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finalrcfrevolvingcredita

                                        EXECUTION VERSION                                                                                                                                                                                                      THIRD AMENDED AND RESTATED          REVOLVING CREDIT AGREEMENT                 Dated as of May 15, 2019                        among              TECH DATA CORPORATION                        and              CERTAIN SUBSIDIARIES,                     as Borrowers               BANK OF AMERICA, N.A.,  as Administrative Agent, Swing Line Lender and an L/C Issuer                         and               The Other Lenders Party Hereto                BOFA SECURITIES, INC.,                   CITIBANK, N.A.                        and                 MUFG BANK, LTD.        as Joint Lead Arrangers and Joint Bookrunners                    CITIBANK, N.A.                         and                  MUFG BANK, LTD.                         as           Co-Syndication Agents and L/C Issuers            JPMORGAN CHASE BANK, N.A.,                MIZUHO BANK, LTD.,         PNC BANK, NATIONAL ASSOCIATION                        and            THE BANK OF NOVA SCOTIA                                                   as                 Co-Documentation Agents                                                                                                                                                           

 

                                TABLE OF CONTENTS                     Article I  Definitions and Accounting Terms ................................................................................................ 1        1.01 Defined Terms .................................................................................................................... 1        1.02 Other Interpretive Provisions ............................................................................................ 31        1.03 Accounting Terms ............................................................................................................. 32        1.04 Exchange Rates; Currency Equivalents ............................................................................ 32        1.05 Additional Alternative Currencies .................................................................................... 33        1.06 Change of Currency .......................................................................................................... 34        1.07 Times of Day .................................................................................................................... 34        1.08 Letter of Credit Amounts .................................................................................................. 34        1.09 Divisions ........................................................................................................................... 34   Article II  The Commitments and Credit Extensions .................................................................................. 35        2.01 Committed Loans .............................................................................................................. 35        2.02 Borrowings, Conversions and Continuations of Committed Loans ................................. 35        2.03 Letters of Credit ................................................................................................................ 37        2.04 Swing Line Loans ............................................................................................................. 46        2.05 Prepayments ...................................................................................................................... 48        2.06 Termination or Reduction of Commitments ..................................................................... 50        2.07 Repayment of Loans ......................................................................................................... 50        2.08 Interest .............................................................................................................................. 50        2.09 Fees ................................................................................................................................... 51        2.10 Computation of Interest and Fees ..................................................................................... 52        2.11 Evidence of Debt .............................................................................................................. 52        2.12 Payments Generally; Administrative Agent’s Clawback .................................................. 52        2.13 Sharing of Payments by Lenders ...................................................................................... 54        2.14 Increase in Commitments ................................................................................................. 55        2.15 Cash Collateral .................................................................................................................. 56        2.16 Defaulting Lenders ........................................................................................................... 57        2.17 Designated Borrowers ....................................................................................................... 59   Article III  Taxes, Yield Protection and Illegality....................................................................................... 61        3.01 Taxes ................................................................................................................................. 61        3.02 Illegality ............................................................................................................................ 69        3.03 Inability to Determine Rates; ............................................................................................ 70        3.04 Increased Costs; Reserves on Loans ................................................................................. 72        3.05 Compensation for Losses .................................................................................................. 74        3.06 Mitigation Obligations; Replacement of Lenders ............................................................. 75        3.07 Survival ............................................................................................................................. 75   Article IV  Guaranty ................................................................................................................................... 75        4.01 Subsidiary Guaranty ......................................................................................................... 75   Article V  Conditions Precedent to Credit Extensions ................................................................................ 76        5.01 Conditions of Closing ....................................................................................................... 76        5.02 Conditions to all Credit Extensions .................................................................................. 77                                         i                      

 

   Article VI  Representations and Warranties ............................................................................................... 78        6.01 Existence, Qualification and Power; Compliance with Laws ........................................... 78        6.02 Authorization; No Contravention ..................................................................................... 78        6.03 Governmental Authorization; Other Consents .................................................................. 79        6.04 Binding Effect ................................................................................................................... 79        6.05 Financial Statements; No Material Adverse Effect........................................................... 79        6.06 Litigation ........................................................................................................................... 79        6.07 No Default......................................................................................................................... 79        6.08 Ownership of Property; Liens ........................................................................................... 80        6.09 Environmental Compliance .............................................................................................. 80        6.10 Insurance ........................................................................................................................... 80        6.11 Taxes ................................................................................................................................. 80        6.12 U.K. Tax Deductions ........................................................................................................ 80        6.13 ERISA Compliance ........................................................................................................... 80        6.14 Subsidiaries ....................................................................................................................... 81        6.15 Margin Regulations; Investment Company Act................................................................ 81        6.16 Disclosure ......................................................................................................................... 81        6.17 Compliance with Laws ..................................................................................................... 82        6.18 Intangible Assets ............................................................................................................... 82        6.19 Off-Balance Sheet Liabilities ............................................................................................ 82        6.20 Solvency............................................................................................................................ 82        6.21 OFAC ................................................................................................................................ 82        6.22 Anti-Corruption Laws ....................................................................................................... 82        6.23 PATRIOT Act ................................................................................................................... 83   Article VII  Affirmative Covenants ............................................................................................................ 83        7.01 Financial Statements ......................................................................................................... 83        7.02 Certificates; Other Information ......................................................................................... 83        7.03 Notices .............................................................................................................................. 85        7.04 Payment of Obligations .................................................................................................... 85        7.05 Preservation of Existence, Etc .......................................................................................... 85        7.06 Maintenance of Properties ................................................................................................ 85        7.07 Maintenance of Insurance ................................................................................................. 86        7.08 Compliance with Laws ..................................................................................................... 86        7.09 Books and Records ........................................................................................................... 86        7.10 Inspection Rights .............................................................................................................. 86        7.11 Use of Proceeds ................................................................................................................ 86        7.12 New Subsidiaries .............................................................................................................. 86        7.13 Compliance with Agreements ........................................................................................... 87        7.14 Compliance with ERISA .................................................................................................. 87        7.15 Anti-Corruption Laws ....................................................................................................... 87   Article VIII  Negative Covenants ............................................................................................................... 87        8.01 Liens ................................................................................................................................. 87        8.02 Investments ....................................................................................................................... 89        8.03 Indebtedness...................................................................................................................... 90        8.04 Fundamental Changes ....................................................................................................... 91        8.05 Dispositions ...................................................................................................................... 92        8.06 Restricted Payments .......................................................................................................... 92        8.07 Change in Nature of Business ........................................................................................... 93        8.08 Transactions with Affiliates .............................................................................................. 93                                         ii                      

 

         8.09 Burdensome Agreements .................................................................................................. 93        8.10 Use of Proceeds ................................................................................................................ 94        8.11 [Reserved] ......................................................................................................................... 94        8.12 Acquisitions ...................................................................................................................... 94        8.13 Financial Covenants .......................................................................................................... 94        8.14 Off-Balance Sheet Liabilities ............................................................................................ 94        8.15 Sanctions ........................................................................................................................... 94        8.16 Anti-Corruption Laws ....................................................................................................... 95   Article IX  Events of Default and Remedies ............................................................................................... 95        9.01 Events of Default .............................................................................................................. 95        9.02 Remedies Upon Event of Default ..................................................................................... 97        9.03 Application of Funds ........................................................................................................ 97   Article X  Administrative Agent ................................................................................................................. 98        10.01 Appointment and Authority .............................................................................................. 98        10.02 Rights as a Lender ............................................................................................................. 99        10.03 Exculpatory Provisions ..................................................................................................... 99        10.04 Reliance by Administrative Agent .................................................................................. 100        10.05 Delegation of Duties ....................................................................................................... 100        10.06 Resignation of Administrative Agent ............................................................................. 100        10.07 Non-Reliance on Administrative Agent and Other Lenders ........................................... 102        10.08 No Other Duties, Etc ....................................................................................................... 102        10.09 Administrative Agent May File Proofs of Claim ............................................................ 102        10.10 Guaranty Matters ............................................................................................................ 103        10.11 Certain ERISA Matters ................................................................................................... 104   Article XI  Miscellaneous ......................................................................................................................... 105        11.01 Amendments, Etc ............................................................................................................ 105        11.02 Notices; Effectiveness; Electronic Communication ....................................................... 107        11.03 No Waiver; Cumulative Remedies; Enforcement ........................................................... 109        11.04 Expenses; Indemnity; Damage Waiver ........................................................................... 109        11.05 Payments Set Aside ........................................................................................................ 111        11.06 Successors and Assigns .................................................................................................. 111        11.07 Treatment of Certain Information; Confidentiality ......................................................... 116        11.08 Right of Setoff ................................................................................................................ 117        11.09 Interest Rate Limitation .................................................................................................. 117        11.10 Counterparts; Integration; Effectiveness ......................................................................... 117        11.11 Survival of Representations and Warranties ................................................................... 118        11.12 Severability ..................................................................................................................... 118        11.13 Replacement of Lenders ................................................................................................. 118        11.14 Governing Law; Jurisdiction; Etc ................................................................................... 119        11.15 Waiver of Jury Trial ........................................................................................................ 120        11.16 PATRIOT Act Notice ..................................................................................................... 120        11.17 Judgment Currency ......................................................................................................... 120        11.18 No Advisory or Fiduciary Responsibility ....................................................................... 121        11.19 Electronic Execution of Assignments and Certain Other Documents ............................ 121        11.20 Amendment and Restatement ......................................................................................... 121        11.21 Acknowledgement and Consent to Bail-In of EEA Financial Institutions ..................... 122   Article XII  Company Guaranty................................................................................................................ 122                                         iii                       

 

                12.01 The Guaranty .................................................................................................................. 122  12.02 Guaranty Unconditional .................................................................................................. 123  12.03 Certain Waivers .............................................................................................................. 123  12.04 Obligations Independent ................................................................................................. 124  12.05 Subrogation ..................................................................................................................... 124  12.06 Termination; Reinstatement ............................................................................................ 124  12.07 Subordination .................................................................................................................. 125  12.08 Stay of Acceleration ........................................................................................................ 125  12.09 Expenses ......................................................................................................................... 125  12.10 Miscellaneous ................................................................................................................. 125  12.11 Condition of Borrowers .................................................................................................. 126                                      iv                                   

 

   SCHEDULES         1.01-A     Existing Letters of Credit        1.01-B     Alternative Currencies        1.01-C     Existing Synthetic Lease Facilities        1.01-D     Existing Trade Receivables Facilities        2.01       Commitments and Pro Rata Shares        3.01       U.K. Tax Schedule        6.14       Company and Subsidiaries        6.19       Off-Balance Sheet Liabilities        8.01       Existing Liens        8.02       Investments        8.03       Existing Indebtedness        8.09       Existing Burdensome Agreements        11.02      Administrative Agent’s Office, Certain Addresses for Notices   EXHIBITS                    Form of:        A          Committed Loan Notice        B          Swing Line Loan Notice        C          Note        D          Compliance Certificate        E          Assignment and Assumption        F          U.S. Tax Compliance Certificates        G          Letter of Credit Report        H          Designated Borrower Request and Assumption Agreement        I          Designated Borrower Notice        J          Beneficial Ownership Certification                                                           v                      

 

                                                                                  This THIRD AMENDED AND RESTATED CREDIT AGREEMENT (as amended,  restated,  amended  and  restated,  supplemented  or  otherwise  modified  from  time  to  time,  this  “Agreement”)  is  entered  into  as  of May 15,  2019,  among  TECH  DATA  CORPORATION,  a  Florida corporation (the “Company”), certain Subsidiaries of the Company party hereto pursuant  to Section 2.17 (each,  a  “Designated  Borrower”  and,  together  with  the  Company,  the  “Borrowers”  and  individually, a  “Borrower”), each  lender  from  time  to  time  party  hereto  (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as  Administrative Agent, Swing Line Lender and an L/C Issuer.         The Company,  the lenders  party  thereto  and  Bank  of  America,  N.A., as administrative  agent, have entered into that certain Second Amended and Restated Credit Agreement dated as of  November 2,  2016 (as  amended  or  modified  from  time  to  time  prior  to  the  date  hereof,  the  “Existing Credit Agreement”).         The  parties  hereto  wish  to  amend  and  restate  the  Existing  Credit  Agreement  to  make  certain amendments and modifications as more fully set forth herein.         In  connection  of  the  mutual  covenants  and  agreements  contained  herein,  the  parties  hereto agree and covenant as follows:                                   ARTICLE I                                                          DEFINITIONS AND ACCOUNTING TERMS         1.01   Defined Terms.         As used in this Agreement, the following terms shall have the meanings set forth below:         “Acquisition” means the acquisition of (a) a controlling equity interest in another Person  (including the purchase of an option, warrant or convertible or similar type security to acquire  such a controlling interest at the time it becomes exercisable by the holder thereof), whether by  purchase of such equity interest or upon exercise of an option or warrant for, or conversion of  securities  into,  such  equity  interest,  or  (b)  assets  of  another  Person  which  constitute  all  or  substantially all of the assets of such Person or of a line or lines of business conducted by such  Person.         “Administrative Agent” means Bank of America in its capacity as administrative agent  under any of the Loan Documents, or any successor administrative agent in accordance with the  terms hereof.         “Administrative Agent’s Office” means, with respect to any currency, the Administrative  Agent’s address and, as appropriate, account as set forth on Schedule 11.02 with respect to such  currency, or such other address or account as the Administrative Agent may from time to time  notify the Borrowers and the Lenders.         “Administrative  Questionnaire”  means  an  Administrative  Questionnaire  in  a  form  supplied by the Administrative Agent.         “Affiliate” means, with respect to any Person, another Person that directly, or indirectly  through  one  or  more  intermediaries, Controls or is Controlled  by  or  is under common  Control  with the Person specified.  “Control” means the possession, directly or indirectly, of the power to                                         

 

   direct  or  cause  the direction  of  the  management  or  policies  of  a  Person,  whether  through  the  ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have  meanings correlative thereto.         “Agent Party” has the meaning specified in Section 11.02(c).         “Aggregate  Commitments”  means  the  Commitments  of  all  the  Lenders.   The  initial  amount of the Aggregate Commitments in effect on the Closing Date is ONE BILLION FIVE  HUNDRED MILLION DOLLARS ($1,500,000,000).         “Agreement” means this Credit Agreement.         “Alternative  Currency”  means,  with  respect  to  each  Borrower, each  currency  listed  on  Schedule 1.01-B for such Borrower, and each other lawful currency (other than Dollars) that is  freely available and freely transferable and convertible into Dollars and which is approved by all  the Lenders in accordance with Section 1.05.         “Alternative  Currency  Equivalent”  means,  at  any  time,  with  respect  to  any  amount  denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency, as  determined by the Administrative Agent or the applicable L/C Issuer, as the case may be, at such  time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for  the purchase of such Alternative Currency with Dollars.         “Applicable Rate” means, from time to time, the following percentages per annum, based  upon the Debt Ratings of at least two of S&P, Moody’s and Fitch as set forth below:    Pricing Debt Rating S&P/Moody’s/ Facility Eurocurrency Letter of  Base    Level           Fitch            Fee       Rate      Credit Fee  Rate     1     BBB+/Baa1/BBB+ or Higher 0.125%    1.000%      1.000%    0.000%     2         BBB/Baa2/BBB        0.150%     1.100%      1.100%    0.100%     3         BBB-/Baa3/BBB-      0.200%     1.175%      1.175%    0.175%     4          BB+/Ba1/BB+        0.250%     1.375%      1.375%    0.375%     5     Lower than BB+/Ba1/BB+ or 0.300%   1.575%      1.575%    0.575%                   unrated          “Debt Rating” means, as of any date of determination, the rating as determined by any of        S&P,  Moody’s or  Fitch (collectively,  the  “Debt  Ratings”)  of  the Company’s        non-credit-enhanced, senior unsecured long-term debt; provided that (i) if a Debt Rating        is issued by only two of the foregoing rating agencies and there is a difference in the Debt        Ratings  of  one  level,  then  the  higher of  such  Debt  Ratings  shall  apply  (with  the  Debt        Rating  for  Pricing  Level  1  being  the  highest  and  the  Debt  Rating  for  Pricing  Level 5        being  the  lowest),  (ii)   if  a  Debt  Rating  is  issued  by only  two of  the  foregoing  rating        agencies and there is a difference in the Debt Ratings of more than one level, then the        Debt Rating that is one level lower than the higher of such Debt Ratings shall apply, (iii)        if a Debt Rating is issued by each of the foregoing rating agencies and each such Debt        Rating corresponds to different Pricing Levels, then the middle Debt Rating shall apply,        (iv) if a Debt Rating is issued by each of the foregoing rating agencies and the respective        Debt Ratings issued by two of the rating agencies are the same and one differs, then the                                       2                                                                             

 

         Debt Ratings of the two rating agencies that are the same shall apply and (v) if there is no        Debt Rating in effect, Pricing Level 5 shall apply.           Initially, the Applicable Rate shall be determined based upon the Debt Rating for Pricing  Level 3.  Thereafter,  each  change  in  the  Applicable  Rate  resulting  from  a  publicly  announced  change  in  the  Debt  Rating  shall  be  effective,  in  the  case  of  an  upgrade,  during  the  period  commencing  on  the  date  of  delivery  by  the Company to  the  Administrative  Agent  of  notice  thereof pursuant to Section 7.03(e) and ending on the date immediately preceding the effective  date of the next such change and, in the case of a downgrade, during the period commencing on  the date of the public announcement thereof and ending on the date immediately preceding the  effective  date  of  the  next  such  change. If  the  rating  system  of  Moody’s, S&P or  Fitch shall  change,  or if any such  rating  agency  shall  cease to  be  in the  business  of rating  corporate  debt  obligations, the Company and the Lenders shall negotiate in good faith to amend this definition to  reflect such changed rating system or the unavailability of ratings from such rating agency and,  pending the effectiveness of any such amendment, the Applicable Rate shall be determined by  reference to the rating most recently in effect prior to such change or cessation.         “Applicable  Time”  means,  with  respect  to  any  borrowings  and  payments  in  any  Alternative Currency, the local times in the place of settlement for such Alternative Currency as  may be  determined  by  the  Administrative  Agent  to  be  necessary  for  timely  settlement  on  the  relevant date in accordance with normal banking procedures in the place of payment.         “Applicant Borrower” has the meaning specified in Section 2.18.         “Approved  Fund” means  any  Fund  that  is  administered  or  managed  by  (a) a  Lender,  (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages  a Lender.         “Arrangers” means BofA Securities, Inc. (or any other registered broker-dealer wholly- owned  by  Bank  of  America  Corporation  to  which  all  or  substantially  all  of  Bank  of  America  Corporation’s  or  any  of  its  subsidiaries’  investment  banking,  commercial  lending  services  or  related businesses may be transferred following the date of this Agreement), Citibank, N.A. and  MUFG Bank, Ltd., in their capacity as joint lead arrangers and joint bookrunners.         “Assignment and Assumption” means an assignment and assumption entered into by a  Lender  and  an  Eligible  Assignee  (with  the  consent  of  any  party whose  consent  is  required  by  Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit  E  or  any  other  form  (including  electronic  documentation  generated  by  use  of  an  electronic  platform) approved by the Administrative Agent.         “Attorney Costs” means and includes all reasonable fees, expenses and disbursements of  any  law  firm  or  other  external  counsel  and,  without  duplication,  the  allocated  cost  of  internal  legal services and all expenses and disbursements of internal counsel.         “Attributable Indebtedness” means, on any date:                (a)   in  respect  of  any  capital  lease  of  any  Person,  the  capitalized  amount        thereof that would appear on a balance sheet of such Person prepared as of such date in        accordance with GAAP;                                        3                                                                             

 

                (b)   in respect of any Real Estate Financing Facility that is characterized as a        lease, the capitalized amount  of  the remaining  lease payments  under the  relevant lease        that would appear on a balance sheet of such Person prepared in accordance with GAAP        if such lease were accounted for as a capital lease, calculated as of the Closing Date, with        respect to any Real Estate Financing Facility outstanding on the Closing Date, or the date        of  the  closing  of  any  Real  Estate  Financing  Facility  entered  into  subsequent  to  the        Closing  Date,  and  recalculated  at  the  time  of  any  refinancing,  renewal,  increase  or        repayment of any Real Estate Financing Facility; and                (c)   in  respect  of  any  asset  securitization  transaction  of  any  Person,  (i)  the        actual  amount  of  any  unrecovered  investment  of  purchasers  or  transferees  of  assets  so        transferred,  plus  (ii)  in  the  case  of  any  other  payment,  recourse,  repurchase,  hold        harmless, indemnity or similar obligation described in clause (a)(ii) of the definition of        “Off-Balance  Sheet  Liabilities,”  the  capitalized  amount  of  such  obligation  that  would        appear  on  a  balance  sheet  of  such  Person  prepared  on  such  date  in  accordance  with        GAAP if such sale or transfer or assets were accounted for as a secured loan.         “Audited  Financial  Statements”  means  the  audited  consolidated  balance  sheet  of  the  Company  and  its  Subsidiaries  for  the  fiscal  year  ended  January 31,  2019, and  the  related  consolidated  statements  of  income  or  operations,  shareholders’  equity  and  cash  flows  for  such  fiscal year of the Company and its Subsidiaries, including the notes thereto.          “Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b)(iii).         “Availability  Period”  means  the  period  from  and  including  the  Closing  Date  to  the  earliest  of  (a)  the  Maturity  Date,  (b)  the  date  of  termination  of  the  Aggregate  Commitments  pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to  make Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to  Section 9.02.         “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.         “Bail-In  Legislation”  means,  with  respect  to  any  EEA  Member  Country  implementing  Article  55  of  Directive  2014/59/EU  of  the  European  Parliament  and  of  the  Council  of  the  European Union, the implementing law for such EEA Member Country from time to time which  is described in the EU Bail-In Legislation Schedule.         “Bank of America” means Bank of America, N.A. and its successors.         “Base  Rate”  means  for  any  day  a  fluctuating  rate  per  annum  equal  to  the  highest  of  (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly  announced from time to time by Bank of America as its “prime rate” and (c) the Eurocurrency  Rate plus 1.0%.  The “prime rate” is a rate set by Bank of America based upon various factors  including  Bank  of  America’s  costs  and  desired  return,  general  economic  conditions  and  other  factors, and is used as a reference point for pricing some loans, which may be priced at, above, or  below such announced rate.  Any change in such rate announced by Bank of America shall take  effect at the opening of business on the day specified in the public announcement of such change.  If the Base Rate is being used as an alternate rate of interest pursuant to Section 3.03 hereof, then  the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without  reference to clause (c) above.                                       4                                                                             

 

         “Base Rate Committed Loan” means a Committed Loan that is a Base Rate Loan.         “Base Rate Loan” means a Loan that bears interest based on the Base Rate.  All Base  Rate Loans shall be denominated in Dollars.         “Beneficial  Ownership  Certification”  means  a  certification  regarding  beneficial  ownership to  the  extent required  by  the  Beneficial  Ownership  Regulation,  substantially  in  the  form of Exhibit J.         “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.         “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is  subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person  whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of  ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.         “BofA  Securities” means BofA  Securities,  Inc. (or  any  other  registered  broker-dealer  wholly-owned  by  Bank  of  America  Corporation  to  which  all  or  substantially  all  of  Bank  of  America  Corporation’s  or  any  of  its  subsidiaries’  investment  banking,  commercial  lending  services or related businesses may be transferred following the date of this Agreement).         “Borrower”  and “Borrowers” each has  the  meaning  specified  in  the  introductory  paragraph hereto.         “Borrower Materials” has the meaning specified in Section 7.02.         “Borrowing” means a Committed Borrowing or a Swing Line Borrowing, as the context  may require.         “Business  Day”  means  any  day  other  than  a  Saturday,  Sunday  or  other  day  on  which  commercial banks are authorized to close under the Laws of, or are in fact closed in, the state  where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is  located and:                (a)   if such day relates to any interest rate settings as to a Eurocurrency Rate        Loan denominated in Dollars, any fundings, disbursements, settlements and payments in        Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars        to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate        Loan, means any such day that is also a London Banking Day;                (b)   if such day relates to any interest rate settings as to a Eurocurrency Rate        Loan  denominated  in  Euro,  any  fundings,  disbursements,  settlements  and  payments  in        Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be        carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan,        means a TARGET Day;                (c)   if such day relates to any interest rate settings as to a Eurocurrency Rate        Loan  denominated  in  a  currency  other  than  Dollars  or  Euro,  means  any  such  day  on        which dealings in deposits in the relevant currency are conducted by and between banks        in the London or other applicable offshore interbank market for such currency;                                         5                                                                             

 

                (d)   if  such  day  relates  to  any  fundings,  disbursements,  settlements  and        payments  in  a  currency  other  than  Dollars  or  Euro  in  respect  of  a  Eurocurrency  Rate        Loan denominated in a currency other than Dollars or Euro, or any other dealings in any        currency  other  than  Dollars  or  Euro  to  be  carried  out  pursuant  to  this  Agreement  in        respect of any such Eurocurrency Rate Loan (other than any interest rate settings), means        any  such  day  on  which  banks  are  open  for  foreign  exchange  business  in  the  principal        financial center of the country of such currency;                (e)   any day other than a Saturday, Sunday or other day on which commercial        banks are authorized to close under the Laws of, or are in fact closed in, the state of New        York or, with respect to a U.K. Borrower, London.         “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative  Agent,  for  the  benefit  of  the  Administrative  Agent  or  an  L/C  Issuer  (as  applicable)  and  the  Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations therein  (as  the  context  may  require),  cash  or  deposit  account  balances  or,  if  an  L/C  Issuer  benefitting  from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to  documentation in form and substance reasonably satisfactory to (a) the Administrative Agent and  (b) an L/C Issuer.  “Cash Collateral” shall have a meaning correlative to the foregoing and shall  include the proceeds of such cash collateral and other credit support.         “Change in Law” means the occurrence, after the date of this Agreement, of any of the  following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in  any  law,  rule,  regulation  or  treaty  or  in  the  administration,  interpretation,  implementation  or  application thereof by any Governmental Authority or (c) the making or issuance of any request,  rule,  guideline  or  directive  (whether  or  not  having  the  force  of  law)  by  any  Governmental  Authority; provided,  that,  notwithstanding  anything  herein  to  the  contrary,  (i)  the  Dodd-Frank  Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives  thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives  promulgated  by  the  Bank  for  International  Settlements,  the  Basel  Committee  on  Banking  Supervision  (or  any  successor  or  similar  authority)  or  the  United  States  or  foreign  regulatory  authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in  Law”, regardless of the date enacted, adopted or issued.         “Change of Control” means, with respect to any Person, an event or series of events by  which:                (a)   any “person” or “group” (as such terms are used in Sections 13(d) and        14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan        of such person or its subsidiaries, and any person or entity acting in its capacity as trustee,        agent  or  other  fiduciary  or  administrator  of  any  such  plan)  becomes  the  “beneficial        owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934,        except  that  a  person  or  group  shall  be  deemed  to  have  “beneficial  ownership”  of  all        securities  that  such  person  or  group  has  the  right  to  acquire  (such  right,  an  “option        right”), whether such right is exercisable immediately or only after the passage of time),        directly or indirectly, of 30% or more of the equity securities of such Person entitled to        vote for members of the board of directors or equivalent governing body of such Person        on a fully-diluted basis (and taking into account all such securities that such person or        group has the right to acquire pursuant to any option right); or                                        6                                                                             

 

                (b)   during any period of 12 consecutive months, a majority of the members        of the board of directors or other equivalent governing body of such Person cease to be        composed  of  individuals  (i)  who  were  members  of  that  board  or  equivalent  governing        body on the first day of such period, (ii) whose election or nomination to that board or        equivalent  governing  body  was  approved  by  individuals  referred  to  in  clause (i)  above        constituting at the time of such election or nomination at least a majority of that board or        equivalent  governing  body  or  (iii) whose  election  or nomination  to that  board  or  other        equivalent governing body was approved by individuals referred to in clauses (i) and (ii)        above constituting at the time of such election or nomination at least a majority of that        board or equivalent governing body.          “Closing  Date”  means May 15,  2019,  the  date  the conditions  precedent  to  the  effectiveness of this Agreement are satisfied or waived in accordance with Section 5.01 hereof.         “Closing  Date  U.K.  Borrower”  means  TD  United  Kingdom  Acquisition  Limited,  a  private  limited  company  incorporated  under  the  laws  of  England  and  Wales  with  company  number 4603099 and registered office at Redwood 2 Crockford Lane, Chineham Business Park,  Chineham, Basingstoke, Hampshire, RG24 8WQ, United Kingdom.         “Code” means the Internal Revenue Code of 1986, as amended.         “Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to  the Borrowers pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c)  purchase participations in Swing Line Loans, in an aggregate principal amount (at any one time  outstanding)  for  which  the  Dollar  Equivalent  amount  does  not  exceed  the  amount  set  forth  opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to  which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from  time to time in accordance with this Agreement.         “Committed  Borrowing”  means  a  borrowing  consisting  of  simultaneous  Committed  Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest  Period made by each of the Lenders pursuant to Section 2.01.         “Committed Loan” has the meaning specified in Section 2.01.         “Committed  Loan  Notice”  means  a  notice  of  (a)  a  Committed  Borrowing,  (b)  a  conversion  of  Committed  Loans  from  one  Type  to  the  other,  or  (c)  a  continuation  of  Eurocurrency Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of  Exhibit A or such other form as  may be approved by the Administrative Agent (including any  form  on  an  electronic  platform  or  electronic  transmission  system  as  shall  be  approved  by  the  Administrative  Agent),  appropriately  completed  and  signed  by  a  Responsible  Officer  of  the  applicable Borrower.         “Company” has the meaning specified in the introductory paragraph hereto.         “Company  Guaranty”  means,  collectively,  the  guaranty  of  the  obligations of  the  Designated Borrowers by the Company pursuant to Article XII of this Agreement.         “Compliance Certificate” means a certificate substantially in the form of Exhibit D.                                        7                                                                             

 

         “Connection  Income  Taxes”  means  Other  Connection  Taxes  that  are  imposed  on  or  measured  by  net  income  (however  denominated)  or  that  are  franchise  Taxes  or  branch  profits  Taxes.          “Consolidated EBITDA” means, for any period, for the Company and its Subsidiaries on  a  consolidated  basis,  an  amount  equal  to  Consolidated  Net  Income  for  such  period  plus  the  following to the extent deducted in calculating such Consolidated Net Income: (a) Consolidated  Interest  Charges  for  such  period,  (b)  the  provision  for  federal,  state,  local  and  foreign  income  taxes payable by the Company and its Subsidiaries for such period, (c) the amount of depreciation  and  amortization  expense  for  such  period,  (d) cash  extraordinary  or  nonrecurring  losses,  expenses,  fees  and charges  (including  cash  losses,  expenses,  fees  and  charges  incurred  in  connection with any issuance of debt or equity, acquisitions, investments, restructuring activities,  asset sales  or  divestitures permitted  hereunder) not to  exceed  $50,000,000  in  the  aggregate for  any four consecutive fiscal quarter period, (e) non-cash stock based compensation expense, and  (f) other non-recurring expenses of the Company and its Subsidiaries reducing such Consolidated  Net Income which do not represent a cash item.         “Consolidated  Funded  Indebtedness”  means,  as  of  any  date  of  determination,  for  the  Company and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal  amount  of  all  obligations,  whether  current  or  long-term,  for  borrowed  money  (including  Obligations  hereunder)  and  all  obligations  evidenced  by  bonds,  debentures  (including  all  Convertible Debentures), notes, loan agreements or other similar instruments (which amount, for  the avoidance of doubt, includes only the drawn portion of any line of credit or revolving credit  facility), (b) all purchase money  Indebtedness, (c) all direct obligations arising under letters of  credit  (including  standby  and  commercial) only  to  extent  of  Unreimbursed  Amounts,  bankers’  acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations in respect  of the deferred purchase price of property or services (other than trade accounts payable in the  ordinary  course  of  business),  (e)  all  Attributable  Indebtedness  in  respect  of  capital  leases,  obligations  under  the  Real  Estate  Financing  Facilities  and  asset  securitization  transactions,  (f)  without  duplication,  all  Guarantees  with  respect  to  outstanding  Indebtedness  of  the  types  specified in clauses (a) through (e) above of Persons other than the Company or any Subsidiary,  and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership  or joint venture (other than a joint venture that is itself a corporation or limited liability company)  in  which  the Company or  a  Subsidiary  is  a  general  partner  or  joint  venturer,  unless  such  Indebtedness is expressly made non-recourse to the Company or such Subsidiary.  “Consolidated  Funded Indebtedness” of a Person shall not include (x) any true sale by such Person of accounts  receivable,  as  determined  in  accordance  with  GAAP,  which  sale  is  not,  and  is  not  made  in  connection with, an obligation under any Real Estate Financing Facility or an asset securitization  transaction  and  (y)  any  obligation  arising  under  a  sale  and  lease  back  transaction  that  is  an  operating lease.         “Consolidated  Interest  Charges”  means,  for  any  period,  for  the Company and  its  Subsidiaries on a consolidated basis, the sum of (a) all interest, premium payments, debt discount,  fees,  charges  and  related  expenses  of  the Company and  its  Subsidiaries  in  connection  with  borrowed money or in connection with the deferred purchase price of assets, in each case to the  extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of the  Company and its Subsidiaries with respect to such period under capital leases that is treated as  interest in accordance with GAAP.         “Consolidated Interest Coverage Ratio” means, as of any date of determination, subject to  Section  8.13(c),  the  ratio  of  (a)  Consolidated  EBITDA  for  the  period  of  the  four  prior  fiscal                                       8                                                                             

 

   quarters  ending  on  such  date  to  (b)  Consolidated  Interest  Charges  for  such  four  fiscal  quarter  period; provided, notwithstanding anything to the contrary herein or in any other Loan Document  (including Section 1.03(c)), for purposes of calculating the Consolidated Interest Coverage Ratio,  Consolidated EBITDA will not be calculated on a Pro Forma Basis.         “Consolidated  Net  Income”  means  the  consolidated  net  income  of Company and  its  Subsidiaries, plus or minus minority interest of a Person, and excluding any other gain or loss or  credit of an extraordinary nature, all as determined in accordance with GAAP.            “Consolidated Total Leverage Ratio” means, with respect to any Test Period, subject to  Section  8.13(c),  the  ratio  of  (a)  Consolidated  Funded  Indebtedness  as  of  the  last  date  of  the  applicable Test Period to (b) Consolidated EBITDA for such Test Period.         “Contractual Obligation” means, as to any Person, any provision of any security issued  by such Person or of any agreement, instrument or other undertaking to which such Person is a  party or by which it or any of its property is bound.         “Control” has the meaning specified in the definition of “Affiliate.”         “Convertible Debentures” means convertible debentures issued pursuant to a Tech Data  Indenture, which may be offered in a single transaction, a series of transactions, or in separate  transactions.  The Convertible Debentures may be either senior or subordinated debentures.         “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit  Extension.         “Debenture  Put  Option”  means  the  option  of  any  holder  of  Convertible  Debentures  to  require the Company to repurchase such debentures in accordance with the terms of a Tech Data  Indenture.         “Debt Rating” has the meaning set forth in the definition of “Applicable Rate.”         “Debtor  Relief  Laws”  means  the  Bankruptcy  Code  of  the  United  States and  the  Insolvency  Act 1986  of  the  United  Kingdom,  and  all  other  liquidation,  conservatorship,  bankruptcy, administration, assignment for the benefit of creditors, moratorium, rearrangement,  receivership, administrative  receivership, insolvency,  reorganization, voluntary  arrangement,  scheme of arrangement or similar debtor relief Laws of the United States, England & Wales or  other  applicable  jurisdictions  from  time  to  time  in  effect  and  affecting  the  rights  of  creditors  generally.         “Default” means any event or condition that constitutes an Event of Default or that, with  the giving of any notice, the passage of time, or both, would be an Event of Default.         “Default Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable  Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum; provided, however, that with  respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest  rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum; and  provided, further, that with respect to Letter of Credit fees, the Default Rate shall be a rate equal  to the Applicable Rate (for Letter of Credit fees) plus 2% per annum, in each case to the fullest  extent permitted by applicable Laws.                                        9                                                                             

 

         “Defaulting Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to  (i) fund all or any portion of its Loans within three (3) Business Days of the date such Loans were  required  to be  funded  hereunder unless such  Lender notifies the  Administrative  Agent  and  the  Company in writing that such failure is the result of such Lender’s determination that one or more  conditions  precedent  to  funding  (each  of  which  conditions  precedent,  together  with  any  applicable  default,  shall  be  specifically  identified  in  such  writing)  has  not  been  satisfied,  or  (ii) pay to the Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender  any other amount required to be paid by it hereunder (including in respect of its participation in  Letters  of  Credit  or  Swing  Line  Loans)  within  three (3)  Business  Days  of  the  date  when  due,  (b) has notified the Company, the Administrative Agent, the L/C Issuer or the Swing Line Lender  in writing that it does not intend to comply with its funding obligations hereunder, or has made a  public statement to that effect (unless such writing or public statement relates to such Lender’s  obligation  to  fund  a  Loan  hereunder  and  states  that  such  position  is  based  on  such  Lender’s  determination that a condition precedent to funding (which condition precedent, together with any  applicable default, shall be specifically identified in such writing or public statement) cannot be  satisfied),  (c) has  failed,  within  three  (3)  Business  Days  after  written  request  by  the  Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the  Company that it will comply with its prospective funding obligations hereunder (provided that  such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such  written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or  indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief  Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee  for  the  benefit  of  creditors  or  similar  Person  charged with  reorganization  or  liquidation  of  its  business  or  assets,  including  the  Federal  Deposit  Insurance  Corporation  or  any  other  state  or  federal  regulatory  authority  acting  in  such  a  capacity  or  (iii)  become  the  subject  of  a  Bail-in  Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership  or  acquisition  of  any  equity  interests  in  that  Lender  or  any  direct  or  indirect  parent  company  thereof  by  a  Governmental  Authority  so  long  as  such  ownership  interest  does  not  result in  or  provide such Lender with immunity from the jurisdiction of courts within the United States or  from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or  such  Governmental  Authority)  to  reject,  repudiate,  disavow or  disaffirm  any  contracts  or  agreements  made  with  such  Lender.   Any  determination  by  the  Administrative  Agent  that  a  Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the  effective  date  of  such  status,  shall  be conclusive  and  binding  absent  manifest  error,  and  such  Lender  shall  be  deemed  to  be  a  Defaulting  Lender  (subject  to Section 2.16(b))  as  of  the  date  established therefor by the Administrative Agent in a written notice of such determination, which  shall be delivered by the Administrative Agent to the Company, the L/C Issuer, the Swing Line  Lender and each other Lender promptly following such determination.         “Delaware  LLC”  means  any  limited  liability  company  organized  or  formed  under  the  laws of the State of Delaware.         “Delaware  Divided  LLC”  means  any  Delaware  LLC  which  has  been  formed  upon  consummation of a Delaware LLC Division.         “Delaware LLC Division” means the statutory division of any Delaware LLC into two or  more  Delaware  LLCs  pursuant  to  Section  18-217  of the  Delaware  Limited  Liability  Company  Act.         “Designated Borrower” has the meaning specified in the introductory paragraph hereto.                                        10                                                                             

 

         “Designated Borrower Notice” has the meaning specified in Section 2.17.         “Designated Borrower Request and Assumption Agreement” has the meaning specified  in Section 2.17.         “Designated Lender” has the meaning set forth in Section 2.12(e).         “Designated Jurisdiction” means any country, region or territory to the extent that such  country, region or territory itself is the subject of Sanctions that broadly prohibit dealings with  such country, region or territory (as of the Closing Date, the Crimea region of Ukraine, Cuba,  Iran, North Korea, Sudan and Syria).         “Disposition”  or  “Dispose”  means  the  sale,  transfer,  license,  lease  or  other  disposition  (including any sale and leaseback transaction) of any property by any Person, including any sale,  assignment,  transfer  or  other  disposal,  with  or  without  recourse,  of  any  notes  or  accounts  receivable or any rights and claims associated therewith and including any disposition of property  to a Delaware Divided LLC pursuant to a Delaware LLC Division.         “Dollar” and “$” mean lawful money of the United States.         “Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in  Dollars,  such  amount,  and  (b)  with  respect  to  any  amount  denominated  in  any  Alternative  Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent or  the  applicable  L/C  Issuer,  as  the  case  may  be,  at  such  time  on  the  basis  of  the  Spot  Rate  (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such  Alternative Currency.         “Domestic  Subsidiary”  means  any  Subsidiary  that  is  organized  under  the  laws  of  any  political subdivision of the United States.         “EEA  Financial  Institution”  means  (a)  any  credit  institution  or  investment  firm  established  in  any  EEA  Member  Country  which  is  subject  to  the  supervision  of  an  EEA  Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of  an institution described in clause (a) of this definition, or (c) any financial institution established  in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b)  of this definition and is subject to consolidated supervision with its parent.         “EEA  Member  Country”  means  any  of  the  member  states  of  the  European  Union,  Iceland, Liechtenstein, and Norway.         “EEA  Resolution  Authority”  means  any  public  administrative  authority  or  any  person  entrusted  with  public  administrative  authority  of  any  EEA  Member  Country  (including  any  delegee) having responsibility for the resolution of any EEA Financial Institution.         “Eligible  Assignee”  means  any  Person  that  meets  the  requirements  to  be  an  assignee  under Section 11.06(b)(iii) and (v) (subject to such consents, if any, as may be required under  Section 11.06(b)(iii)).         “Environmental Laws” means any and all federal, state, local, and foreign statutes, laws,  regulations,  ordinances,  rules,  judgments,  orders,  decrees,  permits,  concessions,  grants,  franchises,  licenses,  agreements  or  governmental  restrictions  relating  to  pollution  and  the                                       11                                                                             

 

   protection  of  the  environment  or  the  release  of  any  materials  into  the  environment,  including  those related to hazardous substances or wastes, air emissions and discharges to waste or public  systems.         “Environmental  Liability”  means  any  liability,  contingent  or  otherwise  (including  any  liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any  Borrower,  any  other  Loan  Party  or  any  of  their  respective  Subsidiaries  directly  or  indirectly  resulting  from  or  based  upon  (a)  violation  of  any  Environmental  Law, (b)  the generation,  use,  handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure  to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into  the  environment  or  (e) any  contract,  agreement  or  other  consensual  arrangement  pursuant  to  which liability is assumed or imposed with respect to any of the foregoing.         “ERISA”  means  the  Employee  Retirement  Income  Security  Act  of  1974,  as  amended,  and the rules and regulations promulgated thereunder.         “ERISA  Affiliate”  means  any  trade  or  business  (whether  or  not  incorporated)  under  common control with a Loan Party within the meaning of Section 414(b) or (c) of the Code (and  Sections 414(m)  and  (o)  of  the  Code  for  purposes  of  provisions  relating  to  Section 412  of  the  Code).         “ERISA  Event”  means  (a)  a  Reportable  Event  with  respect  to  a  Pension  Plan;  (b)  the  withdrawal of the Company or any ERISA Affiliate from a Pension Plan subject to Section 4063  of  ERISA during  a  plan  year  in  which such  entity  was a  “substantial  employer”  as  defined in  Section  4001(a)(2)  of  ERISA  or  a  cessation  of  operations that  is  treated  as  such  a  withdrawal  under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Company or any  ERISA  Affiliate from  a  Multiemployer  Plan  or  notification  that  a  Multiemployer  Plan  is  in  reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan or  Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA; (e)  the institution by the PBGC of proceedings to terminate a Pension Plan or Multiemployer Plan;  (f)  any  event  or  condition  which  constitutes  grounds  under  Section  4042  of  ERISA  for  the  termination  of,  or  the  appointment  of  a  trustee  to  administer,  any  Pension  Plan;  (g)  the  determination that any Pension Plan is considered an at-risk plan or receipt of notification by the  Company that any Multiemployer Plan is in endangered or critical status within the meaning of  Sections 430, 431 and 432 of the Internal Revenue Code or Sections 303, 304 and 305 of ERISA;  or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums  due but not delinquent under Section 4007 of ERISA, upon the Company or any ERISA Affiliate.         “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor person), as in effect from time to time.         “Euro” and “EUR” mean the single currency of the Participating Member States.         “Eurocurrency Rate” means,          (a)    with respect to any Credit Extension:                (i)   denominated in a LIBOR Quoted Currency, the rate per annum equal to        the London Interbank Offered Rate as administered by ICE Benchmark Administration        (or  any  other  Person  that  takes  over  the  administration  of  such  rate) (“LIBOR”),  as        published  on  the  applicable  Bloomberg  screen  page  (or  such  other  commercially                                       12                                                                             

 

         available source providing such quotations as may be designated by the Administrative        Agent from time to time) at approximately 11:00 a.m., London time, two Business Days        prior to the commencement of such Interest Period, for deposits in the relevant currency        (for  delivery  on  the  first  day  of  such  Interest  Period)  with  a  term  equivalent  to  such        Interest Period;                (ii)   denominated  in  Canadian  dollars,  the  rate  per  annum  equal  to  the        Canadian Dealer Offered Rate (“CDOR”), or a comparable or successor rate which rate is        approved by the Administrative Agent, as published on the applicable Bloomberg screen        page (or such other commercially available source providing such quotations as may be        designated  by  the  Administrative  Agent  from  time  to  time)  at  or  about  10:00  a.m.        (Toronto, Ontario time) on the first day of such Interest Period (or such other day as is        generally treated as the rate fixing day by market practice in such interbank market, as        determined by the Administrative Agent) (or if such day is not a Business Day, then on        the immediately preceding Business Day) with a term equivalent to such Interest Period;                (iii)  denominated in Australian dollars, the rate per annum equal to the Bank        Bill Swap Reference Bid Rate (“BBSY”)  or a comparable or successor rate, which rate is        approved by the Administrative Agent, as published on the applicable Bloomberg screen        page (or such other commercially available source providing such quotations as may be        designated  by  the  Administrative  Agent  from  time  to  time)  at  or  about  10:30  a.m.        (Melbourne,  Australia  time)  on  the  Rate  Determination  Date  with a  term  equivalent to        such Interest Period;                (iv)  denominated  in  Hong  Kong  dollars,  the  rate  per  annum  equal  to  the        Hong  Kong  Interbank  Offered  Rate  (“HIBOR”)  or,  if  such  rate  is  not  available,  a        comparable  or  successor  rate,  which  rate  is  reasonably  selected  by  the  Administrative        Agent,  as  published  by  the  applicable Bloomberg  screen  page  (or  such  other        commercially  available  source  providing  such  quotations  as  may  be  designated  by  the        Administrative Agent from time to time) at or about 11:00 a.m. (Hong Kong time) on the        Rate Determination Date with a term equivalent to such Interest Period;                 (v)   denominated  in  Singapore  dollars,  the  rate  per  annum  equal  to  the        Singapore  Interbank  Offered  Rate  (“SIBOR”)  or,  if  such  rate  is  not  available,  a        comparable  or  successor  rate,  which  rate  is  reasonably  selected  by  the  Administrative        Agent,  as  published  by  the  applicable  Bloomberg  screen  page  (or  such  other        commercially  available  source  providing  such  quotations  as  may  be  designated  by  the        Administrative Agent from time to time) at or about 11:00 a.m. (Singapore time) on the        Rate Determination Date with a term equivalent to such Interest Period; and         (b)    for any rate calculation with respect to a Base Rate Loan on any date, the rate per  annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior  to such date for U.S. Dollar deposits with a term of one month commencing that day;   provided that to the extent a comparable or successor rate is approved by the Administrative  Agent in connection with any rate set forth in this definition, the approved rate shall be applied in  a manner consistent with market practice; provided, further that to the extent such market practice  is not administratively feasible for the Administrative Agent, such approved rate shall be applied  in a manner as otherwise reasonably determined by the Administrative Agent; and if the  Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for purposes of this  Agreement.                                       13                                                                             

 

