of the Company for any reason, or the Company or any Eligible Subsidiary shall have so asserted in writing; 
  
 then, and in every such event, the Administrative Agent shall (i) if requested by the
Required Lenders, by notice to the Company terminate the Commitments and they shall thereupon terminate, and/or (ii) if requested by the Required Lenders, by notice to the Company declare the Loans (together with accrued interest thereon) to be, and
the Loans shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company; provided that in the case of any of the Events of Default specified
in clause 6.01(g) or 6.01(h) above with respect to the Company, without any notice to the Company or any other act by the Administrative Agent or the Lenders, the Commitments shall thereupon terminate and the Loans (together with accrued interest
thereon) shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. 
  
 Section 6.02. Notice of Default. The Administrative Agent shall give notice to the Company under Section 6.01(c)
promptly upon being requested to do so by any Lender and shall thereupon notify all the Lenders thereof. 
  
 Section 6.03. Cash Cover. The Company agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the
continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of the Required Lenders, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral
pursuant to arrangements satisfactory to the Administrative Agent) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time, provided that, upon the occurrence of any Event of Default
specified in Section 6.01(g) or 6.01(h) with respect to the Company, the Company shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders. 
  
 ARTICLE 7 
 THE AGENTS 
  
 Section 7.01. Appointment and Authorization. Each Lender irrevocably appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Loan
Documents as are delegated to the Administrative Agent by the terms thereof, together with all such powers as are reasonably incidental thereto. 
  

 53 







 Section 7.02. Administrative Agent and Affiliates. JPMorgan Chase Bank, N.A., shall have the same
rights and powers under the Loan Documents as any other Lender and may exercise or refrain from exercising the same as though it were not the Administrative Agent, and JPMorgan Chase Bank, N.A., and its affiliates may accept deposits from, lend
money to, and generally engage in any kind of business with the Company or any Subsidiary or affiliate of the Company as if it were not the Administrative Agent hereunder. 
  
 Section 7.03. Action by Administrative Agent. The obligations of the Administrative Agent under the Loan Documents
are only those expressly set forth therein. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action with respect to any Default, except as expressly provided in Article 6. 
  
 Section 7.04. Consultation with Experts. The Administrative Agent may
consult with legal counsel (who may be counsel for a Borrower), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of
such counsel, accountants or experts. 
  
 Section 7.05.
Liability of Administrative Agent. Neither the Administrative Agent nor any of its affiliates nor any of their respective directors, officers, agents or employees shall be liable for any action taken or not taken by it in connection with the
Loan Documents (i) with the consent or at the request of the Required Lenders or (ii) in the absence of its own gross negligence or willful misconduct. Neither the Administrative Agent nor any of its affiliates nor any of their respective directors,
officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with the Loan Documents or any borrowing hereunder; (ii) the performance or
observance of any of the covenants or agreements of any Borrower; (iii) the satisfaction of any condition specified in Article 3, except receipt of items required to be delivered to the Administrative Agent; or (iv) the validity, effectiveness or
genuineness of the Loan Documents or any other instrument or writing furnished in connection therewith. The Administrative Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, statement, or other writing
(which may be a bank wire, telex, facsimile transmission or similar writing) believed by it to be genuine or to be signed by the proper party or parties. Without limiting the generality of the foregoing, the use of the term “agent”
in this Agreement with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of
market custom and is intended to create or reflect only an administrative relationship between independent contracting parties. 
  

 54 







 Section 7.06. Indemnification. Each Lender shall, ratably in accordance with its Commitment,
indemnify the Administrative Agent, its affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed by the Borrowers) against any cost, expense (including counsel fees and disbursements), claim, demand,
action, loss or liability (except such as result from such indemnitees’ gross negligence or willful misconduct) that such indemnitees may suffer or incur in connection with the Loan Documents or any action taken or omitted by such indemnitees
thereunder. 
  
 Section 7.07. Credit Decision. Each Lender
acknowledges that it has, independently and without reliance upon any Agent or any other Lender, and on the basis of such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender, and on the basis of such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking any action under the Loan Documents. 
  
 Section 7.08. Successor Administrative Agent. The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Company. Upon any such resignation, the Required Lenders shall have the right to appoint a
successor Administrative Agent with (so long as no Default shall have occurred and be continuing) the consent of the Company, which consent shall not be unreasonably withheld. If no successor Administrative Agent shall have been so appointed by the
Required Lenders with the Company’s consent, and shall have accepted such appointment, within 60 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders,
appoint a successor Administrative Agent, which shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $50,000,000. Upon the
acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent. 
  
 Section 7.09. Administrative Agent’s Fee; Arrangers’ Fees. The Company shall pay to each of the Administrative Agent and the Arrangers
for its own account fees in the amounts and at the times previously agreed upon between it and the Company. 
  

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 Section 7.10. Other Agents. Nothing in this Agreement shall impose upon any Agent other than the
Administrative Agent, in its capacity as such an Agent, any obligation or liability whatsoever. 
  
 ARTICLE 8 
 CHANGE IN CIRCUMSTANCES 
  
 Section 8.01. Basis for Determining Interest Rate Inadequate or Unfair.
If on or prior to the first day of any Interest Period for any Euro-Currency Loan or Competitive Bid LIBOR Loan: 
  
 (a) the Administrative Agent is advised by the Reference Banks that deposits in dollars (in the applicable amounts) are not being offered
to the Reference Banks in the relevant market for such Interest Period, or 
  
 (b) in the case of Euro-Currency Loans, Lenders having 50% or more of the aggregate amount of the Commitments advise the Administrative Agent that the London Interbank Offered Rate as determined by the Administrative
Agent will not adequately and fairly reflect the cost to such Lenders of funding their Euro-Currency Loans for such Interest Period, 
  
 the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower that the
circumstances giving rise to such suspension no longer exist, (i) the obligations of the Lenders to make Euro-Currency Loans (in the affected currency) or to continue or convert outstanding Loans as or into Euro-Currency Loans (in the affected
currency) shall be suspended and (ii) each outstanding Euro-Currency Loan (in the affected currency) shall be prepaid (or, in the case of a Dollar-Denominated Loan, converted into a Base Rate Loan) on the last day of the then current Interest Period
applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Fixed Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such
date, (i) if such Fixed Rate Borrowing is a Syndicated Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing in an equal Dollar Amount and (ii) if such Fixed Rate Borrowing is a Competitive Bid LIBOR Borrowing, then the
Competitive Bid LIBOR Loans comprising such Borrowing shall bear interest for each day from and including the first day to but excluding the last day of the Interest Period applicable thereto at the Base Rate for such day. 
  
 Section 8.02. Illegality. If, on or after the date of this Agreement,
the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency

  

 56 







 charged with the interpretation or administration thereof, or compliance by any Lender (or its Euro-Currency Lending
Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for any Lender (or its Euro-Currency Lending Office) to make, maintain or
fund any of its Euro-Currency Loans in any currency and such Lender shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof to the other Lenders and the Borrower, whereupon until such Lender notifies
the Borrower and the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make Euro-Currency Loans in such currency, or to convert outstanding Loans into Euro-Currency Loans in
such currency, shall be suspended. Before giving any notice to the Administrative Agent pursuant to this Section, such Lender shall designate a different Euro-Currency Lending Office if such designation will avoid the need for giving such notice and
will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. If such notice is given, each Euro-Currency Loan in such currency of such Lender then outstanding shall be converted to a Base Rate Loan (in the case of an
Alternative Currency Loan, in a principal amount determined on the basis of the Spot Rate on the date of conversion) either (a) on the last day of the then current Interest Period applicable to such Euro-Dollar Loan if such Lender may lawfully
continue to maintain and fund such Loan to such day or (b) immediately if such Lender shall determine that it may not lawfully continue to maintain and fund such Loan to such day. 
  
 Section 8.03. Increased Cost and Reduced Return. (a) If on or after (x) the date hereof, in the case of any Committed
Loan or Letter of Credit or any obligation to make Committed Loans or issue or participate in any Letter of Credit or (y) the date of any related Competitive Bid Quote, in the case of any Competitive Bid Loan, the adoption of any applicable law,
rule or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any Lender (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall impose, modify or deem
applicable any reserve (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding, with respect to any Euro-Currency Loan, any such requirement in respect of which such Lender
is entitled to payment under Section 2.17 for the relevant Interest Period), special deposit, insurance assessment or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (or its Applicable
Lending Office) or shall impose on any Lender (or its Applicable Lending Office) or on the London interbank market any other condition affecting its Fixed Rate Loans, its Note or its obligation to make Fixed Rate Loans or its obligations hereunder
in respect of Letters of Credit and the result of any of the foregoing is 
  

 57 







 to increase the cost to such Lender (or its Applicable Lending Office) of making or maintaining any Fixed Rate Loan or of
issuing or participating in any Letter of Credit, or to reduce the amount of any sum received or receivable by such Lender (or its Applicable Lending Office) under this Agreement or under its Note with respect thereto, by an amount deemed by such
Lender to be material, then, within 15 days after demand by such Lender (with a copy to the Administrative Agent), the Company shall pay, or shall cause another Borrower to pay, such Lender such additional amount or amounts as will compensate such
Lender for such increased cost or reduction. 
  
 (b) If any Lender
shall have determined that, after the date hereof, the adoption of any applicable law, rule or regulation regarding capital adequacy, or any change in any such law, rule or regulation, or any change in the interpretation or administration thereof by
any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central
bank or comparable agency, has or would have the effect of reducing the rate of return on capital of such Lender (or its Parent) as a consequence of such Lender’s obligations hereunder to a level below that which such Lender (or its Parent)
could have achieved but for such adoption, change, request or directive (taking into consideration its policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, within 15 days after demand
by such Lender (with a copy to the Administrative Agent), the Company shall pay to such Lender such additional amount or amounts as will compensate such Lender (or its Parent) for such reduction. 
  
 (c) Each Lender will promptly notify the Company and the Administrative Agent
of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant to this Section and will designate a different Applicable Lending Office if such designation will avoid the need for, or
reduce the amount of, such compensation and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. A certificate of any Lender claiming compensation under this Section and setting forth the additional amount or
amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such amount, such Lender may use any reasonable averaging and attribution methods. 
  