         “Eurocurrency Rate Loan” means a Committed Loan that bears interest at a rate based on  clause  (a)  of the  definition  of  the  Eurocurrency  Rate.   Eurocurrency  Rate  Loans  may  be  denominated in Dollars or in an Alternative Currency.  All Loans denominated in an Alternative  Currency must be Eurocurrency Rate Loans.         “Event of Default” has the meaning specified in Section 9.01.         “Exchange Act Reports” shall mean the Annual Report of the Company on Form 10-K  for the year ended January 31, 2019, and all Current Reports of the Company on Form 8-K dated  February 1, 2019 to five (5) Business Days prior to the Closing Date.         “Excluded  Subsidiary”  means  (a)  Tech  Data  Finance  SPV,  Inc.,  (b)  any  Domestic  Subsidiary  that  is  a  Special  Purpose  Finance  Subsidiary,  (c)  any  Domestic  Subsidiary  all  or  substantially all of the assets of which consist of one or more controlled foreign corporations and  (d) any Domestic Subsidiary that is a pass-through entity for U.S. federal income tax purposes  and is directly or indirectly owned by one or more controlled foreign corporations.         “Excluded Taxes” means any of the following Taxes imposed on or with respect to any  Recipient or  required  to  be  withheld  or  deducted  from  a  payment  to  a  Recipient,  (a) Taxes  imposed  on  or  measured  by  net  income  (however  denominated),  franchise  Taxes,  and  branch  profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the  laws of, or having its principal office or, in the case of any Lender, its Lending Office located in,  the  jurisdiction  imposing  such  Tax  (or  any  political  subdivision  thereof)  or  (ii) that  are  Other  Connection  Taxes,  (b) in  the  case  of  a  Lender,  U.S.  federal  withholding  Taxes imposed  on  amounts payable to or for the account of such Lender with respect to an applicable interest in a  Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires  such  interest  in  the  Loan  or  Commitment  (other  than  pursuant  to  an  assignment  request  by a  Borrower  under Section 11.13)  or  (ii) such  Lender  changes  its  Lending  Office,  except  in  each  case to the extent that, pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such  Taxes were payable either to such Lender’s assignor immediately before such Lender became a  party  hereto  or  to  such  Lender  immediately  before  it  changed  its  Lending  Office,  (c) Taxes  attributable  to  such  Recipient’s  failure  to  comply  with Section 3.01(e) or  (f) and  (d) any  U.S.  federal  withholding  Taxes  imposed  pursuant  to  FATCA.   Notwithstanding  anything  to  the  contrary  contained  in  this  definition,  “Excluded  Taxes”  shall  not  include  any  Florida  documentary tax.         “Existing  Credit  Agreement”  has  the  meaning  given  to  such  term  in  the  introductory  paragraph to this Agreement.         “Existing  Letters  of  Credit”  means,  collectively,  the  letters  of  credit  described  on  Schedule 1.01-A.         “Existing Synthetic Lease Facility” means those facilities listed on Schedule 1.01-C, as  each of such facilities may be amended, modified, supplemented or amended and restated from  time to time.         “Existing Trade Receivables Facilities” means those facilities listed on Schedule 1.01-D,  as each of such facilities may be amended, modified, supplemented or amended and restated from  time to time.         “Facility Fee” has the meaning set forth in Section 2.09(a).                                       14                                                                             

 

         “FATCA”  shall  mean  Sections  1471  through  1474  of  the  Code,  as  of  the  date  of  this  Agreement  (or  any  amended  or  successor  version  that  is  substantively  comparable  and  not  materially  more  onerous  to  comply  with),  and  any  current  or  future  regulations or  official  interpretations  thereof,  any  intergovernmental  agreement  entered  into  in  connection  therewith,  any  legislation,  rules  or  guidance  implementing  such  intergovernmental  agreement,  and  any  agreements entered into pursuant to Section 1471(b)(1) of the Code.         “Federal  Funds  Rate”  means,  for  any  day,  the  rate  per  annum  equal  to  the  weighted  average of the rates on overnight Federal funds transactions with members of the Federal Reserve  System,  as  published  by  the  Federal  Reserve  Bank  of  New  York  on  the  Business  Day  next  succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate  for such day shall be such rate on such transactions on the next preceding Business Day as so  published on the next succeeding Business Day, and (b) if no such rate is so published on such  next  succeeding  Business  Day,  the  Federal  Funds  Rate for  such  day  shall  be  the  average  rate  (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America  on such day on such transactions as determined by the Administrative Agent.         “Fee Letter” means, collectively, (x) that certain fee letter, dated April 17, 2019, among  the Company,  the  Administrative  Agent  and  MLPFS  and  (y)  each  other  fee  letter  among  the  Company and an Arranger (or its applicable lending Affiliates) relating to fees payable in respect  of this Agreement.         “Fitch” means Fitch, Inc.          “Foreign  Lender”  means,  with  respect  to any Borrower,  a  Lender  that  is  not  a  U.S.  Person.         “Foreign Subsidiary” means a Subsidiary that is not a Domestic Subsidiary.         “FRB”  means  the  Board  of  Governors  of  the  Federal  Reserve  System of  the  United  States.         “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to  the L/C Issuer, such Defaulting Lender’s Pro Rata Share of the outstanding L/C Obligations other  than  L/C  Obligations  as  to  which  such  Defaulting Lender’s  participation  obligation  has  been  reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof and (b)  with respect to the Swing Line Lender, such Defaulting Lender’s Pro Rata Share of Swing Line  Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation  has been reallocated to other Lenders in accordance with the terms hereof.          “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 activities.         “GAAP”  means  with  respect  to  any  computation  required  or  permitted  hereunder,  generally accepted accounting principles in the United States as in effect from time to time.         “Governmental  Authority”  means  the  government  of  the  United  States,  the  United  Kingdom or any other nation, or of any political subdivision thereof, whether state or local, and  any  agency,  authority,  instrumentality,  regulatory  body,  court,  central  bank  or  other  entity  exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions                                       15                                                                             

 

   of or pertaining to government (including any supra-national bodies such as the European Union  or the European Central Bank).         “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such  Person  guaranteeing  or  having  the  economic  effect  of  guaranteeing  any  Indebtedness  or  other  obligation  payable  or  performable  by  another  Person  (the  “primary  obligor”)  in  any  manner,  whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i)  to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness  or  other  obligation,  (ii)  to  purchase  or  lease  property,  securities  or  services  for  the  purpose  of  assuring  the  obligee  in  respect  of  such  Indebtedness  or  other  obligation  of  the  payment  or  performance of such Indebtedness or other obligation, or (iii) to maintain working capital, equity  capital or any other financial statement condition or liquidity or level of income or cash flow of  the  primary  obligor  so  as  to  enable  the  primary  obligor  to  pay  such  Indebtedness  or  other  obligation,  or  (b)  any  Lien  on  any  assets  of  such  Person  securing  any  Indebtedness  or  other  obligation of any other Person, whether or not such Indebtedness or other obligation is assumed  by such Person.  The amount of any Guarantee shall be deemed to be an amount equal to the  stated or determinable amount of the related primary obligation, or portion thereof, in respect of  which  such  Guarantee  is  made  or,  if  not  stated  or  determinable,  the  maximum  reasonably  anticipated  liability  in  respect  thereof  as  determined  by  the  guaranteeing  Person  in  good  faith.   The term “Guarantee” as a verb has a corresponding meaning.         “Guaranteed Obligations” has the meaning specified in Section 12.01.         “Hazardous Materials”  means  all explosive  or radioactive  substances  or  wastes  and  all  hazardous  or  toxic  substances,  wastes or  other  pollutants,  including  petroleum  or  petroleum  distillates,  asbestos  or  asbestos-containing  materials,  polychlorinated  biphenyls,  radon  gas,  infectious or medical wastes and all other substances or wastes of any nature regulated pursuant  to any Environmental Law.         “Honor Date” has the meaning specified in Section 2.02(c)(i).         “Increase Effective Date” has the meaning specified in Section 2.14(d).         “Indebtedness” means, as to any Person at a particular time, without duplication, all of  the following, whether or not included as indebtedness or liabilities in accordance with GAAP:                (a)   all obligations of such Person for borrowed money and all obligations of        such  Person  evidenced  by  bonds,  debentures,  notes,  loan  agreements  or  other  similar        instruments;                (b)   all direct or contingent obligations of such Person arising under letters of        credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety        bonds and similar instruments;                (c)   the net obligations of such Person under any Swap Contract;                (d)   all  obligations  of  such  Person  to  pay  the  deferred  purchase  price  of        property  or  services  (other  than  trade  accounts  payable  in  the  ordinary  course  of        business);                                        16                                                                             

 

                (e)   indebtedness (excluding  prepaid  interest thereon)  secured by  a  Lien  on        property owned or being purchased by such Person (including indebtedness arising under        conditional sales or other title retention agreements), whether or not such indebtedness        shall have been assumed by such Person or is limited in recourse;                (f)   Attributable  Indebtedness with  respect to  capital  leases and  obligations        under the Real Estate Financing Facilities; and                (g)   all Guarantees of such Person in respect of any of the foregoing.         For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of  any partnership or joint venture (other than a joint venture that is itself a corporation or limited  liability  company)  in  which  such  Person  is  a  general  partner  or  a  joint  venturer,  unless  such  Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation  under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof  as of such date.         The term “Indebtedness” shall not include payroll indebtedness, or trade indebtedness or  Guarantee  thereof incurred  in  the  ordinary  course  of  business  (including  trade  indebtedness  through financial intermediaries) provided such trade indebtedness has a maturity of less than one  year, capital stock, surplus and retained earnings, minority interests in the stock of Subsidiaries,  operating  lease  obligations,  reserves  for  deferred  taxes  or  investment  credits,  or  deferred  compensation obligations.         “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with  respect to any payment made by or on account of any obligation of any Loan Party under any  Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.         “Indemnitees” has the meaning specified in Section 11.04(b).         “Information” has the meaning specified in Section 11.07.         “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last  day of each Interest Period applicable to such Loan and the Maturity Date; provided, however,  that  if  any  Interest  Period for  a  Eurocurrency  Rate  Loan  exceeds  three  months,  the  respective  dates that fall every three months after the beginning of such Interest Period shall also be Interest  Payment  Dates;  and  (b)  as  to  any  Base  Rate  Loan  (including  a  Swing  Line  Loan),  the  last  Business Day of each February, May, August and November and the Maturity Date.         “Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on  the  date  such  Eurocurrency  Rate  Loan  is  disbursed  or  converted  to  or  continued  as  a  Eurocurrency  Rate  Loan  and  ending  on  the  date  one week,  or  one,  two,  three  or  six  months  thereafter, as selected by the applicable Borrower in its Committed Loan Notice; provided that:                (i)   any  Interest  Period  that  would  otherwise  end  on  a  day  that  is  not  a        Business  Day  shall  be  extended  to  the  next succeeding  Business  Day  unless  such        Business Day falls in another calendar month, in which case such Interest Period shall        end on the next preceding Business Day;                (ii)  any  Interest  Period  that  begins  on  the  last  Business  Day  of  a  calendar        month (or on a day for which there is no numerically corresponding day in the calendar                                       17                                                                             

 

         month  at  the  end  of  such  Interest  Period)  shall  end  on  the  last  Business  Day  of  the        calendar month at the end of such Interest Period; and                (iii) no Interest Period shall extend beyond the Maturity Date.         “Investment” means, as to any Person, any direct or indirect acquisition or investment by  such Person, whether by means of (a) the purchase or other acquisition of capital stock or other  securities  of  another  Person,  (b)  a  loan,  advance  or capital  contribution  to,  Guarantee  or  assumption of debt of, or purchase or other acquisition of any other debt or equity participation or  interest  in,  another  Person,  including  any  partnership  or  joint  venture  interest  in  such  other  Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of  assets of another Person that constitute a business unit.  For purposes of covenant compliance, the  amount  of  any  Investment  shall  be  the  amount  actually  invested,  without  adjustment  for  subsequent increases or decreases in the value of such Investment.         “Investment Policy” means the Company’s investment policy as in effect from time to  time as approved by the chief financial officer or treasurer of the Company.         “IRS” means the United States Internal Revenue Service.         “ISP”  means  the International  Standby  Practices,  International  Chamber  of  Commerce  Publication No. 590 (or such later version thereof as may be in effect at the applicable time).         “Issuer  Documents”  means  with  respect to  any  Letter  of  Credit,  the  Letter  of  Credit  Application,  and  any  other  document,  agreement and  instrument  entered  into by  an  L/C Issuer  and any Borrower (or any Subsidiary of the Company) or in favor of an L/C Issuer and relating to  any such Letter of Credit.         “Laws”  means,  collectively,  all  international,  foreign,  federal,  state  and  local  statutes,  treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents  or  authorities,  including  the  interpretation  or  administration  thereof  by  any  Governmental  Authority  charged  with  the  enforcement,  interpretation  or  administration  thereof,  and  all  applicable administrative orders, directed duties, requests, licenses, authorizations and permits of,  and agreements with, any Governmental Authority, in each case whether or not having the force  of law.         “L/C  Advance”  means,  with  respect  to  each  Lender,  such  Lender’s  funding  of  its  participation in any L/C Borrowing in accordance with its Pro Rata Share.         “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter  of Credit which has not been reimbursed on the date when made or refinanced as a Committed  Borrowing.         “L/C Commitment” means, as to each L/C Issuer, its obligation to issue Letters of Credit  for the  Borrowers pursuant  to Section  2.03 in  an  aggregate  principal  amount  at  any  one  time  outstanding not  to  exceed  $50,000,000,  as  such  amount  may  be  adjusted  from  time  to  time  in  accordance with this Agreement.          “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof  or extension of the expiry date thereof, or the renewal or increase of the amount thereof.                                        18                                                                             

 

         “L/C  Issuer”  means  (a)  Bank  of  America  in  its  capacity  as  issuer  of  Letters  of  Credit  hereunder, (b) Citibank, N.A. in its capacity as issuer of Letters of Credit hereunder, (c) MUFG in  its  capacity  as  issuer  of  Letters  of  Credit  hereunder and  (d)  if  the  L/C  Issuers  in  clauses  (a)  through  (c)  above  are  unable  to  issue  Letters  of  Credit  for  the  reasons  set  forth  in Sections  2.03(a)(iii)(B) or (E),  such  other  Lender  selected  by  the Company and  consented  to  by  such  Lender (upon notice to the Administrative Agent) from time to time to issue such Letter of Credit.         “L/C Obligations” means, as at any date of determination, the aggregate amount available  to  be  drawn  under  all  outstanding  Letters  of  Credit plus the  aggregate  of  all  Unreimbursed  Amounts, including all L/C Borrowings.  For purposes of computing the amount available to be  drawn  under  any  Letter  of  Credit,  the  amount  of  such  Letter  of  Credit  shall  be  determined  in  accordance  with Section 1.08.   For  all  purposes  of  this  Agreement,  if  on  any  date  of  determination  a  Letter  of  Credit  has  expired  by  its  terms  but  any  amount  may  still  be  drawn  thereunder  by  reason  of  the  operation  of Rule 3.14  of  the  ISP,  such  Letter  of  Credit  shall  be  deemed to be “outstanding” in the amount so remaining available to be drawn.         “Lender”  has  the  meaning  specified  in  the  introductory  paragraph  hereto  and,  as  the  context requires, includes the L/C Issuers and the Swing Line Lender.         “Lending Office” means, as to any Lender, the office or offices of such Lender described  as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender  may  from  time  to  time  notify  the Borrowers and  the  Administrative  Agent,  which  office  may  include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such  Affiliate.  Unless  the  context  otherwise  requires  each  reference  to  a  Lender  shall  include  its  applicable Lending Office.         “Letter of Credit” means any standby letter of credit issued hereunder and shall include  the Existing Letters of Credit.         “Letter  of  Credit  Application”  means an application and  agreement  for  the issuance  or  amendment of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer.         “Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity  Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).         “Letter of Credit Fee” has the meaning specified in Section 2.03(h).         “Letter  of  Credit  Sublimit”  means  an  amount  equal  to  $150,000,000.   The  Letter  of  Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.         “LIBOR” has the meaning specified in the definition of Eurocurrency Rate.         “LIBOR  Quoted  Currency”  means  each  of  the  following  currencies:  Dollars;  Euro;  Sterling;  Yen;  and  Swiss Franc; in each case as long  as  there is  a published LIBOR rate  with  respect thereto.         “LIBOR  Screen  Rate”  means  the  LIBOR  quote  on  the  applicable  screen  page  the  Administrative  Agent  designates  to  determine  LIBOR  (or  such  other  commercially  available  source providing such quotations as may be designated by the Administrative Agent from time to  time).                                        19                                                                             

 

         “LIBOR Successor Rate” has the meaning specified in Section 3.03.         “LIBOR  Successor  Rate  Conforming  Changes”  has  the  meaning  specified  in  Section 3.03.         “Lien”  means  any  mortgage,  pledge,  hypothecation,  assignment,  deposit  arrangement,  encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or  preferential  arrangement  in  the  nature  of  a  security  interest  of  any  kind  or  nature  whatsoever  (including any conditional sale or other title retention agreement, any easement, right of way or  other encumbrance on title to real property, and any financing lease having substantially the same  economic effect as any of the foregoing).         “Loans” means an extension of credit by a Lender to a Borrower under Article II in the  form of a Committed Loan or a Swing Line Loan.         “Loan  Documents”  means  this  Agreement, each  Designated  Borrower  Request  and  Assumption Agreement, each Note, the Fee Letter and the Subsidiary Guaranty.         “Loan Parties” means, collectively, each Borrower and each Subsidiary Guarantor.         “London  Banking  Day”  means  any  day  on  which  dealings  in  Dollar  deposits  are  conducted by and between banks in the London interbank Eurodollar market.          “Material Adverse Effect” means (a) a material adverse change in, or a material adverse  effect upon, the operations, business, properties, liabilities, financial condition or prospects of the  Company and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any  Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a  material  adverse  effect  upon  the  legality,  validity,  binding  effect  or  enforceability  against  any  Loan Party of any Loan Document to which it is a party.         “Maturity  Date”  means May 15, 2024,  or  if  such day  is  not  a  Business  Day,  the  next  preceding Business Day.         “Minimum  Collateral  Amount”  means,  at  any  time,  (i)  with  respect  to  Cash  Collateral  consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure  during the existence of a Defaulting Lender, an amount equal to 102% of the Fronting Exposure  of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (ii) with  respect to Cash Collateral consisting of cash or deposit account balances provided in accordance  with  the  provisions  of  Section  2.15(a)(i),  (a)(ii)  or  (a)(iii),  an  amount  equal  to  102%  of  the  Outstanding  Amount  of  all  LC  Obligations,  and  (iii)  otherwise,  an  amount  determined  by  the  Administrative Agent and the L/C Issuer in their sole discretion.         “MLPFS”  means  Merrill  Lynch,  Pierce,  Fenner  &  Smith  Incorporated (or  any  other  registered  broker-dealer  wholly-owned  by  Bank  of  America  Corporation  to  which  all  or  substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking,  commercial lending services or related businesses may be transferred following the date of this  Agreement).         “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.         “MUFG” means MUFG Bank, Ltd.                                       20                                                                             

 

         “Multiemployer Plan” means any employee benefit plan of the type described in Section  4001(a)(3)  of  ERISA,  to  which  a  Loan Party  or  any  ERISA Affiliate  makes  or  is  obligated  to  make contributions, or during the preceding five plan years, has made or been obligated to make  contributions.         “Multiple  Employer  Plan”  means  a  Plan  which  has  two or  more  contributing  sponsors  (including a Loan Party or any ERISA  Affiliate) at least two of whom are not under common  control, as such a plan is described in Section 4064 of ERISA.         “Non-Consenting Lender” means any Lender that does not approve any consent, waiver  or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance  with the terms of Section 11.01 and (ii) has been approved by the Required Lenders.          “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender  at such time.         “Non-Extension Notice Date” has the meaning specified in Section 2.03(b)(iii).         “Note” means a promissory note made by the applicable Borrower in favor of a Lender  evidencing Loans made by such Lender, substantially in the form of Exhibit C.           “Obligations”  means  all  advances  to,  and  debts,  liabilities,  obligations,  covenants  and  duties of, a Loan Party arising under any Loan Document or otherwise with respect to any Loan  or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute  or contingent, due or to become due, now existing or hereafter arising and including interest and  fees that accrue after the commencement by or against a Loan Party or any Affiliate thereof of  any  proceeding  under  any  Debtor  Relief  Laws  naming  such  Person  as  the  debtor  in  such  proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.         “OFAC” means the Office of Foreign Assets Control of the United States Department of  the Treasury.         “Off-Balance  Sheet  Liabilities”  means,  with  respect  to  any  Person  as  of  any  date  of  determination  thereof,  without  duplication  and  to  the  extent  not  included  as  a  liability  on  the  consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP: (a) with  respect  to  any  asset  securitization  transaction  (including  any  accounts  receivable  purchase  facility) (i) the unrecovered investment of purchasers or transferees of assets so transferred, and  (ii) any  other payment,  recourse, repurchase,  hold harmless, indemnity  or similar obligation  of  such Person or any of its Subsidiaries in respect of assets transferred or payments made in respect  thereof, other than limited recourse provisions that are customary for transactions of such type  and  that  neither  (x)  have  the  effect  of  limiting  the  loss  or  credit  risk  of  such  purchasers  or  transferees with respect to payment or performance by the obligors of the assets so transferred nor  (y) impair the characterization of the transaction as a true sale under applicable Laws (including  Debtor  Relief  Laws);  (b)  the  monetary  obligations  under  any  financing  lease  or  so-called  “synthetic,” tax retention or off-balance sheet lease transaction which, upon the application of any  Debtor  Relief  Law  to  such  Person  or  any  of  its  Subsidiaries,  would  be  characterized  as  indebtedness; (c) the monetary obligations under any sale and leaseback transaction which does  not create a liability on the consolidated balance sheet of such Person and its Subsidiaries; or (d)  any  other  “off-balance  sheet  arrangement”  as  defined  in  (i)  Item  303,  part  (a)(4)  of  Regulation S-K  of  the  SEC,  or  (ii)  any  successor  regulation  of  the  SEC  defining  “off-balance  sheet arrangement.”                                        21                                                                             

 

         “Organization  Documents”  means,  (a)  with  respect  to  any  corporation,  the charter  or  certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive  documents  with  respect  to  any  non-U.S.  jurisdiction);  (b)  with  respect  to  any  limited  liability  company, the certificate or articles of formation or organization and operating or limited liability  agreement; and (c) with respect to any partnership, joint venture, trust or other form of business  entity, the partnership, joint venture or other applicable agreement of formation or organization  and any agreement, instrument, filing or notice with respect thereto filed in connection with its  formation or organization with the applicable Governmental Authority in the jurisdiction of its  formation  or  organization  and,  if  applicable,  any  certificate  or  articles  of  formation  or  organization of such entity.         “Other  Connection  Taxes”  means,  with  respect  to  any  Recipient,  Taxes  imposed  as  a  result  of  a  present or  former  connection  between  such  Recipient  and  the jurisdiction  imposing  such Tax (other than connections arising from such Recipient having executed, delivered, become  a  party  to,  performed  its  obligations  under,  received  payments  under,  received  or  perfected  a  security  interest  under,  engaged  in  any  other  transaction  pursuant  to  or  enforced  any  Loan  Document, or sold or assigned an interest in any Loan or Loan Document).          “Other  Taxes”  means  all  present  or  future  stamp,  court  or  documentary,  intangible,  recording, filing or similar Taxes that arise from any payment made under, from the execution,  delivery, performance, enforcement or registration of, from the receipt or perfection of a security  interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are  Other Connection Taxes imposed with respect to an assignment (other than an assignment made  pursuant to Section 3.06).         “Outstanding  Amount”  means  (a)  with  respect  to  Committed  Loans  and  Swing  Line  Loans on any date, the Dollar Equivalent amount of the aggregate outstanding principal amount  thereof  after  giving  effect  to  any  borrowings  and  prepayments  or  repayments  of  Committed  Loans and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to  any  L/C  Obligations  on  any  date,  the  Dollar  Equivalent  amount  of  the  aggregate  outstanding  amount  of  such  L/C  Obligations  on  such  date  after  giving  effect  to  any  L/C  Credit  Extension  occurring on such date and any other changes in the aggregate amount of the L/C Obligations as  of  such  date,  including  as  a  result  of  any  reimbursements  by  the applicable  Borrower of  Unreimbursed Amounts or any reductions in the maximum amount available for drawing under  Letters of Credit taking effect on such date.         “Overnight  Rate”  means,  for  any  day,  (a) with  respect  to  any  amount  denominated  in  Dollars,  the  greater  of  (i) the  Federal  Funds  Rate  and  (ii) an  overnight  rate  determined  by  the  Administrative Agent, the applicable L/C Issuer, or the Swing Line Lender, as the case may be, in  accordance with banking industry rules on interbank compensation, and (b) with respect to any  amount  denominated  in  an  Alternative  Currency,  the  rate  of  interest  per  annum  at  which  overnight deposits in the applicable Alternative Currency, in an amount approximately equal to  the amount with respect to which such rate is being determined, would be offered for such day by  a  branch  or  Affiliate  of  Bank  of  America  in  the  applicable offshore  interbank market  for such  currency to major banks in such interbank market.         “Participant” has the meaning specified in Section 11.06(d).         “Participating Member State” means any member state of the European Union that has  the Euro as its lawful currency in accordance with legislation of the European Union relating to  Economic and Monetary Union.                                       22                                                                             

 

         “Participant Register” has the meaning specified in Section 11.06(d).         “PATRIOT Act” has the meaning specified in Section 11.16.         “PBGC” means the Pension Benefit Guaranty Corporation.         “Pension Act” means the Pension Protection Act of 2006.         “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum  required  contributions  (including  any  installment  payment  thereof)  to  Pension  Plans  and  Multiemployer Plans and set forth in, with respect to plan years ending prior to the effective date  of the Pension Act, Section 412 of the Internal Revenue Code and Section 302 of ERISA, each as  in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code  and Sections 302, 303, 304 and 305 of ERISA.         “Pension  Plan”  means  any  employee  pension  benefit  plan  (including  a  Multiple  Employer Plan but excluding any Multiemployer Plan) that is maintained or is contributed to by  the Company and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to  the minimum funding standards under Section 412 of the Code.         “Permitted  Trade  Receivables  Facilities”  means,  collectively,  (a)  the  Existing  Trade  Receivables Facilities;  (b) any successor trade receivables facility which refinances and replaces  all  or  part  of  an  Existing  Trade  Receivables  Facility;  (c)  one  or  more  facilities  each  of  which  provides  for  limited  recourse  sales  and  assignments  of  accounts  receivable  of Company or  a  Subsidiary in connection with the issuance of obligations by Company or a Subsidiary secured by  such accounts receivable; (d) one or more facilities each of which provides for sales, transfers or  assignments  of  accounts  receivable  of Company or  a  Subsidiary  to  a  third  party  purchaser,  transferee  or  assignee;  all  of which  facilities  shall  be  on  such  terms  and  conditions  as  are  reasonable  and  customary  for  such  transactions; provided,  that  such  sales,  transfers  and  assignments  do  not  result  in  the  creation  of  any  Lien  on  the  assets  of  the Company or  any  Subsidiary, other than Liens on the accounts receivable so sold, transferred or assigned.         “Person”  means  any  natural  person,  corporation,  limited  liability  company,  trust,  joint  venture, association, company, partnership, Governmental Authority or other entity.         “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA  (including a Pension Plan but other than a Multiemployer Plan), maintained by the Company for  employees of the Company.         “Platform” has the meaning specified in Section 7.02.         “Pro Forma Basis” means, for purposes of calculating Consolidated EBITDA (other than  a calculation of Consolidated EBITDA for purposes of the Consolidated Interest Coverage Ratio),  any Acquisition with an aggregate purchase price of $100,000,000 or more shall be deemed to  have occurred as of the first day of the most recent four fiscal quarter period preceding the date of  such transaction for which the Company was required to deliver financial statements pursuant to  Section  7.01(a) or Section  7.01(b).  In  connection  with  the  foregoing,  income  statement  items  attributable  to  the  Person  or  property  acquired  shall  be  included  to  the  extent  relating  to  any  period applicable in such calculation to the extent (A) such items are not otherwise included in  such income statement items for the Company and its Subsidiaries in accordance with GAAP or                                        23                                                                             

 

   in accordance with any defined terms set forth in Section 1.01 and (B) such items are supported  by financial statements or other information reasonably satisfactory to the Administrative Agent.         “Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed as  a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the  Commitment  of  such  Lender  at  such  time  and  the  denominator  of  which  is  the  amount  of  the  Aggregate Commitments at such time; provided that if the commitment of each Lender to make  Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated  pursuant to Section 9.02, then the Pro Rata Share of each Lender shall be determined based on the  Pro Rata Share of such Lender immediately prior to such termination and after giving effect to  any  subsequent assignments  made  pursuant  to  the terms  hereof.  The  initial  Pro  Rata  Share  of  each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment  and Assumption pursuant to which such Lender becomes a party hereto, as applicable.         “PTE” means a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.         “Public Lender” has the meaning specified in Section 7.02.         “Rate Determination Date” means two (2) Business Days prior to the commencement of  such Interest Period (or such other day as is generally treated as the rate fixing day by market  practice in such interbank market, as determined by the Administrative Agent; provided that to  the extent such market practice is not administratively feasible for the Administrative Agent, such  other day as otherwise reasonably determined by the Administrative Agent).         “Real  Estate  Financing  Facilities”  means,  collectively  (a)  the  Existing  Synthetic  Lease  Facility; (b) any successor to the Existing Synthetic Lease Facility which refinances some or all  of  the  same  properties  of  the Company as  the  Existing  Synthetic  Lease  Facility  with  rates  of  interest, yield and fees that may increase or decrease in accordance with then applicable market  conditions;  (c)  one  or  more  arrangements  that  provide  financing  for  any  real  property  of  the  Company or its Subsidiaries, that impose no Liens other than on the real property financed by  such arrangements, which are on such terms and conditions as are reasonable and customary for  such  transactions,  and  which  create  obligations  with  an  Attributable  Indebtedness  of  not  more  than the fair market value of the properties so financed; provided that any operating lease other  than those  described  in  clauses  (a),  (b)  and  (c)  above  shall  not  be  treated  as  a  Real  Estate  Financing Facility for the purposes of this Agreement.         “Recipient”  means the  Administrative  Agent,  any  Lender, any  L/C Issuer  or any  other  recipient  of  any  payment  to  be  made  by  or  on  account  of  any  obligation  of  any  Loan  Party  hereunder.         “Register” has the meaning set forth in Section 11.06(c).         “Related  Parties”  means,  with  respect  to  any  Person,  such  Person’s  Affiliates  and  the  partners, directors, officers, employees, agents and advisors of such Person and of such Person’s  Affiliates.         “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other  than events for which the 30-day notice period has been waived.                                        24                                                                             

 

         “Request  for  Credit  Extension” means  (a)  with  respect  to  a  Borrowing,  conversion  or  continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit  Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing  Line Loan Notice.         “Required Lenders” means, as of any date of determination, Lenders having more than  50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the  obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to  Section 9.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with  the  aggregate  amount  of  each  Lender’s  risk  participation  and  funded  participation  in  L/C  Obligations  and  Swing  Line  Loans  being  deemed  “held”  by  such Lender  for  purposes  of  this  definition); provided that the Commitment of, and the portion of the Total Outstandings held or  deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination  of Required Lenders.         “Responsible  Officer”  means  the  chief  executive  officer,  president,  chief  financial  officer, treasurer, assistant treasurer or corporate controller of a Loan Party, or, in respect of the  Closing  Date U.K.  Borrower,  a  director, and  solely  for  purposes  of  delivery  of  incumbency  certificates pursuant  to Article V, the secretary  or  any  assistant  secretary  of  a Loan Party  and,  solely for purposes of notices given pursuant to Article II, any other officer or employee of the  applicable Loan Party so designated by the chief financial officer, treasurer or assistant treasurer,  or, in respect of a U.K. Borrower, a director, in a notice to the Administrative Agent, or any other  officer  or  employee  of  the  applicable  Loan  Party  designated  in  or  pursuant  to  an  agreement  between  the  applicable  Loan  Party  and  the  Administrative  Agent.   Any  document  delivered  hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed  to have been authorized by all necessary corporate, partnership and/or other action on the part of  such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on  behalf of such Loan Party.         “Restricted  Payment”  means  any  dividend  or  other  distribution  (whether  in  cash,  securities  or  other  property)  with  respect  to  any  capital  stock  or  other  equity  interest  of  the  Company or  any  Subsidiary,  or  any  payment  (whether  in  cash,  securities  or  other  property),  including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,  acquisition, cancellation or termination of any such capital stock or other equity interest or of any  option, warrant or other right to acquire any such capital stock or other equity interest; provided  that any repayment, put or call of a Convertible Debenture shall not be treated as a Restricted  Payment for purposes of this Agreement.         “Revaluation Date” means (a) with respect to any Loan, each of the following:  (i) each  date  of  a  Borrowing  of  a  Eurocurrency  Rate  Loan  denominated  in  an  Alternative  Currency,  (ii) each  date  of  a  continuation  of  a  Eurocurrency  Rate  Loan  denominated  in  an  Alternative  Currency  pursuant  to Section 2.02,  and  (iii) such  additional  dates  as  the  Administrative  Agent  shall determine or the Required Lenders shall require; and (b) with respect to any Letter of Credit,  each  of  the  following:   (i) each  date  of issuance  of  a  Letter  of  Credit  denominated  in  an  Alternative  Currency,  (ii) each  date  of  an  amendment  of  any  such  Letter  of  Credit  having  the  effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each  date of any payment by an L/C Issuer under any Letter of Credit denominated in an Alternative  Currency,  (iv) in  the  case  of  the  Existing  Letters  of  Credit,  the  Closing  Date,  and  (v)  such  additional dates as the Administrative Agent or and L/C Issuer shall reasonably determine or the  Required Lenders shall require.                                        25                                                                             

 

         “Same  Day  Funds”  means  (a)  with  respect  to  disbursements  and  payments  in  Dollars,  immediately  available  funds,  and  (b)  with  respect  to  disbursements  and  payments  in  an  Alternative Currency, same day or other funds as may be determined by the Administrative Agent  to  be  customary  in  the  place  of  disbursement  or  payment  for  the  settlement  of  international  banking transactions in the relevant Alternative Currency.         “Sanctioned Person” has the meaning specified in Section 6.20.         “Sanction(s)”  means  any economic  or  financial sanctions  or  trade  embargoes  imposed,  administered or enforced by the United States Government (including without limitation, OFAC),  the  United  Nations  Security  Council,  the  European  Union  or  Her  Majesty’s  Treasury  of  the  United Kingdom.         “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global,  Inc. and any successor thereto.         “Scheduled Unavailability Date” has the meaning specified in Section 3.03.         “SEC” means the Securities and Exchange Commission, or any Governmental Authority  succeeding to any of its principal functions.         “Securities Act” means the Securities Act of 1933, as amended.         “Shareholders’  Equity”  means,  as  of  any  date  of  determination,  consolidated  shareholders’ equity of the Company and its Subsidiaries as of that date determined in accordance  with GAAP.         “Significant Foreign Subsidiary” means any Foreign Subsidiary (a) that is a Designated  Borrower or (b) which has total assets (on a consolidated basis with its Subsidiaries) of more than  5% of the total assets of the Company (on a consolidated basis with the Company’s Subsidiaries).         “Significant  Subsidiary”  means  any  Domestic  Subsidiary (a)  that  is  a  Designated  Borrower or (b) which has total assets (on a consolidated basis with its Subsidiaries) of more than  5% of the total assets of the Company (on a consolidated basis with the Company’s Subsidiaries).         “Solvent” or “Solvency” means, with respect to any Person as of a particular date, that on  such  date  (i)  the  fair  value  of  the  assets  of  such  Person  and  its  subsidiaries  on  a  consolidated  basis, are and will be in excess of the total amount of its debts (including contingent liabilities);  (ii)  the  present  fair  saleable  value  of  the  assets  of  such  Person  and  its  subsidiaries  on  a  consolidated and going concern basis are and will be greater than the probable liability of such  Person and its subsidiaries on a consolidated basis on their existing debts as such debts become  absolute and matured; (iii) such Person and its subsidiaries on a consolidated basis are and will be  able to pay their debts (including contingent debts and other commitments) as they mature; and  (iv) such Person and its subsidiaries on a consolidated basis have capital sufficient to carry on  their business as conducted and as proposed to be conducted following the Closing Date.         “Special  Notice  Currency”  means  at  any  time  an  Alternative  Currency,  other  than  the  currency  of  a  country  that  is  a  member  of  the  Organization  for  Economic  Cooperation  and  Development at such time and is located in North America or Europe.                                        26                                                                             

 

         “Special  Purpose  Finance  Subsidiary”  means  any  Subsidiary  of  the Company created  solely  for  the  purposes  of,  and  whose  sole  activity  shall  consist  of,  acquiring  and  financing  accounts  receivable  of  the Company and  its  Subsidiaries  pursuant  to  a  Permitted  Trade  Receivables Facility.         “Specified Subsidiary Guarantors” means (i) Tech Data Global Holding Inc. and (ii) Tech  Data Finance Partner LLC.         “Spot Rate” for a currency means the rate determined by the Administrative Agent or an  L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the spot  rate for the purchase by such Person of such currency with another currency through its principal  foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior  to  the  date  as  of  which  the  foreign  exchange  computation  is  made; provided that  the  Administrative  Agent  or  an  L/C  Issuer  may  obtain  such  spot  rate  from  another  financial  institution designated by the Administrative Agent or an L/C Issuer if the Person acting in such  capacity does not have as of the date of determination a spot buying rate for any such currency;  and provided further that an L/C Issuer may use such spot rate quoted on the date as of which the  foreign  exchange  computation  is  made  in  the  case  of  any  Letter  of  Credit  denominated  in  an  Alternative Currency.         “Sterling” and “£” mean the lawful currency of the United Kingdom.         “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability  company or other business entity of which a majority of the shares of securities or other interests  having ordinary voting power for the election of directors or other governing body (other than  securities or interests having such power only by reason of the happening of a contingency) are at  the  time  beneficially  owned,  or  the  management  of  which  is  otherwise  controlled,  directly,  or  indirectly  through  one  or  more  intermediaries,  or  both,  by  such  Person.   Unless  otherwise  specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or  Subsidiaries of the Company.         “Subsidiary  Guarantors”  means,  collectively,  all  Significant  Subsidiaries  that  are  Domestic  Subsidiaries  of  the  Company  (excluding,  however,  any  Excluded  Subsidiaries)  and  each  other  Person  that  joins  as  a Subsidiary Guarantor  pursuant  to Section  7.12 or  otherwise,  together with their successors and assigns.         “Subsidiary Guaranty” means, individually or collectively as the context may require, (a)  the Subsidiary Guaranty  Agreement,  dated  as  of  the  date  hereof,  among  the Subsidiary  Guarantors  and  the  Administrative  Agent  and  (b)  any  other  guaranty  agreement  executed  and  delivered by a Subsidiary Guarantor to the Administrative Agent pursuant to Section 7.12, in each  case as supplemented from time to time by the execution and delivery of Subsidiary Guaranty  Joinder Agreements pursuant to the Subsidiary Guaranty.          “Subsidiary  Guaranty  Joinder Agreement”  means  each Subsidiary  Guaranty  Joinder  Agreement, substantially in the form attached to the Subsidiary Guaranty, executed and delivered  by a Subsidiary Guarantor to the Administrative Agent pursuant to the Subsidiary Guaranty.         “Swap  Contract”  means  (a)  any  and  all  rate  swap  transactions,  basis  swaps,  credit  derivative transactions, forward rate transactions, commodity swaps, commodity options, forward  commodity contracts, equity or equity index swaps or options, bond or bond price or bond index  swaps  or  options  or  forward  bond  or  forward  bond  price  or  forward  bond  index  transactions,                                       27                                                                             

 

   interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,  collar transactions,  currency  swap transactions, cross-currency  rate  swap  transactions,  currency  options,  spot  contracts,  or  any  other  similar  transactions  or  any  combination  of  any  of  the  foregoing  (including  any  options  to  enter  into  any  of  the  foregoing),  whether  or  not  any  such  transaction is governed by or subject to any master agreement, and (b) any and all transactions of  any  kind,  and  the  related  confirmations,  which  are  subject  to  the  terms  and  conditions  of,  or  governed by, any form of master agreement published by the International Swaps and Derivatives  Association,  Inc.,  any  International  Foreign  Exchange  Master  Agreement,  or  any  other  master  agreement  (any  such  master  agreement,  together  with  any  related  schedules,  a  “Master  Agreement”), including any such obligations or liabilities under any Master Agreement.         “Swap Termination Value” means, in respect of any one or more Swap Contracts, after  taking into account the effect of any legally enforceable netting agreement relating to such Swap  Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and  termination value(s) determined in accordance therewith, such termination value(s), and (b) for  any  date  prior  to  the  date  referenced  in  clause (a),  the  amount(s)  determined  as  the  mark-to-market  value(s)  for  such  Swap  Contracts,  as  determined  based  upon  one  or  more  mid-market or other readily available quotations provided by any recognized dealer in such Swap  Contracts (which may include a Lender or any Affiliate of a Lender).         “Swing  Line”  means  the  revolving  credit  facility  made  available  by  the  Swing  Line  Lender pursuant to Section 2.04.         “Swing  Line  Borrowing”  means  a  borrowing  of  a  Swing  Line  Loan  pursuant  to  Section 2.04.         “Swing Line Lender” means Bank of America in its capacity as provider of Swing Line  Loans, or any successor swing line lender hereunder.         “Swing Line Loan” has the meaning specified in Section 2.04(a).         “Swing  Line  Loan  Notice”  means  a  notice  of  a  Swing  Line  Borrowing  pursuant  to  Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B or such other  form as approved by the Administrative Agent (including any form on an electronic platform or  electronic transmission system as shall be approve by the Administrative Agent), appropriately  completed and signed by a Responsible Officer of the applicable Borrower.         “Swing Line Sublimit” means an amount equal to the lesser of (a) $200,000,000 and (b)  the  Aggregate  Commitments.   The  Swing  Line  Sublimit  is  part  of,  and  not  in  addition  to,  the  Aggregate Commitments.         “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express  Transfer  payment  system  which  utilizes  a  single  shared  platform  and  which  was  launched  on  November 19, 2007.         “TARGET Day” means any day on which TARGET2 (or, if such payment system ceases  to be operative, such other payment system, if any, determined by the Administrative Agent to be  a suitable replacement) is open for the settlement of payments in Euro.                                        28                                                                             

 

         “Taxes”  means  all  present  or  future  taxes,  levies,  imposts,  duties,  deductions,  withholdings (including backup withholding), assessments, fees or other charges imposed by any  Governmental Authority, including any interest, additions to tax or penalties applicable thereto.         “Tech Data Indenture” means any existing or future indenture between the Company and  a trustee relating to the offering of Convertible Debentures.         “Term Credit Agreement” means that certain Term Loan Credit Agreement, dated as of  November 2, 2016, by and among the Company, the lenders from time to time party thereto and  Bank of America, as administrative agent.         “Test  Period”  means,  at  any  date  of  determination,  the  most  recently  completed  four  consecutive fiscal quarters of the Company ending on or prior to such date.         “Threshold Amount” means $150,000,000.         “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C  Obligations.         “Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a  Eurocurrency Rate Loan.         “U.K. Borrower” means any Borrower, including the Closing Date U.K. Borrower, which  is incorporated in England and Wales or Scotland.         “U.K. Borrower DTTP Filing” means an HM Revenue & Customs’ Form DTTP2 duly  completed and filed by a U.K. Borrower, which (a) where it relates to a U.K. Treaty Lender that  is a Lender on the date of this Agreement, contains the scheme reference number and jurisdiction  of  tax  residence  stated  opposite that  Lender’s  name  in  the U.K. Tax  Schedule,  or  (b)  where it  relates to a U.K. Treaty Lender that is not a Lender on the date of this Agreement, contains the  scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the  relevant  Assignment  and  Assumption (or,  if  such  Lender  becomes a Lender  otherwise  than  pursuant to an Assignment and Assumption, in the relevant documentation which it executes on  becoming a Lender under this Agreement); provided that, in the event that a U.K. Borrower uses  a HM Revenue & Customs’ Form DTTP2A to make a filing in respect of more than one Lender,  such Form DTTP2A shall be deemed to be a HM Revenue & Customs’ Form DTTP2 in respect  of each U.K. Treaty Lender specified therein.         “U.K. CTA” means the United Kingdom Corporation Tax Act 2009.         “U.K. ITA” means the United Kingdom Income Tax Act 2007.         “U.K. Lender Status” has the meaning specified in Section 3.01(f)(ii)(G).          “U.K. Non-Bank Lender” means (a) where a Lender is a party to this Agreement on the  date of this Agreement, a Lender which is designated as a U.K. Non-Bank Lender in the U.K. Tax  Schedule,  and  (b)  where  a  Lender  becomes  a  party  to  this  Agreement  after  the  date  of  this  Agreement,  a  Lender  which  gives  a U.K. Tax  Confirmation  in  the  relevant  Assignment  and  Assumption (or,  if  such  Lender  becomes a Lender  other  than  pursuant  to  an  Assignment  and  Assumption, in the relevant documentation which it executes on becoming a Lender under this  Agreement).                                       29                                                                             

 

          “U.K. Qualifying  Lender”  means  a  Lender  which  is  beneficially  entitled  to  interest  payable to that Lender in respect of an advance under a Loan Document and is: (a) a Lender (i)  which is a bank (as defined for the purpose of section 879 of the U.K. ITA) making an advance  under a Loan Document and is within the charge to United Kingdom corporation tax as respects  any  payments  of  interest  made  in  respect  of  that  advance  or  would  be  within  such  charge  as  respects such payments apart from section 18A of the U.K. CTA, or (ii) in respect of an advance  made under a Loan Document by a person that was a bank (as defined for the purpose of section  879 of the U.K. ITA) at the time that that advance was made and within the charge to United  Kingdom corporation tax as respects any payments of interest made in respect of that advance;  (b)  a  Lender  which  is (i) a  company  resident  in  the  United Kingdom  for  United  Kingdom  tax  purposes, or (ii) a partnership each member of which is (1) a company so resident in the United  Kingdom or (2) a company not so resident in the United Kingdom which carries on a trade in the  United Kingdom through a permanent establishment and which brings into account in computing  its chargeable profits (within the meaning of section 19 of the U.K. CTA) the whole of any share  of interest payable in respect of that advance that falls to it by reason of Part 17 of the U.K. CTA,  or (iii) a company not so resident in the United Kingdom which carries on a trade in the United  Kingdom through a permanent establishment and which brings into account interest payable in  respect of that advance in computing the chargeable profits (within the meaning of section 19 of  the U.K. CTA) of that company; (c) a U.K. Treaty Lender; or (d) a building society (as defined  for the purposes of section 880 of the U.K. ITA) making an advance under a Loan Document.         “U.K. Tax Confirmation” means a confirmation by a Lender that the person beneficially  entitled to interest payable  to that  Lender in  respect of  an  advance  under  a  Loan  Document is  either: (a) a company resident in the United Kingdom for United Kingdom tax purposes; or (b) a  partnership each member of which is (i) a company so resident in the United Kingdom, or (ii) a  company not so resident in the United Kingdom which carries on a trade in the United Kingdom  through  a  permanent  establishment  and  which  brings  into  account  in  computing  its  chargeable  profits (within the meaning of section 19 of the U.K. CTA) the whole of any share of interest  payable in respect of that advance that falls to it by reason of Part 17 of the U.K. CTA; or (c) a  company not so resident in the United Kingdom which carries on a trade in the United Kingdom  through a permanent establishment and which brings into account interest payable in respect of  that advance in computing the chargeable profits (within the meaning of section 19 of the U.K.  CTA) of that company.         “U.K. Tax  Deduction”  means  a  deduction  or  withholding  for  or  on  account  of  Taxes  imposed by the United Kingdom from a payment under a Loan Document, other than a deduction  or withholding required by FATCA.         “U.K. Tax Schedule” means the Schedule 3.01 attached hereto.          “U.K. Treaty Lender” means a Lender which (a) is treated as a resident of a U.K. Treaty  State for the purposes of a U.K. Treaty, (b) does not carry on a business in the United Kingdom  through  a  permanent  establishment  with  which  that  Lender’s  participation  in  the  Loan  is  effectively connected, and (c) is entitled to be paid interest free of United Kingdom taxation by  virtue of the U.K. Treaty, except that for this purpose it is assumed that there are fulfilled (i) any  condition contained in the U.K. Treaty which relates to the amount or terms of the Loan or to  there not being a special relationship between a U.K. Borrower and a Lender or between both of  them  and  another  person  by  reason  of  which  the  amount  of  interest  paid  exceeds  the  amount  which would have been paid in the absence of such relationship, and (ii) any necessary procedural  formalities.                                        30                                                                             

 