 Section 8.04. Taxes. (a) For purposes of this Section 8.04, the following terms have the following meanings:

  
 “Taxes” means any and all present or future
taxes, duties, levies, imposts, deductions, charges or withholdings with respect to any payment by any Borrower pursuant to any Loan Document, and all liabilities with respect thereto, excluding (i) in the case of each Lender and the
Administrative Agent, taxes imposed on its 
  

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 income, net worth or gross receipts and franchise or similar taxes imposed on it, by a jurisdiction under the laws of
which such Lender or the Administrative Agent (as the case may be) is organized or in which its principal executive office is located or, in the case of each Lender, in which its Applicable Lending Office is located and (ii) in the case of each
Lender, any United States withholding tax imposed on such payments but only to the extent that such Lender is subject to United States withholding tax at the time such Lender first becomes a party to this Agreement. 
  
 “Other Taxes” means any present or future stamp or
documentary taxes and any other excise or property taxes, or similar charges or levies, which arise from any payment made pursuant to this Agreement or under any Note or from the execution or delivery of, or otherwise with respect to, any Loan
Document. 
  
 (b) Any and all payments by any Borrower to or for
the account of any Lender or the Administrative Agent hereunder or under any Note shall be made without deduction for any Taxes or Other Taxes; provided that, if a Borrower shall be required by law to deduct any Taxes or Other Taxes from any
such payments, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 8.04) such Lender or the Administrative Agent (as the case
may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such deductions, (iii) such Borrower shall pay the full amount deducted to the relevant taxation authority or other
authority in accordance with applicable law and (iv) such Borrower shall furnish to the Administrative Agent, at its address referred to in Section 11.01, the original or a certified copy of a receipt evidencing payment thereof. 
  
 (c) The Company agrees to indemnify each Lender and the Administrative Agent
for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 8.04) paid by such Lender or the Administrative Agent (as the case may
be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be paid within 15 days after such Lender or the Administrative Agent (as the case may be) makes demand therefor.

  
 (d) Each Lender organized under the laws of a jurisdiction
outside the United States, on or prior to the date of its execution and delivery of this Agreement in the case of each Lender listed on the signature pages hereof and on or prior to the date on which it becomes a Lender in the case of each other
Lender, and from time to time thereafter if requested in writing by the Company (but only so long as such Lender remains lawfully able to do so), shall provide the Company with Internal Revenue Service form W-8BEN or W-8ECI, as appropriate, or any
successor form prescribed by the Internal Revenue Service, 
  

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 certifying that such Lender is entitled to benefits under an income tax treaty to which the United States is a party
which exempts the Lender from United States withholding tax or reduces the rate of withholding tax on payments of interest for the account of such Lender or certifying that the income receivable pursuant to this Agreement is effectively connected
with the conduct of a trade or business in the United States. 
  
 (e) For any period with respect to which a Lender has failed to provide the Company with the appropriate form pursuant to Section 8.04(d) (unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date
on which such form originally was required to be provided), such Lender shall not be entitled to indemnification under Section 8.04(b) or 8.04(c) with respect to Taxes imposed by the United States; provided that if a Lender, which is
otherwise exempt from or subject to a reduced rate of withholding tax, becomes subject to Taxes because of its failure to deliver a form required hereunder, the Company shall take such steps as such Lender shall reasonably request to assist such
Lender to recover such Taxes. 
  
 (f) If any Borrower is required
to pay additional amounts to or for the account of any Lender pursuant to this Section 8.04, then such Lender will change the jurisdiction of its Applicable Lending Office if, in the judgment of such Lender, such change (i) will eliminate or reduce
any such additional payment which may thereafter accrue and (ii) is not otherwise disadvantageous to such Lender. 
  
 Section 8.05. Foreign Subsidiary Costs. (a) If the cost to any Lender of making or maintaining any Loan to or of issuing or maintaining any Letter
of Credit for the account of an Eligible Subsidiary is increased, or the amount of any sum received or receivable by any Lender (or its Applicable Lending Office) is reduced by an amount deemed by such Lender to be material, by reason of the fact
that such Eligible Subsidiary is incorporated in, or conducts business in, a jurisdiction outside the United States, the Company shall indemnify such Lender for such increased cost or reduction within 15 days after demand by such Lender (with a copy
to the Administrative Agent). A certificate of such Lender claiming compensation under this subsection 8.05 and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error.

  
 (b) Each Lender will promptly notify the Company and the
Administrative Agent of any event of which it has knowledge that will entitle such Lender to additional interest or payments pursuant to subsection 8.05 and will designate a different Applicable Lending Office, if, in the judgment of such Lender,
such designation will avoid the need for, or reduce the amount of, such compensation and will not be otherwise disadvantageous to such Lender. 
  