         “U.K. Treaty  State”  means  a jurisdiction  having  a  double taxation  agreement  (a “U.K.  Treaty”) with the United Kingdom which makes provision for full exemption from tax imposed  by the United Kingdom on interest.         “United States” and “U.S.” mean the United States of America.         “Unreimbursed Amount” has the meaning set forth in Section 2.03(c)(i).         “U.S. Loan Parties” means a Loan Party that is neither a Foreign Subsidiary (including a  U.K. Borrower) nor a Subsidiary of a Foreign Subsidiary.          “U.S. Person” means any Person that is a “United States person” as defined in Section  7701(a)(30) of the Code.         “U.S.  Tax  Compliance  Certificate”  has  the  meaning  specified  in Section  3.01(e)(ii)(B)(III).         “VAT”  means  (a)  any  tax  imposed  in  compliance  with  the  Council  Directive  of  28  November 2006 on the common system of value added tax (EC Directive 2006/112) and (b) any  other  tax  of  a  similar  nature,  whether  imposed  in  a  member  state  of  the  European  Union  in  substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed  elsewhere.         “Write-Down  and  Conversion  Powers”  means,  with  respect  to  any  EEA  Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to  time under the Bail-In Legislation for the applicable EEA Member Country, which write-down  and conversion powers are described in the EU Bail-In Legislation Schedule.         1.02   Other  Interpretive  Provisions.  With  reference  to  this  Agreement  and  each  other Loan Document, unless otherwise specified herein or in such other Loan Document:               (a)    The  definitions  of  terms  herein  shall  apply  equally  to  the  singular  and        plural forms of the terms defined.  Whenever the context may require, any pronoun shall        include the corresponding masculine, feminine and neuter forms.  The words “include,”        “includes”  and  “including”  shall  be  deemed  to  be  followed  by  the  phrase  “without        limitation.” The word “will” shall be construed to have the same meaning and effect as        the word “shall.” Unless the context requires otherwise, (i) any definition of or reference        to any agreement, instrument or other document (including any Organization Document)        shall be construed as referring to such agreement, instrument or other document as from        time to time amended, supplemented or otherwise modified (subject to any restrictions on        such  amendments,  supplements  or  modifications  set  forth  herein  or  in  any  other  Loan        Document), (ii) any  reference  herein  to  any  Person  shall  be  construed  to  include  such        Person’s  successors  and  assigns, (iii) the  words  “hereto”,  “herein,”  “hereof”  and        “hereunder,”  and  words  of  similar  import  when  used  in  any  Loan  Document,  shall  be        construed  to  refer  to  such  Loan  Document  in  its  entirety  and  not  to  any  particular        provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits        and  Schedules shall  be  construed  to  refer  to  Articles and  Sections of,  and  Exhibits  and        Schedules to, the Loan Document in which such references appear, (v) any reference to        any  law  shall  include  all  statutory  and  regulatory  provisions  consolidating,  amending,        replacing or interpreting such law and any reference to any law or regulation shall, unless        otherwise  specified,  refer  to  such  law  or  regulation  as  amended,  modified  or                                       31                                                                             

 

         supplemented  from  time  to  time,  and (vi) the  words  “asset”  and  “property”  shall  be        construed to have the same meaning and effect and to refer to any and all tangible and        intangible assets and properties, including cash, securities, accounts and contract rights.               (b)    In  the  computation  of  periods  of  time  from  a  specified  date  to  a  later        specified date, the word “from” means “from and including;” the words “to” and “until”        each mean “to but excluding;” and the word “through” means “to and including.”               (c)    Section headings  herein and  in the other Loan  Documents  are included        for convenience of reference only and shall not affect the interpretation of this Agreement        or any other Loan Document.         1.03   Accounting Terms.           (a)  Generally.   All  accounting  terms  not  specifically  or  completely  defined  herein  shall be construed in conformity with, and all financial data (including financial ratios and other  financial calculations) required to be submitted pursuant to this Agreement shall be prepared in  conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a  manner  consistent  with  that  used  in  preparing  the  Audited  Financial  Statements, except as  otherwise specifically prescribed herein.         (b)  Changes  in  GAAP.   If  at  any  time  any  change  in  GAAP  would  affect  the  computation of any financial ratio or requirement set forth in any Loan Document, and either the  Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the  Company shall negotiate in good faith to amend such ratio or requirement to preserve the original  intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders);  provided that, until so amended, (i) such ratio or requirement shall continue to be computed in  accordance with GAAP prior to such change therein and (ii) the Company shall provide to the  Administrative Agent and the Lenders financial statements and other documents required under  this  Agreement  or  as  reasonably  requested  hereunder  setting  forth  a  reconciliation  between  calculations of such ratio or requirement made before and after giving effect to such change in  GAAP.   All  obligations  of  any  Person  that  are  or  would  be  characterized  as  operating  lease  obligations in accordance with GAAP on the Closing Date (whether or not such operating lease  obligations  were  in  effect on  such  date)  shall  continue  to  be  accounted  for  as  operating  lease  obligations (and not as capitalized lease obligations) for purposes of this Agreement regardless of  any change in GAAP following the Closing Date that would otherwise require such obligations to  be  recharacterized  (on  a  prospective  or  retroactive  basis  or  otherwise)  as  capitalized  lease  obligations.          (c)  Calculations.   Notwithstanding  the  above,  the  parties  hereto  acknowledge  and  agree that calculations of Consolidated EBITDA shall be made on a Pro Forma Basis.         1.04   Exchange Rates; Currency Equivalents.           (a)  The Administrative Agent or an L/C Issuer, as applicable, shall determine the Spot  Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Credit  Extensions and Outstanding Amounts denominated in Alternative Currencies.  Such Spot Rates  shall  become  effective  as  of  such  Revaluation  Date  and  shall  be  the  Spot  Rates  employed  in  converting  any  amounts  between  the  applicable  currencies  until  the  next  Revaluation  Date  to  occur.   Except  for  purposes  of  financial  statements  delivered  by  Loan  Parties  hereunder  or  calculating financial covenants hereunder or except as otherwise provided herein, the applicable                                       32                                                                             

 

   amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such  Dollar  Equivalent  amount  as  so  determined  by  the  Administrative  Agent  or  an  L/C  Issuer,  as  applicable.         (b)  Wherever  in  this  Agreement  in  connection  with  a  Committed  Borrowing,  conversion, continuation or prepayment of a Eurocurrency Rate Loan or the issuance, amendment  or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is  expressed in Dollars, but such Committed Borrowing, Eurocurrency Rate Loan or Letter of Credit  is  denominated  in  an  Alternative  Currency,  such  amount  shall be  the  relevant  Alternative  Currency  Equivalent  of  such  Dollar  amount  (rounded  to  the  nearest  unit  of  such  Alternative  Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent  or the applicable L/C Issuer, as the case may be.         (c)  The Administrative Agent does not warrant, nor accept responsibility, nor shall the  Administrative  Agent  have  any  liability  with  respect  to  the  administration,  submission  or  any  other matter related to the rates in the definition of “Eurocurrency Rate” or with respect to any  rate that is an alternative or replacement for or successor to any of such rate (including, without  limitation, any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR  Successor Rate Conforming Changes, other than in the case of its own gross negligence or willful  misconduct  with  respect  to  such  administration,  submission  or  other  matter  related  to  the  “Eurocurrency  Rate”,  as  determined  by  a  court  of  competent  jurisdiction by  a  final  and  nonappealable judgment.         1.05   Additional Alternative Currencies.           (a)  The  Borrowers may  from  time  to time  request that Eurocurrency  Rate  Loans be  made and/or Letters of Credit be issued in a currency other than those specifically listed in the  definition of “Alternative Currency;” provided that such requested currency is a lawful currency  (other than Dollars) that is readily available and freely transferable and convertible into Dollars.   In  the  case  of  any  such  request  with  respect  to  the  making  of  Eurocurrency  Rate  Loans,  such  request shall be subject to the approval of the Administrative Agent and the Lenders; and in the  case of any such request with respect to the issuance of Letters of Credit, such request shall be  subject to the approval of the Administrative Agent and the applicable L/C Issuer.         (b)  Any  such  request  shall  be  made  to  the  Administrative  Agent  not  later  than  11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time  or  date  as  may  be  agreed  by  the Administrative  Agent  and,  in  the  case  of  any  such  request  pertaining to Letters of Credit, the applicable L/C Issuer, in its or their sole discretion).  In the  case of any such request pertaining to Eurocurrency Rate Loans, the Administrative Agent shall  promptly notify each Lender thereof; and in the case of any such request pertaining to Letters of  Credit, the Administrative Agent shall promptly notify the L/C Issuers thereof.  Each Lender (in  the case of any such request pertaining to Eurocurrency Rate Loans) or the L/C Issuers (in the  case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later  than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole  discretion, to the making of Eurocurrency Rate Loans or the issuance of Letters of Credit, as the  case may be, in such requested currency.         (c)  Any failure by a Lender or an L/C Issuer, as the case may be, to respond to such  request within the time period specified in the preceding sentence shall be deemed to be a refusal  by such Lender or such L/C Issuer, as the case may be, to permit Eurocurrency Rate Loans to be  made or Letters of Credit to be issued in such requested currency.  If the Administrative Agent                                       33                                                                             

 

   and all the Lenders consent to making Eurocurrency Rate Loans in such requested currency, the  Administrative Agent shall so notify such Borrower and such currency shall thereupon be deemed  for  all  purposes  to  be  an  Alternative  Currency  hereunder  for  purposes  of  any  Committed  Borrowings  of  Eurocurrency  Rate  Loans;  and  if the Administrative  Agent  and  the  L/C Issuers  consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent  shall so notify such Borrower and such currency shall thereupon be deemed for all purposes to be  an  Alternative  Currency  hereunder  for  purposes  of  any  Letter  of  Credit  issuances.   If  the  Administrative Agent shall fail to obtain consent to any request for an additional currency under  this Section 1.05, the Administrative Agent shall promptly so notify the applicable Borrower.           1.06   Change of Currency.           (a)  Each  obligation  of a Borrower  to  make  a  payment  denominated  in  the  national  currency  unit  of  any  member  state  of  the  European  Union  that  adopts  the  Euro  as  its  lawful  currency after the date hereof shall be redenominated into Euro at the time of such adoption (in  accordance with the EMU Legislation).  If, in relation to the currency of any such member state,  the basis of accrual of interest expressed in this Agreement in respect of that currency shall be  inconsistent  with  any  convention  or  practice  in  the  London  interbank  market  for  the  basis  of  accrual  of  interest  in  respect  of  the  Euro,  such  expressed  basis  shall  be  replaced  by  such  convention or practice with effect from the date on which such member state adopts the Euro as  its lawful currency; provided that if any Committed Borrowing in the currency of such member  state  is  outstanding  immediately  prior  to  such  date,  such  replacement  shall  take  effect,  with  respect to such Committed Borrowing, at the end of the then current Interest Period.         (b)  Each provision of this Agreement shall be subject to such reasonable changes of  construction  as  the  Administrative  Agent  may  from  time  to  time  specify  to  be  appropriate  to  reflect the adoption of the Euro by any  member state of the European Union and any relevant  market conventions or practices relating to the Euro.         (c)  Each provision of this Agreement also shall be subject to such reasonable changes  of construction as the Administrative Agent may from time to time specify to be appropriate to  reflect  a  change  in  currency  of  any  other  country  and  any  relevant  market  conventions  or  practices relating to the change in currency.         1.07   Times of Day.  Unless otherwise specified, all references herein to times of day  shall be references to Eastern time (daylight or standard, as applicable).         1.08   Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a  Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of  such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of  Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or  more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall  be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit  after giving effect to all such increases, whether or not such maximum stated amount is in effect  at such time.         1.09   Divisions.  For all purposes under the Loan Documents, in connection with any  division  or  plan  of  division  under  Delaware  law  (or  any  comparable  event  under  a  different  jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset,  right, obligation or liability of a different Person, then it shall be deemed to have been transferred  from  the  original  Person  to  the  subsequent  Person,  and  (b)  if  any  new  Person  comes  into                                       34                                                                             

 

   existence,  such  new  Person  shall  be  deemed  to  have  been  organized  on  the  first  date  of  its  existence by the holders of its equity interests at such time.                                  ARTICLE II                                                       THE COMMITMENTS AND CREDIT EXTENSIONS         2.01   Committed  Loans.  Subject  to  the  terms  and  conditions  set forth  herein, each  Lender severally agrees to make loans (each such loan, a “Committed Loan”) to each Borrower in  Dollars or in one or more Alternative Currencies from time to time, on any Business Day during  the  Availability  Period,  in  an  aggregate  amount for  all  Borrowers not  to  exceed  at  any  time  outstanding  the  amount  of  such  Lender’s  Commitment; provided, however,  that  after  giving  effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate  Commitments,  and (ii) the  aggregate  Outstanding  Amount  of  the  Committed  Loans  of  any  Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations,  plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not  exceed such Lender’s Commitment.  Within the limits of each Lender’s Commitment, and subject  to the other terms and conditions hereof (including Section 2.17(c)), any Borrower may borrow  under this Section 2.01, repay, prepay under Section 2.05, and reborrow under this Section 2.01.   Committed  Loans  may  be  Base  Rate  Loans  or  Eurocurrency  Rate  Loans,  as  further  provided  herein.         2.02   Borrowings, Conversions and Continuations of Committed Loans.           (a)  Each Committed Borrowing, each conversion of Committed Loans from one Type  to the other, and each continuation of Eurocurrency Rate Loans shall be made upon a Borrower’s  irrevocable notice to the Administrative Agent, which may be given by (A) telephone or (B) a  Committed  Loan  Notice; provided that  any  telephonic  notice  must  be  confirmed  promptly  by  delivery  to the Administrative  Agent of  a  Committed Loan  Notice.   Each  such  notice  must be  received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to  the  requested  date  of  any  Borrowing  of,  conversion  to  or  continuation  of  Eurocurrency  Rate  Loans denominated in Dollars or of any conversion of Eurocurrency Rate Loans denominated in  Dollars to Base Rate Committed Loans, (ii) four Business Days (or five Business Days in the case  of a Special Notice Currency) prior to the requested date of any Borrowing or continuation of  Eurocurrency Rate Loans denominated in Alternative Currencies, and (iii) on the requested date  of  any  Borrowing  of  Base  Rate  Committed  Loans; provided, however,  that  if such  Borrower  wishes to request Eurocurrency Rate Loans denominated in Singapore Dollars, Australian Dollars  or Hong Kong Dollars, the applicable notice must be received by the Administrative Agent not  later  than  six  Business  Days  prior  to  the  requested  date  of  such  Borrowing,  conversion  or  continuation of Eurocurrency Rate Loans denominated in Singapore Dollars, Australian Dollars  or  Hong  Kong  Dollars,  as  applicable,  whereupon  the  Administrative  Agent  shall  give  prompt  notice  to  the  Lenders  of  such  request  and  determine  whether  each  of  them  is  able  to  fund  its  portion  of  the  Borrowing  denominated  Singapore  Dollars,  Australian  Dollars  or  Hong  Kong  Dollars, as applicable, at such time.  Not later than 11:00 a.m., five Business Days prior to the  requested  date  of  such  Borrowing,  conversion  or  continuation  of  Eurocurrency  Rate  Loans  denominated in Singapore Dollars, Australian Dollars or Hong Kong Dollars, as applicable, the  Administrative Agent shall notify such Borrower (which notice may be by telephone) whether or  not  the  requested  Borrowing,  conversion  or  continuation  of  Eurocurrency  Rate  Loans  denominated in Singapore Dollars, Australian Dollars or Hong Kong Dollars, as applicable, has  been  consented  to  by  all  the  Lenders.   Each  Borrowing  of,  conversion  to  or  continuation  of                                       35                                                                             

 

   Eurocurrency  Rate  Loans shall  be in  a  principal amount  of  $5,000,000  or  a  whole  multiple of  $1,000,000  in  excess  thereof.   Except  as  provided  in Sections 2.03(c)  and 2.04(c),  each  Committed  Borrowing  of or  conversion to  Base Rate  Committed  Loans  shall be  in  a  principal  amount of $5,000,000 or a whole multiple of $100,000 in excess thereof.  Each Committed Loan  Notice (whether telephonic or written) shall specify (i) the applicable Borrower, (ii) whether such  Borrower  is  requesting  a  Committed  Borrowing,  a  conversion  of  Committed  Loans  from  one  Type to the other, or a continuation of Eurocurrency Rate Loans, (iii) the requested date of the  Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iv)  the principal amount of Committed Loans to be borrowed, converted or continued, (v) the Type  of Committed Loans to be borrowed or to which existing Committed Loans are to be converted,  (vi) if applicable, the duration of the Interest Period with respect thereto, and (vii) the currency of  the Committed Loans to be borrowed.  If the applicable Borrower fails to specify a currency in a  Committed Loan Notice requesting a Borrowing, then the Committed Loans so requested shall be  made  in  Dollars.   If the applicable  Borrower fails  to  specify  a  Type  of  Committed  Loan  in  a  Committed Loan Notice or if the applicable Borrower fails to give a timely notice requesting a  conversion or continuation, then the applicable Committed Loans shall be made as, or converted  to,  Base  Rate  Loans; provided,  however,  that  in  the  case  of  a  failure  to timely  request  a  continuation of Committed Loans denominated in an Alternative Currency, such Loans shall be  continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one  month.  Any automatic conversion to Base Rate Loans shall be effective as of the last day of the  Interest  Period  then  in  effect  with  respect  to  the  applicable  Eurocurrency  Rate  Loans.   If  the  Company requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in  any  such  Committed  Loan  Notice, but  fails  to specify  an  Interest  Period, it  will  be  deemed  to  have specified an Interest Period of one month.  No Committed Loan may be converted into or  continued as a Committed Loan denominated in a different currency, but instead must be prepaid  in the original currency of such Committed Loan and reborrowed in the other currency.         (b)  Following  receipt  of  a  Committed  Loan  Notice,  the  Administrative  Agent  shall  promptly notify each Lender of the amount (and currency) of its Pro Rata Share of the applicable  Committed  Loans,  and  if  no  timely  notice  of  a  conversion  or  continuation  is  provided  by  the  applicable  Borrower,  the  Administrative  Agent  shall  notify  each  Lender  of  the  details  of  any  automatic conversion to Base Rate Loans or continuation of Committed Loans denominated in a  currency other than Dollars, in each case as described in the preceding subsection.  In the case of  a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to  the  Administrative  Agent  in  Same  Day  Funds  at  the  Administrative  Agent’s  Office  for  the  applicable currency not later than 1:00 p.m., in the case of any Committed Loan denominated in  Dollars, and not later than the Applicable Time specified by the Administrative Agent in the case  of any Committed Loan in an Alternative Currency, in each case on the Business Day specified in  the applicable Committed Loan Notice.  Upon satisfaction of the applicable conditions set forth in  Section 5.02,  the  Administrative  Agent  shall  make  all  funds  so  received  available  to  the  applicable Borrower in like funds as received by the Administrative Agent either by (i) crediting  the account of the applicable Borrower on the books of Bank of America with the amount of such  funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to  (and reasonably acceptable to) the Administrative Agent by the applicable Borrower; provided,  however,  that  if,  on  the  date  the  Committed  Loan  Notice  with  respect  to  such  Borrowing  denominated  in  Dollars  is  given  by  the applicable  Borrower,  there  are  L/C  Borrowings  outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of  any  such  L/C Borrowings,  and, second,  shall  be  made  available to  the applicable Borrower  as  provided above.                                        36                                                                             

 

         (c)  Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued  or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan.  During  the  existence  of  a  Default,  no  Loans  may  be  requested  as,  converted  to  or  continued  as  Eurocurrency Rate Loans (whether in Dollars or any Alternative Currency) without the consent of  the  Required  Lenders,  and  the  Required  Lenders  may  demand  that  any  or  all  of  the  then  outstanding  Eurocurrency  Rate  Loans  denominated  in  an  Alternative  Currency  be  prepaid,  or  redenominated into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the  then current Interest Period with respect thereto.         (d)  The Administrative Agent shall promptly notify the applicable Borrower and the  Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon  determination  of  such  interest  rate.   At  any  time  that  Base  Rate  Loans  are  outstanding,  the  Administrative Agent shall notify the applicable Borrower and the Lenders of any change in Bank  of  America’s  prime  rate  used  in  determining  the  Base  Rate  promptly  following  the  public  announcement of such change.         (e)  After  giving  effect  to  all  Committed  Borrowings,  all  conversions  of  Committed  Loans from one Type to the other, and all continuations of Committed Loans as the same Type,  there shall not be more than ten Interest Periods in effect with respect to Committed Loans.         (f)  Notwithstanding  anything  to  the  contrary  in  this  Agreement,  any  Lender  may  exchange, continue or rollover all of the portion of its Loans in connection with any refinancing,  extension,  loan  modification  or  similar  transaction  permitted  by  the  terms  of  this  Agreement,  pursuant  to  a  cashless  settlement  mechanism  approved  by  the Company,  the  Administrative  Agent, and such Lender.         2.03   Letters of Credit.           (a)  The Letter of Credit Commitment.                 (i)  Subject to the terms and conditions set forth herein, (A) each L/C Issuer        agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1)        from time to time on any Business Day during the period from the Closing Date until the        Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in        one  or  more Alternative  Currencies  for the account of any  Borrower,  and  to  amend  or        extend.   Letters  of  Credit  previously  issued  by  it,  in  accordance  with  subsection (b)        below,  and  (2)  to  honor  drawings  under  the  Letters  of  Credit;  and  (B)  the  Lenders        severally agree to participate in Letters of Credit issued for the account of such Borrower        and  any  drawings  thereunder; provided that  after  giving  effect  to  any  L/C  Credit        Extension  with  respect  to  any  Letter  of  Credit,  (w)  the  Total  Outstandings  shall  not        exceed  the  Aggregate  Commitments,  (x)  the  aggregate  Outstanding  Amount  of  the        Committed Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding        Amount  of  all  L/C  Obligations, plus such  Lender’s Pro  Rata  Share of  the  Outstanding        Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, (y) the        Outstanding  Amount  of  the  L/C  Obligations  shall  not  exceed  the  Letter of  Credit        Sublimit and (z) the Outstanding Amount of all L/C Obligations of any L/C Issuer shall        not exceed such L/C Issuer’s L/C Commitment without such L/C Issuer’s consent. Each        request by the applicable Borrower for the issuance or amendment of a Letter of Credit        shall be deemed to be a representation by such Borrower that the L/C Credit Extension so        requested complies with the conditions set forth in the proviso to the preceding sentence.         Within  the  foregoing  limits,  and  subject  to  the  terms  and  conditions  hereof,  each                                       37                                                                             

 

                  Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the  applicable Borrower may, during the foregoing period, obtain Letters of Credit to replace  Letters of Credit that have expired or that have been drawn upon and reimbursed.  All  Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from  and after the Closing Date shall be subject to and governed by the terms and conditions  hereof.          (ii)  An L/C Issuer shall not issue any Letter of Credit, if:                 (A)   subject to Section 2.03(b)(iii), the expiry date of such requested         Letter of Credit would occur more than twelve months after the date of issuance         or last extension, unless the Required Lenders have approved such expiry date;         or                 (B)   the expiry date of such requested Letter of Credit would occur         after the Letter of Credit Expiration Date, unless all the Lenders have approved         such expiry date.          (iii) An L/C Issuer  shall not  be  under  any  obligation  to issue  any  Letter  of  Credit if:                 (A)   any order, judgment or decree of any Governmental Authority         or arbitrator shall by its terms purport to enjoin or restrain an L/C Issuer from         issuing  such  Letter  of  Credit,  or  any  Law  applicable  to  an  L/C  Issuer  or  any         request  or  directive  (whether  or  not  having  the  force  of  law)  from  any         Governmental Authority with jurisdiction over an L/C Issuer shall prohibit, or         request that an L/C Issuer refrain from, the issuance of letters of credit generally         or such Letter of Credit in particular or shall impose upon an L/C Issuer with         respect  to  such  Letter  of  Credit  any  restriction,  reserve  or  capital  requirement         (for which an L/C Issuer is not otherwise compensated hereunder) not in effect         on the Closing Date, or shall impose upon an L/C Issuer any unreimbursed loss,         cost or expense which was not applicable on the Closing Date and which an L/C         Issuer in good faith deems material to it;                 (B)   the issuance of such Letter of Credit would violate one or more         policies of such L/C Issuer;                 (C)   except  as  otherwise  agreed  by  the  Administrative  Agent  and         such  L/C  Issuer,  such  Letter  of  Credit  is  in  an  initial  stated  amount  less  than         $100,000;                 (D)   except  as  otherwise  agreed  by  the  Administrative  Agent  and         such L/C Issuer, such Letter of Credit is to be denominated in a currency other         than Dollars or an Alternative Currency;                 (E)   such  L/C  Issuer  does  not  as  of  the  issuance  date  of  such         requested Letter of Credit issue Letters of Credit in the requested currency;                 (F)   such  Letter  of  Credit  contains  any  provisions  for  automatic         reinstatement of the stated amount after any drawing thereunder; or                                   38                                                                       

 

                       (G)   any  Lender  is  at  that  time  a  Defaulting  Lender,  unless  the               applicable L/C  Issuer  has entered  into arrangements,  including  the  delivery  of               Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the               applicable  Borrower or  such  Lender  to  eliminate  such  L/C  Issuer’s  actual  or               potential  Fronting  Exposure  (after  giving  effect  to Section 2.16(a)(iv))  with               respect to  the  Defaulting  Lender  arising  from  either  the  Letter  of  Credit  then               proposed to be issued or that Letter of Credit and all other L/C Obligations as to               which such L/C Issuer has actual or potential Fronting Exposure, as it may elect               in its sole discretion.                (iv)  An L/C Issuer  shall not  amend  any  Letter of  Credit if such  L/C  Issuer        would not be permitted at such time to issue such Letter of Credit in its amended form        under the terms hereof.                (v)   An L/C Issuer shall be under no obligation to amend any Letter of Credit        if (A) such  L/C  Issuer  would  have  no  obligation  at  such  time  to  issue  such  Letter  of        Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter        of Credit does not accept the proposed amendment to such Letter of Credit.                (vi)  An  L/C  Issuer  shall  act  on  behalf  of  the  Lenders  with  respect  to  any        Letters  of  Credit  issued  by  it  and  the  documents  associated  therewith,  and  such  L/C        Issuer shall have all of the benefits and immunities (A) provided to the Administrative        Agent  in Article X with  respect  to  any  acts  taken  or  omissions  suffered  by  such  L/C        Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and        Issuer  Documents  pertaining  to  such  Letters  of  Credit  as fully  as  if  the  term        “Administrative  Agent”  as  used  in Article X included  such  L/C  Issuer  with  respect  to        such acts or omissions, and (B) as additionally provided herein with respect to such L/C        Issuer.         (b)  Procedures  for  Issuance  and  Amendment of  Letters  of  Credit:  Auto-Extension  Letters of Credit.                 (i)  Each  Letter of  Credit  shall  be  issued  or  amended,  as  the  case  may  be,        upon  the  request  of a  Borrower delivered  to  an  L/C  Issuer  (with  a  copy  to  the        Administrative  Agent)  in  the  form  of  a  Letter  of  Credit  Application,  appropriately        completed and signed by a Responsible Officer of the applicable Borrower.  Such Letter        of  Credit  Application  may  be  sent  by  facsimile,  by  United  States  mail,  by  overnight        courier,  by  electronic  transmission  using  the  system provided  by  the  applicable  L/C        Issuer, by personal delivery or by any other means acceptable to such L/C Issuer.  Such        Letter of Credit Application must be received by an L/C Issuer and the Administrative        Agent not later than 11:00 a.m. at least two Business Days (or such later date and time as        the Administrative Agent and the applicable L/C Issuer may agree in a particular instance        in their sole discretion) prior to the proposed issuance date or date of amendment, as the        case may be.  In the case of a request for an initial issuance of a Letter of Credit, such        Letter of Credit Application shall specify in form and detail satisfactory to the applicable        L/C Issuer: (A) the applicable Borrower with respect to such issuance; (B) the proposed        issuance date of the requested Letter of Credit (which shall be a Business Day); (C) the        amount and currency thereof; (D) the expiry date thereof; (E) the name and address of the        beneficiary thereof; (F) the documents to be presented by such beneficiary in case of any        drawing thereunder; (G) the full text of any certificate to be presented by such beneficiary        in case of any drawing thereunder; (H) the purpose and nature of the requested Letter of                                       39                                                                             

 

                  Credit; and (I) such other matters as the applicable L/C Issuer may require.  In the case of  a  request  for  an  amendment  of  any  outstanding  Letter  of  Credit,  such  Letter  of  Credit  Application  shall  specify  in  form  and  detail  satisfactory  to  the  applicable  L/C  Issuer  (A) the  Letter  of  Credit  to  be  amended;  (B) the  proposed  date  of  amendment  thereof  (which  shall  be  a  Business  Day);  (C) the  nature  of  the  proposed  amendment;  and  (D) such  other  matters  as  the applicable  L/C  Issuer  may  require.   Additionally,  the  applicable  Borrower shall  furnish  to  the  applicable  L/C  Issuer  and  the  Administrative  Agent such  other  documents  and  information  pertaining  to  such  requested  Letter  of  Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or the  Administrative Agent may require.          (ii)  Promptly after receipt of any Letter of Credit Application, the applicable  L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that  the Administrative Agent has received a copy of such Letter of Credit Application from  the applicable  Borrower and,  if  not,  such  L/C  Issuer  will  provide  the  Administrative  Agent with a copy thereof.  Unless such L/C Issuer has received written notice from any  Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to  the requested date of issuance or amendment of the applicable Letter of Credit, that one  or  more  applicable  conditions  contained  in Article V shall  not  then  be  satisfied,  then,  subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date,  issue  a  Letter  of  Credit  for  the  account  of  the applicable  Borrower or  enter  into  the  applicable  amendment,  as  the  case  may  be,  in  each  case  in  accordance  with  such  L/C  Issuer’s usual and customary business practices.  Immediately upon the issuance of each  Letter  of  Credit,  each  Lender  shall  be  deemed  to,  and  hereby  irrevocably  and  unconditionally  agrees  to,  purchase  from  such  L/C  Issuer  a  risk  participation  in such  Letter of Credit in an amount equal to the product of such Lender’s Pro Rata Share times  the amount of such Letter of Credit.          (iii) If a Borrower so requests in any applicable Letter of Credit Application,  the applicable L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter  of  Credit  that  has  automatic  extension  provisions  (each,  an  “Auto-Extension  Letter  of  Credit”); provided that any such Auto-Extension Letter of Credit must permit such L/C  Issuer  to  prevent  any  such  extension  at  least  once  in  each  twelve-month  period  (commencing with the date of issuance of such Letter of Credit) by giving prior notice to  the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each  such twelve-month period to be agreed upon at the time such Letter of Credit is issued.   Unless otherwise directed by an L/C Issuer, the applicable Borrower shall not be required  to  make  a  specific  request  to  such  L/C  Issuer  for  any  such  extension.   Once  an  Auto-Extension  Letter  of Credit  has  been issued,  the  Lenders  shall be deemed  to  have  authorized (but may not require) an L/C Issuer to permit the extension of such Letter of  Credit at any time to an expiry date not later than the Letter of Credit Expiration Date;  provided, however, that an L/C Issuer shall not permit any such extension if (A) such L/C  Issuer has determined that it would not be permitted, or would have no obligation, at such  time  to  issue  such  Letter  of  Credit  in  its  revised  form  (as  extended)  under  the  terms  hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise),  or (B) it has received notice (which may be by telephone or in writing) on or before the  day  that  is  seven Business  Days  before  the  Non-Extension  Notice Date  (1)  from  the  Administrative  Agent  that  the  Required  Lenders  have  elected  not  to  permit  such  extension or (2) from the Administrative Agent, any Lender or the applicable Borrower  that  one  or  more  of  the  applicable  conditions  specified  in Section 5.02 is  not  then  satisfied, and in each such case directing such L/C Issuer not to permit such extension.                                 40                                                                       

 

                         (iv)  Promptly after its delivery of any Letter of Credit or any amendment to a  Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the  applicable L/C Issuer will also deliver to the applicable Borrower and the Administrative  Agent a true and complete copy of such Letter of Credit or amendment.   (c)  Drawings and Reimbursements: Funding of Participations.           (i)  Upon receipt from the beneficiary of any Letter of Credit of any notice of  a drawing under such Letter of Credit, an L/C Issuer shall notify the applicable Borrower  and the Administrative Agent thereof.  In the case of a Letter of Credit denominated in an  Alternative Currency, the applicable Borrower shall reimburse the applicable L/C Issuer  in  such  Alternative  Currency,  unless (A) such  L/C  Issuer  (at  its  option)  shall  have  specified  in  such  notice  that  it  will  require  reimbursement  in  Dollars,  or (B) in  the  absence of any such requirement for reimbursement in Dollars, the applicable Borrower  shall have notified such L/C Issuer promptly following receipt of the notice of drawing  that the applicable Borrower will reimburse such L/C Issuer in Dollars.  In the case of  any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in  an Alternative Currency, the applicable L/C Issuer shall notify the applicable Borrower of  the Dollar Equivalent of the amount of the drawing promptly following the determination  thereof.  Not later than 11:00 a.m. on the date of any payment by an L/C Issuer under a  Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the date of any  payment  by  an  L/C  Issuer  under  a Letter of  Credit to  be  reimbursed in  an  Alternative  Currency (each such date, an “Honor Date”), the applicable Borrower shall reimburse the  applicable L/C Issuer through the Administrative Agent in an amount equal to the amount  of such drawing and in the applicable currency.  If the applicable Borrower fails to so  reimburse  the  applicable  L/C  Issuer  by  such  time,  the  Administrative  Agent  shall  promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing  (expressed  in  Dollars  in  the amount  of  the  Dollar  Equivalent  thereof  in  the  case  of  a  Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”),  and the amount of such Lender’s Pro Rata Share thereof.  In such event, the applicable  Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans  to  be  disbursed  on  the  Honor  Date  in  an  amount  equal  to  the  Unreimbursed  Amount,  without regard to the minimum and multiples specified in Section 2.02 for the principal  amount of Base Rate Loans, but subject to the amount of the unutilized portion of the  Aggregate  Commitments  and  the  conditions  set  forth  in Section 5.02 (other  than  the  delivery  of  a  Committed  Loan  Notice).   Any  notice  given  by  an  L/C  Issuer  or  the  Administrative  Agent  pursuant  to  this Section 2.03(c)(i) may  be  given  by  telephone  if  immediately  confirmed  in  writing; provided that  the  lack  of  such  an  immediate  confirmation shall not affect the conclusiveness or binding effect of such notice.          (ii)  Each  Lender  shall  upon  any  notice  pursuant  to Section 2.03(c)(i) make  funds  available  (and  the  Administrative  Agent  may  apply  Cash  Collateral  for  this  purpose)  to  the  Administrative  Agent  for  the  account  of  the  applicable  L/C  Issuer,  in  Dollars,  at  the  Administrative  Agent’s  Office  for  Dollar-denominated  payments  in  an  amount equal to its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m.  on the Business Day specified in such notice by the Administrative Agent, whereupon,  subject  to  the  provisions  of Section 2.03(c)(iii),  each  Lender that  so  makes  funds  available shall be deemed to have made a Base Rate Committed Loan to the applicable  Borrower in such amount.  The Administrative Agent shall remit the funds so received to  the applicable L/C Issuer in Dollars.                                  41                                                                       

 

                         (iii) With respect to any Unreimbursed Amount that is not fully refinanced by  a  Committed  Borrowing  of  Base  Rate  Loans  because  the  conditions  set  forth  in  Section 5.02 cannot be satisfied or for any other reason, the applicable Borrower shall be  deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount  of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due  and payable on demand (together with interest) and shall bear interest at the Default Rate.   In such event, each Lender’s payment to the Administrative Agent for the account of the  applicable L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect  of its participation in such L/C Borrowing and shall constitute an L/C Advance from such  Lender in satisfaction of its participation obligation under this Section 2.03.          (iv)  Until each Lender funds its Committed Loan or L/C Advance pursuant to  this Section 2.03(c) to reimburse the applicable L/C Issuer for any amount drawn under  any Letter of Credit, interest in respect of such Lender’s Pro Rata Share of such amount  shall be solely for the account of such L/C Issuer.          (v)   Each Lender’s obligation to make Committed Loans or L/C Advances to  reimburse  the  applicable  L/C  Issuer for  amounts  drawn  under  Letters  of  Credit,  as  contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be  affected  by  any  circumstance,  including (A) any  setoff,  counterclaim,  recoupment,  defense  or  other  right which  such  Lender  may  have  against  such  L/C  Issuer,  the  applicable  Borrower,  any  Subsidiary  or  any  other  Person  for  any  reason  whatsoever;  (B) the  occurrence  or  continuance  of  a  Default;  or (C) any  other  occurrence,  event  or  condition, whether or not similar to any of the foregoing; provided, however, that each  Lender’s obligation to make Committed Loans pursuant to this Section 2.03(c) is subject  to  the  conditions  set  forth  in Section 5.02 (other  than  delivery  by a  Borrower of  a  Committed Loan Notice).  No such making of an L/C Advance shall relieve or otherwise  impair the obligation of the applicable Borrower to reimburse the applicable L/C Issuer  for  the  amount  of  any  payment  made  by  such  L/C  Issuer  under  any  Letter  of  Credit,  together with interest as provided herein.          (vi)  If any Lender fails to make available to the Administrative Agent for the  account of an L/C Issuer any amount required to be paid by such Lender pursuant to the  foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),  then,  without  limiting  the  other  provision  of  this  Agreement,  such  L/C  Issuer  shall  be  entitled  to  recover  from  such  Lender  (acting  through  the  Administrative  Agent),  on  demand, such amount with interest thereon for the period from the date such payment is  required to the date on which such payment is immediately available to such L/C Issuer  at a rate per annum equal to the applicable Overnight Rate from time to time in effect,  plus  any  administrative,  processing  or similar  fees  customarily  charged  by  such  L/C  Issuer in connection with the foregoing.  If such Lender pays such amount (with interest  and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan  included in the relevant Committed Borrowing or L/C Advance in respect of the relevant  L/C Borrowing, as the case may be.  A certificate of the applicable L/C Issuer submitted  to  any  Lender  (through  the  Administrative  Agent)  with  respect  to  any  amounts  owing  under this clause (vi) shall be conclusive absent manifest error.   (d)  Repayment of Participations.           (i)  At any time after an L/C Issuer has made a payment under any Letter of  Credit and has received from any Lender such Lender’s L/C Advance in respect of such                                 42                                                                       

 

         payment in accordance with Section 2.03(c), if the Administrative Agent receives for the        account of such L/C Issuer any payment in respect of the related Unreimbursed Amount        or  interest  thereon  (whether  directly  from  the applicable  Borrower,  the  Company or        otherwise,  including  proceeds  of Cash  Collateral  applied  thereto  by  the  Administrative        Agent), the Administrative Agent will distribute to such Lender its Pro Rata Share thereof        in Dollars and in the same funds as those received by the Administrative Agent.                (ii)  If any payment received by the Administrative Agent for the account of        an L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the        circumstances  described in Section 11.05 (including  pursuant to  any  settlement entered        into  by  such  L/C  Issuer  in  its  discretion),  each  Lender  shall  pay  to  the  Administrative        Agent for the account of such L/C Issuer its Pro Rata Share thereof on demand of the        Administrative Agent, plus interest thereon from the date of such demand to the date such        amount is returned by such Lender, at a rate per annum equal to the applicable Overnight        Rate from time to time in effect.  The obligations of the Lenders under this clause shall        survive the payment in full of the Obligations and the termination of this Agreement.         (e)  Obligations Absolute.  The obligation of the applicable Borrower to reimburse an  L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall  be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms  of this Agreement under all circumstances, including the following:                 (i)  any  lack  of  validity  or  enforceability  of  such  Letter  of  Credit,  this        Agreement, or any other Loan Document;                (ii)  the  existence  of  any  claim,  counterclaim,  setoff,  defense  or  other  right        that  the applicable  Borrower or  any  Subsidiary  may  have  at  any  time  against  any        beneficiary or any transferee of such Letter of Credit (or any Person for whom any such        beneficiary  or  any  such  transferee  may  be  acting),  an  L/C  Issuer  or  any  other  Person,        whether in connection with this Agreement, the transactions contemplated hereby or by        such Letter of Credit or any agreement or instrument relating thereto, or any unrelated        transaction;                (iii) any  draft,  demand,  certificate  or  other  document  presented  under  such        Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or        any statement therein being untrue or inaccurate in any respect; or any loss or delay in the        transmission or otherwise of any document required in order to make a drawing under        such Letter of Credit;                (iv)  any  payment  by  an  L/C  Issuer  under  such  Letter  of  Credit  against        presentation of a draft or certificate that does not strictly comply with the terms of such        Letter of Credit; or any payment made by an L/C Issuer under such Letter of Credit to        any  Person  purporting  to be  a trustee in  bankruptcy,  debtor-in-possession,  assignee  for        the  benefit  of  creditors,  liquidator, administrative  receiver,  administrator,  compulsory        manager, receiver  or  other  representative  of  or  successor  to  any beneficiary  or  any        transferee  of  such  Letter  of  Credit,  including  any  arising  in  connection  with  any        proceeding under any Debtor Relief Law;                (v)   any adverse change in the relevant exchange rates or in the availability of        the relevant Alternative Currency to the Company or any Subsidiary or in the relevant        currency markets generally;                                        43                                                                             

 

                (vi)  any other circumstance or happening whatsoever, whether or not similar        to any of the foregoing, including any other circumstance that might otherwise constitute        a defense available to, or a discharge of, the Company or any Subsidiary;               (vii)  waiver by the applicable L/C Issuer of any requirement that exists for the        L/C Issuer’s protection and not the protection of the applicable Borrower or any waiver        by the applicable L/C Issuer which does not in fact materially prejudice the applicable        Borrower;               (viii) honor  of  a  demand  for  payment  presented  electronically  even  if  such        Letter of Credit requires that demand be in the form of a draft; or                (ix)  any  payment  made  by  the  applicable  L/C  Issuer  in  respect  of an        otherwise complying item presented after the date specified as the expiration date of, or        the  date  by  which  documents  must  be  received  under,  such  Letter  of  Credit  if        presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable.         Each  Borrower shall  promptly  examine  a  copy  of  each  Letter  of  Credit  and  each  amendment thereto that is delivered to it and, in the event of any claim of noncompliance with  such  Borrower’s instructions  or  other  irregularity, such Borrower will  immediately  notify  the  applicable L/C Issuer.  The applicable  Borrower shall  be  conclusively  deemed to  have  waived  any  such  claim  against  an  L/C  Issuer  and  its  correspondents  unless  such  notice  is  given  as  aforesaid.         (f)  Role of  L/C Issuers.   Each  Lender and each Borrower agree that, in  paying any  drawing under a Letter of Credit, an L/C Issuer shall not have any responsibility to obtain any  document (other than any sight draft, certificates and documents expressly required by the Letter  of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the  authority of the Person executing or delivering any such document.  None of the L/C Issuers, the  Administrative Agent, any of their respective Related Parties nor any correspondent, participant  or assignee of an L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in  connection herewith at the request or with the approval of the Lenders or the Required Lenders,  as  applicable; (ii) any  action  taken  or  omitted  in  the  absence  of  gross  negligence  or  willful  misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or  instrument related to any Letter of Credit or Issuer Document.  Each Borrower hereby assumes all  risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter  of Credit; provided, however, that this assumption is not intended to, and shall not, preclude such  Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee  at law or under any other agreement.  None of the L/C Issuers, the Administrative Agent, any of  their respective Related Parties nor any correspondent, participant or assignee of an L/C Issuer  shall  be  liable  or  responsible  for  any  of  the  matters  described  in  clauses (i) through  (v)  of  Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding,  the applicable Borrower may have a claim against an L/C Issuer, and such L/C  Issuer may be  liable  to such  Borrower,  to  the  extent,  but  only  to  the  extent,  of  any  direct,  as  opposed  to  consequential  or  exemplary,  damages  suffered  by such  Borrower which such  Borrower proves  were caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s  willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a  sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit.   In furtherance and not in limitation of the foregoing, an L/C Issuer may accept documents that  appear on their face to be in order, without responsibility for further investigation, regardless of  any notice or information to the contrary, and such L/C Issuer shall not be responsible for the                                       44                                                                             

 

   validity  or  sufficiency  of  any  instrument  transferring  or  assigning  or  purporting  to  transfer  or  assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in  part, which may prove to be invalid or ineffective for any reason.         (g)  Applicability of ISP; Limitation of Liability.  Unless otherwise expressly agreed  by  the  applicable  L/C  Issuer  and  the applicable  Borrower when  a  Letter  of  Credit  is  issued  (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP  shall  apply  to  each  Letter  of  Credit.  Notwithstanding  the  foregoing,  no  L/C  Issuer  shall  be  responsible to any Borrower for, and each L/C Issuer’s rights and remedies against any Borrower  shall not be impaired by, any action or inaction of such L/C Issuer required or permitted under  any law, order, or practice that is required or permitted to be applied to any Letter of Credit or  this Agreement, including the Law or any order of a jurisdiction where such L/C Issuer or the  beneficiary  is  located,  the  practice  stated  in  the  ISP,  or  in  the  decisions,  opinions,  practice  statements, or official commentary of the ICC Banking Commission, the Bankers Association for  Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute  of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or  practice.         (h)  Letter  of  Credit  Fees.   The applicable  Borrower shall  pay  to  the  Administrative  Agent for the account of each Lender in accordance with its Pro Rata Share, in Dollars, a Letter  of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate  times the Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the  amount of such Letter of Credit shall be determined in accordance with Section 1.08.  Letter of  Credit Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the  last Business Day of each February, May, August and November, commencing with the first such  date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date  and thereafter on demand.  If there is any change in the Applicable Rate during any quarter, the  daily amount available to be drawn under each Letter of Credit shall be computed and multiplied  by the Applicable Rate separately for each period during such quarter that such Applicable Rate  was in effect.  Notwithstanding anything to the contrary contained herein, upon the request of the  Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the  Default Rate.          (i) Fronting  Fee  and  Documentary  and  Processing  Charges  Payable  to  L/C  Issuer.   The applicable Borrower shall pay directly to the applicable L/C Issuer for its own account, in  Dollars, a fronting fee with respect to each Letter of Credit, at the rate per annum as agreed to  between  the Company and  such  L/C  Issuer,  computed  on  the  Dollar  Equivalent  of  the  daily  amount available to be drawn under such Letter of Credit on a quarterly basis in arrears.  Such  fronting fee shall be due and payable on the tenth Business Day after the end of each February,  May,  August and  November in  respect  of  the  most  recently-ended  quarterly  period  (or  portion  thereof, in the case of the first payment), commencing with the first such date to occur after the  issuance  of  such  Letter  of  Credit,  on  the  Letter  of  Credit  Expiration  Date  and  thereafter  on  demand.  For purposes of computing the daily amount available to be drawn under any Letter of  Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.08.   In addition, the applicable Borrower shall pay directly to the applicable L/C Issuer for its own  account, in Dollars, the customary issuance, presentation, amendment and other processing fees,  and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time  to time in effect.  Such customary fees and standard costs and charges are due and payable on  demand and are nonrefundable.                                        45                                                                             

 

          (j) Conflict with Issuer Documents.  In the event of any conflict between the terms  hereof and the terms of any Issuer Document, the terms hereof shall control.         (k)    Reporting of Letter of Credit Information.  On (i) the last Business Day of each  calendar month, and (ii) each date that an L/C Credit Extension occurs with respect to any Letter  of Credit, each L/C Issuer shall deliver to the Administrative Agent a report in the form of Exhibit  G hereto, appropriately completed with the information for every Letter of Credit issued by such  L/C Issuer that is outstanding hereunder.         2.04   Swing Line Loans.         (a)  The Swing Line.  Subject to the terms and conditions set forth herein, the Swing  Line  Lender  agrees,  in  reliance  upon  the  agreements  of  the  other  Lenders  set  forth  in  this  Section 2.04, to make loans in Dollars (each such loan, a “Swing Line Loan”) to the Company or  a U.K. Borrower from  time  to  time  on  any  Business  Day  during  the  Availability  Period  in  an  aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit,  notwithstanding the fact that such Swing Line Loans, when aggregated with the Pro Rata Share of  the Outstanding Amount of Committed Loans and L/C Obligations of the Lender acting as Swing  Line  Lender,  may  exceed  the  amount  of  such  Lender’s  Commitment; provided, however,  that  after  giving  effect  to  any  Swing  Line  Loan, (i) the  Total  Outstandings  shall  not  exceed  the  Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of  any  Lender, plus such  Lender’s  Pro  Rata  Share  of  the  Outstanding  Amount  of  all L/C  Obligations, plus such  Lender’s  Pro  Rata  Share  of  the  Outstanding  Amount  of all  Swing  Line  Loans  shall  not  exceed  such  Lender’s Commitment,  and provided, further, that such  Borrower  shall  not  use  the  proceeds  of  any  Swing  Line  Loan  to  refinance  any  outstanding  Swing  Line  Loan.   Within  the  foregoing  limits,  and  subject  to  the  other  terms  and  conditions  hereof, the  Company or a U.K. Borrower may borrow under this Section 2.04, prepay under Section 2.05,  and reborrow under this Section 2.04.  Each Swing Line Loan shall be a Base Rate Loan or shall  bear interest at such other rate mutually agreeable to the Swing Line Lender and the applicable  Borrower.  Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to,  and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a  risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s  Pro Rata Share times the amount of such Swing Line Loan.           (b)  Borrowing  Procedures.   Each  Swing  Line  Borrowing  shall  be  made  upon  the  applicable Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent,  which may be given by (A) telephone or (B) by a Swing Line Loan Notice; provided that any  telephonic  notice  must  be  confirmed  promptly  by  delivery  to  the  Swing Line  Lender  and  the  Administrative Agent of a Swing Line Loan Notice.  Each such notice must be received by the  Swing  Line  Lender  and  the  Administrative  Agent  not  later  than  1:00 p.m.  on  the  requested  borrowing  date,  and  shall  specify  (i) the applicable Borrower,  (ii) the amount  to  be  borrowed,  which shall be a minimum of $250,000 and (ii) the requested borrowing date, which shall be a  Business Day.  Promptly after receipt by the Swing Line Lender of any telephonic Swing Line  Loan Notice or Swing Line Notice given by e-mail, the Swing Line Lender will confirm with the  Administrative Agent (by telephone or in writing) that the Administrative Agent has also received  such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative  Agent (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has  received  notice  (by  telephone  or  in  writing)  from  the  Administrative  Agent  (including  at  the  request of any Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A)  directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations  set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the                                       46                                                                             

 

   applicable conditions specified in Article V is not then satisfied, then, subject to the terms and  conditions  hereof,  the  Swing  Line  Lender  will,  not  later  than  3:00 p.m.  on  the  borrowing  date  specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to  the applicable Borrower at its office by crediting the account of such Borrower on the books of  the Swing Line Lender in Same Day Funds.         (c)  Refinancing of Swing Line Loans.                 (i)  The  Swing  Line  Lender  at  any  time  in  its  sole  and  absolute  discretion        may request, on behalf of the applicable Borrower (which hereby irrevocably authorizes        the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate        Committed Loan in an amount equal to such Lender’s Pro Rata Share of the amount of        Swing  Line  Loans  then  outstanding.   Such  request  shall  be  made  in  writing  (which        written request shall be deemed to be a Committed Loan Notice for purposes hereof) and        in accordance with the requirements of Section 2.02, without regard to the minimum and        multiples specified therein for the principal amount of Base Rate Loans, but subject to the        unutilized  portion  of  the  Aggregate  Commitments  and  the  conditions  set  forth  in        Section 5.02.  The Swing Line Lender shall furnish the applicable Borrower with a copy        of  the  applicable  Committed  Loan  Notice  promptly  after  delivering  such  notice  to  the        Administrative Agent.  Each Lender shall make an amount equal to its Pro Rata Share of        the  amount  specified  in  such  Committed  Loan  Notice  available  to  the  Administrative        Agent  in  Same  Day  Funds  (and  the  Administrative  Agent  may  apply  Cash  Collateral        available with respect to the applicable Swing Line Loan) for the account of the Swing        Line Lender at the Administrative Agent’s Office for Dollar-denominated payments not        later  than  1:00 p.m.  on  the  day  specified  in  such  Committed  Loan  Notice,  whereupon,        subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed        to have made a Base Rate Committed Loan to the applicable Borrower in such amount.         The Administrative Agent shall remit the funds so received to the Swing Line Lender.                (ii)  If for any reason any Swing Line Loan cannot be refinanced by such a        Committed  Borrowing  in accordance  with Section 2.04(c)(i),  the request for  Base  Rate        Committed  Loans  submitted  by  the  Swing  Line  Lender  as  set  forth  herein  shall  be        deemed to be a request by the Swing Line Lender that each of the Lenders fund its risk        participation  in  the  relevant  Swing  Line  Loan  and  each  Lender’s  payment  to  the        Administrative  Agent  for  the  account  of  the  Swing  Line  Lender  pursuant  to        Section 2.04(c)(i) shall be deemed payment in respect of such participation.                (iii) If any Lender fails to make available to the Administrative Agent for the        account  of  the  Swing  Line  Lender  any  amount  required  to  be  paid  by  such  Lender        pursuant  to  the  foregoing  provisions  of  this Section 2.04(c)  by  the  time  specified  in        Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender        (acting through the Administrative Agent), on demand, such amount with interest thereon        for the period from the date such payment is required to the date on which such payment        is  immediately  available  to  the  Swing  Line  Lender  at  a  rate  per  annum  equal  to  the        applicable Overnight Rate from time to time in effect, plus any administrative, processing        or  similar  fees  customarily  charged  by  the  Swing  Line  Lender  in  connection  with  the        foregoing.   If  such  Lender  pays  such  amount  (with  interest  and  fees  as  aforesaid),  the        amount so paid shall constitute such Lender’s Committed Loan included in the relevant        Committed  Borrowing  or  funded  participation in the relevant  Swing  Line  Loan,  as the        case may be.  A certificate of the Swing Line Lender submitted to any Lender (through                                        47                                                                             

 

         the Administrative Agent) with respect to any amounts owing under this clause (iii) shall        be conclusive absent manifest error.                (iv)  Each Lender’s obligation to make Committed Loans or to purchase and        fund  risk  participations  in  Swing  Line  Loans  pursuant  to  this Section 2.04(c)  shall  be        absolute and unconditional and shall not be affected by any circumstance, including (A)        any setoff, counterclaim, recoupment, defense or other right which such Lender may have        against the Swing Line Lender, the Company, the Closing Date U.K. Borrower or any        other Person for any reason whatsoever, (B) the occurrence or continuance of a Default,        or  (C)  any  other  occurrence,  event  or  condition,  whether  or  not  similar  to  any  of  the        foregoing; provided, however, that each Lender’s obligation to make Committed Loans        pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 5.02.  No        such funding of risk participations shall relieve or otherwise impair the obligation of the        applicable Borrower to  repay  Swing  Line  Loans,  together  with  interest  as  provided        herein.         (d)  Repayment of Participations.                 (i)  At  any  time  after  any  Lender  has  purchased  and  funded  a  risk        participation in a Swing Line Loan, if the Swing Line Lender receives any payment on        account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender        its  Pro  Rata  Share  of  such  payment  (appropriately  adjusted,  in  the  case  of  interest        payments, to reflect the period of time during which such Lender’s risk participation was        funded) in the same funds as those received by the Swing Line Lender.                (ii)  If any payment received by the Swing Line Lender in respect of principal        or interest on any Swing Line Loan is required to be returned by the Swing Line Lender        under  any  of  the  circumstances  described  in Section 11.05 (including  pursuant  to  any        settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay        to the  Swing  Line  Lender its  Pro  Rata  Share  thereof on  demand  of  the  Administrative        Agent,  plus  interest  thereon  from  the  date  of  such  demand to  the  date  such  amount  is        returned, at a rate per annum equal to the applicable Overnight Rate.  The Administrative        Agent  will  make  such  demand  upon  the  request  of  the  Swing  Line  Lender.   The        obligations  of  the  Lenders  under  this  clause  shall  survive  the payment  in  full  of  the        Obligations and the termination of this Agreement.         (e)  Interest  for  Account  of  Swing  Line  Lender.   The  Swing  Line  Lender  shall  be  responsible for invoicing the applicable Borrower for interest on the Swing Line Loans.  Until  each  Lender funds  its  Base  Rate  Committed  Loan  or  risk  participation  pursuant  to  this  Section 2.04 to  refinance  such  Lender’s  Pro  Rata  Share  of  any  Swing  Line  Loan,  interest  in  respect of such Pro Rata Share shall be solely for the account of the Swing Line Lender.         (f)  Payments Directly to Swing Line Lender.  The Company or the applicable U.K.  Borrower, as applicable, shall make all payments of principal and interest in respect of the Swing  Line Loans directly to the Swing Line Lender.         2.05   Prepayments.            (a)  Each Borrower may, upon notice from such Borrower to the Administrative Agent,  at any time or from time to time voluntarily prepay Committed Loans in whole or in part without  premium or penalty; provided that (i) such notice must be received by the Administrative Agent                                       48                                                                             

 

   not  later  than  11:00 a.m. (A) three  Business  Days  prior  to  any  date  of  prepayment  of  Eurocurrency Rate Loans denominated in Dollars, (B) four Business Days (or five, in the case of  prepayment of Loans denominated in Special Notice Currencies) prior to any date of prepayment  of  Eurocurrency  Rate  Loans  denominated  in  Alternative  Currencies,  and (C) on  the  date  of  prepayment  of  Base  Rate  Committed  Loans; (ii) any  prepayment of  Eurocurrency  Rate  Loans  denominated  in  Dollars  shall  be  in  a  principal  amount  of  $5,000,000  or  a  whole  multiple  of  $1,000,000 in excess thereof, (iii) any prepayment of Eurocurrency Rate Loans denominated in  Alternative Currencies shall be in a minimum principal amount of $5,000,000 or a whole multiple  of $1,000,000 in excess thereof, and (iv) any prepayment of Base Rate Committed Loans shall be  in a principal amount of $5,000,000 or a whole multiple of $100,000 in excess thereof or, in each  case,  if  less,  the  entire  principal  amount  thereof  then  outstanding; provided further  that  such  notice may state that such notice is conditioned upon the effectiveness of other credit facilities, in  which  case  such  notice  may  be  revoked  by the  applicable  Borrower (by  notice  to  the  Administrative  Agent  on  or  prior  to  the  specified  prepayment  date)  if  such  condition  is  not  satisfied.  Each such notice shall specify the date and amount of such prepayment and the Type(s)  of Committed Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest  Period(s)  of  such  Loans.   The  Administrative  Agent  will  promptly  notify  each  Lender  of  its  receipt  of  each  such  notice,  and  of  the  amount  of  such  Lender’s  Pro  Rata  Share  of  such  prepayment.  If such notice is given, the applicable Borrower shall make such prepayment and the  payment amount specified in such notice shall be due and payable on the date specified therein.   Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the  amount prepaid, together with any additional amounts required pursuant to Section 3.05.  Each  such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their  respective Pro Rata Shares.         (b)  The Company or the applicable U.K. Borrower, as applicable, may, upon notice  from  the applicable Borrower to  the  Swing  Line  Lender  (with  a  copy  to  the  Administrative  Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part  without premium or penalty; provided that (i) such notice must be received by the Swing Line  Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and  (ii) any such prepayment shall be in a minimum principal amount of $250,000; provided further  that such notice may state that such notice is conditioned upon the effectiveness of other credit  facilities, in which case such notice may be revoked by the applicable Borrower (by notice to the  Administrative  Agent  on  or  prior  to  the  specified  prepayment  date)  if  such  condition  is  not  satisfied.  Each such notice shall specify the date and amount of such prepayment.  If such notice  is given, the applicable Borrower shall make such prepayment and the payment amount specified  in such notice shall be due and payable on the date specified therein.         (c)  If  the  Administrative  Agent  notifies  the  Company at  any  time  that  the  Total  Outstandings at such time exceed an amount equal to the Aggregate Commitments then in effect,  then, within two Business Days after receipt of such notice, the Borrowers shall prepay Loans  and/or Cash Collateralize the L/C Obligations in an aggregate amount sufficient to reduce such  Outstanding  Amount  as  of  such  date  of  payment  to  an  amount  not  to  exceed  the  Aggregate  Commitments then in effect; provided, however, that, subject to the provisions of Section 2.15,  the Borrowers shall  not  be  required to  Cash  Collateralize  the  L/C Obligations  pursuant to  this  Section 2.05(c) unless after the prepayment in full of the Loans the Total Outstandings exceed the  Aggregate Commitments then in effect.  The Administrative Agent may, at any time and from  time  to  time  after  the  initial  deposit  of  such  Cash  Collateral,  request  that  additional  Cash  Collateral be provided in order to protect against the results of further exchange rate fluctuations.                                        49                                                                             

 

         2.06   Termination or Reduction of Commitments.  The Company may, upon written  notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time  permanently  reduce  the  Aggregate  Commitments; provided that  (i)  any  such  notice  shall  be  received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the  date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of  $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not  terminate  or  reduce  the  Aggregate  Commitments  if,  after  giving  effect  thereto  and  to  any  concurrent  prepayments  hereunder,  the  Total  Outstandings  would  exceed  the  Aggregate  Commitments, and (iv) the amount of any such Aggregate Commitment reduction shall not be  applied to the Letter of Credit Sublimit or the Swing Line Sublimit unless (a) otherwise specified  by the Company or (b) if, after giving effect to any reduction of the Aggregate Commitments, the  Letter  of  Credit  Sublimit  or  the  Swing  Line  Sublimit  exceeds  the  amount  of  the  Aggregate  Commitments,  such  Sublimit  shall  be  automatically  reduced  by  the  amount  of  such  excess;  provided further that such notice may state that such notice is conditioned upon the effectiveness  of other credit facilities, in which case such notice may be revoked by the Company (by notice to  the Administrative Agent on or prior to the specified prepayment date) if such condition is not  satisfied.   The  Administrative  Agent  will  promptly  notify  the  Lenders  of  any  such  notice  of  termination  or  reduction  of  the  Aggregate  Commitments.   Any  reduction  of  the  Aggregate  Commitments  shall  be  applied  to  the  Commitment  of  each  Lender  according  to  its  Pro  Rata  Share.  All fees accrued until the effective date of any termination of the Aggregate Commitments  shall be paid on the effective date of such termination.         2.07   Repayment of Loans.           (a)  Each  Borrower  shall repay  to  the  Lenders  on  the  Maturity  Date  the  aggregate  principal amount of Committed Loans made to such Borrower outstanding on such date together  with all other amounts owing under this Agreement.         (b)  Each Borrower shall repay each Swing Line Loan made to such Borrower on the  earlier to occur of (i) the date ten Business Days after such Loan is made and (ii) the Maturity  Date.         2.08   Interest.           (a)  Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan  shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate  per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate; (ii)  each Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof  from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable  Rate;  and (iii) each  Swing  Line  Loan  shall  bear  interest  on  the  outstanding  principal  amount  thereof from the applicable borrowing date at a rate per annum equal to (A) the Base Rate plus  the Applicable Rate or (B) such other rate mutually agreeable to the Swing Line Lender and the  applicable Borrower.         (b)  (i) If any amount of principal of any Loan is not paid when due, whether at stated  maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating  interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by  applicable Laws.                (ii)  If  any  amount  (other  than  principal  of  any  Loan)  payable  by  the        applicable Borrower under any Loan Document is not paid when due, whether at stated                                       50                                                                             

 

         maturity,  by  acceleration  or  otherwise,  then  upon the request  of  the  Required  Lenders,        such amount shall thereafter bear interest at a fluctuating interest rate per annum at all        times equal to the Default Rate to the fullest extent permitted by applicable Laws.                (iii) Upon  the  request of  the  Required  Lenders  (except  for  an  Event  of        Default as described in the foregoing clauses (i) or (ii), where such clauses shall govern        or an Event of Default pursuant to Section 9.01(f) or (g), where such Default Rate will be        implemented automatically without such request), while any Event of Default exists, the        applicable Borrower shall pay interest on the principal amount of all outstanding past due        Obligations  hereunder  at  a  fluctuating  interest rate  per  annum  at  all times  equal  to  the        Default Rate to the fullest extent permitted by applicable Laws.                (iv)  Accrued and unpaid interest on past due amounts (including interest on        past due interest) shall be due and payable upon demand.         (c)  Interest on each Loan shall be due and payable in arrears on each Interest Payment  Date applicable thereto and at such other times as may be specified herein.  Interest hereunder  shall  be  due  and  payable  in  accordance  with  the  terms  hereof  before  and  after  judgment,  and  before and after the commencement of any proceeding under any Debtor Relief Law.         2.09   Fees.  In addition to certain fees described in subsections (h) and (i) of Section  2.03:         (a)  Facility Fee.  The Company shall pay to the Administrative Agent for the account  of  each  Lender  in  accordance  with  its  Pro  Rata  Share,  a  facility  fee  in  Dollars  equal  to  the  Applicable  Rate times the  actual  daily  amount  of  the  Aggregate  Commitments  (or,  if  the  Aggregate Commitments have terminated, on the Outstanding Amount of all Committed Loans,  Swing Line Loans and L/C Obligations), regardless of usage (the “Facility Fee”).  The Facility  Fee  shall  accrue  at  all  times  during  the  Availability  Period  (and  thereafter  so  long  as  any  Committed Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any  time during which one or more of the conditions in Article V is not met, and shall be due and  payable  quarterly  in  arrears  on  the  last  Business  Day  of  each  February, May,  August  and  November,  commencing  with  the  first  such  date  to  occur  after  the  Closing  Date,  and  on  the  Maturity  Date  (and,  if  applicable, thereafter  on  demand).  The  Facility  Fee  shall  be calculated  quarterly  in  arrears,  and  if  there  is  any  change  in  the  Applicable  Rate  during  any  quarter,  the  actual daily amount shall be computed and multiplied by the Applicable Rate separately for each  period during such quarter that such Applicable Rate was in effect.         (b)  Other Fees.                  (i)  The Company shall pay to the Arranger and the Administrative Agent for        their own respective accounts, in Dollars, fees in the amounts and at the times specified        in the Fee Letter.  Such fees shall be fully earned when paid and shall not be refundable        for any reason whatsoever.                (ii)  The Company shall  pay  to  the  Lenders,  in  Dollars,  such  fees  as  shall        have been separately agreed upon in writing in the amounts and at the times so specified.         Such  fees  shall  be  fully  earned  when  paid  and  shall  not  be  refundable  for  any  reason        whatsoever.                                        51                                                                             

 

         2.10   Computation of Interest and Fees.  All computations of interest for Base Rate  Loans  (including  Base  Rate  Loans  determined  by  references  to  the  Eurocurrency  Rate)  and  Eurocurrency Rate Loans denominated in Sterling shall be made on the basis of a year of 365 or  366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest  shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees  or interest, as applicable, being paid than if computed on the basis of a 365-day year), or, in the  case of interest in respect of Committed Loans denominated in Alternative Currencies as to which  market  practice  differs  from  the  foregoing,  in  accordance  with  such  market  practice.   Interest  shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan,  or any portion thereof, for the day on which the Loan or such portion is paid, provided that any  Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear  interest for one day.  Each determination by the Administrative Agent of an interest rate or fee  hereunder shall be conclusive and binding for all purposes, absent manifest error.         2.11   Evidence of Debt.           (a)  The Credit Extensions made by each Lender shall be evidenced by one or more  accounts or records maintained by such Lender and by the Administrative Agent in the ordinary  course of business.  The accounts or records maintained by the Administrative Agent and each  Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by  the Lenders to each Borrower and the interest and payments thereon.  Any failure to so record or  any error in doing so shall not, however, limit or otherwise affect the obligation of any Borrower  hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict  between the accounts and records maintained by any Lender and the accounts and records of the  Administrative Agent in respect of such matters, the accounts and records of the Administrative  Agent  shall  control  in  the  absence  of  manifest  error.   Upon  the  request  of  any  Lender  to  a  Borrower  made  through  the  Administrative  Agent, such Borrower  shall  execute  and  deliver  to  such  Lender  (through  the  Administrative  Agent)  a  Note,  which  shall  evidence  such  Lender’s  Loans  to such Borrower  in  addition  to  such  accounts  or  records.   Each  Lender  may  attach  schedules  to  a  Note  and  endorse  thereon  the  date,  Type  (if  applicable),  amount,  currency  and  maturity of its Loans and payments with respect thereto.         (b)  In addition to the accounts and records referred to in subsection (a), each Lender  and  the  Administrative  Agent  shall  maintain  in  accordance  with  its  usual  practice  accounts  or  records evidencing the purchases and sales by such Lender of participations in Letters of Credit  and Swing Line Loans.  In the event of any conflict between the accounts and records maintained  by  the  Administrative  Agent  and  the  accounts  and  records  of  any  Lender  in  respect  of  such  matters,  the  accounts  and  records  of  the  Administrative  Agent  shall  control  in  the  absence  of  manifest error.         2.12   Payments Generally; Administrative Agent’s Clawback.           (a)  General.  All payments to be made by a Borrower shall be made without condition  or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly  provided herein and except with respect to principal of and interest on Loans denominated in an  Alternative Currency, all payments by a Borrower hereunder shall be made to the Administrative  Agent, for the account of the respective Lenders to which such payment is owed, at the applicable  Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the  date specified herein.  Except as otherwise expressly provided herein, all payments by a Borrower  hereunder with respect to principal and interest on Loans denominated in an Alternative Currency  shall be made to the Administrative Agent, for the account of the respective Lenders to which                                       52                                                                             

 

   such  payment  is  owed,  at  the  applicable Administrative  Agent’s  Office  in  such  Alternative  Currency  and  in  Same  Day  Funds  not  later  than  the  Applicable  Time  specified  by  the  Administrative  Agent  on  the  dates  specified  herein.   Without  limiting  the  generality  of  the  foregoing, the Administrative Agent may require that any payments due under this Agreement be  made in the United States.  If, for any reason, a Borrower is prohibited by any Law from making  any  required  payment  hereunder  in  an  Alternative  Currency, such Borrower  shall  make  such  payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount.  The  Administrative  Agent  will  promptly  distribute  to  each  Lender  its  Pro  Rata  Share  (or  other  applicable share as provided herein) of such payment in like funds as received by wire transfer to  such  Lender’s  Lending  Office.   All  payments  received  by  the  Administrative  Agent (i) after  2:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by the  Administrative Agent in the case of payments in an Alternative Currency, shall in each case be  deemed  received  on the next succeeding  Business  Day  and  any  applicable interest  or fee  shall  continue to accrue.  If any payment to be made by a Borrower shall come due on a day other than  a Business Day, payment shall be made on the next following Business Day, and such extension  of time shall be reflected in computing interest or fees, as the case may be.         (b)  (i)     Funding by Lenders; Presumption by Administrative Agent.  Unless the  Administrative Agent shall have received notice from a Lender prior to the proposed time of any  Committed Borrowing of Eurocurrency Rate Loans (or, in the case of any Committed Borrowing  of Base Rate Loans, prior to 12:00 noon on the date of such Committed Borrowing) that such  Lender  will  not  make  available  to  the  Administrative  Agent  such  Lender’s  share  of  such  Committed Borrowing, the Administrative Agent may assume that such Lender has made such  share  available  on  such  date  in  accordance  with Section 2.02 (or,  in  the  case  of  a  Committed  Borrowing of Base Rate Loans, that such Lender has made such share available in accordance  with and at the time required by Section 2.02) and may, in reliance upon such assumption, make  available to the applicable Borrower a corresponding amount.  In such event, if a Lender has not  in  fact  made  its  share  of  the  applicable  Committed  Borrowing  available  to  the  Administrative  Agent,  then  the  applicable  Lender  and  the applicable Borrower  severally  agree  to  pay  to  the  Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with  interest thereon, for each day from and including the date such amount is made available to the  applicable Borrower to but excluding the date of payment to the Administrative Agent, at (A) in  the case of a payment to be made by such Lender, the Overnight Rate, plus any administrative,  processing or similar fees customarily charged by the Administrative Agent in connection with  the  foregoing,  and (B) in  the  case  of  a  payment  to  be  made  by  the applicable Borrower,  the  interest rate applicable to Base Rate Loans.  If such Borrower and such Lender shall pay such  interest to the Administrative Agent for the same or an overlapping period, the Administrative  Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower  for  such  period.   If  such  Lender  pays  its  share  of  the  applicable  Committed  Borrowing  to  the  Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan  included in such Committed Borrowing.  Any payment by a Borrower shall be without prejudice  to  any  claim such Borrower  may  have  against  a  Lender  that  shall  have  failed  to  make  such  payment to the Administrative Agent.                (ii)  Payments by Borrowers; Presumptions by Administrative Agent.  Unless        the Administrative Agent shall have received notice from a Borrower prior to the date on        which any payment is due to the Administrative Agent for the account of the Lenders or        an  L/C  Issuer  hereunder  that any Borrower  will  not  make  such  payment,  the        Administrative Agent may assume that such Borrower has made such payment on such        date in accordance herewith and may, in reliance upon such assumption, distribute to the        Lenders  or  such L/C  Issuer,  as  the  case  may  be,  the  amount  due.   In  such  event,  if a                                       53                                                                             

 

         Borrower has not in fact made such payment, then each of the Lenders or an L/C Issuer,        as the case may be, severally agrees to repay to the Administrative Agent forthwith on        demand the amount so distributed to such Lender or such L/C Issuer, in Same Day Funds        with interest thereon, for each day from and including the date such amount is distributed        to it to but excluding the date of payment to the Administrative Agent, at the Overnight        Rate.         A notice of the Administrative Agent to any Lender or a Borrower with respect to any  amount owing under this subsection (b) shall be conclusive, absent manifest error.         (c)  Failure  to  Satisfy  Conditions  Precedent.   If  any  Lender  makes  available  to  the  Administrative Agent funds for any Loan to be made by such Lender to a Borrower as provided  in  the  foregoing  provisions  of  this Article II,  and  such  funds  are  not  made  available  to such  Borrower by the Administrative Agent because the conditions to the applicable Credit Extension  set  forth  in Article V are  not  satisfied  or  waived  in  accordance  with  the  terms  hereof,  the  Administrative Agent shall return such funds (in like funds as received from such Lender) to such  Lender, without interest.         (d)  Obligations of Lenders Several.  The obligations of the Lenders hereunder to make  Committed Loans, to fund participations in Letters of Credit and Swing Line Loans and to make  payments  pursuant  to Section 11.04(c) are  several  and  not  joint.   The  failure  of  any  Lender  to  make  any  Committed  Loan,  to  fund  any  such  participation  or  to  make  any  payment  under  Section 11.04(c) on  any  date  required  hereunder  shall  not  relieve  any  other  Lender  of  its  corresponding obligation to do so on such date, and no Lender shall be responsible for the failure  of any other Lender to so make its Committed Loan, to purchase its participation or to make its  payment under Section 11.04(c).         (e)  Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain  the funds for any Loan in any particular place or manner or to constitute a representation by any  Lender  that  it  has  obtained  or  will  obtain  the  funds  for  any  Loan  in  any  particular  place  or  manner. Without limiting the foregoing, each of the Administrative Agent, the L/C Issuers and  each Lender  at  its  option  may  make  any  Loan  or  otherwise  perform  its  obligations  hereunder  through any office or offices of such Person described as such in such Person’s Administrative  Questionnaire, or such other office or offices as such Person may from time to time notify the  Borrowers and the Administrative Agent; which office may include any Affiliate of such Person  or any domestic or foreign branch of such Person or such Affiliate (each, a “Designated Lender”);  provided that any exercise of such option shall not affect the obligation of such Borrower to repay  any  Loan  in  accordance  with  the  terms  of  this  Agreement.   Any  Designated  Lender  shall  be  considered a Lender; provided that in the case of an Affiliate or branch of a Lender, all provisions  applicable to a Lender shall apply to such Affiliate or branch of such Lender to the same extent as  such Lender.           2.13   Sharing of Payments by Lenders.  If any Lender shall, by exercising any right  of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on  any of the Committed Loans made by it, or the participations in L/C Obligations or in Swing Line  Loans held by it resulting in such Lender’s receiving payment of a proportion of the aggregate  amount of such Committed Loans or participations and accrued interest thereon greater than its  pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall  (a) notify  the  Administrative  Agent  of  such  fact,  and (b) purchase  (for  cash  at  face  value)  participations in the Committed Loans and subparticipations in L/C Obligations and Swing Line  Loans  of  the  other  Lenders,  or  make  such  other  adjustments  as  shall  be  equitable,  so  that  the                                       54                                                                             

 

   benefit  of  all  such  payments  shall  be  shared  by  the  Lenders  ratably  in  accordance  with  the  aggregate amount of principal of and accrued interest on their respective Committed Loans and  other amounts owing them, provided that:                 (i)  if  any  such  participations  or  subparticipations  are  purchased  and  all  or        any  portion  of  the  payment  giving  rise  thereto  is  recovered,  such  participations  or        subparticipations shall be rescinded and the purchase price restored to the extent of such        recovery, without interest; and                (ii)  the provisions of this Section shall not be construed to apply to (x) any        payment made by a Borrower pursuant to and in accordance with the express terms of        this  Agreement  (including  the  application  of  funds  arising  from  the  existence  of  a        Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.15, or        (z) any payment obtained by a Lender as consideration for the assignment of or sale of a        participation in any of its Committed Loans or subparticipations in L/C Obligations or        Swing  Line  Loans  to  any  assignee  or  participant,  other  than  to  the Company or  any        Subsidiary thereof (as to which the provisions of this Section shall apply).         2.14   Increase in Commitments.           (a)  Request  for  Increase.   Provided  there  exists  no  Default,  upon  notice  to  the  Administrative Agent (which shall promptly notify the Lenders), the Company may from time to  time, request an increase in the Aggregate Commitments by an amount (for all such requests) not  exceeding $250,000,000; provided that (i) any such request for an increase shall be in a minimum  amount of $25,000,000, (ii) the Company may make a maximum of five such requests and (iii) in  no event shall the Aggregate Commitments exceed $1,750,000,000 at any one time.  At the time  of  sending  such  notice, the Company (in  consultation  with  the  Administrative  Agent)  shall  specify the time period within which each Lender is requested to respond (which shall in no event  be less than ten Business Days from the date of delivery of such notice to the Lenders).         (b)  Lender Elections to Increase.  Each Lender shall notify the Administrative Agent  within such time period whether or not it agrees to increase its Commitment and, if so, whether  by an amount equal to, greater than, or less than its Pro Rata Share of such requested increase.   Any Lender not responding within such time period shall be deemed to have declined to increase  its Commitment.  No Lender shall have any obligation to increase its Commitment.         (c)  Notification  by  Administrative  Agent:  Additional  Lenders.   The  Administrative  Agent shall notify the Company and each Lender of the Lenders’ responses to each request made  hereunder.  To achieve the full amount of a requested increase and subject to the approval of the  Administrative Agent and the L/C Issuers (which approvals shall not be unreasonably withheld),  the  Company may  also  invite  additional  Eligible  Assignees  to  become  Lenders  pursuant  to  a  joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel.         (d)  Effective Date and Allocations.  If the Aggregate Commitments are increased in  accordance  with  this  Section,  the  Administrative  Agent  and  the Company shall  determine  the  effective  date  (the  “Increase  Effective  Date”)  and  the  final  allocation  of  such  increase.   The  Administrative Agent shall promptly notify the Company and the Lenders of the final allocation  of such increase and the Increase Effective Date.         (e)  Conditions to Effectiveness of Increase.  As a condition precedent to such increase,  the Company shall deliver to the Administrative Agent a certificate of each Loan Party dated as                                       55                                                                             

 

   of  the  Increase  Effective  Date  (in  sufficient  copies  for  each  Lender)  signed  by  a  Responsible  Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party  approving  or consenting  to  such increase, and (ii) in the case  of the Company,  certifying  that,  before and after giving effect to such increase, (A) the representations and warranties contained in  Article V and the other Loan Documents are true and correct in all material respects (unless such  representation or warranty is already qualified by materiality or Material Adverse Effect, in which  case it shall be true and correct in all respects) on and as of the Increase Effective Date, except to  the extent that such representations and warranties specifically refer to an earlier date, in which  case they are true and correct in all material respects (unless such representation or warranty is  already  qualified  by  materiality  or  Material  Adverse  Effect,  in  which  case  it  shall  be  true  and  correct in all respects) as of such earlier date, and except that for purposes of this Section 2.14,  the representations and warranties contained in subsections (a) and (b) of Section 6.05 shall be  deemed  to  refer  to  the  most  recent  statements  furnished  pursuant  to  clauses (a)  and  (b),  respectively,  of Section 7.01,  and (B) no  Default  exists.   The  Borrowers shall  prepay  any  Committed  Loans  outstanding  on the Increase Effective  Date  (and  pay  any  additional amounts  required  pursuant  to Section 3.05)  to  the  extent  necessary  to  keep  the  outstanding  Committed  Loans  ratable  with  any  revised  Pro  Rata  Shares  arising  from  any  nonratable  increase  in  the  Commitments under this Section or any addition of a new Lender.         (f)  Conflicting  Provisions.   This  Section shall  supersede  any  provisions  in  Sections 2.13 or 11.01 to the contrary.         2.15   Cash Collateral.           (a)  Certain Credit Support Events.  If (i) an L/C Issuer has honored any full or partial  drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing,  (ii) as  of  the  Letter  of  Credit  Expiration  Date,  any  L/C  Obligation  for  any  reason  remains  outstanding, (iii) the applicable Borrower shall be required to provide Cash Collateral pursuant to  Section 9.02(c), or (iv) there shall exist a Defaulting Lender, the Company shall immediately (in  the  case  of clause (iii) above)  or  within one  Business  Day  (in  all  other  cases)  following  any  request by the Administrative Agent or the applicable L/C Issuer, provide Cash Collateral in an  amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash  Collateral  provided  pursuant  to clause (iv) above,  after  giving  effect  to Section 2.16(a)(iv) and  any  Cash  Collateral  provided  by  the  Defaulting  Lender).   Additionally,  if  the  Administrative  Agent notifies the Company at any time that the Outstanding Amount of all L/C Obligations at  such time exceeds 102% of the Letter of Credit Sublimit then in effect, then, within two Business  Days after receipt of such notice, the Company shall provide Cash Collateral for the Outstanding  Amount of the L/C Obligations in an amount not less than the amount by which the Outstanding  Amount of all L/C Obligations exceeds the Letter of Credit Sublimit.         (b)  Grant  of  Security  Interest.   All  Cash  Collateral  (other  than  credit  support  not  constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit  accounts at the Administrative Agent.  The Company, and to the extent provided by any Lender,  such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the  benefit of the Administrative Agent, the L/C Issuers and the Lenders and agrees to maintain, a  first priority security interest in all such cash, deposit accounts and all balances therein, and all  other property so provided as collateral pursuant hereto, and in all balances therein, and all other  property  so  provided  as  collateral  pursuant  hereto,  and  in  all  proceeds  of  the  foregoing,  all  as  security  for  the  obligations  to  which  such  Cash  Collateral  may  be  applied  pursuant  to Section  2.15(c).  If at any time the Administrative Agent determines that Cash Collateral is subject to any  right or claim of any Person other than the Administrative Agent as herein provided, or that the                                       56                                                                             

 

   total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Company  or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, pay  or  provide  to  the  Administrative  Agent  additional  Cash  Collateral  in  an  amount  sufficient  to  eliminate such deficiency.         (c)  Application.   Notwithstanding  anything  to  the  contrary  contained  in  this  Agreement, Cash Collateral provided under any of this Section 2.15 or Sections 2.03, 2.05, 2.16  or 9.02 in respect of Letters of Credit shall be held and applied in satisfaction of the specific L/C  Obligations, obligations to fund participations therein (including, as to Cash Collateral provided  by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which  the Cash Collateral was so provided, prior to any other application of such property as may be  provided herein.         (d)  Release.  Cash Collateral (or the appropriate portion thereof) provided to reduce  Fronting Exposure or other obligations shall be released promptly following (i) the elimination of  the  applicable  Fronting  Exposure  or  other  obligations  giving  rise  thereto  (including  by  the  termination of Defaulting Lender status of the applicable Lender), (ii) the Administrative Agent’s  good faith determination that there exists excess Cash Collateral or (iii) repayment in full of the  Obligations  (other  than  contingent  indemnification  obligations  for  which  no  claim  has  been  asserted), together with termination of all Commitments hereunder; provided, however, (x) that  Cash  Collateral  furnished  by  or  on  behalf  of  a  Loan  Party  shall  not  be  released  during  the  continuance  of  a  Default  or  Event  of  Default  (and  following  application  as  provided  in this  Section  2.15 may  be  otherwise  applied  in  accordance  with Section  9.03)  and  (y)  the  Person  providing Cash Collateral and the applicable L/C Issuer, may agree that Cash Collateral shall not  be released but instead held to support future anticipated Fronting Exposure or other obligations.         2.16   Defaulting Lenders.           (a)  Adjustments.   Notwithstanding  anything  to  the  contrary  contained  in  this  Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no  longer a Defaulting Lender, to the extent permitted by applicable Law:                 (i)  Waivers and Amendment.  The Defaulting Lender’s right to approve or        disapprove  any  amendment,  waiver  or  consent  with respect to this  Agreement shall  be        restricted as set forth in the definition of “Required Lenders” and Section 11.01.                (ii)  Defaulting Lender Waterfall.  Any payment of principal, interest, fees or        other  amount  received  by  the  Administrative  Agent  for  the  account  of  that  Defaulting        Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise,        and  including  any  amounts  made  available  to  the  Administrative  Agent  by  that        Defaulting Lender pursuant to Section 11.08), shall be applied at such time or times as        may be determined by the Administrative Agent as follows: first, to the payment of any        amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second,        to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the        L/C Issuers or Swing Line Lender hereunder; third, to Cash Collateralize the L/C Issuer’s        Fronting  Exposure  with  respect  to  such  Defaulting  Lender  in  accordance  with Section        2.15; fourth,  as  the Company may  request  (so  long  as  no  Default  or  Event  of  Default        exists), to the funding of any Loan in respect of which that Defaulting Lender has failed        to  fund  its  portion  thereof  as  required  by  this  Agreement,  as  determined  by  the        Administrative  Agent; fifth,  if  so  determined  by  the  Administrative  Agent  and  the        Company, to be held in a non-interest bearing deposit account and released pro rata in                                       57                                                                             

 

                  order  to  (x) satisfy  such  Defaulting  Lender’s  potential  future  funding  obligations  with  respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuer’s future  Fronting Exposure with respect to such Defaulting Lender with respect to future Letters  of  Credit  issued  under  this  Agreement,  in  accordance  with Section  2.15; sixth,  to  the  payment of any amounts owing to the Lenders, the L/C Issuers or Swing Line Lender as a  result  of  any  final  and  non-appealable  judgment  of  a  court  of  competent  jurisdiction  obtained  by  any  Lender, any  L/C  Issuer  or  Swing  Line  Lender  against  that  Defaulting  Lender  as  a  result  of that  Defaulting  Lender’s  breach  of  its  obligations  under  this  Agreement; seventh, so long as no Default or Event of Default exists, to the payment of  any amounts owing to the Borrowers as a result of any final and non-appealable judgment  of  a  court of  competent jurisdiction  obtained  by  the  Borrowers against  that  Defaulting  Lender  as  a  result  of  that  Defaulting  Lender’s  breach  of  its  obligations  under  this  Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of  competent jurisdiction; provided, that, if (x) such payment is a payment of the principal  amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has  not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made  at  a  time when  the  conditions  set  forth  in Section  5.02 were  satisfied  or  waived,  such  payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all  Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any  Loans of, or L/C Borrowings owed to, that Defaulting Lender until such time as all Loans  and  funded  and  unfunded participations  in  L/C  Obligations  and  Swing  Line  Loans  are  held  by  the  Lenders  pro  rata  in  accordance  with  the  Commitments  hereunder  without  giving effect to Section 2.16(a)(iv).  Any payments, prepayments or other amounts paid  or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a  Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be  deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably  consents hereto.          (iii) Certain Fees.                   (A)   The  Defaulting  Lender  (x)  shall  be  entitled  to  receive  any         Facility Fee pursuant to Section 2.09(a) for any period during which that Lender         is a Defaulting Lender only to extent allocable to the sum of (1) the outstanding         amount of the Committed Loans funded by it and (2) its Pro Rata Share of the         stated  amount  of  Letters  of  Credit  for  which  it  has  provided  Cash  Collateral         pursuant to Section 2.15.                 (B)   Each  Defaulting  Lender  shall  be  entitled  to  receive  Letter  of         Credit Fees for any period during which that Lender is a Defaulting Lender only         to the extent allocable to its Pro Rata Share of the stated amount of Letters of         Credit for which it has provided Cash Collateral pursuant to Section 2.15.                 (C)   With respect to any Facility Fee payable under Section 2.09(a)         or  any  Letter  of  Credit  Fee  not  required  to  be  paid  to  any  Defaulting  Lender         pursuant to clause (A) or (B) above, the Company or Designated Borrower, as         applicable, shall (x) pay to each Non-Defaulting Lender that portion of any such         fee otherwise payable to such Defaulting Lender with respect to such Defaulting         Lender’s  participation  in  L/C  Obligations  or  Swing  Line  Loans  that  has  been         reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay         to the L/C Issuer and Swing Line Lender, as applicable, the amount of any such         fee otherwise payable to such Defaulting Lender to the extent allocable to such                                 58                                                                       

 

                L/C  Issuer’s  or  Swing  Line  Lender’s  Fronting  Exposure  to  such  Defaulting               Lender, and (z) not be required to pay the remaining amount of any such fee.                (iv)  Reallocation of Pro Rata Shares to Reduce Fronting Exposure.  So long        as the conditions precedent set forth in Section 5.02 have been met at such time, all or        any  part  of  such  Defaulting  Lender’s  participation  in  L/C Obligations  and  Swing  Line        Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their        respective  Pro  Rata  Shares  (calculated  without  regard  to  such  Defaulting  Lender’s        Commitment) but only to the extent that such reallocation does not cause the aggregate        Revolving  Credit  Exposure  of  any  Non-Defaulting  Lender  to  exceed  such  Non-       Defaulting Lender’s Commitment.  Subject to Section 11.21, no reallocation hereunder        shall  constitute  a  waiver  or  release  of  any  claim  of  any  party  hereunder  against  a        Defaulting  Lender  arising  from  that  Lender  having  become  a  Defaulting  Lender,        including any  claim  of  a  Non-Defaulting  Lender  as  a  result  of  such  Non-Defaulting        Lender’s increased exposure following such reallocation.                 (v)   Cash  Collateral,  Repayment  of  Swing  Line  Loans.   If  the  reallocation        described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrowers        shall,  without  prejudice  to  any  right  or  remedy  available  to  it  hereunder  or  under        applicable Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line        Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting        Exposure in accordance with the procedures set forth in Section 2.15.         (b)  Defaulting Lender Cure.  If the Company, the Administrative Agent, Swing Line  Lender  and  the  L/C  Issuers  agree  in  writing  in  their  sole  discretion that  a  Defaulting  Lender  should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify  the parties hereto, whereupon as of the effective date specified in such notice and subject to any  conditions  set  forth  therein  (which  may  include  arrangements  with  respect  to  any  Cash  Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans  of the other Lenders or take such other actions as the Administrative Agent may determined to be  necessary  to  cause  the  Loans  and  funded  and  unfunded  participations  in  Letters  of  Credit  and  Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Pro Rata  Shares (without giving effect to Section 2.16(a)(iv)), whereupon that Lender will cease to be a  Defaulting Lender; provided, that, no adjustments will be made retroactively with respect to fees  accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting  Lender; provided, further, that, except to the extent otherwise expressly agreed by the affected  parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release  of any claim of any party hereunder arising from that Lender having been a Defaulting Lender.         2.17   Designated Borrowers.           (a)  Effective  as  of  the  date  hereof,  subject  to  receiving  such  supporting  resolutions,  incumbency certificates, opinions of counsel and other documents as reasonably requested by the  Administrative  Agent,  the  Closing  Date  U.K.  Borrower  shall  be  a  “Designated  Borrower”  hereunder  and  may  receive  Loans  for  its  account  on  the  terms  and  conditions  set  forth  in  this  Agreement.         (b)  The Company may at any time, upon not less than 15 Business Days’ notice from  the  Company  to  the  Administrative  Agent  (or  such  shorter  period  as  may  be  agreed  by  the  Administrative Agent in its sole discretion), designate any additional wholly-owned Subsidiary of  the  Company  (an  “Applicant  Borrower”)  as  a  Designated  Borrower  to  receive  Loans  by                                       59                                                                             

 

   delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each  Lender)  a  duly  executed  notice  and  agreement  in  substantially  the  form  of Exhibit H (a  “Designated Borrower Request and Assumption Agreement”).  The parties hereto acknowledge  and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities  provided  for  herein, the  Administrative  Agent  and  each  Lender  shall  have  received  such  supporting  resolutions,  incumbency  certificates (to  the  extent  such  concept  exists  under  applicable Law), opinions of counsel, Beneficial Ownership Certification and other documents or  information, in form, content and scope reasonably satisfactory to the Administrative Agent, as  may be reasonably requested by the Administrative Agent or any Lender, but which in any event,  subject to differences among jurisdictions, shall be substantially the same scope of documents and  information requested to be delivered by the Company and the Closing Date U.K. Borrower on  the Closing Date, and Notes signed by such new Borrowers to the extent any Lenders so require.  For  the  avoidance  of  doubt,  the  Lenders  shall  have  received  all  documentation  and  other  information  with  respect  to  such  Applicant  Borrower  required  by  bank  regulatory  authorities  under  applicable “know  your  customer”  and  anti-money  laundering  rules  and  regulations,  including  the  USA  PATRIOT  Act.  If  the  Administrative  Agent  and  each  Lender,  in  their  sole  discretion,  approve  such  Applicant  Borrower,  then  promptly  following  receipt  of  all  such  requested  resolutions,  incumbency  certificates,  opinions  of  counsel  and  other  documents  or  information, the Administrative Agent shall send a notice in substantially the form of Exhibit I (a  “Designated  Borrower  Notice”)  to  the  Company  and  the  Lenders  specifying the  effective  date  upon which the Applicant Borrower shall constitute a Designated Borrower for purposes hereof,  whereupon each Lender agrees to permit such Designated Borrower to utilize the credit facilities  provided for herein, on the terms and conditions set forth herein, and each of the parties agrees  that such Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement;  provided  that no  Designated  Borrower  Request  and  Assumption  Agreement  shall  become  effective  as  to  any  Applicant  Borrower  if  any  Lender  shall decline  to  approve  such  Applicant  Borrower or such Lender shall be prohibited under applicable Law, regulation or existing internal  “know-your-customer” policy, or shall not be licensed, to make the Loans or otherwise extend  credit to such Applicant Borrower as provided herein, subject to the Company’s right to replace  such Lender in accordance with Section 10.13.         (c)  The obligations of the Company and each Designated Borrower that is a Domestic  Subsidiary  shall  be  joint  and  several  in  nature,  except  as  provided  in  the  following  sentence.   Designated  Borrowers  that  are  Foreign  Subsidiaries or  Excluded  Subsidiaries shall  each  be  severally  liable  for  their  own  obligations  and  not  liable  for  the  obligations  of  any  other  Designated Borrower or the Company.           (d)  Each  Subsidiary  of  the  Company  that  is  or  becomes  a  “Designated  Borrower”  pursuant  to  this  Section 2.17 hereby  irrevocably  appoints  the  Company  as  its  agent  for  all  purposes  relevant  to  this  Agreement  and  each  of  the  other  Loan  Documents,  including  (i)  the  giving and receipt of notices, (ii) the execution and delivery of all documents, instruments and  certificates contemplated herein and all modifications hereto, and (iii) the receipt of the proceeds  of any Loans made by the Lenders to any such Designated Borrower hereunder.  Subject to any  applicable  Law,  any  acknowledgment,  consent,  direction,  certification  or  other  action  which  might  otherwise  be  valid  or  effective  only  if  given  or  taken  by  all  Borrowers,  or  by  each  Borrower  acting  singly,  shall  be  valid  and  effective  if  given  or  taken  only  by  the  Company,  whether  or  not  any  such  other  Borrower  joins  therein.   Any  notice,  demand,  consent,  acknowledgement, direction, certification or other communication delivered to the Company in  accordance  with  the  terms  of  this  Agreement  shall  be  deemed  to  have  been  delivered  to  each  Designated Borrower.                                        60                                                                             

 