 60 







 Section 8.06. Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of
any Lender to make, or convert outstanding Loans to, Euro-Currency Loans in any currency has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded compensation under Section 8.03, 8.04 or 8.05 with respect to its Euro-Currency
Loans in any currency and the Borrower shall, by at least five Euro-Dollar Business Days’ prior notice to such Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such Lender, then, unless
and until such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist: 
  
 (a) all Loans which would otherwise be made by such Lender as (or continued as or converted into) Euro-Currency Loans (in the affected
currency) shall instead be Base Rate Loans (in the case of Alternative Currency Loans, in the same Dollar Amount as the Euro-Currency Loan that such Lender would otherwise have made in the Alternative Currency) on which interest and principal shall
be payable contemporaneously with the related Fixed Rate Loans of the other Lenders; and 
  
 (b) after each of its Euro-Currency Loans (in the affected currency) has been repaid (or converted to a Base Rate Loan), all payments of
principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. 
  
 If such Lender notifies the Borrower that the circumstances giving rise to such notice no longer apply, the principal amount of each such Base Rate Loan shall be
converted into a Euro-Currency Loan on the first day of the next succeeding Interest Period applicable to the related Euro-Currency Loans of the other Lenders. If such Loan is converted into an Alternative Currency Loan, such Lender, the Agent and
the Borrower shall make such arrangements as shall be required (including increasing or decreasing the amount of such Alternative Currency Loan) so that such Alternative Currency Loan shall be in the same amount as it would have been if the
provisions of this Section had never applied thereto. 
  
 Section
8.07. Substitution of Lender. If (i) the obligation of any Lender to make Euro-Currency Loans or to convert or continue outstanding Loans into Euro-Currency Loans in any currency shall be suspended pursuant to Section 8.02 or (ii) any Lender
shall demand compensation pursuant to Section 8.03, 8.04 or 8.05, the Borrower shall have the right, with the assistance of the Administrative Agent and the Issuing Lenders, to seek a mutually satisfactory Person or Persons (which may be one or more
of the Lenders) to purchase the outstanding Loans of such Lender and to assume the Commitment and Letter of Credit Liabilities of such Lender. 
  

 61 







 ARTICLE 9 
 REPRESENTATIONS AND WARRANTIES OF ELIGIBLE SUBSIDIARIES 
  
 Each Eligible Subsidiary shall be deemed by the execution and delivery of its Election to Participate to have represented
and warranted as of the date thereof that: 
  
 Section 9.01.
Corporate Existence and Power. It is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and is a Majority-Owned Consolidated Subsidiary. 
  
 Section 9.02. Corporate Governmental Authorization; No Contravention.
The execution and delivery by it of its Election to Participate and its Notes, and the performance by it of this Agreement and its Notes, are within its corporate powers, have been duly authorized by all necessary corporate action, require no
action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a default under, any provision of applicable law or regulation or of its certificate or incorporation or by-laws or of any
agreement, judgment, injunction, order, decree or other instrument binding upon the Company or such Eligible Subsidiary or result in the creation or imposition of any Lien on any asset of the Company or any of its Subsidiaries. 
  
 Section 9.03. Binding Effect. This Agreement constitutes a valid and
binding agreement of such Eligible Subsidiary and its Notes, when and if executed and delivered in accordance with this Agreement, will constitute valid and binding obligations of such Eligible Subsidiary, in each case enforceable in accordance with
its terms except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and by general principles of equity. 
  
 Section 9.04. Taxes. Except as disclosed in such Election to Participate, there is no income, stamp or other tax of
any country, or any taxing authority thereof or therein, imposed by or in the nature of withholding or otherwise, which is imposed on any payment to be made by such Eligible Subsidiary pursuant hereto or on its Notes, or is imposed on or by virtue
of the execution, delivery or enforcement of its Election to Participate or of its Notes. 
  
 ARTICLE 10 
 GUARANTY 
  
 Section 10.01. The Guaranty. The Company hereby unconditionally and absolutely guarantees the full and punctual
payment (whether at stated maturity, upon acceleration or otherwise) of the principal of and interest on each Loan made to and each Reimbursement Obligation incurred by each Eligible Subsidiary pursuant to this Agreement, and the full and punctual
payment of all other amounts payable by each Eligible Subsidiary under this Agreement. Upon failure 
  

 62 







 by any Eligible Subsidiary to pay punctually any such amount, the Company shall forthwith on demand pay the amount not so
paid at the place and in the manner specified in this Agreement. 
  
 Section 10.02. Guaranty Unconditional. The obligations of the Company hereunder shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by:

  
 (a) any extension, renewal, settlement,
compromise, waiver or release in respect of any obligation of any Eligible Subsidiary under this Agreement or any Note, by operation of law or otherwise; 
  
 (b) any modification or amendment of or supplement to this Agreement or any Note; 
  
 (c) any release, impairment, non-perfection or invalidity of
any direct or indirect security for any obligation of any Eligible Subsidiary under this Agreement or any Note; 
  
 (d) any change in the corporate existence, structure or ownership of any Eligible Subsidiary, or any insolvency, bankruptcy,
reorganization or other similar proceeding affecting any Eligible Subsidiary or its assets or any resulting release or discharge of any obligation of any Eligible Subsidiary contained in this Agreement or any Note; 
  
 (e) the existence of any claim, set-off or other rights
which the Company may have at any time against any Eligible Subsidiary, the Administrative Agent, any Lender or any other Person, whether in connection herewith or any unrelated transactions; provided that nothing herein shall prevent the
assertion of any such claim by separate suit or compulsory counterclaim; 
  
 (f) any invalidity or unenforceability relating to or against any Eligible Subsidiary for any reason of this Agreement or any Note, or any provision of applicable law or regulation purporting to prohibit the payment
by any Eligible Subsidiary of the principal of or interest on any Note or any other amount payable by it under this Agreement; or 
  
 (g) any other act or omission to act or delay of any kind by any Eligible Subsidiary, the Administrative Agent, any Lender or any other
Person or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of the Company’s obligations hereunder. 
  