         (e)  The Company may from time to time, upon not less than 10 Business Days’ notice  from the Company to the Administrative Agent (or such shorter period as may be agreed by the  Administrative Agent in its sole discretion), terminate a Designated Borrower’s status as such,  provided that there are no outstanding Letters of Credit issued on the account of such Designated  Borrower, Loans  payable  by  such  Designated  Borrower,  or  other  amounts  payable  by  such  Designated  Borrower  on  account  of  any  Loans  made  to  it,  as  of  the  effective  date  of  such  termination. The Administrative Agent will promptly notify the Lenders of any such termination  of a Designated Borrower’s status.  In the event that any Designated Borrower shall cease to be a  direct  or  indirect  wholly-owned  Subsidiary  of  the  Company,  the  Company  shall  cause  all  outstanding Loans and other amounts payable by such Designated Borrower to be repaid in full  and terminate such Designated Borrower’s status as such, in each case, on or prior to the date  such Designated Borrower ceases to be a wholly-owned Subsidiary of the Company.                                  ARTICLE III                                                       TAXES, YIELD PROTECTION AND ILLEGALITY         3.01   Taxes.         (a)  Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.                   (i)  Any and all payments by  or on account of any obligation of any Loan        Party under any Loan Document shall be made without deduction or withholding for any        Taxes, except as required by applicable Laws.  If any applicable Laws (as determined in        the  good  faith  discretion  of  the  Administrative  Agent)  require  the  deduction  or        withholding of any Tax from any such payment by the Administrative Agent or a Loan        Party (taking into account the information and documentation to be delivered pursuant to        subsections (e) or (f) (as applicable) below), then the Administrative Agent or such Loan        Party shall be entitled to make such deduction or withholding and shall timely pay the        full amount deducted or withheld to the relevant Governmental Authority in accordance        with the Code or any other applicable Law.                (ii)  If a Loan  Party or  the  Administrative  Agent shall  be  required  by  the        Code  to  withhold  or  deduct  any  Taxes,  including  both  United  States  federal  backup        withholding  and  withholding  taxes,  from  any  payment,  then (A) the  Administrative        Agent shall withhold or make such deductions as are determined by the Administrative        Agent  to  be  required  based  upon  the  information  and  documentation  it  has  received        pursuant  to subsections (e) or  (f)  (as  applicable) below, (B) the  Administrative  Agent        shall  timely  pay  the  full  amount  withheld  or  deducted  to  the  relevant  Governmental        Authority  in  accordance  with  the  Code,  and (C) to  the  extent  that  the  withholding  or        deduction is made on account of Indemnified Taxes, the sum payable by the applicable        Loan Party shall be increased as necessary so that after any required withholding or the        making  of  all  required  deductions  (including  deductions  applicable  to  additional  sums        payable under this Section 3.01) the applicable Recipient receives an amount equal to the        sum it would have received had no such withholding or deduction been made.                (iii) If a Loan  Party or  the  Administrative  Agent  shall  be required  by  any        applicable Law other than the Code to withhold or deduct any Taxes from any payment,        then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall        withhold  or  make  such  deductions  as  are  determined  by  it  to  be  required  taking  into        account  the  information  and  documentation  it  has  received  pursuant  to subsections (e)                                       61                                                                             

 

         and (f) below, (B) such Loan Party or the Administrative Agent, to the extent required by        such  Laws,  shall  timely  pay  the  full  amount  withheld  or  deducted  to  the  relevant        Governmental  Authority  in  accordance  with  such  Laws,  and (C) to  the  extent  that the        withholding  or  deduction  is  made  on  account  of  Indemnified  Taxes, subject  to  the        provisions of Section 3.01(f) below, the sum payable by the applicable Loan Party shall        be  increased  as  necessary  so  that  after  any  required  withholding  or  the  making  of  all        required  deductions  (including  deductions  applicable  to  additional  sums  payable  under        this Section 3.01) the applicable Recipient receives an amount equal to the sum it would        have received had no such withholding or deduction been made.         (b)  Payment of Other Taxes by the Loan Parties.  Without limiting the provisions of  subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in  accordance with applicable law, or at the option of the Administrative Agent reimburse it within  10 days after written demand therefor for the payment of, any Other Taxes.         (c)  Tax Indemnifications.                   (i)  Each Loan Party shall, and does hereby indemnify each Recipient, and        shall make payment in respect thereof within 10 days after written demand therefor, for        the  full  amount  of  any  Indemnified  Taxes  (including  Indemnified  Taxes  imposed  or        asserted on or attributable to amounts payable under this Section 3.01) payable or paid by        such Recipient or required to be withheld or deducted from a payment to such Recipient,        other than to the extent an increased payment has been made under Section 3.01(a)(ii)(C)        or 3.01(a)(iii)(C) in respect of the relevant deduction or withholding, and any reasonable        expenses  arising  therefrom  or  with  respect  thereto,  whether  or  not  such  Indemnified        Taxes  were  correctly  or  legally  imposed  or  asserted  by  the  relevant  Governmental        Authority.  A certificate as to the amount of such payment or liability delivered to the        applicable Loan Party by a Lender or an L/C Issuer (with a copy to the Administrative        Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or an        L/C Issuer, shall be conclusive absent manifest error.  Each Loan Party shall, and does        hereby, indemnify the Administrative Agent, and shall make payment in respect thereof        within 10 days after demand therefor, for any amount which a Lender or an L/C Issuer        for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant        to Section 3.01(c)(ii) below; provided that, upon request of the applicable Loan Party, the        Administrative  Agent  shall  use  commercially  reasonable  efforts  to  exercise  its  set-off        rights  described  in  the  last  sentence  of  clause  (c)(ii)  below  to  collect  the  applicable        amount paid by such Loan Party pursuant to the preceding sentence from the applicable        Lender and shall pay the amount so collected to such Loan Party net of any reasonable        expenses incurred by the Administrative Agent in its efforts to collect from such Lender        under clause (c)(ii) below.                (ii)  Each  Lender and  each  L/C  Issuer  shall,  and  does  hereby,  severally        indemnify,  and  shall  make  payment  in  respect  thereof,  within  10  days  after  demand        therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such        Lender or such L/C Issuer (but only to the extent that the applicable Borrower has not        already  indemnified the  Administrative  Agent  for  such  Indemnified Taxes and  without        limiting the obligation of the Loan Party to do so), (y) the Administrative Agent and the        Loan  Party,  as  applicable,  against  any  Taxes  attributable  to  such  Lender’s  failure  to        comply  with  the  provisions  of Section 11.06(d) relating  to  the  maintenance  of  a        Participant Register and (z) the Administrative Agent and the Loan Party, as applicable,        against any Excluded Taxes attributable to such Lender or such L/C Issuer, in each case,                                       62                                                                             

 

         that  are  payable  or  paid  by  the  Administrative  Agent  or  the applicable Borrower  in        connection with any Loan Document, and any reasonable expenses arising therefrom or        with  respect  thereto,  whether  or  not  such  Taxes  were  correctly  or  legally  imposed  or        asserted by the relevant Governmental Authority.  A certificate as to the amount of such        payment  or  liability  delivered  to  any  Lender  by  the  Administrative  Agent  shall  be        conclusive absent manifest error.  Each Lender and each L/C Issuer hereby authorizes the        Administrative Agent to set off and apply any and all amounts at any time owing to such        Lender or such L/C Issuer, as the case may be, under this Agreement or any other Loan        Document against any amount due to the Administrative Agent under this clause (ii).         (d)  Evidence of Payments.  As soon as practicable after any payment of Taxes by a  Loan Party to a Governmental Authority as provided in this Section 3.01, such Loan Party shall  deliver to the Administrative Agent the original or a certified copy of a receipt issued by such  Governmental Authority evidencing such payment, a copy of the return reporting such payment  or other evidence of such payment reasonably satisfactory to the Administrative Agent.         (e)  Status of Lenders; Tax Documentation.                   (i)  Any  Lender  that  is  entitled  to  an  exemption  from  or  reduction  of        withholding Tax with respect to payments made under any Loan Document (save with        respect  to  payments  made  by  a U.K. Borrower,  which  shall  be  dealt  with  pursuant  to        Section 3.01(f) below) shall deliver to the Company and the Administrative Agent, at the        time or times reasonably requested by the Company or the Administrative Agent, such        properly  completed  and  executed  documentation  prescribed  by  applicable  law  or  the        taxing  authorities  of  a  jurisdiction  pursuant  to  such  applicable  Law  or  reasonably        requested by the Company or the Administrative Agent as will permit such payments to        be  made  without  withholding  or  at  a  reduced  rate  of  withholding.   In  addition,  any        Lender,  if  reasonably  requested  by the  Company or  the  Administrative  Agent,  shall        deliver such other documentation prescribed by applicable law or reasonably requested        by the  Company or  the  Administrative  Agent  as will  enable such Borrower  or  the        Administrative  Agent  to  determine  whether  or  not  such  Lender  is  subject  to  backup        withholding  or  information  reporting  requirements.   Notwithstanding  anything  to  the        contrary  in  the  preceding  two  sentences,  the  completion, execution  and  submission  of        such  documentation  (other  than  such  documentation  either (A) set  forth  in        Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below or (B) required by applicable law other        than the Code or the taxing authorities of the jurisdiction pursuant to such applicable law        to comply with the requirements for exemption or reduction of withholding tax in that        jurisdiction)  shall  not  be  required  if  in  the  Lender’s  reasonable  judgment  such        completion,  execution  or  submission  would  subject  such  Lender  to  any  material        unreimbursed  cost  or  expense  or  would  materially  prejudice  the  legal  or  commercial        position of such Lender.                (ii)  Without  limiting  the  generality  of the  foregoing,  in  the  event  that a        Borrower is a U.S. Person,                       (A)   any Lender that is a U.S. Person shall deliver to such Borrower               and  the  Administrative  Agent  on  or  prior  to  the  date  on  which  such  Lender               becomes a Lender under this Agreement (and from time to time thereafter upon               the reasonable request of the Company or the Administrative Agent), executed               copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal               backup withholding tax;                                        63                                                                             

 

                         (B)   any Foreign Lender shall, to the extent it is legally entitled to  do so, deliver to the Company and the Administrative Agent (in such number of  copies as shall be requested by the recipient) on or prior to the date on which  such Foreign Lender becomes a Lender under this Agreement (and from time to  time  thereafter  upon  the  reasonable  request  of  the Company or  the  Administrative Agent), whichever of the following is applicable:                   (I)  in the case of a Foreign Lender claiming the benefits         of an income tax treaty to which the United States is a party (x) with         respect  to  payments  of  interest  under  any  Loan  Document,  executed          copies  of  IRS  Form  W-8BEN-E  (or  W-8BEN,  as  applicable)         establishing  an  exemption  from,  or  reduction  of,  U.S.  federal         withholding Tax pursuant to the “interest” article of such tax treaty and         (y) with  respect  to  any  other  applicable  payments  under  any  Loan         Document,  IRS  Form  W-8BEN-E  (or  W-8BEN,  as  applicable)         establishing  an  exemption  from,  or  reduction  of,  U.S.  federal         withholding Tax pursuant to the “business profits” or “other income”         article of such tax treaty;                  (II)  executed copies of IRS Form W-8ECI;                 (III)  in the case of a Foreign Lender claiming the benefits         of  the  exemption  for  portfolio  interest  under  Section  881(c)  of  the         Code,  (x) a  certificate  substantially  in  the  form  of  Exhibit  F-1  to  the         effect that such Foreign Lender is not a “bank” within the meaning of         Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of such         Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a         “controlled  foreign  corporation”  described  in  Section  881(c)(3)(C)  of         the  Code  (a  “U.S.  Tax  Compliance  Certificate”)  and  (y) executed          copies of IRS Form W-8BEN-E (or W-8BEN, as applicable); or                 (IV)   to the extent a Foreign Lender is not the beneficial         owner, executed  copies of IRS Form W-8IMY, accompanied by IRS         Form  W-8ECI,  IRS  Form  W-8BEN-E (or W-8BEN, as  applicable), a         U.S. Tax Compliance Certificate substantially in the form of Exhibit F-        2 or Exhibit F-3, IRS Form W-9, and/or other certification documents         from each beneficial owner, as applicable; provided that if the Foreign         Lender is a partnership and one or more direct or indirect partners of         such Foreign Lender are claiming the portfolio interest exemption, such         Foreign  Lender  may  provide  a  U.S.  Tax  Compliance  Certificate         substantially in the form of Exhibit F-4 on behalf of each such direct         and indirect partner;          (C)   any Foreign Lender shall, to the extent it is legally entitled to  do so, deliver to the Company and the Administrative Agent (in such number of  copies as shall be requested by the recipient) on or prior to the date on which  such Foreign Lender becomes a Lender under this Agreement (and from time to  time  thereafter  upon  the  reasonable  request  of  the Company or  the  Administrative  Agent),  executed  copies  of  any  other  form  prescribed  by  applicable  law  as  a basis  for  claiming  exemption  from  or  a  reduction  in  U.S.  federal  withholding  Tax,  duly  completed,  together  with  such  supplementary                          64                                                                

 

                         documentation as may be prescribed by applicable law to permit the applicable         Borrower  or  the  Administrative  Agent  to  determine  the  withholding  or         deduction required to be made; and                 (D)   if  a  payment  made  to  a  Lender  under  any  Loan  Document         would be subject to U.S. federal withholding Tax imposed by FATCA if such         Lender  were  to  fail  to  comply  with  the  applicable  reporting  requirements  of         FATCA (including those contained in Section 1471(b) or 1472(b) of the Code,         as applicable), such Lender shall deliver to the Company and the Administrative         Agent  at  the  time  or  times  prescribed  by  law  and  at  such  time  or  times         reasonably  requested  by the Company or  the  Administrative  Agent  such         documentation prescribed by applicable law (including as prescribed by Section         1471(b)(3)(C)(i)  of  the  Code)  and  such  additional  documentation  reasonably         requested by the Company or the Administrative Agent as may be necessary for         the Company and  the  Administrative  Agent  to  comply  with  their  obligations         under  FATCA  and  to  determine  that  such  Lender  has  complied  with  such         Lender’s obligations under FATCA or to determine the amount to deduct and         withhold from such payment.  Solely for purposes of this clause (D), “FATCA”         shall include any amendments made to FATCA after the date of this Agreement.          (iii) Each  Lender  agrees  that  if  any  form  or  certification  it  previously  delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any  respect, it shall update such form or certification or promptly notify the Company and the  Administrative Agent in writing of its legal inability to do so.   (f)  U.K. Borrowers.           (i)  A  payment  by a  U.K.  Borrower shall  not  be  increased  under Section  3.01(a)(iii) above by reason of a U.K. Tax Deduction (and such U.K. Tax Deduction shall  not be considered an Indemnified Tax for the purposes of this Agreement) if, on the date  on which the payment falls due:                  (A)   the  payment  could  have  been  made  to  the  relevant  Lender         without a U.K. Tax Deduction if the Lender had been a U.K. Qualifying Lender,         but on that date that Lender is not or has ceased to be a U.K. Qualifying Lender         other than as a result of any change after the date it became a Lender under this         Agreement in (or in the interpretation, administration, or application of) any law         or U.K. Treaty or any published practice or published concession of any relevant         taxing authority; or                  (B)    the  relevant  Lender  is  a U.K. Qualifying  Lender  solely  by         virtue of paragraph (b) of the definition of “U.K. Qualifying Lender” and (x) an         officer of HM Revenue & Customs has given (and not revoked) a direction (a         “Direction”)  under  section  931  of  the U.K. ITA which  relates to  the  payment         and that Lender has received from a U.K. Borrower making the payment or from         the Company a certified copy of that Direction and (y) the payment could have         been made to the Lender without any U.K. Tax Deduction if that Direction had         not been made; or                  (C)   the  relevant  Lender  is  a U.K. Qualifying  Lender  solely  by         virtue of paragraph (b) of the definition of “U.K. Qualifying Lender” and (x) the                                 65                                                                       

 

                  relevant Lender has not given a U.K. Tax Confirmation to the Company and (y)  the  payment  could  have  been  made  to  the Lender  without  any U.K. Tax  Deduction if the Lender had given a U.K. Tax Confirmation to the Company, on  the basis that the U.K. Tax Confirmation would have enabled the Company and  such U.K. Borrower to have formed a reasonable belief that the payment was an  “excepted payment” for the purpose of section 930 of the U.K. ITA; or           (D)   the  relevant  Lender  is  a U.K. Treaty  Lender  and such  U.K.  Borrower making  the  payment  is  able  to  demonstrate  that  the  payment  could  have been made to the Lender without the U.K. Tax Deduction had that Lender  complied with its obligations under Section 3.01(f)(ii) below.   (ii)  Without limiting the effect of Section 3.01(e) above:          (A)   Subject  to  paragraph  (B)  below,  a U.K. Treaty  Lender  and a  U.K. Borrower making a payment to which that U.K. Treaty Lender is entitled  shall  co-operate  in  completing  any  procedural  formalities  necessary  for such  U.K. Borrower to obtain authorization to make that payment without a U.K. Tax  Deduction.          (B)   A U.K. Treaty Lender which (x) is a Lender on the date of this  Agreement  and  that  holds  a  passport  under  the  HMRC  DT  Treaty  Passport  scheme, and which wishes that scheme to apply to this Agreement, shall confirm  its  scheme  reference  number  and  its  jurisdiction  of  tax  residence  opposite  its  name  in  the U.K. Tax  Schedule;  or  (y)  is  not  a  Lender  on  the  date  of  this  Agreement  and  that  holds  a  passport  under  the  HMRC  DT  Treaty  Passport  scheme, and which wishes that scheme to apply to this Agreement, shall confirm  its scheme reference number and its jurisdiction of tax residence in the relevant  Assignment and Assumption (or, if such Lender becomes a Lender other than  pursuant  to  an  Assignment  and  Assumption,  in  the  relevant  documentation  which  it  executes  on  becoming  a Lender  under  this  Agreement); and,  having  done  so,  that  Lender  shall  be  under  no  obligation  pursuant  to  paragraph  (A)  above.          (C)   If  a U.K. Treaty  Lender  has  confirmed  its  scheme  reference  number  and  its jurisdiction  of  tax  residence  in  accordance  with paragraph (B)  above and (x) a U.K. Borrower making a payment to that Lender has not made a  U.K. Borrower DTTP Filing in respect of that Lender; or (y) a U.K. Borrower  making a payment to that Lender has made a U.K. Borrower DTTP Filing but  (1)  that U.K. Borrower  DTTP  Filing  has  been  rejected  by  HM  Revenue  &  Customs, or (2) HM Revenue & Customs have not given such U.K. Borrower  authority to make payments to that Lender without a U.K. Tax Deduction within  30 Business Days of the date of such U.K. Borrower DTTP Filing, and in each  case, the Company or the applicable U.K. Borrower has notified that Lender in  writing, that Lender and such U.K. Borrower shall co-operate in completing any  additional  procedural  formalities  necessary  for such  U.K.  Borrower to  obtain  authorization to make that payment without a U.K. Tax Deduction.          (D)   If a U.K. Treaty Lender has not confirmed its scheme reference  number  and  jurisdiction  of  tax  residence  in  accordance  with  paragraph  (B)  above, no U.K. Borrower shall make a U.K. Borrower DTTP Filing or file any                          66                                                                

 

                  other form relating to the HM Revenue & Customs DT Treaty Passport scheme  in respect of that Lender’s Loan(s) unless that Lender otherwise agrees.          (E)   A U.K. Borrower shall, promptly on making a U.K. Borrower  DTTP  Filing,  deliver  a  copy  of  that U.K. Borrower  DTTP  Filing  to  the  Administrative Agent for delivery to the relevant U.K. Treaty Lender.           (F)   A U.K. Non-Bank  Lender  which  becomes  a  party  to  this  Agreement  on  the  date  of  this  Agreement  gives  a U.K. Tax  Confirmation  by  entering into this Agreement.  A U.K. Non-Bank Lender shall promptly notify  the Company and the Administrative Agent if there is any change in the position  from that set out in the U.K. Tax Confirmation.  If such change results from a  sale  or  participation  pursuant  to Section  11.06(d),  the  provisions  of  paragraph  (H) below (from the words “in which case” onwards) shall apply.          (G)   Each Lender in respect of a U.K. Borrower which becomes a  party  to  this  Agreement  after  the  date  of  this  Agreement  shall  indicate  in  the  Assignment  and Assumption (or,  if  such  Lender  becomes a Lender  otherwise  than pursuant to an Assignment and Assumption, in the relevant documentation  which it executes on becoming a Lender under this Agreement), for the benefit  of the Administrative Agent and without liability to any Loan Party, which of  the following categories it falls in: (A) not a U.K. Qualifying Lender; (B) a U.K.  Qualifying  Lender  (other  than  a U.K. Treaty  Lender);  or  (C)  a U.K. Treaty  Lender (each  a  “U.K.  Lender  Status”).   If  a  Lender  fails  to  indicate  its U.K.  Lender Status in accordance with this paragraph (G) then such Lender shall be  treated for the purposes of this Agreement (including by such U.K. Borrower) as  if  it  is  not  a U.K. Qualifying  Lender  until  such  time  as  it  notifies  the  Administrative  Agent  which  category  applies  (and  the  Administrative  Agent,  upon  receipt  of  such  notification,  shall  inform  the  Company  and such  U.K.  Borrower).  For the avoidance of doubt, any such Assignment and Assumption  (or, if such Lender becomes a Lender otherwise than pursuant to an Assignment  and Assumption, in the relevant documentation which it executes on becoming a  Lender under this Agreement) shall not be invalidated by any such failure of a  Lender to comply with this paragraph (G).          (H)   Each  Lender in  respect  of  a  U.K.  Borrower shall  as  soon  as  reasonably  practicable  notify  the Company and  the  Administrative  Agent  if  there is any change in (i) its U.K. Lender Status from that indicated on entering  into this Agreement or pursuant to paragraph (G), or (ii) the position from that  set out in any U.K. Tax Confirmation which that Lender has given, including (in  each case) as a result of a sale or participation pursuant to Section 11.06(d), in  which  case  the  relevant  Lender  shall use  reasonable  endeavors  to notify  the  Company and  the  Administrative  Agent  in  advance  which  of  the  following  categories the Participant falls in: (A) not a U.K. Qualifying Lender; (B) a U.K.  Qualifying  Lender  (other  than  a  U.K.  Treaty  Lender);  or  (C)  a  U.K.  Treaty  Lender. If a Lender fails to indicate the status of a Participant in accordance with  this paragraph (H) then such Participant shall be treated for the purposes of this  Agreement (including by the U.K. Borrower) as if it is not a U.K. Qualifying  Lender until such time as the relevant Lender notifies the Administrative Agent  which  category  applies  (and  the  Administrative  Agent,  upon  receipt  of  such  notification,  shall  inform the  Company  and  the  U.K. Borrower).  For  the                          67                                                                

 

                avoidance of doubt, any such participation shall not be invalidated by any such               failure of a Lender to comply with this paragraph (H).                        (I)  A  U.K.  Borrower  shall,  promptly  on  becoming  aware  that  it               must make a U.K. Tax Deduction (or that there is any change in the rate or basis               of  a U.K. Tax  Deduction)  notify  the  Administrative  Agent  accordingly.                Similarly, a Lender shall notify the Administrative Agent on becoming so aware               in  respect  of  a  payment  payable  to  that  Lender.   If  the  Administrative  Agent               receives any  such  notification it  shall  promptly  notify  the Company or  the               Lender (as the case may be).         (g)  Treatment  of  Certain  Refunds.   Unless  required  by  applicable  Laws,  at  no  time  shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a  Lender or an L/C Issuer, or have any obligation to pay to any Lender or an L/C Issuer, any refund  of Taxes withheld or deducted from funds paid for the account of such Lender or such L/C Issuer,  as the case may be. If any Recipient determines, in its sole discretion exercised in good faith, that  it has received a refund of any Taxes as to which it has been indemnified by a Borrower or with  respect to which such Borrower has paid additional amounts pursuant to this Section 3.01, it shall  pay  to such Borrower  an  amount  equal  to  such  refund  (but  only  to  the  extent  of  indemnity  payments  made,  or  additional  amounts  paid,  by such Borrower  under  this Section 3.01 with  respect  to  the  Taxes  giving  rise  to  such  refund),  net  of  all  out-of-pocket  expenses  (including  Taxes)  of  such  Recipient,  and  without  interest  (other  than  any  interest  paid  by  the  relevant  Governmental Authority with respect to such refund).  The applicable Borrower, upon the request  of the Recipient, shall repay to the Recipient the amount paid over pursuant to this subsection (g)  (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in  the  event  the  Recipient  is  required  to  repay  such  refund  to  such  Governmental  Authority.   Notwithstanding  anything  to  the  contrary  in  this  subsection,  in  no  event  will  the  applicable  Recipient be required to pay any amount to the applicable Borrower pursuant to this subsection  the payment of which would place the Recipient in a less favorable net after-Tax position than  such Recipient would have been in if the Tax subject to indemnification and giving rise to such  refund had not been deducted, withheld or otherwise imposed and the indemnification payments  or additional amounts with respect to such Tax had never been paid.  This subsection shall not be  construed  to  require  any  Recipient  to  make  available  its  tax  returns  (or  any  other  information  relating to its taxes that it deems confidential) to the any Borrower or any other Person.         (h)  Survival.   Each  party’s  obligations  under  this Section 3.01 shall  survive  the  resignation  or  replacement  of  the  Administrative  Agent  or  any  assignment  of  rights  by,  or  the  replacement  of,  a  Lender  or  an  L/C  Issuer,  the  termination  of  the  Commitments  and  the  repayment, satisfaction or discharge of all other Obligations under any Loan Document.          (i) FATCA.  For  purposes  of  determining  U.S.  withholding  Taxes  imposed  under  FATCA,  from  and  after  the  effective  date  of  this  Agreement,  the Company and  the  Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to  treat)  this  Agreement  as  not  qualifying  as  a  “grandfathered  obligation”  within  the  meaning  of  Treasury Regulation Section 1.1471-2(b)(2)(i).          (j) VAT.                 (i)  All amounts expressed to be payable under any Loan Document by any        party to the Administrative Agent or any Lender (each, for the purposes of this Section        3.01(j), a “Finance Party”) which (in whole or in part) constitute the consideration for any                                       68                                                                             

 

         supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on        that  supply,  and  accordingly,  subject  to  paragraph  (ii)  below,  if  VAT  is  or  becomes        chargeable  on  any  supply  made  by  any  Finance  Party  to  any  party  under  a  Loan        Document and such Finance Party is required to account to the relevant tax authority for        the VAT, that party must pay to such Finance Party (in addition to and at the same time        as paying any other consideration for such supply) an amount equal to the amount of the        VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that        party). If VAT is or becomes chargeable on any supply made by any Finance Party (the        “Supplier”) to any other Finance Party (the “VAT Recipient”) under a Loan Document,        and  any  party  other  than  the VAT Recipient  (the  “Relevant  Party”)  is  required  by  the        terms of any Loan Document to pay an amount equal to the consideration for that supply        to the Supplier (rather than being required to reimburse or indemnify the VAT Recipient        in respect of that consideration): (a) where the Supplier is the person required to account        to  the  relevant  tax  authority  for  the  VAT,  the  Relevant  Party  must  also  pay  to  the        Supplier  (at  the  same  time  as  paying  that  amount)  an  additional  amount  equal  to  the        amount  of  the  VAT.  The VAT Recipient  must  promptly  pay  to  the  Relevant  Party  an        amount equal to any credit or repayment the VAT Recipient receives from the relevant        tax  authority  which  the VAT Recipient  reasonably  determines  relates  to  the  VAT        chargeable  on  that  supply;  and  (b)  where  the VAT Recipient  is  the  person required to        account  to  the  relevant  tax  authority  for  the  VAT,  the  Relevant  Party  must  promptly,        following demand from the VAT Recipient, pay to the VAT Recipient an amount equal        to  the  VAT  chargeable  on  that  supply  but  only  to  the  extent  that  the VAT Recipient        reasonably determines that it is not entitled to credit or repayment from the relevant tax        authority in respect of that VAT.                (ii)  Where a Loan Document requires any party to reimburse or indemnify a        Finance  Party  for  any  cost  or  expense,  that  party  shall  reimburse  or  indemnify  (as  the        case may be) such Finance Party for the full amount of such cost or expense, including        such  part  thereof  as represents  VAT,  save  to  the  extent  that  such  Finance  Party        reasonably determines that it is entitled to credit or repayment in respect of such VAT        from the relevant tax authority.                (iii) In relation to any supply made by a Finance Party to any party under a        Loan Document, if reasonably requested by such Finance Party, that party must promptly        provide such Finance Party with details of that party’s VAT registration and such other        information  as  is  reasonably  requested  in  connection  with  such  Finance  Party’s  VAT        reporting requirements in relation to such supply.         Any reference  in  this  paragraph  (j)  to  any  party  shall,  at  any  time  when  such  party  is  treated  as  a  member  of  a  group  for  VAT  purposes,  include  (where  appropriate  and  unless  the  context otherwise requires) a reference to the person who is treated as making the supply or (as  appropriate) receiving the supply under the grouping rules (as provided for in Article 11 of the  Council Directive 2006/112/EC (or as implemented by the relevant member state of the European  Union  or  any  other  similar  provision  in  any  jurisdiction  which  is  not  a  member  state  of  the  European Union)).         3.02   Illegality.  If any Lender determines that any Law has made it unlawful, or that  any  Governmental  Authority  has  asserted  that  it  is  unlawful,  for  any  Lender  or  its  applicable  Lending Office to perform any of its obligations hereunder or make, maintain or fund or charge  interest with respect to any Credit Extension or to determine or charge interest rates based upon  the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the                                       69                                                                             

 

   authority of such Lender to purchase or sell, or to take deposits of, Dollars or any Alternative  Currency  in  the  applicable  interbank  market,  then,  on  notice  thereof  by  such  Lender  to  the  Company through  the  Administrative  Agent,  (i) any  obligation  of  such  Lender  to  issue,  make,  maintain, fund or charge interest with respect to any such Credit Extension or to make or continue  Eurocurrency Rate Loans in the affected currency or currencies or, in the case of Eurocurrency  Rate Loans in Dollars, to convert Base Rate Committed Loans to Eurocurrency Rate Loans, shall  be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining  Base Rate Loans the interest rate on which is determined by reference to the Eurocurrency Rate  component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if  necessary to avoid such illegality, be determined by the Administrative Agent without reference  to the Eurocurrency Rate component of the Base Rate, in each case until such Lender notifies the  Administrative Agent and the Company that the circumstances giving rise to such determination  no longer exist.  Upon receipt of such notice, (x) such Borrower shall, upon demand from such  Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are  denominated in Dollars, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans  (the  interest  rate  on  which  Base  Rate  Loans  of  such  Lender  shall,  if  necessary  to  avoid  such  illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate  component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender  may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if  such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans and (y) if such  notice asserts the illegality of such Lender determining or charging interest rates based upon the  Eurocurrency Rate, the Administrative Agent shall during the period of such suspension compute  the Base Rate applicable to such Lender without reference to the Eurocurrency Rate component  thereof until the Administrative Agent is advised in writing by such Lender that it is no longer  illegal for such Lender to determine or charge interest rates based upon the Eurocurrency Rate.   Upon any such prepayment or conversion, the applicable Borrower shall also pay accrued interest  on the amount so prepaid or converted.         3.03   Inability to Determine Rates;.           (a)  If in connection with any request for a Eurocurrency Rate Loan or a conversion to  or  continuation  thereof, (i) the  Administrative  Agent  determines  that  (A)  deposits  (whether  in  Dollars  or  an  Alternative  Currency)  are  not  being  offered  to  banks  in  the  applicable  offshore  interbank  market  for  such  currency  for  the  applicable  amount  and  Interest  Period  of  such  Eurocurrency Rate Loan, or (B) (x) adequate and reasonable means do not exist for determining  the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency  Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an  existing or proposed Base Rate Loan and (y) the circumstances described in Section 3.03(c)(i) do  not  apply  (in  each  case  with  respect  to  clause  (a)  above,  “Impacted  Loans”),  or  (ii) the  Administrative  Agent  or the  Required  Lenders determine  that for any reason the  Eurocurrency  Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does  not  adequately  and  fairly  reflect  the  cost  to  such  Lenders  of  funding  such  Eurocurrency  Rate  Loan,  the  Administrative Agent  will  promptly  so  notify  the Company and  each  Lender.   Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the  affected currency or currencies shall be suspended, (to the extent of the affected Eurocurrency  Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding  sentence with respect to the Eurocurrency Rate component of the Base Rate, the utilization of the  Eurocurrency Rate component in determining the Base Rate shall be suspended, in each case until  the Administrative Agent (or, in the case of a determination by the Required Lenders described in  clause  (ii)  of Section  3.03(a),  until  the  Administrative  Agent  upon  instruction  of  the  Required  Lenders) revokes such notice.  Upon receipt of such notice, the applicable Borrower may revoke                                       70                                                                             

 

   any  pending  request  for  a  Borrowing  of,  conversion  to  or  continuation  of  Eurocurrency  Rate  Loans  in  the  affected  currency  or  currencies  (to  the  extent  of  the  affected  Eurocurrency  Rate  Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a  request for a Committed Borrowing of Base Rate Loans in the amount specified therein.         (b)  Notwithstanding  the  foregoing,  if  the  Administrative  Agent  has  made  the  determination described in clause (i) of Section 3.03(a), the Administrative Agent, in consultation  with  the Company and  the Required Lenders,  may  establish  an  alternative  interest  rate  for  the  Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the  Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to  the  Impacted  Loans  under  clause  (a)  of  the  first  sentence  of Section  3.03(a),  (2)  the  Administrative Agent or the Required Lenders notify the Administrative Agent and the Company  that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of  funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or  that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable  Lending  Office  to  make,  maintain  or  fund  Loans  whose  interest  is  determined  by  reference  to  such alternative rate of interest or to determine or charge interest rates based upon such rate or  any Governmental Authority has imposed material restrictions on the authority of such Lender to  do any of the foregoing and provides the Administrative Agent and the Company written notice  thereof.         (c)  Notwithstanding  anything  to  the  contrary  in  this  Agreement  or  any  other  Loan  Documents,  if  the  Administrative  Agent  determines  (which  determination  shall  be  conclusive  absent  manifest  error),  or  the  Company  or  Required  Lenders  notify  the Administrative  Agent  (with, in the case of the Required Lenders, a copy to the Company) that the Company or Required  Lenders (as applicable) have determined, that:       (i)  adequate  and  reasonable  means  do  not  exist  for  ascertaining  LIBOR for  any           requested Interest Period, including, without limitation, because the LIBOR Screen           Rate  is  not  available  or  published  on  a  current  basis  and  such  circumstances  are           unlikely to be temporary; or                  (ii)  the  administrator  of  the  LIBOR  Screen  Rate  or  a  Governmental  Authority  having           jurisdiction over the Administrative Agent has made a public statement identifying a           specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made           available, or used for determining the interest rate of loans (such specific date, the           “Scheduled Unavailability Date”), or                 (iii) syndicated  loans  currently  being  executed,  or  that  include  language  similar  to  that           contained  in  this Section 3.03,  are  being  executed  or  amended  (as  applicable)  to           incorporate or adopt a new benchmark interest rate to replace LIBOR,    then, reasonably promptly after such determination by the Administrative Agent or receipt by the  Administrative Agent of such notice, as applicable, the Administrative Agent and the Company  may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any  mathematical  or  other  adjustments  to  the  benchmark  (if  any)  incorporated  therein),  giving  due  consideration  to  any  evolving  or  then  existing  convention  for  similar  U.S.  dollar  denominated  syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR  Successor Rate”), together with any proposed LIBOR Successor Rate Conforming Changes (as  defined below) and any such amendment shall become effective at 5:00 p.m. (New York time) on  the  fifth Business  Day  after  the  Administrative  Agent  shall  have  posted  such  proposed                                       71                                                                             

 

   amendment to all Lenders and the Company unless, prior to such time, Lenders comprising the  Required Lenders have delivered to the Administrative Agent written notice that such Required  Lenders  do  not  accept  such  amendment.  Such  LIBOR  Successor  Rate  shall  be  applied  in  a  manner consistent with market practice; provided that to the extent such market practice is not  administratively  feasible  for  the  Administrative  Agent,  such  LIBOR  Successor  Rate  shall  be  applied  in  a  manner  as  otherwise  reasonably  determined  by  the  Administrative  Agent in  good  faith and in consultation with the Company.    If no LIBOR Successor Rate has been determined and the circumstances under clause (i) above  exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent  will  promptly  so  notify  the  Company  and  each  Lender.  Thereafter,  (x) the  obligation  of  the  Lenders to make or maintain Eurocurrency Rate Loans shall be suspended, (to the extent of the  affected Eurocurrency Rate Loans or Interest Periods), and (y) the Eurocurrency Rate component  shall  no  longer  be  utilized  in  determining  the  Base  Rate.  Upon  receipt  of  such  notice by  the  Company, the relevant Borrower may revoke any pending request for a Borrowing of, conversion  to or continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate  Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a  request for a Committed Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in  the amount specified therein.         Notwithstanding  anything  else herein,  any  definition  of  LIBOR  Successor  Rate  shall  provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this  Agreement.         For  purposes  hereof,  “LIBOR  Successor  Rate  Conforming  Changes”  means,  with  respect  to  any  proposed  LIBOR  Successor  Rate,  any  conforming  changes  to  the  definition  of  Base Rate, Interest Period, timing and frequency of determining rates and making payments of  interest  and  other  administrative  matters  as  may  be  appropriate,  in good  faith  and  in the  reasonable discretion of the Administrative Agent in consultation with the Company, to reflect  the  adoption  of  such  LIBOR  Successor  Rate  and  to  permit  the  administration  thereof  by  the  Administrative  Agent  in  a  manner  substantially  consistent  with  market  practice  (or,  if  the  Administrative  Agent  determines  that  adoption  of  any  portion  of  such  market  practice  is  not  administratively  feasible  or  that  no  market  practice  for  the  administration  of  such  LIBOR  Successor  Rate  exists,  in  such  other  manner  of  administration  as  the  Administrative  Agent in  good  faith determines is  reasonably  necessary in  connection  with  the  administration  of  this  Agreement in consultation with the Borrower).          3.04   Increased Costs; Reserves on Loans.           (a)  Increased Costs Generally.  If any Change in Law shall:                 (i)  impose,  modify  or  deem  applicable  any  reserve,  special  deposit,        compulsory loan, insurance charge or similar requirement against assets of, deposits with        or for the account of, or credit extended or participated in by, any Lender (except any        reserve  requirement contemplated  by Section  3.04(e),  other than  as  set forth below)  or        any L/C Issuer;                (ii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes,        (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and        (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,                                        72                                                                             

 

         or  other  obligations,  or  its  deposits,  reserves,  other  liabilities  or  capital  attributable        thereto; or                (iii) impose on any Lender or any L/C Issuer or the London interbank market        any  other  condition,  cost  or  expense  affecting  this  Agreement  or  Eurocurrency  Rate        Loans made by such Lender or any Letter of Credit or participation therein;   and the result of any of the foregoing shall be to increase the cost to such Lender of making or  maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the  cost to such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter of  Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to  reduce  the  amount  of  any  sum  received  or  receivable  by  such  Lender  or  such  L/C  Issuer  hereunder (whether of principal, interest or any other amount) then, upon request of such Lender  or such L/C Issuer, the applicable Borrower will pay to such Lender or such L/C Issuer, as the  case may be, such additional amount or amounts as will compensate such Lender or such L/C  Issuer, as the case may be, for such additional costs incurred or reduction suffered.         (b)  Capital Requirements.  If any Lender or any L/C Issuer reasonably determines that  any  Change  in  Law  affecting  such  Lender  or  such  L/C  Issuer  or  any  Lending  Office  of  such  Lender  or  such  Lender’s  or  such  L/C  Issuer’s  holding  company,  if  any,  regarding  capital  or  liquidity  requirements  has  or  would  have  the  effect  of  reducing  the  rate  of  return  on  such  Lender’s  or  such  L/C  Issuer’s  capital  or  on  the  capital  of  such  Lender’s  or  such  L/C  Issuer’s  holding company, if any, as a consequence of this Agreement, the Commitments of such Lender  or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of  Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or  such Lender’s or such L/C Issuer’s holding company could have achieved but for such Change in  Law (taking  into consideration  such  Lender’s  or  such  L/C Issuer’s policies  and the policies  of  such  Lender’s  or  such  L/C  Issuer’s  holding  company  with  respect  to  capital  adequacy or  liquidity), then from time to time the applicable Borrower will pay to such Lender or such L/C  Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or  such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction  suffered.          (c)  Certificates for Reimbursement.  A certificate of a Lender or an L/C Issuer setting  forth  the  amount  or  amounts  necessary  to  compensate  such  Lender  or  such  L/C  Issuer  or  its  holding  company,  as  the  case  may  be,  as  specified  in subsection (a) or (b) of  this  Section and  delivered to the Company shall be conclusive absent manifest error.  The applicable Borrower  shall pay such Lender or such L/C Issuer, as the case may be, the amount shown as due on any  such certificate within 10 days after receipt thereof.           (d)  Delay in Requests.  Failure or delay on the part of any Lender or any L/C Issuer to  demand compensation pursuant to the foregoing provisions of this Section shall not constitute a  waiver of such Lender’s or such L/C Issuer’s right to demand such compensation, provided that  no Borrower shall be required to compensate a Lender or an L/C Issuer pursuant to the foregoing  provisions of this Section for any increased costs incurred or reductions suffered more than nine  months  prior to  the date that such  Lender or  such  L/C  Issuer, as  the  case may  be, notifies the  Company of  the  Change  in  Law  giving  rise  to  such  increased  costs  or  reductions  and  of  such  Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that, if the Change  in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period  referred to above shall be extended to include the period of retroactive effect thereof).                                        73                                                                             

 

         (e)  Additional Reserve Requirements.  Each Borrower shall pay to each Lender (i) as  long  as  such  Lender  shall  be  required  to  maintain  reserves with  respect  to  liabilities  or  assets  consisting  of  or  including  Eurocurrency  funds  or  deposits  (currently  known  as  “Eurocurrency  liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan  equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined  by such Lender in good faith, which determination shall be conclusive), and (ii) as long as such  Lender shall be required to comply with any reserve ratio requirement or analogous requirement  of  any  other  central  banking  or  financial  regulatory  authority  imposed  in  respect  of  the  maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional  costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five  decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender  (as determined by such Lender in good faith, which determination shall be conclusive), which in  each  case  shall  be  due  and  payable  on each  date  on  which  interest  is  payable  on  such  Loan,  provided the  Company shall  have  received  at  least  10  days’  prior  notice  (with  a  copy  to  the  Administrative Agent) of such additional interest or costs from such Lender.  If a Lender fails to  give notice 10 days prior to the relevant Interest Payment Date, such additional interest or costs  shall be due and payable 10 days from receipt of such notice.         (f)  Reimbursement Limitation.  Notwithstanding any other provisions of this Section  3.04, no Lender shall demand compensation under subsection (a) and (b) of this Section 3.04 if it  shall not at the time be the general policy of such Lender to demand such compensation in similar  circumstances under comparable provisions of other credit agreements.         3.05   Compensation  for  Losses.  Upon  demand  of  any  Lender  (with  a  copy  to  the  Administrative Agent) from time to time, each Borrower shall promptly compensate such Lender  for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:         (a)  any  continuation,  conversion,  payment  or  prepayment  of  any  Loan  other  than  a  Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether  voluntary, mandatory, automatic, by reason of acceleration, or otherwise);         (b)  any failure by a Borrower (for a reason other than the failure of such Lender to  make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on  the date or in the amount notified by the applicable Borrower;         (c)  any  failure  by a Borrower  to  make  payment  of  any  Loan  or  drawing  under  any  Letter of Credit (or interest due thereon) denominated in an Alternative Currency on its scheduled  due date or any payment thereof in a different currency; or         (d)  any assignment of a Eurocurrency Rate Loan on a day other than the last day of the  Interest  Period  therefor  as  a  result  of  a  request  by the applicable  Borrower pursuant  to  Section 11.13;   including any loss of anticipated profits, any foreign exchange losses and any loss or expense  arising from the liquidation or reemployment of funds obtained by it to maintain such Loan, from  fees payable to terminate the deposits from which such funds were obtained or from the  performance of any foreign exchange contract.  The applicable Borrower shall also pay any  customary administrative fees charged by such Lender in connection with the foregoing.         For purposes of calculating amounts payable by any Borrower to the Lenders under this  Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by                                       74                                                                             

 

   it  at  the  Eurocurrency  Rate  for  such  Loan  by  a  matching  deposit  or  other  borrowing  in  the  offshore  interbank market  for  such  currency  for  a  comparable  amount  and  for  a  comparable  period, whether or not such Eurocurrency Rate Loan was in fact so funded.         3.06   Mitigation Obligations; Replacement of Lenders.           (a)  Designation  of  a  Different  Lending  Office.   Each  Lender  may  make  any  Credit  Extension to any Borrower through any Lending Office, provided that the exercise of this option  shall not affect the obligation of such Borrower to repay the Credit Extension in accordance with  the  terms  of  this  Agreement.   If  any  Lender  requests  compensation  under Section 3.04,  or a  Borrower is required to pay any additional amount to any Lender or any Governmental Authority  for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to  Section 3.02, then such Lender shall (at the request of such Borrower) use reasonable efforts to  designate a different Lending Office for funding or booking its Loans hereunder or to assign its  rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment  of such Lender such designation or assignment (i) would eliminate or reduce amounts payable  pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the  notice  pursuant  to Section 3.02,  as  applicable,  and (ii) in  each  case,  would  not  subject  such  Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such  Lender.  The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any  Lender in connection with any such designation or assignment.          (b)  Replacement  of  Lenders.   If  any  Lender (i) declines  to  approve  an  Applicant  Borrower  or  such  Lender  is prohibited  under  applicable  Law  or  shall  not  be  licensed  to  make  Loans  or otherwise  extend  credit  to  an  Applicant  Borrower  as  provided  in  Section  2.17(a)  (provided that such Applicant Borrower is otherwise approved by the Required Lenders) or (ii)  requests compensation under Section 3.04, or if a Borrower is required to pay any Indemnified  Taxes or additional amounts to any Lender or any Governmental Authority for the account of any  Lender  pursuant  to Section 3.01 and,  in  each  case,  such  Lender  has  declined  or  is  unable  to  designate  a  different  lending  office  in  accordance  with Section 3.06(a),  the  Borrowers may  replace such Lender in accordance with Section 11.13.         3.07   Survival.  All of the Borrowers’ obligations under this Article III shall survive  termination of the Aggregate Commitments and repayment of all other Obligations hereunder.                                  ARTICLE IV                                                                       GUARANTY         4.01   Subsidiary  Guaranty.  In  support  of  the  full  and  timely  payment  and  performance of all Obligations, Company shall on or before the Closing Date do or cause to be  done  all  things  necessary  to  cause  each  Domestic  Subsidiary  that  is  a  Significant  Subsidiary  (other than Excluded Subsidiaries) to execute and deliver to Administrative Agent for the benefit  of the Lenders a Subsidiary Guaranty and shall further cause each Person who thereafter becomes  a Domestic Subsidiary that is a Significant Subsidiary (other than Excluded Subsidiaries) to do all  those things required by Section 7.12.                                        75                                                                             

 

                                  ARTICLE V                                                     CONDITIONS PRECEDENT TO CREDIT EXTENSIONS         5.01   Conditions of Closing.  The effectiveness of this Agreement and the occurrence  of the Closing Date are subject to the following conditions precedent:         (a)  The Administrative Agent’s receipt of each of the following:                  (i)  executed counterparts of this Agreement and the Subsidiary Guaranty;                (ii)  a Note executed by each Borrower in favor of each Lender requesting a        Note at least five (5) Business Days prior to the Closing Date;                 (iii) such  customary  certificates  of  resolutions  or  other  action,  incumbency        certificates and/or  other  certificates  of  Responsible  Officers  of  each  Loan  Party as  the        Administrative Agent may require evidencing the identity, authority and capacity of each        Responsible Officer thereof authorized to act as a Responsible Officer in connection with        this Agreement and the other Loan Documents to which such Loan Party is a party;                (iv)  such  documents  and  certifications  as  the  Administrative  Agent  may        reasonably require to evidence that each Loan Party is duly organized or formed, validly        existing,  in  good  standing  and  qualified  to  engage  in  business  in  its  jurisdiction  of        organization, including certified copies of such Loan Parties’ Organization Documents,        certificates of good standing and/or qualification to engage in business;                (v)   in  the  case  of  the  Closing  Date  U.K.  Borrower,  a  certificate  from  a        director of the Closing Date U.K. Borrower attaching and certifying that the following        documents are correct, complete and in full force and effect and have not been amended        or superseded as of the Closing Date: (A) a copy of the Organization Documents of the        Closing Date U.K. Borrower and (B) a copy of a resolution of the board of directors of        the  Closing  Date  U.K.  Borrower authorizing  the Closing  Date  U.K.  Borrower  to enter        into the Loan Documents and appointing Responsible Officers to act thereunder;                 (vi)  a favorable opinion of (i) Cleary Gottlieb Steen & Hamilton LLP, New        York counsel to the Company as to matters of New York and United States Law, (ii) in-       house  counsel  of  the Company as  to  matters  of  Florida and  Delaware Law and  (iii)        Cleary  Gottlieb  Steen  &  Hamilton  LLP,  English  counsel  for the  Closing  Date  U.K.        Borrower as  to  matters  of  English  law,  in  each  case,  addressed  to  the  Administrative        Agent  and  the  Lenders  and  dated  as  of  the  Closing  Date,  in  form and  substance        satisfactory to the Administrative Agent and its legal counsel; and                (vii)  a certificate signed by a Responsible Officer of the Company dated as of        the Closing Date certifying (A) that the conditions specified in Sections 5.02(a) and (b)        have been satisfied, (B) that there has been no event or circumstance since the date of the        Audited Financial Statements that has had or could be reasonably expected to have, either        individually  or  in  the  aggregate,  a  Material  Adverse  Effect;  and  (C)  the Company has        paid,  or  will  promptly  pay  to  the  extent  invoiced  and  due  and  payable,  all  required        documentary  stamp  taxes,  intangible  taxes  and  other  taxes  and  fees  imposed  upon  the        execution, filing and/or recording of the Credit Agreement and other Loan Documents;                                       76                                                                             

 

         (b)  Any fees and expenses required to be paid on or before the Closing Date shall have  been paid, including those set forth in the Fee Letter.         (c)  Unless  waived  by  the  Administrative  Agent,  the Company shall  have  paid  all  Attorney  Costs  of  the  Administrative  Agent  to  the  extent  invoiced  at  least  two  Business  Days  prior to the Closing Date; provided that such payment shall not thereafter preclude a final settling  of  accounts  between  the  Borrowers and  the  Administrative  Agent  and  shall  not  relieve  the  Borrowers of their obligation  to  pay  or  reimburse the  Administrative  Agent  for  any  additional  Attorney Costs in accordance with Section 11.04.         (d)  The  Administrative  Agent  shall  have  received  satisfactory  evidence  that  all  obligations owing under the Existing Credit Agreement, and any liens thereunder (if any), shall  have been, or concurrently with the date hereof will be, repaid, and the commitments thereunder  terminated.         (e)  To the extent requested by the Arrangers or any Lender on or prior to the date that  is ten Business Days prior to the Closing Date, (i) the Arrangers shall have received, at least three  Business  Days  prior to  the  Closing  Date,  all  documentation and  other information  required by  regulatory authorities under applicable “know your customer” and anti-money laundering rules  and regulations, including, without limitation, the PATRIOT Act and (ii) at least three Business  Days prior to the Closing Date, any Borrower that qualifies as a “legal entity customer” under the  Beneficial  Ownership  Regulation  shall deliver,  to  each  Lender  that  so  requests,  a  Beneficial  Ownership Certification in relation to such Borrower.         Without  limiting  the  generality  of  the  provisions  of Section 10.04,  for  purposes  of  determining compliance with the conditions specified in this Section 5.01, each Lender that has  signed  this  Agreement  shall  be  deemed  to  have  consented  to,  approved  or  accepted  or  to  be  satisfied with, each document or other matter required thereunder to be consented to or approved  by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received  notice  from  such  Lender  prior  to  the  proposed  Closing  Date  specifying  its  objection  thereto.   Promptly upon the occurrence thereof, the Administrative Agent shall notify the Company and  the Lenders that the Closing Date has occurred, and such notice shall be conclusive and binding  on the Borrowers and the Lenders.         5.02   Conditions to all Credit Extensions.  The obligation of each Lender to honor  any  Request  for  Credit  Extension  (other  than a  Committed  Loan  Notice  requesting  only  a  conversion of Committed Loans to the other Type, or a continuation of Eurocurrency Rate Loans)  is subject to the following conditions precedent:         (a)  The  representations and  warranties  of each Borrower  and each  other  Loan  Party  contained in Article VI or any other Loan Document, or which are contained in any document  furnished at any time under or in connection herewith or therewith, shall be true and correct in all  material  respects  (unless  such  representation  or  warranty  is  already  qualified  by  materiality  or  Material Adverse Effect, in which case it shall be true and correct in all respects) on and as of the  date  of  such  Credit  Extension,  except  to  the  extent  that  such  representations  and  warranties  specifically refer to an earlier date, in which case they shall be true and correct in all material  respects (unless  such representation  or  warranty  is  already  qualified  by  materiality  or  Material  Adverse Effect, in which case it shall be true and correct in all respects) as of such earlier date,  and except that for purposes of this Section 5.02, the representations and warranties contained in  subsections (a)  and  (b)  of Section 6.05 shall  be  deemed  to  refer  to  the  most  recent  statements  furnished pursuant to clauses (a) and (b), respectively, of Section 7.01.                                       77                                                                             

 

         (b)  No Default shall exist, or would result from such proposed Credit Extension.         (c)  The  Administrative  Agent  and,  if  applicable,  the  applicable  L/C  Issuer  or  the  Swing  Line  Lender shall have  received  a  Request for  Credit Extension in accordance  with the  requirements hereof.         (d)  In the case of a Credit Extension to be denominated in an Alternative Currency,  there  shall  not  have  occurred  any  change  in  national  or  international  financial,  political  or  economic  conditions  or  currency  exchange  rates  or  exchange  controls  which  in  the  reasonable  opinion  of  the  Administrative  Agent,  the  Required  Lenders  (in  the  case  of  any  Loans  to  be  denominated in an Alternative Currency) or the applicable L/C Issuer (in the case of any Letter of  Credit  to be  denominated  in  an  Alternative  Currency)  would  make  it  impracticable  for  such  Credit Extension to be denominated in the relevant Alternative Currency.         (e)  If the applicable Borrower is not the Company, then the conditions of Section 2.17  to the designation of such Borrower as a Designated Borrower shall have been met.         Each Request for Credit Extension (other than a Committed Loan Notice requesting only  a  conversion  of  Committed  Loans  to  the  other  Type  or  a  continuation  of  Eurocurrency  Rate  Loans) submitted by the Company shall be deemed to be a representation and warranty that the  conditions specified in Sections 5.02(a) and (b) have been satisfied on and as of the date of the  applicable Credit Extension.                                  ARTICLE VI                                                           REPRESENTATIONS AND WARRANTIES         The  Company represents  and  warrants  on  the  Closing  Date and  on  each  other  date  contemplated by Section 5.02 to the Administrative Agent and the Lenders that:         6.01   Existence,  Qualification  and  Power;  Compliance  with  Laws.  Each  Loan  Party (a) is a corporation or other legal entity duly organized or formed, validly existing and in  good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all  requisite  power  and  authority  and  all  requisite  governmental  licenses,  authorizations,  consents  and approvals to (i) own its assets and carry on its business and (ii) execute, deliver and perform  its  obligations  under  the  Loan  Documents  to  which  it  is  a  party, (c) is  duly  qualified  and  is  licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or  operation of properties or the conduct of its business requires such qualification or license, and  (d) is in compliance with all Laws; except in each case referred to in clause (b)(i), (c) or (d), to  the  extent  that  failure  to  do  so  could  not  reasonably  be  expected  to  have  a  Material  Adverse  Effect.         6.02   Authorization;  No  Contravention.  (a) The  execution,  delivery  and  performance  by  each  Loan  Party  of  each  Loan  Document  to  which  such  Person  is  party,  have  been duly authorized by all necessary corporate or other organizational action, and (b) do not and  will not (x) contravene the terms of any of such Person’s Organization Documents; (y) conflict  with or result in any breach or contravention of, or the creation of any Lien under, (i) any material  Contractual  Obligation  to  which  such  Person  is  a  party  or (ii) any  order,  injunction,  Writ or  decree of any Governmental Authority or any arbitral award to which such Person or its property  is subject; or (z) violate any Law.                                       78                                                                             

 

         6.03   Governmental  Authorization;  Other  Consents.  Except  for  consents  which  have already been obtained, no approval, consent, exemption, authorization, or other action by, or  notice  to,  or  filing  with,  any  Governmental  Authority  or  any  other  Person  (other  than  filings  under the Securities Exchange Act of 1934 and the rules and regulations of the SEC promulgated  thereunder)  which  has  not  been  obtained  is  necessary  or  required  in  connection  with  the  execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement  or any other Loan Document.         6.04   Binding  Effect.  This  Agreement  has  been,  and  each  other  Loan  Document,  when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is  party thereto.  This Agreement constitutes, and each other Loan Document when so delivered will  constitute,  a  legal,  valid  and  binding obligation  of  such  Loan  Party,  enforceable  against  each  Loan Party that is party thereto in accordance with its terms.         6.05   Financial Statements; No Material Adverse Effect.           (a)  The  Audited  Financial  Statements (i) were  prepared  in  accordance  with  GAAP  consistently applied throughout the period covered thereby, except as otherwise expressly noted  therein; (ii) fairly present the financial condition of the Company and its Subsidiaries as of the  date  thereof  and  their  results  of  operations  for  the  period  covered  thereby  in  accordance  with  GAAP consistently applied throughout the period covered thereby, except as otherwise expressly  noted  therein;  and (iii) show  all  material  indebtedness  and  other  material  liabilities,  direct  or  contingent,  of  the Company and  its  Subsidiaries  as  of  the  date thereof,  including  liabilities  for  taxes, material commitments and Indebtedness.         (b)  The  unaudited  consolidated  financial  statements  of  the Company and  its  Subsidiaries  dated  January  31,  2019,  and  the  related  consolidated  statements  of  income  or  operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were  prepared in accordance with GAAP consistently applied throughout the period covered thereby,  except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the  Company and its Subsidiaries as of the date thereof and their results of operations for the period  covered  thereby,  subject,  in  the  case  of  clauses (i)  and  (ii),  to  the  absence  of  footnotes  and  to  normal year-end audit adjustments.         (c)  Since  the  date  of  the  Audited  Financial  Statements,  there  has  been  no  event  or  circumstance, either individually or in the aggregate, that has had or could reasonably be expected  to have a Material Adverse Effect.         6.06   Litigation.  Except  as  disclosed  in  the  Exchange  Act  Reports,  there  are  no  actions, suits, proceedings, investigations, claims or disputes pending or, to the knowledge of the  Company after  due  and  diligent  investigation,  pending  threatened  or  contemplated,  at  law,  in  equity, in arbitration or before any Governmental Authority, by or against the Company or any of  its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to  this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or  (b) if determined adversely, could reasonably be expected to have a Material Adverse Effect.         6.07   No Default.  Neither the Company nor any Subsidiary is in default under or with  respect  to  any  Contractual  Obligation  that  could,  either  individually  or  in  the  aggregate,  reasonably  be  expected  to  have  a  Material  Adverse  Effect.   No  Default  has  occurred  and  is  continuing  or  would  result  from  the  consummation  of  the  transactions  contemplated  by  this  Agreement or any other Loan Document.                                       79                                                                             

 

         6.08   Ownership of Property; Liens.  Each of the Company and each Subsidiary has  good record and marketable title in fee simple to, or valid leasehold interests in, all real property  necessary or used in the ordinary conduct of its business, except for such defects in title as could  not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.   The  property  of  the Company and  its  Subsidiaries  is  subject  to  no  Liens,  other  than  Liens  permitted by Section 8.01.         6.09   Environmental Compliance.  The Company and its Subsidiaries conduct in the  ordinary  course  of  business  a  review  of  the  effect  of  claims  alleging  potential  liability  or  responsibility for violation of any Environmental Law on their respective businesses, operations  and properties, and as a result thereof the Company has reasonably concluded that Environmental  Laws and such claims could not, individually or in the aggregate, reasonably be expected to have  a Material Adverse Effect.         6.10   Insurance.  The properties of the Company and its Subsidiaries are insured with  financially sound and reputable insurance companies, in such amounts, with such deductibles and  covering such risks as are customarily carried by companies engaged in similar businesses and  owning similar properties in localities where the Company or the applicable Subsidiary operates  none  of  which  insurance  shall  be  provided  by  any  Subsidiary  or  any  other  Affiliate  of  the  Company except to the extent that any such Affiliate has reinsured all exposure related thereto  with  one  or  more  financially  sound  and  reputable insurance  or  reinsurance  companies  none  of  which is an Affiliate of the Company.         6.11   Taxes.  The Company and its Subsidiaries have filed all federal, state and other  material  tax  returns  and  reports  required to  be  filed,  and  have  paid  all  federal,  state  and  other  material taxes, assessments, fees and other governmental charges levied or imposed upon them or  their properties, income or assets otherwise due and payable, except such material items which  are being contested in good faith by appropriate proceedings diligently conducted and for which  adequate  reserves  have  been  provided  in  accordance  with GAAP.   There  is  no  proposed  tax  assessment against the Company or any Subsidiary that would, if made, have a Material Adverse  Effect.         6.12   U.K. Tax Deductions.  Each U.K. Borrower is not required to make any U.K.  Tax Deduction from any payment it may make under the Loan Documents to a Lender which is  (a) a U.K. Qualifying Lender (i) falling within paragraph (a) of the definition of U.K. Qualifying  Lender,  or  (ii)  except  where  a  direction  has  been  given  under  section  931  of  the  U.K.  ITA  in  relation  to  the  payment  concerned,  falling  within  paragraph  (b)  of  the  definition  of  U.K.  Qualifying  Lender,  or  (iii)  falling  within  paragraph  (d)  of  the  definition  of  U.K.  Qualifying  Lender; or (b) a U.K. Treaty Lender and the payment is one specified in a direction given by the  Commissioners of H.M. Revenue & Customs under Regulation 2 of the United Kingdom Double  Taxation Relief (Taxes on Income) (General) Regulations 1970 (SI 1970/488).         6.13   ERISA Compliance.           (a)  (i) Each  Plan  is  in  compliance  in  all  material  respects  with  the  applicable  provisions of ERISA, the Code and other federal or state Laws and (ii) each Pension Plan that is  intended  to  be  a  qualified  plan  under  Section  401(a)  of  the  Code  has  received  a  favorable  determination letter from the Internal Revenue Service to the effect that the form of such Plan is  qualified under Section 401(a) of the Code and the trust related thereto has been determined by  the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the  Code  or  an  application  for  such  a  letter  is  currently  being  processed  by  the  Internal  Revenue                                       80                                                                             

 

   Service  and  to  the  best  knowledge  of  the  Loan  Parties,  nothing  has  occurred  which would  prevent, or cause the loss of, such tax-qualified status.         (b)  There  are  no  pending  or,  to  the  best  knowledge  of  the  Loan  Parties,  threatened  claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan  that  could  reasonably  be  expected  to  have  a  Material  Adverse  Effect.   There  has  been  no  prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan  that has resulted or could reasonably be expected to result in a Material Adverse Effect.         (c)  (i) no  ERISA  Event  has  occurred  with  respect  to  any  Pension  Plan  and  to  the  knowledge of the Loan Parties there is no fact, event or circumstance that could reasonably be  expected  to  constitute  or  result  in  an  ERISA  Event  with  respect  to any  Pension  Plan; (ii) the  Company and  each  ERISA  Affiliate  have  met  all  applicable  requirements  under  the  Pension  Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards  under the Pension Funding Rules has been applied for or obtained; (iii) neither the Company nor  any  ERISA  Affiliate  has  incurred  any  liability  to  the  PBGC  other  than  for  the  payment  of  premiums,  and  there  are  no  premium  payments  which  have  become  due  that  are  unpaid; (iv)  neither the Company nor any ERISA Affiliate has engaged in a transaction that could reasonably  be expected to be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan  has  been  terminated  by  the  plan  administrator  thereof  in  a  non-standard  termination  or  by  the  PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to  cause the PGBC to institute proceedings under Title IV of ERISA to terminate any Pension Plan.         6.14   Subsidiaries.  Set forth on Schedule 6.14 is a complete and accurate list of the  Company and all Subsidiaries that would be required to be listed as part of the Annual Report of  the  Company  on  Form  10-K, their exact  legal  names and,  with  respect  to  those  Subsidiaries  which  are  Loan  Parties,  the  tax  identification  numbers (or,  in  respect  of  the  non-U.S.  Loan  Parties,  an  equivalent  registration  number),  of  each,  a  designation  as  to  whether  each  such  Subsidiary  is  a  Domestic  Subsidiary  or  a  Foreign  Subsidiary,  and  which  Subsidiaries  are  Significant Subsidiaries, as such Schedule 6.14 is updated from time to time in accordance with  Section 7.02.  The Company has no equity investments in any corporation or entity that is not a  Subsidiary other than those specifically disclosed in Schedule 8.02.         6.15   Margin Regulations; Investment Company Act.           (a)  The Company is  not  engaged  and  will  not  engage,  principally  or  as  one  of  its  important activities, in the business of purchasing or carrying margin stock (within the meaning  of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying  margin  stock.   Following  the  application  of the  proceeds  of each  Borrowing  or  drawing  under  each Letter of Credit, not more than 25% of the value of the assets (either of the Company only or  of  the Company and  its  Subsidiaries  on  a  consolidated  basis) subject  to  the  provisions  of  Section 8.01 or Section 8.05 or  subject  to  any  restriction  contained  in  any  agreement  or  instrument between either Borrower and any Lender or any Affiliate of any Lender relating to  Indebtedness and within the scope of Section 9.01(e) will be margin stock.         (b)  None  of  the  Borrowers or  any  Subsidiary  Guarantor is  or  is  required  to  be  registered as an “investment company” under the Investment Company Act of 1940.         6.16   Disclosure.  (a) The Company has disclosed to the Administrative Agent and the  Lenders all agreements, instruments and corporate or other restrictions to which they or any of its  respective Subsidiaries is subject, and all other matters known to it, that, individually or in the                                       81                                                                             

 

   aggregate, could  reasonably  be  expected  to  result  in  a  Material  Adverse  Effect.   No  report,  financial statement, certificate or other information furnished (whether in writing or orally) by or  on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the  transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder  (as  modified  or  supplemented  by  other  information  so  furnished)  contains  any  material  misstatement of fact or omits to state any material fact necessary to make the statements therein,  in the light of the circumstances under which they were made, not misleading; provided that, with  respect  to  projected  financial  information,  the Company represents only  that  such  information  was prepared in good faith based upon assumptions believed to be reasonable at the time.         (b)    As  of  the  Closing  Date,  the  information  included  in  the  Beneficial  Ownership        Certification, if applicable, is true and correct in all respects.         6.17   Compliance  with  Laws.  Each  of  the Company and  each  Subsidiary  is  in  compliance  in  all  material  respects  with  the  requirements  of  all  Laws  and  all  orders,  writs,  injunctions and decrees applicable to it or to its properties, except in such instances in which (a)  such requirement of Law or order, writ, injunction or decree is being contested in good faith by  appropriate  proceedings  diligently  conducted  or  (b)  the  failure  to  comply  therewith,  either  individually  or in  the  aggregate,  could not reasonably  be  expected  to have  a Material  Adverse  Effect.         6.18   Intangible Assets.  The Company and its Subsidiaries own, or possess the right  to  use,  all  trademarks,  trade  names,  copyrights,  patents,  patent  rights,  franchises,  licenses  and  other intangible assets that are used in the conduct of their respective businesses as now operated,  and  none  of  such  items,  to  the  best  knowledge  of the  Company,  conflicts  with  the  valid  trademark, trade name, copyright, patent, patent right or intangible asset of any other Person to  the extent that such conflict has a Material Adverse Effect.         6.19   Off-Balance Sheet Liabilities.  As of the Closing Date, neither the Company nor  any  Subsidiary  has  any  Off-Balance  Sheet  Liabilities  other  than  those  identified  on Schedule  6.19.         6.20   Solvency.  On  the  Closing  Date,  after  giving  effect  to  the  application  of  each  Loan  made  on  such  date  and  the  other  transactions  contemplated  by  each  Loan  Document  to  occur on such date, the Loan Parties, on a consolidated basis, are Solvent.         6.21   OFAC.  Neither the Company, nor any of its Subsidiaries, nor, to the knowledge  of the Company and its Subsidiaries, any director, officer or affiliate thereof, is an individual or  entity, or is controlled or 50% or more owned by any individual or entity, (i) with whom dealings  are  currently  prohibited  by  any  Sanctions, (ii)  located,  organized  or  resident  in  a  Designated  Jurisdiction or (iii)  appearing  on  a  list  of  Persons  with  whom  trade or commerce is  expressly  restricted by Law pursuant to Sanctions (any such Person in the foregoing clauses (i) through (iii),  a  “Sanctioned  Person”).   No  proceeds  of  any  Loans  or  Credit  Extensions  shall  be  used  in  violation of Sanctions.           6.22   Anti-Corruption Laws.  The Company and its Subsidiaries have conducted their  businesses in material compliance with the United States Foreign Corrupt Practices Act of 1977,  the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and  have  instituted  and  maintained  policies  and  procedures  designed  to  promote  and  achieve  compliance with such laws.                                        82                                                                             

 

         6.23   PATRIOT Act.  The Company and its Subsidiaries are in compliance with the  PATRIOT Act in all material respects.                                  ARTICLE VII                                                                AFFIRMATIVE COVENANTS         So  long  as  any  Lender  shall  have  any  Commitment  hereunder,  any  Loan  or  other  Obligation  hereunder  shall  remain  unpaid  or  unsatisfied,  or  any  Letter  of  Credit  shall  remain  outstanding,  the Company shall,  and  shall  (except  in  the  case  of  the  covenants  set  forth  in  Sections 7.01, 7.02, 7.03 or 7.11) cause each Subsidiary to:         7.01   Financial Statements.  Deliver to the Administrative Agent and each Lender, in  form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:         (a)  as soon as available, but in any event within 90 days after the end of each fiscal  year of the Company (commencing with the first fiscal year ending on or after April 30, 2019),  consolidated and consolidating balance sheets of the Company and its Subsidiaries as at the end  of  such  fiscal  year,  and  the  related  consolidated  and  consolidating  statements  of  income  or  operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in  comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in  accordance  with  GAAP,  audited  and  accompanied  by  a  report  and  opinion  of  an  independent  certified  public  accountant  of  nationally  recognized  standing  reasonably  acceptable  to  the  Required  Lenders,  which  report  and  opinion  shall  be  prepared  in  accordance  with  generally  accepted auditing standards and shall not be subject to any “going concern” or like qualification  or exception or any qualification or exception as to the scope of such audit; and         (b)  as soon as available, but in any event within 45 days after the end of each of the  first  three  fiscal  quarters  of  each  fiscal  year  of  the Company (commencing  with  the  first  such  fiscal quarter ending after the Closing Date), consolidated and consolidating balance sheets of the  Company and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated and  consolidating statements of income or operations, shareholders’ equity and cash flows for such  fiscal quarter and for the portion of the Company’s fiscal year then ended, setting forth in each  case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal  year  and  the  corresponding  portion  of  the  previous  fiscal  year,  all  in  reasonable  detail  and  certified by a Responsible Officer of the Company as fairly presenting the financial condition,  results of operations, shareholders’ equity and cash flows of the Company and its Subsidiaries in  accordance with GAAP, subject only to normal year-end audit adjustments and the absence of  footnotes.         As to any information contained in materials furnished pursuant to Section 7.02(d), the  Company shall  not  be  separately  required  to  furnish  such  information  under  clause (a)  or  (b)  above, but the foregoing shall not be in derogation of the obligation of the Company to furnish  the information  and  materials described in subsections (a) and  (b) above  at the times  specified  therein.         7.02   Certificates; Other Information.  Deliver to the Administrative Agent and each  Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Required  Lenders (it being agreed that with respect to items required to be filed with the SEC, documents  satisfying the requirements of the SEC shall be deemed to be satisfactory in form and detail to the  Administrative Agent and the Lenders):                                       83                                                                             

 

         (a)  concurrently  with  the  delivery  of  the  financial  statements  referred  to  in  Section 7.01(a),  a  certificate  of  its  independent  certified  public  accountants  certifying  such  financial statements and stating that in making the examination necessary therefor no knowledge  was obtained of any Default under the financial covenants set forth herein or, if any such Default  shall exist, stating the nature and status of such event;         (b)  concurrently  with  the  delivery  of  the  financial  statements  referred  to  in  Sections 7.01(a)  and (b),  a  duly  completed  Compliance  Certificate  signed  by  a  Responsible  Officer of the Company;         (c)  promptly after any request by the Administrative Agent or any Lender, copies of  any  detailed  audit  reports,  management  letters  or  recommendations  submitted  to  the  board  of  directors  (or  the  audit  committee  of  the  board  of  directors)  of  the Company by  independent  accountants in connection with the accounts or books of the Company or any Subsidiary, or any  audit of any of them;         (d)  promptly  after  the  same  are  available,  copies  of  each  annual  report,  proxy  or  financial statement or other report or communication sent to the stockholders of the Company,  and copies of all annual, regular, periodic and special reports and registration statements which  the Company may  file  or  be  required  to  file  with  the  SEC  under  Section 13  or  15(d)  of  the  Securities  Exchange  Act  of  1934,  and  not  otherwise  required  to  be  delivered  to  the  Administrative Agent pursuant hereto;         (e)  promptly after the furnishing thereof, copies of any statement or report furnished to  any holder of debt securities of any Loan Party or any Subsidiary thereof pursuant to the terms of  any indenture, loan or credit or similar agreement and not otherwise required to be furnished to  the Lenders pursuant to Section 7.01 or any other clause of this Section 7.02; and         (f)  promptly,  such  additional  information  regarding  the  business,  financial  or  corporate affairs of the Company or any Subsidiary, or compliance with the terms of the Loan  Documents or for  purposes  of  compliance  with  applicable  “know  your  customer”  and  anti- money-laundering rules and regulations, including, without limitation, the PATRIOT Act and the  Beneficial Ownership Regulation, as the Administrative Agent or any Lender may from time to  time reasonably request.         Documents required to be delivered pursuant to Section 7.01(a) or (b) or Section 7.02(d)  (to the extent any such documents are included in materials otherwise filed with the SEC) may be  delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i)  on  which  the Company posts  such  documents,  or  provides  a  link  thereto  on  the Company’s  website  on  the  Internet  at  the  website  address  listed  on Schedule 11.02 or  (ii)  on  which  such  documents are posted on the Company’s behalf on an Internet or intranet website, if any, to which  each  Lender  and  the  Administrative  Agent  have  access  (whether  a  commercial,  third-party  website or whether sponsored by the Administrative Agent); provided that: the Company shall  notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting  of  any  such  documents  and  provide  to  the  Administrative  Agent  by  electronic  mail  electronic  versions (i.e., soft copies) of such documents.  The Administrative Agent shall have no obligation  to request the delivery of or to maintain paper copies of the documents referred to above, and in  any  event  shall  have  no  responsibility  to  monitor  compliance  by  the Company with  any  such  request  by  a  Lender  for  delivery,  and  each  Lender  shall  be  solely  responsible  for  requesting  delivery to it or maintaining its copies of such documents.                                        84                                                                             

 

         The  Borrowers hereby  acknowledge  that  (a)  the  Administrative  Agent  and/or  the  Arranger,  will  make  available to the Lenders and the L/C Issuers materials and/or information  provided  by  or  on  behalf  of  the  Borrowers hereunder  (collectively,  “Borrower  Materials”)  by  posting  the  Borrower  Materials  on  IntraLinks  or  another  similar  electronic  system  (the  “Platform”)  and  (b)  the  Borrowers have requested  that  none  of  the  proposed  Lenders  be  “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information  with respect to the Company or any of its Subsidiaries or any of their respective securities) (each,  a “Public Lender”).  Accordingly, the Borrowers hereby agree that the Administrative Agent and  the Arranger shall be entitled to treat all Borrower Materials as being suitable only for posting on  the Platform such that they are not made available to any Public Lender.         7.03   Notices.  Promptly notify the Administrative Agent and each Lender:         (a)  of the occurrence of any Default;         (b)  of  any  matter  that  has  resulted  or  could  reasonably  be  expected  to  result  in  a  Material Adverse Effect;         (c)  of the occurrence of any ERISA Event;         (d)  of  any  material  change  in accounting  policies or financial reporting  practices  by  the Company or any Significant Subsidiary; and         (e)  of any published announcement by Moody’s or S&P of any change in (i) a Debt  Rating or (ii) the outlook regarding the Company.         Each  notice  pursuant  to  this  Section shall  be  accompanied  by  a  statement  of  a  Responsible Officer of the Company setting forth details of the occurrence referred to therein and  stating what action the Company has taken and proposes to take with respect thereto.  Each notice  pursuant  to Section 7.03(a)  shall  describe  with  particularity  any  and  all  provisions  of  this  Agreement and any other Loan Document that have been breached.         7.04   Payment of Obligations.  Pay and discharge as the same shall become due and  payable, all its material obligations and material liabilities in accordance with customary practices  of the Company and its Subsidiaries.         7.05   Preservation of Existence, Etc.  (a) Preserve, renew and maintain in full force  and  effect  its  legal  existence  and  good  standing  under  the  Laws  of  the  jurisdiction  of  its  organization  except  in  a  transaction  permitted  by Section 8.04 or 8.05; (b) take  all  reasonable  action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in  the normal conduct of its business, except to the extent that failure to do so could not reasonably  be  expected  to  have  a  Material  Adverse  Effect; and (c) preserve  or  renew  all  of  its  registered  patents,  trademarks,  trade  names  and  service  marks,  the  non-preservation  of  which  could  reasonably be expected to have a Material Adverse Effect.         7.06   Maintenance of Properties.  (a) Maintain, preserve and protect all of its material  properties and equipment necessary in the operation of its business in good working order and  condition,  ordinary  wear  and  tear  excepted;  and  (b)  make  all  necessary  repairs  thereto  and  renewals  and  replacements  thereof except  where  the  failure  to  do  so  could  not  reasonably  be  expected to have a Material Adverse Effect.                                        85                                                                             

 

         7.07   Maintenance  of  Insurance.  Maintain  with  financially  sound  and  reputable  insurance companies, insurance with respect to its properties and business against loss or damage  of the kinds customarily insured against by Persons engaged in the same or similar business, of  such types and in such amounts as are customarily carried under similar circumstances by such  other Persons, none of which insurance shall be provided by any Subsidiary or any other Affiliate  of  the Company except  to  the  extent  that any  such Affiliate has reinsured  all exposure related  thereto  with  one  or  more  financially  sound  and  reputable  insurance  or  reinsurance  companies  none of which is an Affiliate of the Company.         7.08   Compliance with Laws.  Comply with the requirements of all Laws (including  all Environmental Laws) and all orders, writs, injunctions and decrees applicable to it or to its  business or property, except in such instances in which the failure to comply therewith could not  reasonably be expected to have a Material Adverse Effect.         7.09   Books and Records.  (a) Maintain proper books of record and account, in which  full, true and correct entries in conformity with GAAP consistently applied shall be made of all  financial  transactions  and  matters  involving  the  assets  and  business  of  the Company or  such  Subsidiary, as the case may be; and (b) maintain such books of record and account in material  conformity  with  all  applicable  requirements  of  any  Governmental  Authority  having  regulatory  jurisdiction over the Company or such Subsidiary, as the case may be.         7.10   Inspection  Rights.  Subject  to Section 11.07,  permit  representatives  and  independent contractors of the Administrative Agent and each Lender to visit and inspect any of  its properties, to examine its corporate, financial and operating records, and make copies thereof  or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers,  and  independent  public accountants,  at  such reasonable  times  during  normal  business  hours as  often  as  may  be  reasonably  desired,  and  (so  long  as  no  Event  of  Default  exists)  without  unreasonably interfering with business operations of the Company or such Subsidiary, and upon  reasonable advance notice to the Company; provided, however, that when an Event of Default  exists  the  Administrative  Agent  or  any  Lender  (or  any  of  their  respective representatives  or  independent contractors) may do any of the foregoing at the expense of the Company at any time  during normal business hours and without advance notice.         7.11   Use  of  Proceeds.  Use  the  proceeds  of  the  Credit  Extensions  worldwide  for  working  capital  and  capital  expenditure  purposes,  settlement  of  put  obligations,  acquisitions  permitted hereunder and other lawful purposes not in contravention of any Law or of any Loan  Document.         7.12   New Subsidiaries.           (a)  Promptly notify the Administrative Agent at the time that any Domestic Subsidiary  becomes  a  Significant  Subsidiary  (other  than  an  Excluded  Subsidiary)  or  any  Domestic  Subsidiary  is  acquired  that  constitutes  a  Significant  Subsidiary  (other  than  an  Excluded  Subsidiary) (in each case, including, without limitation, upon the formation of any Subsidiary that  is a Delaware Divided LLC) and within 60 days thereof (or such longer period as may be agreed  by the Administrative Agent in its reasonable discretion) cause to be delivered to Administrative  Agent for the benefit of Administrative Agent and the Lenders (A) a Subsidiary Guaranty in form  and  substance  satisfactory  to  the  Administrative  Agent  or  a Subsidiary  Guaranty  Joinder  Agreement,  in  each  case  executed  by  such  Significant  Subsidiary,  (B) if  requested  by  the  Administrative Agent, an opinion of counsel to such Significant Subsidiary dated as of the date of  delivery  of  the Subsidiary  Guaranty  or Subsidiary  Guaranty  Joinder Agreement  addressed  to                                       86                                                                             

 

   Administrative  Agent  and  the  Lenders,  in  form  and  substance  reasonably  acceptable  to  Administrative  Agent,  (C)  the  Organization  Documents  of  such  Significant  Subsidiary,  (D)  documents of the types referred to in Sections 5.01(a)(iii), (iv), and (v) and (E) if requested by the  Administrative  Agent, a  certificate  signed  by  a  Responsible  Officer  in  form  acceptable  to  the  Administrative Agent setting forth the amount of assets and revenues of each of the Company and  each of its Domestic Subsidiaries; provided, however, that such Subsidiary Guaranty shall not be  required with respect to a Domestic Subsidiary that (1) is intended to be a Significant Subsidiary  only temporarily as part of a restructuring plan or acquisition plan otherwise permitted by this  Agreement,  and  (2) in  fact ceases to  be  a  Significant  Subsidiary  in  accordance with  such  plan  prior to the end of the 60-day period described above; and provided, further, that no Excluded  Subsidiary shall be required to deliver a Subsidiary Guaranty.          (b)  If  at  any  time  the  sum  of  the  total  assets  (on  a  consolidated  basis  with  their  respective  Domestic  Subsidiaries)  of  Domestic  Subsidiaries  (other  than  Excluded  Subsidiaries)  that  are  not Subsidiary  Guarantors  exceeds  in  the  aggregate  10%  of  the  total  assets  of  the  Company (on a consolidated basis with its Domestic Subsidiaries), the Company shall promptly  cause one or more additional Domestic Subsidiaries that do not constitute Significant Subsidiaries  to become a Subsidiary Guarantor in order that after giving effect to such additional Subsidiary  Guarantors, the sum of the total assets (on a consolidated basis with their respective Domestic  Subsidiaries) of Domestic Subsidiaries (other than Excluded Subsidiaries) that are not Subsidiary  Guarantors  does  not  exceed  in  the  aggregate  10%  of  the  total  assets  of  the Company (on  a  consolidated basis with its Domestic Subsidiaries).          7.13   Compliance with Agreements.  Promptly and fully comply with all Contractual  Obligations  to  which  any  one  or  more  of  them  is  a  party, except for  any  such  Contractual  Obligations (a) the performance of which would cause a Default, (b) then being contested by any  of them in good faith by appropriate proceedings, or (c) if the failure to comply therewith does  not have a Material Adverse Effect.         7.14   Compliance with  ERISA.  Do, and  cause each  of  its  ERISA Affiliates  to  do,  each  of  the  following:  (a)  maintain  each  Plan  in  compliance  in  all  material  respects  with  the  applicable provisions of ERISA, the Code and other federal or state law; (b) cause each Plan that  is qualified  under  Section 401(a)  of  the  Code  to  maintain  such  qualification;  and  (c)  make  all  required contributions to any Plan subject to Section 412, Section 430 or Section 431 of the Code.         7.15   Anti-Corruption Laws.  Conduct its businesses in material compliance with the  United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar  anti-corruption legislation in other jurisdictions and maintain policies and procedures designed to  promote and achieve compliance with such laws.                                 ARTICLE VIII                                                                  NEGATIVE COVENANTS         So  long  as  any  Lender  shall  have  any  Commitment  hereunder,  any  Loan  or  other  Obligation  hereunder  shall  remain  unpaid  or  unsatisfied,  or  any  Letter  of  Credit  shall  remain  outstanding, the Company shall not, nor shall it permit any Subsidiary to, directly or indirectly:         8.01   Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property,  assets or revenues, whether now owned or hereafter acquired, other than the following:                                       87                                                                             

 

         (a)  Liens pursuant to any Loan Document;         (b)  Liens existing on the date hereof and listed on Schedule 8.01 and any renewals or  extensions thereof, provided that the property covered thereby is not increased and any renewal or  extension of the obligations secured or benefited thereby is permitted by Section 8.03(b);         (c)  Liens for taxes not yet due or which, if material, are being contested in good faith  and by appropriate proceedings diligently conducted, and adequate reserves with respect thereto  are maintained on the books of the applicable Person in accordance with GAAP;         (d)  carriers’,  warehousemen’s,  mechanics’,  materialmen’s,  repairmen’s  or  other  like  Liens arising in the ordinary course of business which are not overdue for a period of more than  30  days  or  which  are  being  contested  in  good  faith  and  by  appropriate  proceedings  diligently  conducted, if adequate reserves with respect thereto are maintained on the books of the applicable  Person;         (e)  pledges or deposits in the ordinary course of business in connection with workers’  compensation, unemployment insurance and other social security legislation, other than any Lien  imposed by ERISA;         (f)  deposits to secure the performance of bids, trade contracts and leases (other than  Indebtedness),  statutory  obligations,  surety  bonds  (other  than  bonds  related  to  judgments  or  litigation, except  to  the  extent  permitted  in  clause (h)  below),  performance  bonds  and  other  obligations of a like nature incurred in the ordinary course of business;         (g)  easements,  rights-of-way,  restrictions  and  other  similar  encumbrances  affecting  real property which, in the aggregate, are not substantial in amount, and which do not in any case  materially detract from the value of the property subject thereto or materially interfere with the  ordinary conduct of the business of the applicable Person;         (h)  Liens securing judgments for the payment of money not constituting an Event of  Default under Section 9.01(h) or securing appeal or other surety bonds related to such judgments  or posted as a condition (under applicable Law) to maintaining a lawsuit otherwise permitted by  this Agreement;          (i) Liens  securing  Indebtedness  permitted  under Section 8.03(d); provided that (i)  such Liens do not at any time encumber any property other than the property financed by such  Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market  value, whichever is lower, of the property being acquired on the date of acquisition;          (j) Liens  on  accounts  receivable  arising  in  connection  with  the  Permitted  Trade  Receivables Facilities;         (k)  (x)  Liens  on  the  property  financed  under  the  Real  Estate  Financing  Facilities,  which Liens secure such facility or (y) Liens in connection with (i) leases in existence on the date  hereof, including the Real Estate Financing Facilities and any renewal, extension or refinancing  thereof, (ii) leases entered into or assumed by Company or any Subsidiary after the date hereof in  the ordinary course of business or (iii) sale and leaseback transactions to the extent not prohibited  by any other Contractual Obligation;                                        88                                                                             

 

          (l) Liens  (including  title  retention  arrangements)  arising  in  the  ordinary  course  of  business on inventory of any Subsidiary, which Liens secure the purchase price owed by such  Subsidiary to the supplier of such inventory;         (m)  Liens securing Indebtedness permitted under Section 8.03(g), on specific property  or assets acquired pursuant to an Acquisition permitted by Section 8.12; provided, that (i) such  Liens were in existence at the time of such Acquisition, and were not incurred in contemplation  of such Acquisition, (ii) no such Lien extends to any property other than the property acquired  and (iii)  such  Liens are not  outstanding  for  more than one  hundred  eighty (180)  days after the  date of such Acquisition;          (n)  Liens consisting of normal and customary rights of setoff upon deposits of cash in  favor of banks or other depository institutions;         (o)  Liens  consisting  of  rights  of  setoff  in  connection  with  Indebtedness  permitted  under Section 8.03(c);         (p)  Liens on cash balances of accounts in connection with cash management and cash  pooling programs maintained by the Company or any of its Subsidiaries;          (q)  [reserved]; and         (r)  Liens not otherwise permitted under this Section 8.01; provided, that the aggregate  principal amount of all Indebtedness or other obligations secured by such Liens does not exceed  $100,000,000 at any one time.         8.02   Investments.  Make any Investments, except:         (a)  Investments  held  by  the Company or  a  Subsidiary  in  the  form  of  cash  or  cash  equivalents;         (b)  advances to officers, directors and employees of the Company and Subsidiaries for  travel,  entertainment,  relocation  and  analogous  ordinary  business  purposes, provided that  such  advances are made in the ordinary course of business;         (c)  Investments of the Company or any Subsidiary in the Company or in a Domestic  Subsidiary; provided that if the investor is the Company or a wholly-owned Domestic Subsidiary,  such Investment must be in the Company or a wholly-owned Domestic Subsidiary;         (d)  Investments consisting of extensions of credit in the nature of accounts receivable  or notes receivable arising from the grant of trade credit in the ordinary course of business, and  Investments  received  in  satisfaction  or  partial  satisfaction  thereof  from  financially  troubled  account debtors to the extent reasonably necessary in order to prevent or limit loss;         (e)  (i) Guarantees  of  Indebtedness  permitted  by Section 8.03, (ii) Guarantees  of  payment of obligations of a Subsidiary owed to a third party vendor (including trade indebtedness  through financial intermediaries) arising in the ordinary course of business and (iii) Guarantees of  payment  of  obligations  of  a  Subsidiary  under  any  foreign  exchange  facilities  and/or  treasury  management services or agreements;                                        89                                                                             

 

         (f)  Guarantees of payment of obligations of one or more customers of the Company or  a Subsidiary owed to a financial intermediary or a third party vendor and arising in the ordinary  course of business; provided that the aggregate amount of such Guarantees does not exceed at any  time $250,000,000;         (g)  Investments made in accordance with the Company’s Investment Policy;         (h)  Investments existing on the date hereof and described in Schedule 8.02;           (i) Loans to and Investments in Foreign Subsidiaries in an amount not to exceed, at  any time, the sum of (x) $1,000,000,000 plus (y) 50% of the amount of Shareholders’ Equity that  existed on the last day of the fiscal quarter of the Company most recently ended on or prior to the  date of determination;           (j) (i) Investments by  a  Foreign  Subsidiary  in  another  Foreign  Subsidiary and  (ii)  other Investments in a Foreign  Subsidiary to  the  extent that (x) such  Investments  are financed  with the  proceeds  of  any  dividends,  returns  on  capital  or  returns  of  capital  received  by the  Company  or  any Subsidiary of  the  Company in  respect  of a  Foreign  Subsidiary,  and  (y)  such  Investments are made within 180 days of the receipt of such proceeds described in the foregoing  clause (x);          (k)  Acquisitions permitted under Section 8.12;           (l) [reserved]; and         (m)  other Investments in addition to those specified in this Section 8.02 so long as (x)  the aggregate Investments pursuant to this clause (m) do not exceed, in the aggregate at any one  time, $500,000,000 and (y) the Person who is being invested in is in the same or similar line or  lines  of  business  as  that  engaged  in  by Company and  its  Subsidiaries  or reasonably related,  ancillary or incidental thereto.         8.03   Indebtedness.  Create, incur, assume or suffer to exist any Indebtedness, except:         (a)  Indebtedness under the Loan Documents;         (b)  Indebtedness outstanding on the date hereof and listed on Schedule 8.03 and any  refinancings,  refundings,  renewals  or  extensions  thereof, provided that  the  amount  of  such  Indebtedness  is  not  increased  at  the  time  of  such  refinancing,  refunding,  renewal  or  extension  except  by  an  amount,  subject  to  subsection  (i)  below,  equal  to  a  reasonable  premium  or  other  reasonable  amount  paid,  and  fees  and  expenses  reasonably  incurred,  in  connection  with  such  refinancing and by an amount equal to any existing commitments unutilized thereunder;         (c)  Swap Contracts;         (d)  purchase  money  Indebtedness  (including  capital  leases)  described  in  Section 8.01(i)  not  to  exceed  an  aggregate  outstanding  principal  amount  at  any  time  of  $250,000,000, excluding those described on Schedule 8.03;           (e)  the Real Estate Financing Facilities;                                        90                                                                             

 

         (f)  any obligations arising under the Permitted Trade Receivables Facilities, provided  that  the  amount  of  all  accounts  receivable  owing  to  the  Foreign  Subsidiaries  that  are  sold,  transferred or assigned shall not exceed the equivalent of EUR 1,200,000,000 in the aggregate,  based on the prevailing spot rate of exchange for the currencies in which such accounts receivable  are denominated as of the date of determination;          (g)  Indebtedness  of  a  Person,  or  in  respect  of  assets,  acquired  pursuant  to  an  Acquisition permitted under Section 8.12 and existing at the time of such Acquisition, provided  that  (i) such  Indebtedness was not incurred in contemplation  of  such  Acquisition  and  (ii) such  Indebtedness is  not  outstanding  for  more  than  one  hundred eighty  (180)  days after the date of  such Acquisition;          (h)  [reserved];           (i) Other  Indebtedness  as  long  as  after  giving  effect  to  the  incurrence  thereof,  the  Company will  be  in  pro  forma  compliance  with Section  8.13(a); provided that  the  aggregate  principal  amount  of  Indebtedness  of  Subsidiaries  that  are  not Subsidiary  Guarantors  incurred  pursuant  to  this clause  (i) shall  not  exceed  $400,000,000  at  any  time; provided, further,  the  calculation of such $400,000,000 limit shall exclude Indebtedness incurred or existing pursuant to  cash  pooling  arrangements  of  the Company and  its Subsidiaries  existing  or entered  into in the  ordinary course of business consistent with past practices; and          (j) Guarantees  of  the  Indebtedness  of  the Company (other  than  the  Obligations)  by  any Subsidiary that is a Subsidiary Guarantor hereof or becomes a Subsidiary Guarantor hereof  concurrently with its Guarantee of such other Indebtedness.          8.04   Fundamental  Changes.  Merge,  dissolve,  liquidate,  consolidate  with  or  into  another  Person,  or  Dispose  of  (whether in  one  transaction  or in  a  series  of  transactions)  all  or  substantially  all  of  its  assets  (whether  now  owned  or  hereafter  acquired)  to  or  in  favor  of  any  Person (including, in each case, pursuant to a Delaware LLC Division), except that, so long as no  Default exists or would result therefrom:         (a)  any Subsidiary may merge with (i) the Company; provided that the Company shall  be the continuing or surviving Person, or (ii) any one or more Domestic Subsidiaries or (iii) any  joint  venture,  partnership  or  other  Person,  so  long  as  such  joint  venture,  partnership  and  other  Person  will,  as  a  result  of making  such  merger  and  all  other  contemporaneous  related  transactions,  become  a  Domestic  Subsidiary, provided, further,  (in  the  case  of  clauses (ii)  and  (iii)) that when any Subsidiary Guarantor is merging with another Subsidiary or any other Person,  either (A) the Subsidiary  Guarantor shall  be  the  continuing  or  surviving  Person  or (B) the  continuing or surviving Person (prior to or simultaneously with such merger) shall deliver to the  Administrative  Agent  (1)  a Subsidiary  Guaranty  and  (2)  all  other  documents  required  of  Significant Subsidiaries pursuant to Section 7.12;         (b)  any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary  liquidation or otherwise) to the Company or to a Subsidiary; provided that (i) if the transferor in  such a transaction is a wholly-owned Subsidiary, then the transferee must either be the Company  or  a  wholly-owned  Subsidiary  and (ii) if  the  transferor  in  such  a  transaction  is  a Subsidiary  Guarantor, then the transferee must either be the Company or a Subsidiary Guarantor;         (c)  any Foreign Subsidiary may merge into and may transfer assets to another Foreign  Subsidiary;                                       91                                                                             

 