 63 







 Section 10.03. Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances. The
Company’s obligations hereunder shall remain in full force and effect until the Commitments shall have terminated and the principal of and interest on the Loans, the Reimbursement Obligations and all other amounts payable by the Company and
each Eligible Subsidiary under this Agreement shall have been paid in full. If at any time any payment of the principal of or interest on any Loan or any other amount payable by any Eligible Subsidiary under this Agreement is rescinded or must be
otherwise restored or returned upon the insolvency, bankruptcy or reorganization of any Eligible Subsidiary or otherwise, the Company’s obligations hereunder with respect to such payment shall be reinstated at such time as though such payment
had been due but not made at such time. 
  
 Section 10.04.
Waiver by the Company. The Company irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against any Eligible
Subsidiary or any other Person. 
  
 Section 10.05. Subrogation.
Upon making any payment with respect to any Eligible Subsidiary hereunder, the Company shall be subrogated to the rights of the payee against such Eligible Subsidiary with respect to such payment; provided that the Company shall not
enforce any payment by way of subrogation unless all amounts of principal of and interest on the Loans to such Eligible Subsidiary and all other amounts payable by such Eligible Subsidiary under this Agreement have been paid in full. 
  
 Section 10.06. Stay of Acceleration. If acceleration of the time for
payment of any amount payable by any Eligible Subsidiary under this Agreement or its Notes is stayed upon insolvency, bankruptcy or reorganization of such Eligible Subsidiary, all such amounts otherwise subject to acceleration under the terms of
this Agreement shall nonetheless be payable by the Company hereunder forthwith on demand by the Administrative Agent made at the request of the Required Lenders. 
  
 ARTICLE 11 
 MISCELLANEOUS 
  
 Section 11.01.
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including bank wire, telex, facsimile transmission or similar writing) and shall be given to such party: (w) in the case of the Company or the
Administrative Agent, at its address, facsimile number or telex number set forth on the signature pages hereof, (x) in the case of any Lender, at its address, facsimile number or telex number set forth in its Administrative Questionnaire, (y) in the
case of any Eligible Subsidiary, to it in care of the Company or (z) in the case of any party, such other address, facsimile 
  

 64 







 number or telex number as such party may hereafter specify for the purpose by notice to the Administrative Agent and the
Company. Each such notice, request or other communication shall be effective (i) if given by telex, when such telex is transmitted to the telex number specified in this Section and the appropriate answerback is received, (ii) if given by facsimile
transmission, when transmitted to the facsimile number specified in this Section and confirmation of receipt is received, (iii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed
as aforesaid or (iv) if given by any other means, when delivered at the address specified in this Section; provided that notices to the Administrative Agent or any Issuing Lender under Article 2 or Article 8 shall not be effective until
received. 
  
 Section 11.02. No Waivers. No failure or
delay by the Administrative Agent or any Lender in exercising any right, power or privilege under the Loan Documents shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
  
 Section 11.03. Expenses; Indemnification. (a) The Company shall pay (i) all out-of-pocket expenses of the
Administrative Agent, including fees and disbursements of special counsel for the Administrative Agent and the Arrangers, in connection with the preparation of the Loan Documents, any waiver or consent thereunder or any amendment thereof or any
Default or alleged Default hereunder and (ii) if an Event of Default occurs, all out-of-pocket expenses incurred by the Administrative Agent and each Lender, including fees and disbursements of counsel, in connection with such Event of Default and
collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom. 
  
 (b) The Company agrees to indemnify the each Agent and Lender, their respective affiliates and the respective directors, officers, agents and employees of the foregoing (each an “Indemnitee”) and hold
each Indemnitee harmless from and against any and all liabilities, losses, damages, costs and expenses of any kind, including, without limitation, the reasonable fees and disbursements of counsel, which may be incurred by such Indemnitee in
connection with any investigative, administrative or judicial proceeding (whether or not such Indemnitee shall be designated a party thereto) brought or threatened relating to or arising out of this Agreement or any actual or proposed use of
proceeds of Loans hereunder; provided that no Indemnitee shall have the right to be indemnified hereunder for such Indemnitee’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction. 
  