         (d)  with respect to any Subsidiary (the “Specified Subsidiary”) whose principal assets  are a warehouse and office space (if any) located on the same site as such warehouse, then the  owner of the stock in such Specified Subsidiary may sell the stock of such Specified Subsidiary,  or such Specified Subsidiary may sell all or substantially all of its assets to a purchaser, in each  case at fair market value; and         (e)  the Company may  liquidate  or  dissolve  one  or  more  Subsidiaries,  or  sell  all  or  substantially all of the assets or shares of one or more Subsidiaries, during a fiscal year so long as  the  aggregate  book  value  of  the  Subsidiaries  liquidated  or  dissolved  or  assets  or  shares  sold  during such fiscal year does not exceed $200,000,000.         8.05   Dispositions.  Make  any  Disposition  or  enter into  any  agreement  to  make  any  Disposition, except:         (a)  Dispositions  of obsolete  or  worn  out  property,  whether  now  owned  or  hereafter  acquired, in the ordinary course of business;         (b)  Dispositions of inventory and other real or personal property in the ordinary course  of business;         (c)  Dispositions of equipment or real property to the extent that (i) such property is  exchanged  for  credit  against  the  purchase  price  of  similar  replacement  property  or (ii) the  proceeds  of  such  Disposition  are  reasonably  promptly  applied  to  the  purchase  price  of  such  replacement property  or (iii) the Company or  any  Subsidiary  determines in  good faith  that the  failure to  replace  such  equipment  will  not  be  detrimental  to  the  business  of Company or  such  Subsidiary;         (d)  Dispositions of assets and other property by any Subsidiary to the Company or to a  wholly-owned Subsidiary; provided that (i) if the transferor of such property is a wholly-owned  Subsidiary, the transferee must be either the Company or a wholly-owned Subsidiary, and (ii) if  the transferor of such property is the Company or a Subsidiary Guarantor, the transferee thereof  must either be the Company or a Subsidiary Guarantor;         (e)  (x)  Dispositions  permitted  by Section 8.04 and (y) Dispositions  pursuant  to sale  and leaseback transactions to the extent not prohibited by any other Contractual Obligation;         (f)  Dispositions of receivables pursuant to the Permitted Trade Receivables Facilities;  and         (g)  Dispositions by the Company and its Subsidiaries not otherwise permitted under  this Section 8.05; provided that (i) at the time of such Disposition, no Default shall exist or would  result  from  such  Disposition  and (ii) the  aggregate  book  value  of  all  property  Disposed  of  in  reliance on this clause (g) in any fiscal year shall not exceed $100,000,000;          Notwithstanding anything herein to the contrary, any Disposition pursuant to clauses (a)  through (d) shall be for fair market value.         8.06   Restricted  Payments.  Declare  or  make,  directly  or  indirectly,  any  Restricted  Payment, or incur any obligation (contingent or otherwise) to do so, except that:                                        92                                                                             

 

         (a)  each  Subsidiary  may  make  Restricted  Payments  to  the Company and  to  wholly-owned Subsidiaries;         (b)  the Company and  each  Subsidiary  may  declare  and  make  dividend  payments  or  other distributions payable solely in the common stock or other common equity interests of such  Person;         (c)  the Company may (1) declare and make other dividend payments and (2) purchase  shares of its common stock in one or more series of open market purchases, but only if (A) the  aggregate  amount  of  such  dividend  payments  plus  the  aggregate  purchase  price  paid  for  such  common stock does not exceed $400,000,000 for any fiscal year and (B) such dividend payments  and stock purchases do not result (after giving effect thereto) in a violation of any provision of  Section 8.13;         (d)  the Company may purchase shares of its common stock for the purpose of making  required contributions to, or required distributions under, its employee benefit plans so long as the  aggregate  dollar  amount  spent  for  such  stock  in  any  fiscal  year  of Company does  not  exceed  $25,000,000; and         (e)  the Company may  repurchase  Convertible  Debentures,  whether  pursuant  to  the  exercise of the Debenture Put Option by the holder of such debentures or otherwise.         Notwithstanding  anything  in  this Section 8.06 to  the contrary,  the Company may  issue  Convertible Debentures subject to the limitations in Section 8.03.         8.07   Change  in  Nature  of  Business.  Engage  in  any  material  line  of  business  substantially  different  from  those  lines  of  business  conducted  by  the Company and  its  Subsidiaries on the date hereof or any business reasonably related, ancillary or incidental thereto.         8.08   Transactions with Affiliates.  Enter into any transaction of any kind with any  Affiliate of the Company, whether or not in the ordinary course of business, other than on fair and  reasonable  terms  substantially  as  favorable  to  the Company or  such  Subsidiary  as  would  be  obtainable  by  the Company or  such  Subsidiary  at  the  time  in  a  comparable  arm’s  length  transaction with a Person other than an Affiliate; provided that the foregoing restriction shall not  apply  to  transactions (x)  between  or  among  the Company and  any Subsidiary  Guarantor or  between and among any Subsidiary Guarantors, or (y) on terms that satisfy Section 482 of the  Code and the Treasury Regulations thereunder.         8.09   Burdensome  Agreements.  Enter  into  any  material  Contractual  Obligation  (other than this Agreement or any other Loan Document) that limits the ability of any Subsidiary  to  make  Restricted  Payments  to  the Company or  any Subsidiary  Guarantor or  to  otherwise  transfer property to the Company or any Subsidiary Guarantor; provided that this Section 8.09  shall not prohibit:           (a)  restrictions imposed by other permitted Indebtedness ranking pari passu with the  Obligations, provided that  such  restrictions  are  no  more  restrictive  than  those  imposed  by  this  Agreement;          (b)  restrictions imposed by Indebtedness outstanding on the date hereof and listed on  Schedule 8.09; and                                         93                                                                             

 

         (c)  restrictions  imposed  by  Indebtedness  relating  to  any  property  acquired  by  the  Company or any Subsidiary (or restrictions imposed by Indebtedness of a third party which third  party  is  acquired  by  the Company or  any  Subsidiary)  in  an  acquisition  permitted  by  this  Agreement, provided in each case that such restrictions existed at the time of such acquisition,  were  not  put  in  place  in  connection  with  or  in  anticipation  of  such  acquisition  and  are  not  applicable  to  any  Person  other  than  the  Person  so  acquired,  or  to  any  property  other  than  the  property so acquired.         8.10   Use of Proceeds.  Use the proceeds of any Credit Extension, whether directly or  indirectly, and whether immediately, incidentally or ultimately, in any manner than might cause  the Credit Extension or the use of such proceeds to violate Regulation U of the FRB, in each case  as in effect on the date or dates of such Credit Extension and such use of proceeds.         8.11   [Reserved].           8.12   Acquisitions.  Consummate any Acquisition unless (a) the Person whose equity  interests  or  assets  are being  acquired  is in the same or  similar line or lines of business as  that  engaged in by Company and its Subsidiaries or substantially related or incidental thereto, (b) no  Default  occurs  or  is  created  or  results  from  such  Acquisition  and  (c)  the Company is  in  compliance  with  the  financial  covenants  set  forth  in Section  8.13 on  a  Pro  Forma  Basis  after  giving effect to such Acquisition.         8.13   Financial Covenants.           (a)  Consolidated Total Leverage Ratio. Permit the Consolidated Total Leverage Ratio,  as of the last day of each fiscal quarter of the Company, to be greater than 4.00 to 1.00.         (b)  Consolidated Interest Coverage Ratio.  Permit the Consolidated Interest Coverage  Ratio, as of the last day of each fiscal quarter of the Company, to be less than 3.00 to 1.00.         8.14   Off-Balance Sheet Liabilities.  Create, incur, assume or suffer to exist any Off- Balance Sheet Liabilities, except:         (a)  Off-Balance  Sheet  Liabilities  outstanding  on  the  date  hereof  and  listed  on  Schedule 6.19;         (b)  Off-Balance Sheet Liabilities consisting of sale and leaseback transactions;         (c)  Obligations arising under the Permitted Trade Receivables Facilities; or         (d)  Obligations arising under any Real Estate Financing Facility.         8.15   Sanctions.  Directly or indirectly, use the proceeds of any Credit Extension, or  lend,  contribute  or  otherwise  make  available  such  proceeds  to  any  Subsidiary,  joint  venture  partner or other individual or entity, to fund any activities of or business with any individual or  entity, or in any country or territory, that, at the time of such funding, is a Sanctioned Person or a  Designated Jurisdiction, or in any other manner, in each case as would result in a violation by any  individual or entity (including any individual or entity participating in the transaction, whether as  Lender,  Arranger,  Administrative  Agent,  L/C  Issuer,  Swing  Line  Lender,  or  otherwise)  of  Sanctions.                                        94                                                                             

 

         8.16   Anti-Corruption  Laws.  Directly or  indirectly  use  the  proceeds  of  any Credit  Extension for any purpose which would breach the United States Foreign Corrupt Practices Act  of  1977,  the  UK  Bribery  Act  2010,  or  would  create  a  material  breach  of  other  similar  anti- corruption legislation in other jurisdictions.                                  ARTICLE IX                                                           EVENTS OF DEFAULT AND REMEDIES         9.01   Events of Default.  Any of the following shall constitute an Event of Default:         (a)  Non-Payment. Any Borrower or any other Loan Party fails to pay (i) when and as  required to be paid herein, and in the currency required hereunder, any amount of principal of any  Loan  or  any  L/C  Obligation,  or  (ii)  within  three  days  after  the  same  becomes  due,  and  in  the  currency required hereunder, any interest on any Loan or on any L/C Obligation, or any facility,  utilization or other fee due hereunder, or (iii) within five days after the same becomes due, any  other amount payable hereunder or under any other Loan Document; or         (b)  Specific Covenants.  The Company fails to perform or observe any term, covenant  or agreement contained in any of Section 7.01, 7.02, 7.03, 7.05, 7.10, 7.11 or 7.12 or Article VIII;  or         (c)  Other Defaults.  Any Loan Party fails to perform or observe any other covenant or  agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its  part to be performed or observed and such failure continues for 30 days; or         (d)  Representations  and  Warranties.   Any  representation,  warranty,  certification  or  statement of fact made or deemed made by or on behalf of any Borrower or any other Loan Party  herein,  in  any  other  Loan  Document,  or  in  any  document  delivered  in  connection  herewith  or  therewith shall be incorrect or misleading in any material respect when made or deemed made; or         (e)  Cross-Default.  (i) The Company or any Subsidiary (A) fails to make any payment  when  due  (whether  by  scheduled  maturity,  required  prepayment,  acceleration,  demand,  or  otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and  Indebtedness  under  Swap  Contracts)  having  an  aggregate  principal  amount  of  more  than  the  Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to  any  such  Indebtedness  or  Guarantee  or  contained  in  any  instrument  or  agreement  evidencing,  securing or relating thereto, or any other event occurs, the effect of which default or other event is  to  cause,  or  to  permit  the  holder  or  holders of  such  Indebtedness  or  the  beneficiary  or  beneficiaries  of  such  Guarantee  (or  a  trustee  or  agent  on  behalf  of  such  holder  or  holders  or  beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to  be  demanded  or  to  become  due  or  to  be  repurchased,  prepaid,  defeased  or  redeemed  (automatically  or  otherwise),  or  an  offer  to  repurchase,  prepay,  defease  or  redeem  such  Indebtedness  to  be  made,  prior to its  stated  maturity,  or such  Guarantee to  become  payable  or  cash collateral in respect thereof to be demanded; (ii) there occurs under any Swap Contract an  Early  Termination  Date  (as  defined  in  such  Swap  Contract)  resulting  from (A) any  event  of  default under such Swap Contract as to which any Borrower or any Subsidiary is the Defaulting  Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such  Swap Contract as to which any Borrower or any Subsidiary is an Affected Party (as so defined)  (other than Termination Events that are not triggered by events of default) and, in either event, the  Swap Termination Value owed by such Borrower or such Subsidiary as a result thereof is greater                                       95                                                                             

 

   than the Threshold Amount; (iii) there occurs a Termination Event (as defined in the Transfer and  Administration Agreement identified in the definition of Existing Trade Receivables Facilities)  under  the  Transfer  and  Administration  Agreement  which  Termination  Event  is  not  cured  or  waived; (iv) there  occurs  a  termination  event  or  event  of  default  under  any  Permitted  Trade  Receivables Facility which termination event or event of default is not cured or waived within  any  applicable  grace  period;  or (v) there  occurs  any  event  of  default  under  any  Real  Estate  Financing Facility which is not cured or waived within any applicable grace period.         (f)  Insolvency Proceedings, Etc.  Any Loan Party or any of its Subsidiaries that is a  Significant Subsidiary or a Significant Foreign Subsidiary institutes or consents to the institution  of  any  proceeding  under  any  Debtor  Relief  Law,  or  makes  a composition,  compromise,  arrangement  or assignment  for  the  benefit  of  creditors;  or  applies  for  or  consents  to  the  appointment  of  any  receiver,  trustee,  custodian,  conservator,  liquidator,  rehabilitator,  administrative receiver, administrator, compulsory manager or similar officer for it or for all or  any  material  part  of  its  property;  or  any  receiver,  trustee,  custodian,  conservator,  liquidator,  rehabilitator or similar officer is appointed without the application or consent of such Person and  the  appointment  continues  undischarged  or  unstayed  for  60  calendar  days;  or  any  proceeding  under  any  Debtor  Relief  Law  relating  to  any  such  Person  or  to all  or  any  material  part  of  its  property is instituted without the consent of such Person and continues undismissed or unstayed  for 60 calendar days, or an order for relief is entered in any such proceeding; provided, however,  that  if  a  Foreign  Subsidiary (other  than any  Designated Borrower) is  being  liquidated  in  a  transaction  otherwise  permitted  by  this  Agreement  and not involving (i) the  bankruptcy,  insolvency,  or  any  failure  to  pay  obligations  of  such  Subsidiary, such Borrower  or  any  other  Subsidiary, (ii) the application of any Debtor Relief Law, or (iii) any claim of any creditor, and if  applicable foreign Law requires the appointment of a liquidator to accomplish such liquidation in  the  jurisdiction  where  such Foreign  Subsidiary  is  organized,  then  the  mere  appointment  and  operation of a liquidator for such purpose in such circumstances shall not constitute an Event of  Default under this clause (f); or         (g)  Inability to Pay Debts; Attachment.  (i) Any Loan Party or any of its Subsidiaries  that  is  a  Significant  Subsidiary  or  Significant  Foreign  Subsidiary becomes  unable  or  admits  in  writing  its  inability  or  fails  generally  to  pay  its  debts  as  they  become  due,  or (ii) any  writ  or  warrant  of attachment  or  execution  or  similar  process  is  issued  or  levied  against  all  or  any  material  part  of  the  property  of  any  such  Person  and  is  not  released,  vacated  or  fully  bonded  within 30 days after its issue or levy; or         (h)  Judgments.   There  is  entered  against the  Company or  any  Subsidiary (i) a  final  judgment or order for the payment of money in an aggregate amount exceeding the Threshold  Amount (to the extent not covered by insurance provided by a Person described in Section 7.07 as  to which the insurer (and any insurance or reinsurance company reinsuring any such exposure)  does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or  could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect  and,  in  either  case,  (A) enforcement  proceedings  are  commenced  by  any  creditor  upon  such  judgment  or  order,  or  (B) there  is  a  period  of  30  consecutive  days  during  which  a  stay  of  enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or          (i) ERISA.  (i) An  ERISA  Event  occurs  with  respect  to  a  Pension  Plan  or  Multiemployer Plan which has resulted or could reasonably be expected to result in liability of  the Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in  an  aggregate  amount  in  excess  of  the  Threshold  Amount,  or (ii) the Company or  any  ERISA  Affiliate  fails  to  pay  when  due,  after  the  expiration  of  any  applicable  grace  period,  any                                       96                                                                             

 

   installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a  Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or          (j) Invalidity  of  Loan  Documents.   Any  Loan  Document,  at  any  time  after  its  execution  and  delivery  and  for  any  reason  other  than  as  expressly  permitted  hereunder  or  satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or  any other Person contests in any manner the validity or enforceability of any Loan Document; or  any Loan Party denies that it has any or further liability or obligation under any Loan Document,  or purports to revoke, terminate or rescind any Loan Document; or         (k)  Change  of  Control.   There  occurs  any  Change  of  Control  with  respect  to the  Company; or          (l) Designated Borrowers. If  there  exists  at  least  one  Designated  Borrower  under  this Agreement,  the  provisions  of  Article  XII  shall  cease  to  constitute  valid,  binding  and  enforceable  obligations  of  the  Company  for  any  reason  or  the Company  or  any  Designated  Borrower shall have so asserted in writing.         9.02   Remedies  Upon  Event  of  Default.  If  any  Event  of  Default  occurs  and  is  continuing,  the  Administrative  Agent  shall,  at  the  request  of,  or  may,  with  the  consent  of,  the  Required Lenders, take any or all of the following actions:         (a)  declare the commitment of each Lender to make Loans and any obligation of the  L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such commitments and  obligation shall be terminated;         (b)  declare the unpaid principal amount of all outstanding Loans, all interest accrued  and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan  Document  to  be  immediately  due  and  payable,  without  presentment,  demand,  protest  or  other  notice of any kind, all of which are hereby expressly waived by the Borrowers;         (c)  require that the applicable Borrower Cash Collateralize the L/C Obligations (in an  amount equal to the Dollar Equivalent Outstanding Amount thereof, as such amount  may  vary  from time to time); and         (d)  exercise on behalf of itself and the Lenders all rights and remedies available to it  and the Lenders under the Loan Documents or applicable Law;   provided, however, that upon the occurrence of an actual or deemed entry of an order for relief  with respect to any Borrower under the Bankruptcy Code of the United States or any other  applicable Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation  of the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid  principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall  automatically become due and payable, and the obligation of the Borrowers to Cash Collateralize  the L/C Obligations as aforesaid shall automatically become effective, in each case without  further act of the Administrative Agent or any Lender.         9.03   Application of Funds.  After the exercise of remedies provided for in Section  9.02 (or after the Loans have automatically become immediately due and payable and the L/C  Obligations have automatically been required to be Cash Collateralized as set forth in the proviso                                        97                                                                             

 

   to Section 9.02),  any  amounts  received  on  account  of  Obligations  shall be  applied  by  the  Administrative Agent in respect of such Obligations in the following order:         First,  to  payment  of  that  portion  of  the  Obligations  constituting  fees,  indemnities,  expenses  and  other  amounts  (including  Attorney  Costs  and  amounts  payable  under Article III)  payable to the Administrative Agent in its capacity as such;         Second, to payment of that portion of the Obligations constituting fees, indemnities and  other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and  the L/C Issuers (including Attorney Costs and amounts payable under Article III), ratably among  them in proportion to the respective amounts described in this clause Second payable to them;         Third,  to  payment  of  that  portion  of  the  Obligations  constituting  accrued  and  unpaid  Letter of Credit Fees and interest on the Loans and L/C Borrowings and other Obligations, ratably  among  the  Lenders  and  L/C  Issuers  in  proportion  to  the  respective  amounts  described  in  this  clause Third payable to them;         Fourth, to payment of that portion of the Obligations constituting unpaid principal of the  Loans  and  L/C  Borrowings,  ratably  among  the  Lenders  and  L/C  Issuers  in  proportion  to  the  respective amounts described in this clause Fourth held by them;         Fifth, to the Administrative Agent for the account of the L/C Issuers, pro rata, to Cash  Collateralize  that  portion  of L/C  Obligations  comprised  of  the  aggregate  undrawn  amount  of  Letters of Credit, to the extent not otherwise Cash Collateralized by the Borrowers pursuant to  Section 2.03 or 2.15; and         Sixth, to payment of all other amounts due under any of the Loan Documents, if any, to  be applied for the ratable benefit of the recipients; and         Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to  the Borrowers or as otherwise required by Law.         Subject  to Section 2.03(c) and 2.15,  amounts  used  to  Cash  Collateralize  the  aggregate  undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy  drawings under such Letters of Credit as they occur.  If any amount remains on deposit as Cash  Collateral  after  all Letters  of  Credit  have  either  been  fully  drawn  or  expired,  such  remaining  amount shall be applied to the other Obligations, if any, in the order set forth above.                                  ARTICLE X                                                                 ADMINISTRATIVE AGENT         10.01  Appointment and Authority.  Each of the Lenders and each L/C Issuer hereby  irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder  and  under  the  other  Loan  Documents  and  authorizes  the  Administrative  Agent  to  take  such  actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by  the terms hereof or thereof, together with such actions and powers as are reasonably incidental  thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent, the  Lenders and the L/C Issuers, and neither any Borrower nor any other Loan Party shall have rights  as a third party beneficiary of any of such provisions. It is understood and agreed that the use of  the  term  “agent”  herein  or  in  any  other  Loan Documents  (or  any  other  similar  term)  with                                       98                                                                             

 

   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  as  a  matter  of  market  custom,  and  is  intended  to  create  or  reflect  only  an  administrative  relationship between contracting parties.         10.02  Rights as a Lender.  The Person serving as the Administrative Agent hereunder  shall have the same rights and powers in its capacity as a Lender as any other Lender and may  exercise  the  same  as  though  it  were  not  the  Administrative  Agent  and  the  term  “Lender”  or  “Lenders”  shall,  unless  otherwise  expressly  indicated  or  unless  the  context  otherwise  requires,  include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such  Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or  in  any  other  advisory  capacity  for  and  generally  engage  in  any  kind  of  business  with  the  Company  or  any  Subsidiary  or  other  Affiliate  thereof  as  if  such  Person  were  not  the  Administrative Agent hereunder and without any duty to account therefor to the Lenders.         10.03  Exculpatory Provisions.  The Administrative Agent shall not have any duties or  obligations except those expressly set forth herein and in the other Loan Documents and its duties  shall  be  administrative  in  nature.   Without  limiting  the  generality  of  the  foregoing,  the  Administrative Agent:         (a)  shall not be subject to any fiduciary or other implied duties, regardless of whether  a Default has occurred and is continuing;         (b)  shall  not  have  any  duty  to  take  any  discretionary  action  or  exercise  any  discretionary powers, except discretionary rights and powers expressly contemplated hereby or by  the  other Loan  Documents  that  the  Administrative  Agent  is required to exercise  as  directed in  writing by the Required Lenders (or such other number or percentage of the Lenders as shall be  expressly provided for herein or in the other Loan Documents), provided that the Administrative  Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,  may expose the Administrative Agent to liability or that is contrary to any Loan Document or  applicable law, including for the avoidance of doubt any action that may be in violation of the  automatic  stay  under  any  Debtor  Relief  Law  or  that  may  effect  a  forfeiture,  modification  or  termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and         (c)  shall not, except as expressly set forth herein and in the other Loan Documents,  have  any  duty  to  disclose,  and  shall  not  be  liable  for  the  failure  to  disclose,  any  information  relating  to  any  of  the Borrowers or  any  of  its  respective  Affiliates  that  is  communicated  to  or  obtained by  the  Person  serving  as  the  Administrative  Agent  or  any  of  its  Affiliates  in  any  capacity.         The  Administrative  Agent  shall  not  be  liable  for  any  action  taken  or  not  taken  by  it  (i) with the consent or at the request of the Required Lenders (or such other number or percentage  of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith  shall be necessary, under the circumstances as provided in Sections 11.01 and 9.02) or (ii) in the  absence of its own gross negligence or willful misconduct as determined by a court of competent  jurisdiction by a final and nonappealable judgment.  The Administrative Agent shall be deemed  not to have knowledge of any Default unless and until notice describing such Default is given to  the Administrative Agent by the Company, a Lender or an L/C Issuer.         The Administrative Agent shall not be responsible for or have any duty to ascertain or  inquire  into  (i)  any  statement,  warranty  or  representation  made  in  or  in  connection  with  this                                       99                                                                             

 

   Agreement  or  any  other  Loan  Document,  (ii)  the  contents  of  any  certificate,  report  or  other  document  delivered  hereunder  or  thereunder  or  in  connection  herewith  or  therewith,  (iii)  the  performance or observance of any of the covenants, agreements or other terms or conditions set  forth  herein  or  therein  or  the  occurrence  of  any  Default,  (iv)  the  validity,  enforceability,  effectiveness  or  genuineness  of  this  Agreement,  any  other  Loan  Document  or  any  other  agreement, instrument or document or (v) the satisfaction of any condition set forth in Article V  or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to  the Administrative Agent.         10.04  Reliance by Administrative Agent.  The Administrative Agent shall be entitled  to  rely  upon, and shall  not  incur  any  liability  for  relying  upon,  any  notice, request,  certificate,  consent,  statement,  instrument,  document  or  other  writing  (including  any  electronic  message,  Internet or intranet website posting or other distribution) believed by it to be genuine and to have  been  signed,  sent  or  otherwise  authenticated  by  the  proper  Person.   The  Administrative  Agent  also may rely upon any statement made to it orally or by telephone and believed by it to have  been  made  by  the  proper  Person,  and  shall not  incur  any  liability  for  relying  thereon.   In  determining compliance with any condition hereunder to the making of a Loan, or the issuance of  a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C  Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender  or an L/C Issuer unless the Administrative Agent shall have received notice to the contrary from  such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of  Credit.  The Administrative Agent may consult with legal counsel (who may be counsel for the  Company), independent accountants and other experts selected by it, and shall not be liable for  any action taken or not taken by it in accordance with the advice of any such counsel, accountants  or experts.         10.05  Delegation of Duties.  The Administrative Agent may perform any and all of its  duties  and  exercise  its  rights  and  powers  hereunder  or  under  any  other  Loan Document  by  or  through any one or more sub agents appointed by the Administrative Agent.  The Administrative  Agent and any such sub agent may perform any and all of its duties and exercise its rights and  powers by or through their respective Related Parties.  The exculpatory provisions of this Article  shall apply to any such sub agent and to the Related Parties of the Administrative Agent and any  such sub agent, and shall apply to their respective activities in connection with the syndication of  the  credit  facilities  provided  for  herein  as well  as  activities  as  Administrative  Agent.  The  Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents  except to the extent that a court of competent jurisdiction determines in a final and nonappealable  judgment that the Administrative Agent acted with gross negligence or willful misconduct in the  selection of such sub-agents.         10.06  Resignation  of  Administrative  Agent.  (a) The  Administrative  Agent  may  at  any time give notice of its resignation to the Lenders, the L/C Issuers and the Company.  Upon  receipt  of  any  such  notice  of  resignation,  the  Required  Lenders  shall  have  the  right,  in  consultation with the Company, to appoint a successor, which shall be a bank with an office in  the United States, or an Affiliate of any such bank with an office in the United States.  If no such  successor  shall  have  been so  appointed  by  the Required  Lenders and shall have  accepted such  appointment within 30 days after the retiring Administrative Agent gives notice of its resignation  (or  such  earlier  day  as  shall  be  agreed  by  the  Required  Lenders)  (the  “Resignation  Effective  Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the  Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications  set  forth  above, provided that  in  no  event  shall  any  such  successor  Administrative  Agent  be  a                                       100                                                                             

 

   Defaulting  Lender.   Whether  or  not  a  successor  has  been  appointed,  such  resignation  shall  become effective in accordance with such notice on the Resignation Effective Date.         (b)  If the Person serving as Administrative Agent is a Defaulting Lender pursuant to  clause  (d) of  the  definition  thereof,  the  Required  Lenders  may,  to  the  extent  permitted  by  applicable  law,  by  notice  in  writing  to  the Company and  such  Person  remove  such  Person  as  Administrative  Agent  and,  in  consultation  with  the Company,  appoint  a  successor.   If  no  such  successor  shall  have  been so  appointed  by  the Required  Lenders and shall have  accepted such  appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the  “Removal Effective Date”), then such removal shall nonetheless become effective in accordance  with such notice on the Removal Effective Date.         (c)  With effect from the Resignation Effective Date or the Removal Effective Date (as  applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties  and obligations hereunder and under the other Loan Documents and (2) except for any indemnity  payments  or  other  amounts  then  owed  to  the  retiring  or  removed  Administrative  Agent,  all  payments,  communications  and  determinations  provided  to  be  made  by,  to  or  through  the  Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly,  until  such  time,  if  any,  as  the  Required  Lenders  appoint  a  successor  Administrative  Agent  as  provided for above.  Upon the acceptance of a successor’s appointment as Administrative Agent  hereunder,  such  successor  shall  succeed  to  and  become  vested  with  all  of  the  rights,  powers,  privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in  Section 3.01(h) and other than any rights to indemnity payments or other amounts owed to the  retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal  Effective  Date,  as  applicable),  and  the  retiring  or  removed  Administrative  Agent  shall  be  discharged from all of its duties and obligations hereunder or under the other Loan Documents (if  not  already  discharged  therefrom  as  provided above in  this Section).  The fees  payable  by  the  Borrowers to  a  successor  Administrative  Agent  shall  be  the  same  as  those  payable  to  its  predecessor unless otherwise agreed between the Company and such successor.  After the retiring  or removed Administrative Agent’s resignation or removal hereunder and under the other Loan  Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit  of  such  retiring  or  removed  Administrative  Agent,  its  sub  agents  and  their  respective  Related  Parties in respect of any actions taken or omitted to be taken by any of them (i) while the retiring  or  removed  Administrative  Agent  was  acting  as  Administrative  Agent  and  (ii)  after  such  resignation or removal for as long as any of them continues to act in any capacity hereunder or  under the other Loan Documents, including (a) acting as collateral agent or otherwise holding any  collateral  security  on  behalf  of  any  of  the  Lenders  and  (b)  in  respect  of  any  actions  taken  in  connection with transferring the agency to any successor Administrative Agent.          (d)  Any  resignation  by  Bank  of  America  as  Administrative  Agent  pursuant  to  this  Section shall also constitute its resignation as an L/C Issuer and Swing Line Lender.  If Bank of  America  or  another  L/C  Issuer  resigns  as  an  L/C  Issuer,  it  shall  retain  all  the  rights,  powers,  privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit outstanding  as  of  the  effective  date  of  its  resignation  as  L/C  Issuer  and  all  L/C  Obligations  with  respect  thereto,  including  the  right  to  require  the  Lenders  to  make  Base  Rate  Loans  or  fund  risk  participations in Unreimbursed Amounts pursuant to Section 2.03(c).  If Bank of America resigns  as  Swing  Line  Lender,  it  shall  retain  all  the  rights  of  the  Swing  Line  Lender  provided  for  hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of  such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk  participations  in  outstanding  Swing  Line  Loans  pursuant  to Section 2.04(c).   Upon  the  appointment by the Company of a successor L/C Issuer or Swing Line Lender hereunder (which                                      101                                                                             

 

   successor shall in all cases be a Lender other than a Defaulting Lender) and the acceptance by  such Person of such appointment, (a) such successor shall succeed to and become vested with all  of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as  applicable, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their  respective  duties  and  obligations  hereunder  or  under  the  other  Loan  Documents,  and  (c) the  successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,  outstanding at the time of such succession or make other arrangements satisfactory to the retiring  L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such  Letters of Credit.         10.07  Non-Reliance on Administrative Agent and Other Lenders.  Each Lender and  each  L/C  Issuer  acknowledges  that it  has,  independently  and  without  reliance  upon  the  Administrative  Agent  or  any  other  Lender  or  any  of  their  Related  Parties  and  based  on  such  documents  and  information  as  it  has  deemed  appropriate,  made  its  own  credit  analysis  and  decision to enter into this Agreement.  Each Lender and each L/C Issuer also acknowledges that it  will, independently and without reliance upon the Administrative Agent or any other Lender or  any of their Related Parties and based on such documents and information as it shall from time to  time deem appropriate, continue to make its own decisions in taking or not taking action under or  based upon this Agreement, any other Loan Document or any related agreement or any document  furnished hereunder or thereunder.         10.08  No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of  the bookrunners, arrangers, co-documentation agents or co-syndication agents listed on the cover  page hereof shall have any powers, duties or responsibilities under this Agreement or any of the  other  Loan  Documents,  except  in  its  capacity,  as  applicable,  as  the  Administrative  Agent,  a  Lender or an L/C Issuer hereunder.         10.09  Administrative Agent May File Proofs of Claim.  In case of the pendency of  any  proceeding  under  any  Debtor  Relief  Law  or  any  other  judicial  proceeding  relative  to  any  Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C  Obligation shall then be due and payable as herein expressed or by declaration or otherwise and  irrespective of whether the Administrative Agent shall have made any demand on any Borrower)  shall be entitled and empowered, by intervention in such proceeding or otherwise.         (a)  to file and prove a claim for the whole amount of the principal and interest owing  and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and  unpaid and to file such other documents as may be necessary or advisable in order to have the  claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the  reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers  and the Administrative Agent and their respective agents and counsel and all other amounts due  the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(h) and (i), 2.09  and 11.04) allowed in such judicial proceeding; and         (b)  to collect and receive any monies or other property payable or deliverable on any  such claims and to distribute the same;   and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in  any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make  such payments to the Administrative Agent and, in the event that the Administrative Agent shall  consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the  Administrative Agent any amount due for the reasonable compensation, expenses, disbursements                                      102                                                                             

 

   and advances of the Administrative Agent and its agents and counsel, and any other amounts due  the Administrative Agent under Sections 2.09 and 11.04.         Nothing  contained  herein  shall  be  deemed  to  authorize  the  Administrative  Agent  to  authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of  reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of  any Lender or any L/C Issuer or to authorize the Administrative Agent to vote in respect of the  claim of any Lender or any L/C Issuer in any such proceeding.         10.10  Guaranty Matters.           (a)  Each  Lender  hereby  irrevocably  (subject  to Section 10.06)  appoints,  designates  and authorizes the Administrative Agent to take such action on its behalf under the provisions of  this Agreement and each other Loan Document and to exercise such powers and perform such  duties  as  are  expressly  delegated  to  it  by  the  terms  of  this  Agreement  or  any  other  Loan  Document, together with such powers as are reasonably incidental thereto.  Notwithstanding any  provision to the contrary contained elsewhere in this Agreement or in any other Loan Document,  the Administrative Agent shall not have any duties or responsibilities, except those expressly set  forth  herein,  nor  shall  the  Administrative  Agent  have  or  be  deemed  to  have  any  fiduciary  relationship with any Lender or participant, and no implied covenants, functions, responsibilities,  duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or  otherwise  exist  against  the  Administrative  Agent.   Without  limiting  the  generality  of  the  foregoing  sentence,  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.         (b)  The Administrative Agent is authorized on behalf of all the Lenders, without the  necessity of any notice to or further consent from the Lenders, from time to time to enter into  agreements whereby the Subsidiary Guaranty is amended to better conform the terms thereof to  any form attached to this Agreement or to make administrative or housekeeping corrections to  any such agreement.         (c)  The Lenders irrevocably authorizes the Administrative Agent,                 (i)  to  release  any Subsidiary  Guarantor from  its  obligations  under  the        Subsidiary Guaranty if such Person ceases to be a Subsidiary or if such Person becomes        an Excluded Subsidiary as a result of a transaction permitted hereunder and no Default is        then existing;                (ii)  upon receipt by the Administrative Agent of information satisfactory to        the  Administrative  Agent  that  any  Domestic  Subsidiary  has  ceased  to  be  a  Significant        Subsidiary as a result of a transaction or decline in business permitted hereunder and no        Default  is  then  existing,  to  release  such  Subsidiary  from  its  obligations  under  the        Subsidiary  Guaranty  as  long  as  after  giving  effect  thereto  the  Borrowers are in        compliance with Section 7.12(b);                 (iii) to  release  the  Company  from  its  obligations  under  the  Company        Guaranty with respect to a Designated Borrower if such Designated Borrower ceases to                                       103                                                                             

 

         be  a Borrower and a Subsidiary  of the Company  as  a  result  of a  transaction  permitted        hereunder; and                  (iv)  to  release the  Specified Subsidiary  Guarantors from their obligations        under  the Subsidiary  Guaranty upon  such  Specified Subsidiary Guarantors  ceasing  to        guarantee  the  Term  Credit  Agreement  (including  in  connection  with  a  payment  in  full        thereof).         If  at  any  time, pursuant to  the  foregoing clauses  (c)(i)  through  (iv), a  Subsidiary  Guarantor may be released from its obligations under the Subsidiary Guaranty or the Company  may  be  released  from its  obligations  under  the  Company  Guaranty, then  such  Person  shall  be  automatically  released  from  such  obligations  and  the Administrative  Agent will,  at  the  Company’s  expense,  execute  and  deliver  such  documents  as  the  Company  may  reasonably  request to document such release.   At any time that the Company desires that the Administrative  Agent  take  any  of  the  actions  described  in  the  immediately  preceding  sentence,  it  shall,  upon  request of the Administrative Agent, deliver to the Administrative Agent an officer’s certificate  certifying  that  the  release  of  the  applicable  Guarantor  is  permitted  pursuant  to  this Section  10.10(c) as set forth above.  The Administrative Agent shall have no liability whatsoever to any  Lender as a result of any release of any Guarantor by it as permitted (or which the Administrative  Agent in good faith believes to be permitted) by this Section 10.10(c).         Upon  request  by  the  Administrative  Agent  at  any  time,  the  Required  Lenders will  confirm in writing the Administrative Agent’s authority to release any Subsidiary Guarantor from  its  obligations  under  the Subsidiary  Guaranty or  the  Company  from  its  obligations  under  the  Company Guaranty, in each case, pursuant to this Section 10.10.  Notwithstanding the release of  any Subsidiary from its obligations under the Subsidiary Guaranty, if such Subsidiary is thereafter  a Significant Subsidiary that is a Domestic Subsidiary (other than an Excluded Subsidiary), the  requirements of Section 7.12 shall again apply to such Subsidiary.         10.11  Certain ERISA Matters.                  (a)   Each  Lender  (x)  represents  and  warrants,  as  of  the  date  such  Person  became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender  party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the  Administrative Agent and not, for the avoidance of doubt, to or for the benefit of any Borrower or  any other Loan Party, that at least one of the following is and will be true:                 (i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of        ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance        into, participation in, administration of and performance of the Loans, the Letters of        Credit, the Commitments or this Agreement,                              (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14        (a class exemption for certain transactions determined by independent qualified        professional asset managers), PTE 95-60 (a class exemption for certain transactions        involving insurance company general accounts), PTE 90-1 (a class exemption for certain        transactions involving insurance company pooled separate accounts), PTE 91-38 (a class        exemption for certain transactions involving bank collective investment funds) or PTE        96-23 (a class exemption for certain transactions determined by in-house asset managers),        is applicable with respect to such Lender’s entrance into, participation in, administration                                       104                                                                             

 

         of and performance of the Loans, the Letters of Credit, the Commitments and this        Agreement,                              (iii) (A) such Lender is an investment fund managed by a “Qualified Professional        Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified        Professional Asset Manager made the investment decision on behalf of such Lender to        enter into, participate in, administer and perform the Loans, the Letters of Credit, the        Commitments and this Agreement, (C) the entrance into, participation in, administration        of and performance of the Loans, the Letters of Credit, the Commitments and this        Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-       14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of        Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation        in, administration of and performance of the Loans, the Letters of Credit, the        Commitments and this Agreement, or                               (iv) such other representation, warranty and covenant as may be agreed in writing        between the Administrative Agent, in its sole discretion, and such Lender.                              (b) In addition, unless either (1) sub-clause (i) in the immediately preceding  clause (a) is true with respect to a Lender or (2) a Lender has provided another representation,  warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause  (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender  party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the  date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent  and not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Loan Party,  that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved  in such Lender’s entrance into, participation in, administration of and performance of the Loans,  the Letters of Credit, the Commitments and this Agreement (including in connection with the  reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan  Document or any documents related hereto or thereto).                                          ARTICLE XI                                                                    MISCELLANEOUS         11.01  Amendments,  Etc.  No  amendment  or  waiver  of  any  provision  of  this  Agreement or any other Loan Document, and no consent to any departure by the Company, any  other Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by  the Required Lenders, the Company or the applicable Borrower or Loan Party, as the case may  be,  and  acknowledged  by  the  Administrative Agent,  and  each  such  waiver  or  consent  shall  be  effective  only  in  the  specific  instance  and  for  the  specific  purpose  for  which  given; provided,  however, that no such amendment, waiver or consent shall:         (a)  waive  any  condition  set  forth  in Section 5.01(a) without  the  written  consent  of  each Lender;         (b)  extend or increase the Commitment of any Lender (or reinstate any Commitment  terminated pursuant to Section 9.02) without the written consent of such Lender;                                       105                                                                             

 

         (c)  postpone any date fixed by this Agreement or any other Loan Document for any  payment  of  principal,  interest,  fees  or  other  amounts  due  to  the  Lenders  (or  any  of  them)  hereunder or under any other Loan Document without the written consent of each Lender directly  affected thereby;         (d)  reduce the principal of, or the rate of interest specified herein on, any Loan or L/C  Borrowing, or (subject to clause (iv) of the second proviso to this Section 11.01) any fees or other  amounts  payable hereunder  or  under  any  other  Loan  Document  without the  written  consent  of  each Lender directly affected thereby; provided, however, that only the consent of the Required  Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation  of any Borrower to pay interest or Letter of Credit Fees at the Default Rate;         (e)  change Section 2.13 or Section 9.03 in  a  manner  that  would  alter  the  pro  rata  sharing of payments required thereby without the written consent of each Lender;         (f)  amend Section 1.05 or the definition of “Alternative Currency” without the written  consent of each Lender;         (g)  change  any  provision  of  this  Section or  the  definition  of  “Required  Lenders”  or  any other provision hereof specifying the number or percentage of Lenders required to amend,  waive or otherwise modify any rights hereunder or make any determination or grant any consent  hereunder without the written consent of each Lender;         (h)  release all or substantially all of the value of the Subsidiary Guaranty (other than  any  release specifically  contemplated  by  Section 10.10(c))  without  the  written consent  of each  Lender; or          (i)  release  the  Company  from  any  obligation  under  the  Company  Guaranty (other  than  any  release  specifically  contemplated  by  Section  10.10(c)) without  the  written  consent  of  each Lender.   and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and  signed by the applicable L/C Issuer in addition to the Lenders required above, affect the rights or  duties of such L/C Issuer under this Agreement or any Issuer Document relating to any Letter of  Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing  and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights  or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent  shall, unless in writing and signed by the Administrative Agent in addition to the Lenders  required above, affect the rights or duties of the Administrative Agent under this Agreement or  any other Loan Document; and (iv) the Fee Letter may be amended, or rights or privileges  thereunder waived, in a writing executed only by the parties thereto.         Notwithstanding  anything  to  the  contrary  herein,  no  Defaulting  Lender  shall  have  any  right to approve or disapprove any amendment, waiver or consent hereunder, except that (x) the  Commitment of such Lender may not be increased or extended, or amounts due to it permanently  reduced (other than by way of payment) or the payment date of any outstanding amounts owing  to  it  extended,  without  the  consent  of  such  Lender  and  (y)  any  waiver,  amendment  or  modification requiring the consent of all Lenders or each affected Lender that by its terms affects  any Defaulting Lender more adversely than other affected Lenders shall require the consent of  such Defaulting Lender.                                       106                                                                             

 

         Notwithstanding  the  fact  that  the  consent  of  all  the  Lenders  is  required  in  certain  circumstances as set forth above, (x) each Lender is entitled to vote as such Lender sees fit on any  bankruptcy  reorganization  plan  that  affects  the  Loans,  and  each  Lender acknowledges  that  the  provisions  of  Section 1126(c)  of  the  Bankruptcy  Code  supersedes  the  unanimous  consent  provisions set forth herein and (y) the Required Lenders shall determine whether or not to allow a  Loan Party  to  use  cash collateral  in the  context of  a  bankruptcy  or insolvency  proceeding  and  such determination shall be binding on all of the Lenders.         Notwithstanding any provision herein to the contrary, if the Administrative Agent and the  Company acting together identify any ambiguity, omission, mistake, typographical error or other  similar defect  in  any  provision  of  this  Agreement  or  any  other  Loan  Document  (including  the  schedules  and  exhibits  thereto),  then  the  Administrative  Agent  and  the  Company  shall  be  permitted  to  amend,  modify  or  supplement  such  provision  to  cure  such  ambiguity,  omission,  mistake, typographical error or other similar defect, and such amendment shall become effective  without  any  further  action  or  consent  of  any  other  party  to  this  Agreement if  the  same  is  not  objected to in writing by the Required Lenders to the Administrative Agent within five Business  Days following receipt of notice thereof.         11.02  Notices; Effectiveness; Electronic Communication.           (a)  Notices  Generally.   Except  in  the  case  of  notices  and  other  communications  expressly permitted to be given by telephone (and except as provided in subsection (b) below), all  notices and other communications provided for herein shall be in writing and shall be delivered  by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or  electronic  mail as  follows,  and  all  notices  and  other  communications  expressly  permitted  hereunder to be given by telephone shall be made to the applicable telephone number, as follows:                 (i)  if to the Company, the Administrative Agent, an L/C Issuer or the Swing        Line  Lender,  to  the  address,  facsimile  number,  electronic  mail  address  or  telephone        number specified for such Person on Schedule 11.02;                 (ii)  if to any other Lender, to the address, facsimile number, electronic mail        address or telephone number specified in its Administrative Questionnaire; and                (iii) if  to  a  Designated  Borrower,  to  the  Company  at  the  address,  facsimile        number, electronic mail address or telephone number specified on Schedule 11.02.         Notices and other communication sent by hand or overnight courier service, or mailed by  certified or registered mail, shall be deemed to have been given when received; notices and other  communication sent by facsimile shall be deemed to have been given when sent (except that, if  not given during normal business hours for the recipient, shall be deemed to have been given at  the  opening  of  business  on  the  next  business  day  for  the  recipient).   Notices  and  other  communication  delivered  through  electronic  communications  to  the  extent  provided  in  subsection (b) below, shall be effective as provided in such subsection (b).         (b)  Electronic  Communications.   Notices  and  other  communications  to  the  Lenders  and  the  L/C  Issuers  hereunder  may  be  delivered  or  furnished  by  electronic  communication  (including  e  mail  and  Internet  or  intranet  websites)  pursuant  to  procedures  approved  by  the  Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or any  L/C Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the  Administrative  Agent  that  it  is  incapable  of  receiving  notices  under  such  Article by  electronic                                      107                                                                             

 

   communication.   The  Administrative  Agent  or any  Borrower may,  in  its  discretion,  agree  to  accept notices and other communications to it hereunder by electronic communications pursuant  to  procedures  approved  by  it, provided that  approval  of  such  procedures  may  be  limited  to  particular notices or communications.         Unless  the  Administrative  Agent  otherwise  prescribes,  (i)  notices  and  other  communications sent to an e-mail address shall be deemed received upon the sender’s receipt of  an  acknowledgement  from  the  intended  recipient  (such  as  by  the  “return  receipt  requested”  function,  as  available,  return  e-mail  or  other  written  acknowledgement),  and  (ii)  notices  or  communications  posted  to  an  Internet  or  intranet  website  shall  be  deemed  received  upon  the  deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause  (i)  of  notification  that  such  notice  or  communication  is  available  and  identifying  the  website  address  therefor;  provided  that,  for  both  clauses  (i)  and  (ii),  if  such  notice,  email  or  other  communication is not sent during the normal business hours of the recipient, such notice, email or  communication shall be deemed to have been sent at the opening of business on the next business  day for the recipient.         (c)  The  Platform.   THE  PLATFORM  IS  PROVIDED  “AS  IS”  AND  “AS  AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE  ACCURACY  OR  COMPLETENESS  OF  THE  BORROWER  MATERIALS  OR  THE  ADEQUACY  OF  THE  PLATFORM,  AND  EXPRESSLY  DISCLAIM  LIABILITY  FOR  ERRORS  IN  OR  OMISSIONS  FROM  THE  BORROWER  MATERIALS.   NO  WARRANTY  OF  ANY KIND,  EXPRESS, IMPLIED  OR STATUTORY,  INCLUDING  ANY WARRANTY  OF  MERCHANTABILITY,  FITNESS  FOR  A  PARTICULAR  PURPOSE,  NON- INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER  CODE  DEFECTS,  IS  MADE  BY  ANY  AGENT  PARTY  IN  CONNECTION  WITH  THE  BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent  or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower,  any  Lender,  any  L/C  Issuer  or  any  other  Person  for  losses,  claims,  damages,  liabilities  or  expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or the  Administrative  Agent’s  transmission  of  Borrower  Materials  through  the  Internet,  except  to  the  extent  that  such  losses,  claims,  damages,  liabilities  or  expenses  are  determined  by  a  court  of  competent  jurisdiction  by  a  final  and  nonappealable  judgment  to  have  resulted  from  the  gross  negligence or willful misconduct of such Agent Party; provided, however, that in no event shall  any  Agent  Party  have  any  liability  to any Borrower,  any  Lender,  any  L/C  Issuer  or  any  other  Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or  actual damages).         (d)  Change of Address.  Etc.  Each of the Borrowers, the Administrative Agent, each  L/C Issuer and the Swing Line Lender may change its address, facsimile or telephone number for  notices  and  other  communications  hereunder  by  notice  to the  other  parties  hereto.   Each  other  Lender  may  change  its  address,  facsimile  or  telephone  number  for  notices  and  other  communications hereunder by notice to the Company, the Administrative Agent, the L/C Issuers  and the Swing Line Lender.  In addition, each Lender agrees to notify the Administrative Agent  from time to time to ensure that the Administrative Agent has on record (i) an effective address,  contact name, telephone number, facsimile number and electronic mail address to which notices  and other communications may be sent and (ii) accurate wire instructions for such Lender.           (e)  Reliance by Administrative Agent, L/C Issuers and Lenders.  The Administrative  Agent,  the  L/C  Issuers  and  the  Lenders  shall  be  entitled  to  rely  and  act  upon  any  notices  (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given                                      108                                                                             