 Section 11.04. Sharing of Set-offs. Subject to Section 2.18, each
Lender agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate amount then due with respect to the Loans and Letter of Credit Liabilities held by it which is greater

  

 65 







 than the proportion received by any other Lender in respect of the aggregate amount then due and interest due with
respect to the Loans and Letter of Credit Liabilities held by such other Lender, the Lender receiving such proportionately greater payment shall purchase such participations in the Loans and Letter of Credit Liabilities held by the other Lenders,
and such other adjustments shall be made, as may be required so that all such payments then due with respect to the Loans and Letter of Credit Liabilities held by the Lenders shall be shared by the Lenders pro rata; provided that nothing in
this Section shall impair the right of any Lender to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of the Borrowers other than indebtedness under the Loan
Documents. Each Borrower agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in the Loans and Letter of Credit Liabilities, whether or not acquired pursuant to the foregoing arrangements,
may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of such Borrower in the amount of such participation. 
  
 Section 11.05. Amendments and Waivers. Any provision of this Agreement
or the Notes may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by the Company and the Required Lenders (and, if the rights or duties of any Agent, the Swingline Lender or any Issuing Lender are affected
thereby, by such Person); provided that no such amendment or waiver shall: 
  
 (a) unless signed by each affected Lender, (i) increase or decrease the Commitment of any Lender (except (x) as contemplated by Section
2.19 or (y) for a ratable decrease in the Commitments of all Lenders) or subject any Lender to any additional obligation, (ii) reduce the principal of or rate of interest on any Loan or the amount to be reimbursed in respect of any Letter of Credit
or any interest thereon or any fees hereunder, (iii) postpone the date fixed for any payment of principal of or interest on any Loan or for reimbursement in respect of any Letter of Credit or interest thereon or any fees hereunder or for termination
of any Commitment, (iv) release the Company from any obligation under Article 10, (v) permit the subordination of any payment or right of payment due to the Lenders under the Loan Documents or (vi) modify the right of a Lender to receive a pro rata
share of payments as provided herein; 
  
 (b)
unless signed by all the Lenders, change the definition of “Required Lenders” or the provisions of this Section 11.05; 
  
 (c) unless signed by a Designated Lender or its Designating Lender, (i) subject such Designated Lender to any additional obligation, (ii)
affect its rights hereunder (unless the rights of all the Lenders hereunder are similarly affected) or (iii) change this clause 11.05(b); or 
  

 66 







 (d) unless signed by an Eligible Subsidiary, (w) subject such Eligible Subsidiary to any
additional obligation, (x) increase the principal of or rate of interest on any outstanding Loan of such Eligible Subsidiary, (y) accelerate the stated maturity of any outstanding Loan of such Eligible Subsidiary or (z) change this proviso.

  
 Section 11.06. Successors and Assigns. (a) The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that no Borrower may assign or otherwise transfer any of its rights under this Agreement without
the prior written consent of all Lenders. 
  
 (b) Any Lender may
at any time grant to one or more Persons (each a “Participant”) participating interests in its Commitment and/or any or all of its Loans and Letter of Credit Liabilities. In the event of any such grant by a Lender of a participating
interest to a Participant, whether or not upon notice to any Borrower and the Administrative Agent, such Lender shall remain responsible for the performance of its obligations hereunder, and the Borrower, the Issuing Lenders and the Administrative
Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and/or obligations under the Loan Documents. Any agreement pursuant to which any Lender may grant such a participating interest shall
provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrowers under the Loan Documents including, without limitation, the right to approve any amendment, modification or waiver of any provision
thereof; provided that such participation agreement may provide that such Lender will not agree to any modification, amendment or waiver of this Agreement described in clause (a), (b), (c) or (d)of Section 11.05 without the consent of the
Participant. The Borrowers agree that each Participant shall, to the extent provided in its participation agreement, be entitled to the benefits of Article 8 with respect to its participating interest. An assignment or other transfer which is not
permitted by subsection 11.06(d) or 11.06(c) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection 11.06(b). 
  
 (c) With the prior written consent of the Administrative Agent and each
Issuing Lender (each such consent not to be unreasonably withheld or delayed), any Lender may at any time assign to one or more Assignees all, or a proportionate part (equivalent to an initial Commitment of not less than $5,000,000) of all, of its
rights and obligations under the Loan Documents, and such Assignee shall assume such rights and obligations, pursuant to an Assignment and Assumption Agreement in substantially the form of Exhibit J hereto. Upon the consummation of any assignment
pursuant to this subsection 11.06(c), the transferor Lender, the Administrative Agent and the Borrowers shall make appropriate arrangements so that, if required, new Notes are issued to the Assignee. In connection with any such assignment, the
transferor Lender shall 
  

 67 







 pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $3,500. If the
Assignee is not incorporated under the laws of the United States of America or a state thereof, it shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to the Company and the Administrative Agent
certification as to exemption from deduction or withholding of any United States federal income taxes in accordance with Section 8.04. 
  
 (d) Any Lender may at any time assign all or any portion of its rights under the Loan Documents to a Federal Reserve Bank. No such assignment shall
release the transferor Lender from its obligations hereunder. 
  
 (e) No Assignee, Participant or other transferee of any Lender’s rights shall be entitled to receive any greater payment under Section 8.03 or 8.04 than such Lender would have been entitled to receive with respect to the rights
transferred, unless such transfer is made with the Company’s prior written consent or by reason of the provisions of Section 8.02, 8.03 or 8.04 requiring such Lender to designate a different Applicable Lending Office under certain circumstances
or at a time when the circumstances giving rise to such greater payment did not exist. 
  
 Section 11.07. Designated Lenders. (a) Subject to the provisions of this subsection (a), any Lender may at any time designate an Approved Fund to provide all or a portion of the Loans to be made by such Lender
pursuant to this Agreement; provided that such designation shall not be effective unless the Company and the Administrative Agent consent thereto (which consents shall not be unreasonably withheld or delayed). When a Lender and its Approved
Fund shall have signed an agreement substantially in the form of Exhibit K hereto (a “Designation Agreement”) and the Company and the Administrative Agent shall have signed their respective consents thereto, such Approved Fund shall
become a Designated Lender for purposes of this Agreement. The Designating Lender shall thereafter have the right to permit such Designated Lender to provide all or a portion of the Loans to be made by such Designating Lender pursuant to Section
2.01 or 2.03, and the making of such Loans or portion thereof shall satisfy the obligation of the Designating Lender to the same extent, and as if, such Loans or portion thereof were made by the Designating Lender. As to any Loans or portion thereof
made by it, each Designated Lender shall have all the rights that a Lender making such Loans or portion thereof would have had under this Agreement and otherwise; provided that (x) its voting rights under this Agreement shall be exercised
solely by its Designating Lender and (y) its Designating Lender shall remain solely responsible to the other parties hereto for the performance of such Designated Lender’s obligations under this Agreement, including its obligations in respect
of the Loans or portion thereof made by it or to be made by it. No additional Note shall be required to evidence the Loans or portion thereof made by a Designated Lender; and the Designating Lender shall be deemed to hold its Note as agent for its
Designated Lender to the extent of the Loans or portion 
  

 68 







 thereof funded by such Designated Lender. Each Designating Lender shall act as administrative agent for its Designated
Lender and give and receive notices and other communications on its behalf. Any payments for the account of any Designated Lender shall be paid to its Designating Lender as administrative agent for such Designated Lender and neither the Borrowers
nor the Administrative Agent shall be responsible for any Designating Lender’s application of such payments. In addition, any Designated Lender may, with notice to (but without the prior written consent of) the Company and the Administrative
Agent, (i) assign all or portions of its interest in any Loans to its Designating Lender or to any financial institutions consented to by the Company and the Administrative Agent that provide liquidity and/or credit facilities to or for the account
of such Designated Lender to support the funding of Loans or portions thereof made by it and (ii) disclose on a confidential basis any non-public information relating to its Loans or portions thereof to any rating agency, commercial paper dealer or
provider of any guarantee, surety, credit or liquidity enhancement to such Designated Lender. 
  
 (b) Each party to this Agreement agrees that it will not institute against, or join any other person in instituting against, any Designated Lender any bankruptcy, insolvency, reorganization or other similar proceeding
under any federal or state bankruptcy or similar law, for one year and a day after all outstanding senior indebtedness of such Designated Lender is paid in full. The Designating Lender for each Designated Lender agrees to indemnify, save, and hold
harmless each other party hereto for any loss, cost, damage and expense arising out of its inability to institute any such proceeding against such Designated Lender. This subsection (b) shall survive the termination of this Agreement. 
  
 Section 11.08. Collateral. Each of the Lenders represents to each
Agent and each of the other Lenders that it in good faith is not relying upon any “margin stock” (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement. 
  
 Section 11.09. Governing Law; Submission to Jurisdiction. This
Agreement and each Note shall be governed by and construed in accordance with the laws of the State of New York. Each Borrower hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York
and of any New York State court sitting in New York City for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. Each Borrower irrevocably waives, to the fullest extent permitted by
law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 
  
 Section 11.10. Counterparts; Integration. This Agreement may be signed
in any number of counterparts, each of which shall be an original, with the same 
  

 69 







 effect as if the signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire
agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 
  
 Section 11.11. WAIVER OF JURY TRIAL. EACH OF THE BORROWERS, THE AGENTS, THE BANKS AND THE ISSUING BANKS HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 Section 11.12. Judgment Currency. If, under any applicable law and whether pursuant to a judgment being made or
registered against any Borrower or for any other reason, any payment under or in connection with this Agreement, is made or satisfied in a currency (the “Other Currency”) other than that in which the relevant payment is due (the
“Required Currency”) then, to the extent that the payment (when converted into the Required Currency at the rate of exchange on the date of payment or, if it is not practicable for the party entitled thereto (the
“Payee”) to purchase the Required Currency with the other Currency on the date of payment, at the rate of exchange as soon thereafter as it is practicable for it to do so) actually received by the Payee falls short of the amount due
under the terms of this Agreement, such Borrower shall, to the extent permitted by law, as a separate and independent obligation, indemnify and hold harmless the Payee against the amount of such short-fall. For the purpose of this Section,
“rate of exchange” means the rate at which the Payee is able on the relevant date to purchase the Required Currency with the Other Currency and shall take into account any premium and other costs of exchange. 
  
 Section 11.13. USA Patriot Act. Each Lender subject to the Act hereby
notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies
the Borrowers, which information includes the names and addresses of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Act. 
  

 70 







 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	UNIVERSAL HEALTH SERVICES, INC.
		
	By:	 	 /s/ Steve Filton


	Name:	 	Steve Filton
	Title:	 	Sr. Vice President and Chief Financial Officer
	
	 Universal Health Services, Inc.
 367 South
Gulph Road
 King of Prussia, PA 19406
 Attention: General
Counsel
 Phone: (610) 768-3300
 Facsimile: (610)
992-4566










			
	 JPMORGAN CHASE BANK, N.A.,
     as Lender and Administrative Agent

		
	By:	 	 /s/ Dawn Lee Lum


	Name:	 	Dawn Lee Lum
	Title:	 	Vice President


  
  

 2 








			
	 BANK OF AMERICA, N.A.,
     as Lender and Syndication Agent

		
	By:	 	 /s/ Peter D. Griffith


	Name:	 	Peter D. Griffith
	Title:	 	Senior. Vice President


  
  

 3 








			
	 ABN AMRO BANK N.V.,
     as Lender and Co-Documentation Agent

		
	By:	 	 /s/ Eric Oppenheimer


	Name:	 	Eric Oppenheimer
	Title:	 	Director
	
	 ABN AMRO BANK N.V.,
     as Lender and Co-Documentation Agent

		
	By:	 	 /s/ Michele Costello


	Name:	 	Michele Costello
	Title:	 	Assistant Vice President


  
  

 4 








			
	 SUNTRUST BANK,
     as
Lender and Co-Documentation Agent

		
	By:	 	 /s/ William D. Priester


	Name:	 	William D. Priester
	Title:	 	Director


  
  

 5 








			
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
     as Lender and Co-Documentation Agent

		
	By:	 	 /s/ Jeanette A. Griffin


	Name:	 	Jeanette A. Griffin
	Title:	 	Director


  
  

 6 








			
	 BANK OF TOKYO-MITSUBISHI
     TRUST COMPANY

		
	By:	 	 /s/ Cynthia Rietscha


	Name:	 	Cynthia Rietscha
	Title:	 	Vice President


  
  

 7 








			
	CALYON NEW YORK BRANCH
		
	By:	 	 /s/ Charles Heidsieck


	Name:	 	Charles Heidsieck
	Title:	 	Managing Director
	
	CALYON NEW YORK BRANCH
		
	By:	 	 /s/ Thomas Randolph


	Name:	 	Thomas Randolph
	Title:	 	Director


  
  

 8 








			
	THE BANK OF NEW YORK
		
	By:	 	 /s/ Thomas J. McCormack


	Name:	 	Thomas J. McCormack
	Title:	 	Vice President


  

 9 








			
	NATIONAL CITY BANK OF KENTUCKY
		
	By:	 	 /s/ Erica Dowd


	Name:	 	Erica Dowd
	Title:	 	Assistant Vice President


  

 10 








			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Joseph A. Serianni


	Name:	 	Joseph A. Serianni
	Title:	 	Vice President


  

 11 







 PRICING SCHEDULE 
  
 The “Euro-Currency Margin”, “LC Fee Rate” and “Facility Fee Rate” for any
day are the respective percentages set forth below (in basis points per annum) in the applicable row under the column corresponding to the Status that exists on such day: 
  

											
	 Status

	  	Level I

	  	Level II

	  	Level III

	  	Level IV

	  	Level V


	Euro-Currency Margin/LC Fee Rate	  	32.00	  	40.00	  	50.00	  	60.00	  	80.00
	Facility Fee Rate	  	8.00	  	10.00	  	12.50	  	15.00	  	20.00

  
 For purposes of this
Schedule, the following terms have the following meanings: 
  
 “Level I Status” exists at any date if, at such date, the Company’s long-term debt is rated at least A- by S&P or at least A3 by Moody’s. 
  
 “Level II Status” exists at any date if, at such date, (i) the Company’s long-term debt is rated at
least BBB+ by S&P or at least Baa1 by Moody’s and (ii) Level I Status does not exist. 
  
 “Level III Status” exists at any date if, at such date, (i) the Company’s long-term debt is rated at least BBB by S&P or
at least Baa2 by Moody’s and (ii) neither Level I Status or Level II Status exists. 
  
 “Level IV Status” exists at any date if, at such date, (i) the Company’s long-term debt is rated at least BBB- by S&P or at least Baa3 by Moody’s and (ii) none of Level I Status,
Level II Status or Level III Status exists. 
  
 “Level V
Status” exists at any date if, at such date, no other Status exists. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “S&P” means Standard & Poor’s. 
  
 “Status” refers to the determination of which of Level I Status, Level II Status, Level III Status, Level IV Status or Level V Status
exists at any date. 
  
 The credit ratings to be utilized for
purposes of this Schedule are those assigned to the senior unsecured long-term debt securities of the Company without third-party credit enhancement and any rating assigned to any other debt security of the Company shall be disregarded. The rating
in effect at any date is that in effect at the close of business on such date. 
  
 If there is a difference in rating levels between S&P and Moody’s, then the higher rating shall be used to determine Status; provided that if the difference is more than one notch, a rating one notch
higher than the lower of the two shall be used. 
  

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