 

   by or on behalf of any Borrower even if (i) such notices were not made in a manner specified  herein, were incomplete or were not preceded or followed by any other form of notice specified  herein,  or  (ii)  the  terms  thereof,  as  understood  by  the  recipient,  varied  from  any  confirmation  thereof.  Each Borrower shall (and, in the case of a Designated Borrower, the Company shall,  jointly and severally) indemnify the Administrative Agent, the L/C Issuers, each Lender and the  Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the  reliance by such Person on each notice purportedly given by or on behalf of such Borrower.  All  telephonic notices to and other telephonic communications with the Administrative Agent may be  recorded  by  the  Administrative  Agent,  and  each  of  the  parties  hereto  hereby  consents  to  such  recording.         11.03  No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or  the Administrative Agent to exercise, and no delay by any such Person in exercising, any right,  remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or  partial exercise of any right, remedy, power or privilege hereunder preclude any other or further  exercise  thereof  or  the  exercise  of  any  other  right,  remedy,  power  or  privilege.   The  rights,  remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,  remedies, powers and privileges provided by law.         Notwithstanding  anything  to  the  contrary  contained  herein  or  in  any  other  Loan  Document,  the  authority  to  enforce  rights  and  remedies  hereunder  and  under  the  other  Loan  Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions  and proceedings at law in connection with such enforcement shall be instituted and maintained  exclusively by, the Administrative Agent in accordance with Section 9.02 for the benefit of all the  Lenders  and  the  L/C  Issuers; provided, however,  that  the  foregoing  shall  not  prohibit  (a)  the  Administrative Agent from exercising on its own behalf the rights and remedies that inure to its  benefit  (solely  in  its  capacity  as  Administrative  Agent)  hereunder  and  under  the  other  Loan  Documents, (b) an L/C Issuer or the Swing Line Lender from exercising the rights and remedies  that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may  be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights  in accordance with Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from  filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of  a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that  if at any time there is no Person acting as Administrative Agent hereunder and under the other  Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the  Administrative  Agent pursuant  to Section  9.02 and  (ii)  in  addition  to  the  matters  set  forth  in  clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may,  with the consent of the Required Lenders, enforce any rights and remedies available to it and as  authorized by the Required Lenders.         11.04  Expenses; Indemnity; Damage Waiver.           (a)  Costs  and  Expenses.   Subject  to  any  limitations  set  forth  in  the  Fee  Letter  with  respect  to  certain  fees  of  counsel  to  the  Administrative  Agent,  the Company shall  pay (i) all  reasonable  out  of  pocket  expenses  incurred  by  the  Administrative  Agent  and  its  Affiliates  (including  the  reasonable  fees,  charges  and  disbursements  of  counsel  for  the  Administrative  Agent),  in  connection  with  the  syndication  of  the  credit facilities  provided  for  herein,  the  preparation, negotiation, execution, delivery and administration of this Agreement and the other  Loan  Documents  or  any  amendments,  modifications  or  waivers  of  the  provisions  hereof  or  thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),  (ii) all  reasonable  out  of  pocket  expenses  incurred  by  any  L/C  Issuer  in  connection  with  the                                      109                                                                             

 

   issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment  thereunder and (iii) all out of pocket expenses incurred by the Administrative Agent, any Lender  or  any  L/C  Issuer  (including  the  fees,  charges  and  disbursements  of  any  counsel  for  the  Administrative Agent, any Lender or any L/C Issuer), and shall pay all fees and time charges for  attorneys who may be employees of the Administrative Agent, any Lender or any L/C Issuer, in  connection with the enforcement or protection of its rights (A) in connection with this Agreement  and the other Loan Documents, including its rights under this Section, or (B) in connection with  the Loans made or Letters of Credit issued hereunder, including all such out of pocket expenses  incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of  Credit.         (b)  Indemnification  by  the  Borrowers.   The  Borrowers shall  indemnify  the  Administrative  Agent  (and  any  sub-agent  thereof), each  Lender and  each  L/C  Issuer, and each  Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)  against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities  and related expenses (including the reasonable fees, charges and disbursements of any counsel for  any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time  charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by  any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any  other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery  of  this  Agreement,  any  other  Loan  Document  or  any  agreement  or  instrument  contemplated  hereby or thereby, the performance by the parties hereto of their respective obligations hereunder  or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the  case  of  the  Administrative  Agent  (and  any  sub-agent  thereof) and its  Related  Parties  only,  the  administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit  or the use or proposed use of the proceeds therefrom (including any refusal by an L/C Issuer to  honor a demand for payment under a Letter of Credit if the documents presented in connection  with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual  or alleged presence or release of Hazardous Materials on or from any property owned or operated  by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to  the  Company or  any  of  its  Subsidiaries,  or (iv) any  actual  or  prospective  claim,  litigation,  investigation or proceeding relating to any of the foregoing, whether based on contract, tort or  any other theory, whether brought by a third party or by any Borrower or any other Loan Party,  and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall  not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities  or  related  expenses  (x)  are  determined  by  a  court  of  competent  jurisdiction  by  final  and  nonappealable judgment to have resulted from the gross negligence or willful misconduct of such  Indemnitee or (y) result from a claim brought by any Borrower or any other Loan Party against an  Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other  Loan  Document,  if such Borrower  or  such  other  Loan  Party  has  obtained  a  final  and  nonappealable  judgment  in  its  favor  on  such  claim  as  determined  by  a  court  of  competent  jurisdiction.  Without  limiting  the  provisions  of  Section  3.01(c),  this  Section  11.04(b)  shall  not  apply  with  respect  to  Taxes  other  than  any  Taxes  that  represent  losses,  claims,  damages,  etc.  arising from any non-Tax claim.         (c)  Reimbursement by Lenders.  To the extent that any Borrower for any reason fails  to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it  to the Administrative Agent (or any sub-agent thereof), an L/C Issuer or any Related Party of any  of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such  sub-agent), the applicable L/C Issuer or such Related Party, as the case may be, such Lender’s  Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity                                      110                                                                             

 

   payment  is  sought)  of  such  unpaid  amount, provided that  the  unreimbursed  expense  or  indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by  or asserted against the Administrative Agent (or any such sub-agent) or the applicable L/C Issuer  in  its  capacity  as  such,  or  against  any  Related  Party  of  any  of  the  foregoing  acting  for  the  Administrative  Agent  (or any  such  sub-agent)  or  L/C  Issuer  in  connection  with  such  capacity.   The  obligations  of  the  Lenders  under  this  subsection (c)  are  subject  to  the  provisions  of  Section 2.12(d).         (d)  Waiver  of  Consequential  Damages,  Etc.   To  the  fullest  extent  permitted  by  applicable law, Borrowers shall not assert, and hereby waive, any claim against any Indemnitee,  on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to  direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any  other  Loan  Document  or  any  agreement  or  instrument  contemplated  hereby,  the  transactions  contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.   No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the  use  by  unintended  recipients  of  any  information  or  other  materials  distributed  by  it  through  telecommunications, electronic or other information transmission systems in connection with this  Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.         (e)  Payments.   All  amounts  due  under  this  Section shall  be  payable  not  later  than  ten (10) Business Days after demand therefor.         (f)  Survival.  The agreements in this Section and the indemnity provisions of Section  11.02(e) shall survive the resignation of the Administrative Agent, any L/C Issuer and the Swing  Line Lender, the replacement of any Lender, the termination of this Agreement or the Aggregate  Commitments and the repayment, satisfaction or discharge of all the other Obligations.         11.05  Payments  Set  Aside.  To  the  extent  that  any  payment  by  or  on  behalf  of any  Borrower is  made  to  the  Administrative  Agent,  an  L/C  Issuer  or  any  Lender,  or  the  Administrative Agent, an L/C Issuer or any Lender exercises its right of setoff, and such payment  or  the  proceeds  of  such  setoff  or  any  part  thereof  is  subsequently  invalidated,  declared  to  be  fraudulent or preferential, set aside or required (including pursuant to any settlement entered into  by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a  trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief  Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally  intended to be satisfied shall be revived and continued in full force and effect as if such payment  had  not  been  made  or  such  setoff  had  not  occurred,  and (b) each  Lender  and  each  L/C  Issuer  severally agrees to pay to the Administrative Agent upon demand its applicable share (without  duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest  thereon from the date of such demand to the date such payment is made at a rate per annum equal  to the applicable Overnight Rate from time to time in effect, in the applicable currency of such  recovery or payment.  The obligations of the Lenders and the L/C Issuers under clause (b) of the  preceding sentence shall survive the payment in full of the Obligations and the termination of this  Agreement.         11.06  Successors and Assigns.           (a)  Successors  and  Assigns  Generally.   The  provisions  of  this  Agreement  shall  be  binding  upon  and inure to  the  benefit of the  parties hereto  and  their respective  successors  and  assigns permitted hereby, except that no Loan Party may assign or otherwise transfer any of its  rights or obligations hereunder without the prior written consent of the Administrative Agent and                                      111                                                                             

 

   each  Lender  and  no  Lender  may  assign  or  otherwise  transfer  any  of  its  rights  or  obligations  hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection (b)  of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of  this  Section,  or (iii) by  way  of  pledge  or  assignment  of  a  security  interest  subject  to  the  restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by  any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall  be construed to confer upon any Person (other than the parties hereto, their respective successors  and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section  and,  to  the  extent  expressly  contemplated  hereby,  the  Related  Parties  of  each  of  the  Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or  claim under or by reason of this Agreement.          (b)  Assignments  by  Lenders.   Any  Lender  may  at  any  time  assign  to  one  or  more  Eligible Assignees all or a portion of its rights and obligations under this Agreement (including  all or a portion of its Commitment and the Loans (including for purposes of this subsection (b),  participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that  any such assignment shall be subject to the following conditions:                 (i)  Minimum Amounts.                         (A)   in the case of an assignment of the entire remaining amount of               the assigning Lender’s Commitment and the Loans at the time owing to it or in               the case of an assignment to a Lender, an Affiliate of a Lender or an Approved               Fund, no minimum amount need be assigned; and                        (B)   in  any  case  not  described  in  subsection  (b)(i)(A)  of  this               Section,  the  aggregate  amount  of  the  Commitment  (which  for  this  purpose               includes  Loans  outstanding  thereunder)  or,  if  the  Commitment  is  not  then  in               effect, the  principal  outstanding  balance  of  the  Loans  of  the  assigning  Lender               subject to each such assignment, determined as of the date the Assignment and               Assumption with respect to such assignment is delivered to the Administrative               Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of               the  Trade  Date,  shall  not  be  less  than  $5,000,000  unless  each  of  the               Administrative Agent and, so long as no Event of Default has occurred and is               continuing, the applicable Borrower otherwise consents (each such consent not               to be unreasonably withheld or delayed).                (ii)  Proportionate  Amounts.   Each  partial  assignment  shall  be  made  as  an        assignment  of  a  proportionate  part  of  all  the  assigning  Lender’s  rights  and  obligations        under this Agreement with respect to the Loans or the Commitment assigned, except that        this  clause (ii) shall  not  apply  to  the  Swing  Line  Lender’s  rights  and  obligations  in        respect of Swing Line Loans.                (iii) Required  Consents.  No  consent  shall be  required  for  any  assignment        except to the extent required by subsection (b)(i)(B) of this Section and, in addition:                       (A)   the  consent  of  the Company (such  consent  not  to  be               unreasonably  withheld  or  delayed)  shall  be  required  unless  (1)  an  Event  of               Default  has occurred  and  is  continuing  at  the  time  of  such  assignment  or  (2)               such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;                                        112                                                                             

 

                       (B)   the consent of the Administrative Agent (such consent not to be               unreasonably withheld or delayed) shall be required if such assignment is to a               Person that is not a Lender, an Affiliate of such Lender or an Approved Fund               with respect to such Lender; and                       (C)   the  consent  of  the  L/C  Issuers  and  the  consent  of  the  Swing               Line Lender shall be required for any assignment.                (iv)  Assignment  and  Assumption.   The  parties  to  each  assignment  shall        execute and deliver to the Administrative Agent an Assignment and Assumption, together        with a processing and recordation fee in the amount of $3,500; provided, however, that        the Administrative Agent may, in its sole discretion, elect to waive such processing and        recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall        deliver to the Administrative Agent an Administrative Questionnaire.                (v)   No Assignment to Certain Persons.  No such assignment shall be made        (A)  to any Borrower  or  any  of such Borrower’s  Affiliates  or  Subsidiaries,  (B)  to  any        Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender        hereunder, would constitute any of the foregoing Persons described in this clause (B), or        (C)  to  a  natural  Person  (or  to  a  holding  company,  investment  vehicle  or  trust  for,  or        owned and operated for the primary benefit of a natural Person).                  (vi)  Certain  Additional  Payments.   In  connection  with  any  assignment  of        rights and obligations of any Defaulting Lender hereunder, no such assignment shall be        effective unless and until, in addition to the other conditions thereto set forth herein, the        parties  to  the  assignment  shall  make  such  additional  payments  to the  Administrative        Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which        may  be  outright  payment,  purchases  by  the  assignee  of  participations  or        subparticipations, or other compensating actions, including funding, with the consent of        the applicable Borrower and the Administrative Agent, the applicable pro rata share of        Loans previously requested but not funded by the Defaulting Lender, to each of which        the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in        full  all  payment  liabilities then  owed by  such  Defaulting  Lender  to  the  Administrative        Agent, each L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y)        acquire (and fund as appropriate) its full pro rata share of all Loans and participations in        Letters  of  Credit  and  Swing  Line  Loans  in  accordance  with  its  Pro  Rata  Share.         Notwithstanding the foregoing, in the event that any assignment of rights and obligations        of any Defaulting Lender hereunder shall become effective under applicable Law without        compliance with the provisions of this paragraph, then the assignee of such interest shall        be  deemed  to  be  a  Defaulting  Lender  for  all  purposes  of  this  Agreement  until  such        compliance occurs.         Subject  to  acceptance  and  recording  thereof  by  the  Administrative  Agent  pursuant  to  subsection (c) of this Section, from and after the effective date specified in each Assignment and  Assumption,  the  Eligible  Assignee  thereunder  shall  be  a  party  to  this  Agreement  and,  to  the  extent  of  the interest  assigned  by  such  Assignment  and  Assumption,  have  the  rights  and  obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the  extent  of  the  interest  assigned  by  such  Assignment  and  Assumption,  be  released  from  its  obligations under this Agreement (and, in the case of an Assignment and Assumption covering all  of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to  be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and                                      113                                                                             

 

   11.04 with  respect  to  facts  and  circumstances  occurring  prior  to  the  effective  date  of  such  assignment.  Upon request, the applicable Borrower (at its expense) shall execute and deliver a  Note  to  the  assignee  Lender.   Any  assignment  or  transfer  by  a  Lender  of  rights  or  obligations  under this Agreement that does not comply with this subsection shall be treated for purposes of  this  Agreement  as  a  sale  by  such  Lender  of  a  participation  in  such  rights  and  obligations  in  accordance with subsection (d) of this Section.         (c)  Register.  The Administrative Agent, acting solely for this purpose as an agent of  the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment  and Assumption delivered to it and a register for the recordation of the names and addresses of  the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations  owing  to,  each  Lender  pursuant  to  the  terms  hereof  from  time  to  time  (the  “Register”).   The  entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the  Lenders  may  treat  each  Person  whose  name  is  recorded  in  the  Register  pursuant  to  the  terms  hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the  contrary.   In  addition,  the  Administrative  Agent  shall  maintain  in  the  Register  information  regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender.   The  Register  shall  be  available  for  inspection by  the  Borrowers and  any  L/C  Issuer  at  any  reasonable time and from time to time upon reasonable prior notice.  In addition, at any time that  a request for a consent for a material or substantive change to the Loan Documents is pending,  any Lender may request and receive from the Administrative Agent a copy of the Register.           (d)  Participations.  Any Lender may at any time, without the consent of, or notice to,  the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural  Person,  or  a  holding  company,  investment  vehicle  or  trust  for,  or  owned  and  operated  for  the  primary  benefit  of  a  natural  Person,  a  Defaulting  Lender  or any Borrower  or  any  of  the  Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s  rights  and/or  obligations  under  this  Agreement  (including  all  or  a  portion  of  its  Commitment  and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line  Loans)  owing  to  it); provided that (i) such  Lender’s  obligations  under  this  Agreement  shall  remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for  the  performance  of  such  obligations  and (iii) the  Borrowers,  the  Administrative  Agent,  the  Lenders  and  the  L/C  Issuer  shall  continue  to  deal  solely  and  directly  with  such  Lender  in  connection with such Lender’s rights and obligations under this Agreement.  For the avoidance of  doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard  to the existence of any participation.         Any agreement or instrument pursuant to which a Lender sells such a participation shall  provide that such Lender shall retain the sole right to enforce this Agreement and to approve any  amendment, modification  or  waiver  of  any provision  of  this  Agreement; provided that  such  agreement  or  instrument  may  provide  that  such  Lender  will  not,  without  the  consent  of  the  Participant, agree to any amendment, waiver or other modification described in the first proviso  to Section 10.01 that affects such Participant.  The Borrowers agree that each Participant shall be  entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender  and  had  acquired its interest  by  assignment  pursuant to subsection (b) of this  Section (it  being  understood  that  the  documentation  required  under Section  3.01(e) or Section  3.01(f) shall  be  delivered to the Lender who sells the participation) to the same extent as if it were a Lender and  had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that  such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were  an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater  payment  under Sections  3.01 or 3.04,  with  respect  to  any  participation,  than  the  Lender  from                                      114                                                                             

 

   whom it acquired the applicable participation would have been entitled to receive, except to the  extent such entitlement to receive a greater payment results from a Change in Law that occurs  after the Participant acquired the applicable participation.  Each Lender that sells a participation  agrees,  at  the  Borrowers’  request  and  expense,  to  use  reasonable  efforts  to  cooperate  with  the  Borrowers to  effectuate the  provisions  of Section 3.06 with  respect to  any  Participant.  To  the  extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as  though it were a Lender; provided that such Participant agrees to be subject to Section 2.13 as  though  it  were  a  Lender.   Each  Lender  that  sells  a  participation  shall,  acting  solely  for  this  purpose as a non-fiduciary agent of Borrowers, maintain a register on which it enters the name  and  address  of  each  Participant  and  the  principal  amounts  (and  stated  interest)  of  each  Participant’s  interest  in  the  Loans  or  other  obligations  under  the  Loan  Documents  (the  “Participant Register”); provided that no Lender shall have any obligation to disclose all or any  portion of the Participant Register (including the identity of any Participant or any information  relating  to  a  Participant’s  interest  in  any  commitments,  loans,  letters  of  credit  or  its  other  obligations under any Loan Document) to any Person except to the extent that such disclosure is  necessary  to  establish  that  such  commitment,  loan,  letter  of  credit  or  other  obligation  is  in  registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries  in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat  each Person whose name is recorded in the Participant Register as the owner of such participation  for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance  of  doubt,  the  Administrative  Agent  (in  its  capacity  as  Administrative  Agent)  shall  have  no  responsibility for maintaining a Participant Register.         (e)  Certain Pledges.  Any Lender may at any time pledge or assign a security interest  in all or any portion of its rights under this Agreement (including under its Note(s), if any) to  secure obligations of such Lender, including any pledge or assignment to secure obligations to a  Federal  Reserve  Bank or other central bank; provided that  no such pledge  or assignment  shall  release  such  Lender  from  any  of  its  obligations  hereunder  or  substitute  any  such  pledgee  or  assignee for such Lender as a party hereto.         (f)  Resignation  as  L/C  Issuer  or  Swing  Line  Lender  after  Assignment.   Notwithstanding  anything  to the  contrary  contained herein,  if  at  any  time  Bank  of  America  or  another L/C Issuer assigns all of its Commitment and Loans pursuant to subsection (b) above, (i)  Bank of America or such other L/C Issuer may, upon 30 days’ notice to the Company and the  Lenders, resign as an L/C Issuer and/or (ii) Bank of America may, upon 30 days’ notice to the  Company, resign as Swing Line Lender.  In the event of any such resignation as an L/C Issuer or  Swing  Line  Lender,  the Company shall  be entitled  to  appoint  from  among  the  Lenders  a  successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the  Company to appoint any such successor shall affect the resignation of Bank of America or such  other L/C Issuer as an L/C Issuer or Swing Line Lender, as the case may be.  If Bank of America  or another L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and  duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it and outstanding  as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect  thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund  risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).  If Bank of America  resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for  hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of  such resignation, including the right to require the Lenders to make Base Rate Committed Loans  or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).  Upon  the appointment of a successor L/C Issuer and/or Swing Line Lender and the acceptance by such  Person of such appointment, (a) such successor shall succeed to and become vested with all of the                                      115                                                                             

 

   rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case  may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters  of  Credit,  if  any,  outstanding  at  the  time  of  such  succession  or  make  other  arrangements  satisfactory to the resigning L/C Issuer to effectively assume the obligations of the resigning L/C  Issuer with respect to such Letters of Credit.         11.07  Treatment  of  Certain  Information;  Confidentiality.  Each  of  the  Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the confidentiality of  the Information (as defined below), except that Information may be disclosed (a) to its Affiliates  and  to  its  and  its  Affiliates’  respective  partners,  directors,  officers, accountants,  attorneys,  employees, agents, advisors and representatives (it being understood that the Persons to whom  such  disclosure  is  made  will  be  informed  of  the  confidential  nature  of  such  Information  and  instructed to keep such Information confidential), (b) to the extent requested by any regulatory  authority purporting to have jurisdiction over it (including any self-regulatory authority, such as  the National Association of Insurance Commissioners), (c) to the extent required by applicable  laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e)  in connection with the exercise of any remedies hereunder or under any other Loan Document or  any  action  or  proceeding  relating  to  this  Agreement  or  any  other  Loan  Document  or  the  enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions  substantially  the  same  as  those of  this  Section,  to (i) any  assignee  of  or  Participant  in,  or  any  prospective assignee of or Participant in, any of its rights or obligations under this Agreement or  (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction  relating to any Borrower and its obligations, (g) on a confidential basis to (i) any rating agency in  connection with rating the Company or its Subsidiaries or the credit facilities provided hereunder  or (ii) the  CUSIP  Service  Bureau  or  any  similar  agency  in  connection  with  the  issuance  and  monitoring  of  CUSIP  numbers  or  other  market  identifiers  with  respect  to  the  credit  facilities  provided hereunder, (h) with the consent of the Company or (i) to the extent such Information (x)  becomes  publicly  available  other  than  as  a  result  of  a  breach  of  this  Section or  (y)  becomes  available  to  the  Administrative  Agent,  any  Lender,  any  L/C  Issuer  or  any  of  their  respective  Affiliates  on  a  nonconfidential  basis  from  a  source  other  than  the Company.  In  addition,  the  Administrative  Agent  and  the  Lenders  may  disclose  the  existence  of  this  Agreement  and  information  about  this  Agreement  to  market  data  collectors, similar  service  providers  to  the  lending industry and service providers to the Administrative Agent and the Lenders in connection  with the administration of this Agreement, the other Loan Documents, and the Commitments.          For  purposes  of  this  Section,  “Information”  means  all  information  received  from any  Borrower or any Subsidiary relating to any Borrower or any Subsidiary or any of their respective  businesses,  other  than  any  such  information  that  is  available  to  the  Administrative  Agent,  any  Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by any Borrower or any  Subsidiary, provided that,  in  the  case  of  information  received  from any Borrower  or  any  Subsidiary after the date hereof, such information is clearly identified at the time of delivery as  confidential.  Any Person required to maintain the confidentiality of Information as provided in  this Section shall be considered to have complied with its obligation to do so if such Person has  exercised  the  same  degree  of  care  to  maintain  the confidentiality  of  such  Information  as  such  Person would accord to its own confidential information.         Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a)  the  Information  may  include  material  non-public  information  concerning the  Company or  a  Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of  material  non-public  information  and  (c)  it  will  handle  such  material  non-public  information  in  accordance with applicable Law, including United States federal and state securities Laws.                                      116                                                                             

 

         11.08  Right of Setoff.  If an Event of Default shall have occurred and be continuing,  each Lender, each L/C Issuer and each of their respective Affiliates is hereby authorized at any  time and from time to time, to the fullest extent permitted by applicable law, to set off and apply  any  and  all  deposits  (general  or  special,  time  or  demand,  provisional  or  final,  in  whatever  currency)  at  any  time  held  and  other obligations  (in whatever  currency)  at  any  time  owing  by  such  Lender,  such  L/C  Issuer  or  any  such  Affiliate  to  or  for  the  credit  or  the  account  of any  Borrower or any other Loan Party against any and all of the obligations of such Borrower or such  Loan Party now or hereafter existing under this Agreement or any other Loan Document to such  Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall  have made any demand under this Agreement or any other Loan Document and although such  obligations of such Borrower or such Loan Party may be contingent or unmatured or are owed to  a branch or office of such Lender or such L/C Issuer different from the branch or office holding  such deposit or obligated on such indebtedness.  The rights of each Lender, each L/C Issuer and  their  respective  Affiliates  under  this  Section are  in  addition  to  other  rights  and  remedies  (including other rights of setoff) that such Lender, such L/C Issuer or their respective Affiliates  may have; provided, that in the event that any Defaulting Lender shall exercise any such right of  setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for  further application in accordance with the provisions of Section 2.15 and, pending such payment,  shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for  the  benefit  of  the  Administrative  Agent  and  the  Lenders,  and  (y)  the  Defaulting  Lender  shall  provide  promptly  to  the  Administrative  Agent  a  statement  describing  in  reasonable  detail  the  Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  Each  Lender and each L/C Issuer agrees to notify the Company and the Administrative Agent promptly  after any such setoff and application, provided that the failure to give such notice shall not affect  the validity of such setoff and application.         11.09  Interest Rate Limitation.  Notwithstanding anything to the contrary contained  in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not  exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum  Rate”).   If  the  Administrative  Agent  or  any  Lender  shall  receive  interest  in  an  amount  that  exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if  it exceeds such unpaid principal, refunded to the applicable Borrower.  In determining whether  the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds  the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize  any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude  voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in  equal  or  unequal  parts  the  total  amount  of  interest  throughout  the  contemplated  term  of  the  Obligations hereunder.         11.10  Counterparts; Integration; Effectiveness.  This Agreement may be executed in  counterparts  (and  by  different  parties  hereto  in  different  counterparts),  each  of  which  shall  constitute an original, but all of which when taken together shall constitute a single contract.  This  Agreement  and  the  other  Loan  Documents constitute  the  entire  contract  among  the  parties  relating  to  the  subject  matter  hereof  and  supersede  any  and  all  previous  agreements  and  understandings,  oral  or  written,  relating  to  the  subject  matter  hereof.   Except  as  provided  in  Section 5.01, this Agreement  shall  become  effective  when  it  shall  have  been  executed  by  the  Administrative Agent and when the Administrative Agent shall have received counterparts hereof  that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an  executed  counterpart  of  a  signature  page  of  this  Agreement  by  telecopy  or  other  electronic  imaging  means  shall  be  effective  as  delivery  of  a  manually  executed  counterpart  of  this  Agreement.                                      117                                                                             

 

         11.11  Survival  of  Representations  and  Warranties.  All  representations  and  warranties  made  hereunder  and  in  any  other  Loan  Document  or  other  document  delivered  pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and  delivery hereof and thereof.  Such representations and warranties have been or will be relied upon  by  the  Administrative  Agent  and  each  Lender,  regardless  of  any  investigation  made  by  the  Administrative  Agent  or  any  Lender  or  on  their  behalf  and  notwithstanding  that  the  Administrative Agent or any Lender may have had notice or knowledge of any Default at the time  of any Credit Extension, and shall continue in full force and effect as long as any Loan or any  other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain  outstanding.         11.12  Severability.  If any provision of this Agreement or the other Loan Documents is  held  to  be  illegal,  invalid  or  unenforceable, (a) the  legality,  validity  and  enforceability  of  the  remaining provisions of this Agreement and the other Loan Documents shall not be affected or  impaired  thereby  and (b) the  parties  shall  endeavor  in  good  faith  negotiations  to  replace  the  illegal, invalid or unenforceable provisions with valid provisions the economic effect of which  comes  as  close as  possible  to  that  of  the  illegal,  invalid  or  unenforceable  provisions.   The  invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable  such  provision  in  any  other  jurisdiction.   Without  limiting  the  foregoing  provisions  of  this  Section 11.12,  if  and  to  the  extent  that  the  enforceability  of  any  provisions  in  this  Agreement  relating  to  Defaulting  Lenders  shall  be  limited  by  Debtor  Relief  Laws,  as  determined  in  good  faith by the Administrative Agent, an L/C Issuer or the Swing Line Lender, as applicable, then  such provisions shall be deemed to be in effect only to the extent not so limited.         11.13  Replacement  of  Lenders.  If  (i)  any  Lender  requests  compensation  under  Section 3.04, (ii) any Borrower is required to pay any Indemnified Taxes or additional amounts to  any  Lender  or  any  Governmental  Authority  for  the  account  of  any  Lender  pursuant  to  Section 3.01,  (iii)  if  any  Lender  is  a  Defaulting  Lender,  (iv)  a  Lender  is  a  Non-Consenting  Lender, or (v) a Lender does not approve another Alternative Currency requested by a Borrower,  then the  Company may,  at  its  sole  expense  and  effort,  upon  notice  to  such  Lender  and  the  Administrative  Agent,  require  such  Lender  to  assign  and  delegate,  without  recourse  (in  accordance  with  and  subject to  the  restrictions  contained  in,  and  consents  required  by,  Section 11.06),  all  of  its  interests,  rights  and  obligations  under  this  Agreement  and  the  related  Loan  Documents  to  an  assignee  that  shall  assume  such  obligations  (which  assignee  may  be  another Lender, if a Lender accepts such assignment), provided that:         (a)  the Company shall  have  paid  to  the  Administrative  Agent  the  assignment  fee  specified in Section 11.06(b);         (b)  such Lender shall have received payment of an amount equal to the outstanding  principal  of  its  Loans  and  L/C  Advances,  accrued  interest  thereon,  accrued  fees  and  all  other  amounts  payable to it  hereunder  and  under the  other Loan Documents (including  any  amounts  under Section 3.05) from  the  assignee  (to  the  extent of  such  outstanding  principal and  accrued  interest and fees) or the applicable Borrower (in the case of all other amounts);         (c)  in the case of any such assignment resulting from a claim for compensation under  Section 3.04 or  payments  required  to  be  made  pursuant  to Section 3.01,  such  assignment  will  result in a reduction in such compensation or payments thereafter; and         (d)  such assignment does not conflict with applicable Laws.                                       118                                                                             

 

         A  Lender  shall  not  be  required  to  make  any  such  assignment  or  delegation  if,  prior  thereto,  as  a  result  of  a  waiver  by  such  Lender  or  otherwise,  the  circumstances  entitling  the  applicable Borrower  to  require  such  assignment  and  delegation  cease  to  apply.   Each  Lender  hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an  interest)  as  such  Lender’s  attorney-in-fact,  with  full  authority  in  the  place  and  stead  of  such  Lender  and  in  the  name  of  such  Lender,  from  time  to  time  in  the  Administrative  Agent’s  discretion,  upon  prior  written  notice  to  such  Lender,  to  take  any  action  and  to  execute  any  Assignment and Assumption or such other instruments that the Administrative Agent may deem  reasonably necessary to carry out the provisions of this Section 11.13.         11.14  Governing Law; Jurisdiction; Etc.         (a)  GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW  YORK.         (b)  SUBMISSION TO JURISDICTION.  THE BORROWERS AND EACH OTHER  LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND  ITS  PROPERTY,  TO  THE  NONEXCLUSIVE  JURISDICTION  OF THE  COURTS  OF  THE  STATE  OF  NEW  YORK  SITTING  IN  NEW  YORK  COUNTY,  AND  OF  THE  UNITED  STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY  APPELLATE  COURT  FROM  ANY  THEREOF,  IN  ANY  ACTION  OR  PROCEEDING  ARISING  OUT  OF  OR  RELATING  TO  THIS  AGREEMENT  OR  ANY  OTHER  LOAN  DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND  EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES  THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE  HEARD  AND  DETERMINED  IN  SUCH  NEW  YORK  STATE  COURT  OR,  TO  THE  FULLEST  EXTENT  PERMITTED  BY  APPLICABLE  LAW,  IN  SUCH  FEDERAL  COURT.   EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH  ACTION  OR  PROCEEDING  SHALL  BE  CONCLUSIVE  AND  MAY  BE  ENFORCED  IN  OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER  PROVIDED  BY  LAW.   NOTHING  IN  THIS  AGREEMENT  OR  IN  ANY  OTHER  LOAN  DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY  LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR  PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT  AGAINST  THE BORROWERS   OR ANY OTHER LOAN PARTY OR ITS PROPERTIES     IN  THE COURTS OF ANY JURISDICTION.         (c)  WAIVER  OF  VENUE.   THE  BORROWERS   AND  EACH  OTHER  LOAN  PARTY  IRREVOCABLY  AND  UNCONDITIONALLY  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED  BY  APPLICABLE LAW,  ANY OBJECTION  THAT  IT  MAY  NOW  OR  HEREAFTER  HAVE  TO  THE  LAYING  OF  VENUE  OF  ANY  ACTION  OR  PROCEEDING  ARISING  OUT  OF  OR  RELATING  TO  THIS  AGREEMENT  OR  ANY  OTHER  LOAN  DOCUMENT  IN  ANY  COURT  REFERRED  TO  IN  PARAGRAPH (B)  OF  THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN  INCONVENIENT  FORUM  TO  THE  MAINTENANCE  OF  SUCH  ACTION  OR  PROCEEDING IN ANY SUCH COURT.         (d)  SERVICE  OF  PROCESS.   EACH  PARTY  HERETO  IRREVOCABLY  CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN                                      119                                                                             

 

   SECTION 11.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY  PARTY  HERETO  TO  SERVE  PROCESS  IN  ANY  OTHER  MANNER  PERMITTED  BY  APPLICABLE LAW.         11.15  Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT  IT  MAY  HAVE  TO  A  TRIAL  BY  JURY  IN  ANY  LEGAL  PROCEEDING  DIRECTLY  OR  INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER  LOAN  DOCUMENT  OR  THE  TRANSACTIONS  CONTEMPLATED  HEREBY  OR  THEREBY  (WHETHER  BASED  ON  CONTRACT,  TORT  OR  ANY  OTHER  THEORY).  EACH  PARTY  HERETO  (A)  CERTIFIES  THAT  NO  REPRESENTATIVE,  AGENT  OR  ATTORNEY  OF  ANY  OTHER  PERSON  HAS  REPRESENTED,  EXPRESSLY  OR  OTHERWISE,  THAT  SUCH  OTHER  PERSON  WOULD  NOT,  IN  THE  EVENT  OF  LITIGATION,   SEEK    TO   ENFORCE    THE    FOREGOING    WAIVER     AND  (B) ACKNOWLEDGES  THAT  IT  AND  THE  OTHER  PARTIES  HERETO  HAVE  BEEN  INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS  BY,  AMONG  OTHER  THINGS,  THE  MUTUAL  WAIVERS  AND  CERTIFICATIONS  IN  THIS SECTION.         11.16  PATRIOT  Act  Notice.  Each  Lender that is subject to  the  Act  (as  hereinafter  defined) and the Administrative Agent (for itself and not on behalf of any Lender) 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 “PATRIOT Act”), it is required to obtain, verify  and record information that identifies the Borrowers, which information includes the name and  address of each Borrower and other information that will allow such Lender or the Administrative  Agent, as applicable, to identify each Borrower in accordance with the Act. Each Borrower shall,  promptly  following  a  request  by  the  Administrative  Agent  or  any  Lender,  provide  all  documentation and other information that the Administrative Agent or such Lender requests in  order to comply with its ongoing obligations under applicable “know your customer” and anti- money laundering rules and regulations, including the Act.         11.17  Judgment Currency.  If, for the purposes of obtaining judgment in any court, it  is necessary to convert a sum due hereunder or any other Loan Document in one currency into  another  currency,  the  rate  of  exchange  used  shall  be  that  at  which  in  accordance  with  normal  banking procedures the Administrative Agent could purchase the first currency with such other  currency on the Business Day preceding that on which final judgment is given.  The obligation of  the  Borrowers in  respect  of  any  such  sum  due  to  the  Administrative  Agent  or  the  Lenders  hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency  (the “Judgment Currency”) other than that in which such sum is denominated in accordance with  the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to  the extent that on the Business Day following receipt by the Administrative Agent of any sum  adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance  with normal banking procedures purchase the Agreement Currency with the Judgment Currency.   If the amount of the Agreement Currency so purchased is less than the sum originally due to the  Administrative Agent in the Agreement Currency, each Borrower agree, jointly and severally, as  a  separate  obligation and notwithstanding  any  such judgment,  to indemnify  the Administrative  Agent or the Person to whom such obligation was owing against such loss.  If the amount of the  Agreement Currency so purchased is greater than the sum originally due to the Administrative  Agent in such currency, the Administrative Agent agrees to return the amount of any excess to  the applicable Borrower  (or  to  any  other  Person  who  may  be  entitled  thereto  under  applicable  law).                                      120                                                                             

 

         11.18  No  Advisory  or  Fiduciary  Responsibility.  In  connection  with  all  aspects  of  each transaction contemplated hereby (including in connection with any amendment, waiver or  other modification hereof or of any other Loan Document), the Borrowers acknowledge and agree  that:  (i) (A) the  arranging  and  other  services  regarding  this  Agreement  provided  by  the  Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions  between the Borrowers, each other Loan Party and their respective Affiliates, on the one hand,  and  the  Administrative  Agent, the  Arrangers and  the  Lenders,  on  the  other  hand,  (B) the  Borrowers and the other Loan Parties has consulted its own legal, accounting, regulatory and tax  advisors  to  the  extent  it  has  deemed  appropriate,  and  (C) the  Borrowers and  each  other  Loan  Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the  transactions  contemplated  hereby  and  by  the  other  Loan  Documents;  (ii) (A) each  of  the  Administrative Agent, each Lender and each Arranger is and has been acting solely as a principal  and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will  not be acting as an advisor, agent or fiduciary for any Borrower, any other Loan Party or any of  their respective Affiliates, or any other Person and (B) neither the Administrative Agent, nor any  Lender, nor any Arranger has any obligation to any Borrower, any other Loan Party or any of  their  respective  Affiliates  with  respect  to  the  transactions  contemplated  hereby  except  those  obligations  expressly  set  forth  herein  and  in  the  other  Loan  Documents;  and (iii) the  Administrative  Agent, each  Arranger and  each  Lender and  their  respective  Affiliates  may  be  engaged  in  a  broad  range  of  transactions  that  involve  interests  that  differ  from  those  of  the  Borrowers, the other Loan Parties and their respective Affiliates, and neither the Administrative  Agent, nor any Arranger, nor any Lender has any obligation to disclose any of such interests to  any Borrower, any other Loan Party or any of their respective Affiliates.  To the fullest extent  permitted  by  law,  the  Borrowers and  the  other  Loan  Parties  hereby  waives  and  releases  any  claims  that  it  may  have  against  the  Administrative Agent, the  Arrangers and  the  Lenders with  respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect  of any transaction contemplated hereby.         11.19  Electronic Execution of Assignments and Certain Other Documents.           The words “execute,” “execution,” “signed,” “signature,” and words of like import in or  related  to  any  document  to  be  signed  in  connection  with  this  Agreement  and  the  transactions  contemplated hereby (including without limitation Assignment and Assumptions, amendments or  other modifications, Committed Loan Notices, Swing Line Loan Notices, waivers and consents)  shall be deemed to include electronic signatures, the electronic matching of assignment terms and  contract formations on electronic platforms approved by the Administrative Agent, or the keeping  of  records  in  electronic  form,  each  of  which  shall  be  of  the  same  legal  effect,  validity  or  enforceability as a manually executed signature or the use of a paper-based recordkeeping system,  as the case may be, to the extent and as provided for in any applicable law, including the Federal  Electronic  Signatures  in  Global  and  National  Commerce  Act,  the  New  York State  Electronic  Signatures  and  Records  Act,  or  any  other  similar  state  laws  based  on  the  Uniform  Electronic  Transactions  Act;  provided  that  notwithstanding  anything  contained  herein  to  the  contrary  the  Administrative Agent is under no obligation to agree to accept electronic signatures in any form  or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures  approved by it.         11.20  Amendment and Restatement.           The Company agrees that this Agreement amends and restates and is substituted for (and  is not executed in novation of) the Existing Credit Agreement and that the outstanding obligations  of  the Company under  the  Existing  Credit  Agreement  are  now  evidenced  by  this  Credit                                      121                                                                             

 

   Agreement.  All “Loans” made and “Obligations” incurred under (and as defined in) the Existing  Credit Agreement which are outstanding on the Closing Date shall be repaid and reborrowed as  Loans and Obligations under (and shall be governed by the terms of) this Credit Agreement and  under the other Loan Documents; provided, notwithstanding the foregoing, all Existing Letters of  Credit  shall  be  deemed  to  be  governed  hereby,  with  Lender  requirements  relating  to  risk  participations therein being redetermined in accordance their respective Pro Rata Shares on the  terms  set  forth in  this  Agreement  as  if  such  Existing  Letters  of  Credit  were  initially  issued  hereunder on the Closing Date.  Without limitation of the foregoing, the Company acknowledges,  confirms  and  agrees  that  it  is  responsible  for  the  Obligations  hereunder  in  its  capacity  as  the  Company.   The Company acknowledges  that  it  has  reviewed  the  terms  and  provisions  of  this  Credit  Agreement,  and  consents  to  the  amendment  and  restatement  of  the  Existing  Credit  Agreement effected pursuant to this Credit Agreement and reaffirms its obligations with respect  to the payment and performance of all such Obligations which are obligations of the Company  now or hereafter existing.         11.21  Acknowledgement and Consent to Bail-In of EEA Financial Institutions.           Notwithstanding  anything  to  the  contrary  in  any  Loan  Document  or  in  any  other  agreement,  arrangement  or  understanding  among  any  such  parties,  each  party  hereto  acknowledges that any liability of any Lender that is an EEA Financial Institution arising under  any Loan Document, to the extent such liability is unsecured, may be subject to the write-down  and  conversion  powers  of  an  EEA  Resolution  Authority  and  agrees  and  consents  to,  and  acknowledges and agrees to be bound by:         (a)  the application of any Write-Down and Conversion Powers by an EEA Resolution  Authority to any such liabilities arising hereunder which may be payable to it by any Lender that  is an EEA Financial Institution; and         (b)  the effects of any Bail-in Action on any such liability, including, if applicable:                 (i)  a reduction in full or in part or cancellation of any such liability;                (ii)  a  conversion  of  all,  or  a  portion  of,  such  liability  into  shares  or  other        instruments of ownership in such EEA Financial Institution, its parent undertaking, or a        bridge  institution  that  may  be  issued  to  it  or  otherwise  conferred  on  it,  and  that  such        shares or other instruments of ownership will be accepted by it in lieu of any rights with        respect to any such liability under this Agreement or any other Loan Document; or                (iii) the variation of the terms of such liability in connection with the exercise        of the write-down and conversion powers of any EEA Resolution Authority.                                  ARTICLE XII                                                                  COMPANY GUARANTY         12.01  The Guaranty.  The  Company  hereby  unconditionally  and  irrevocably  guarantees to each Lender the full and prompt payment when due, whether at stated maturity, by  required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of the  Guaranteed Obligations (as hereafter defined). This Company Guaranty is a guaranty of payment  and performance and is not merely a guaranty of collection.                                       122                                                                             

 

         As  used  herein,  the  term  “Guaranteed  Obligations”  means  (i)  the  due  and  punctual  payment by each Designated Borrower of the principal of the Loans of such Designated Borrower  hereunder, and all accrued and unpaid interest thereon at the applicable rate or rates provided in  this  Agreement,  and  (ii)  all  other  monetary  obligations  of each  Designated Borrower  under  or  pursuant to this Agreement and each of the other Loan Documents, including obligations under  the  Loan  Documents  to  pay  fees,  expenses  and  reimbursement  expenses.  Without  limiting  the  generality  of  the  foregoing,  the  Guaranteed  Obligations  shall  include  such  indebtedness,  obligations, and liabilities of the Designated Borrowers under the Loan Documents which may be  or  hereafter  become  unenforceable  or  shall  be  an  allowed  or  disallowed  claim  under  any  proceeding or case commenced by or against the Company or any Designated Borrower under  any  Debtor  Relief  Laws, and  shall include interest  that accrues after  the commencement by  or  against any Designated Borrower of any proceeding under any Debtor Relief Laws (collectively,  the “Guaranteed Obligations”).         12.02  Guaranty Unconditional.             The obligations of the Company hereunder shall be unconditional, irrevocable, direct 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 Designated Borrower under this Agreement or any Note, by operation of  law or otherwise;         (b)  any change in the existence, structure or ownership of any Designated Borrower,  or  any  insolvency,  bankruptcy,  reorganization  or  other  similar  proceeding  affecting any  Designated Borrower or its assets or any resulting release or discharge of any obligation of any  Designated Borrower contained in this Agreement or any Note;         (c)  the existence of any claim, set-off or other rights which the Company may have at  any time against any Designated Borrower, 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;  or         (d)  any other act or omission to act or delay of any kind by 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  or  defense  to  the  Company’s obligations hereunder.             12.03  Certain Waivers.             (a)  The Company waives to the fullest extent permitted by law: (i) any defense based  on any claim that the Company’s obligations exceed or are more burdensome than those of any  Designated  Borrower;  (ii)  any  right  to  require  any  Lender  to  proceed  against any  Designated  Borrower, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any  other  remedy  in  any  Lender’s  power  whatsoever and  any  defense  based  upon  the  doctrine  of  marshalling of assets or of election of remedies; (iii) any benefit of and any right to participate in  any  security  now or  hereafter  held by  any  Lender; (iv)  any  fact  or  circumstance  related  to  the  Guaranteed  Obligations  which  might  otherwise  constitute  a  defense  to  the  obligations  of  the  Company under this Company Guaranty and (v) to the fullest extent permitted by law, any and all                                      123                                                                             

 

   other defenses or benefits that may be derived from or afforded by applicable law limiting the  liability  of  or  exonerating  guarantors  or  sureties  other  than  the  defense  that  the  Guaranteed  Obligations have been fully performed and indefeasibly paid in full in cash (other than inchoate  indemnification  liabilities  arising  under  the  Loan  Documents as  to  which  no  claim  has  been  made).         (b)  The  Company  expressly  waives  all  presentments,  demands  for  payment  or  performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of  dishonor and all other notices or demands of any kind or nature whatsoever with respect to the  Guaranteed  Obligations,  and  all  notices  of  acceptance  of  this Company Guaranty  or  of  the  existence,  creation  or  incurrence  of  new  or  additional  Guaranteed  Obligations.  To  the  fullest  extent  permitted  by  law,  this Company Guaranty  shall  not  be  affected by  the  genuineness,  validity,  regularity  or  enforceability  of  the  Guaranteed  Obligations  or  any  instrument  or  agreement evidencing any Guaranteed Obligations, or by any fact or circumstance relating to the  Guaranteed  Obligations  which  might  otherwise  constitute  a  defense  to  the  obligations  of  the  Company  under  this Company Guaranty,  and  the  Company  hereby  irrevocably  waives  any  defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.         12.04  Obligations Independent.             The  obligations  of  the  Company  hereunder  are  independent  of  the  Guaranteed  Obligations, and a separate action may be brought against the Company to enforce this Company  Guaranty whether or not any Designated Borrower or any other person or entity is joined as a  party.          12.05  Subrogation.              The  Company  shall  not  exercise  any  right  of  subrogation,  contribution,  indemnity,  reimbursement  or  similar  rights  with  respect  to  any  payments  it  makes  under  this Company  Guaranty on behalf of a Designated Borrower until all of the Guaranteed Obligations relating to  such Designated  Borrower and  any  amounts  payable  under  this Company Guaranty  for such  Designated  Borrower have  been  indefeasibly  paid  and  performed  in  full in cash  (other  than  inchoate indemnification liabilities arising under the Loan Documents as to which no claim has  been made).  If any amounts are paid to the Company in violation of the foregoing limitation,  then such amounts shall be held in trust for the benefit of such Lender and shall forthwith be paid  to such Lender to reduce the amount of the Guaranteed Obligations for the applicable Designated  Borrower, whether matured or unmatured.         12.06  Termination; Reinstatement.              This Company Guaranty  is  a  continuing  and  irrevocable  guaranty  of  all  Guaranteed  Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed  Obligations and any other amounts payable under this Company Guaranty are indefeasibly paid  in  full  in  cash  and  any  commitments  of  any  Lender  or  facilities  provided  by  any  Lender  with  respect  to  the  Guaranteed  Obligations  are  terminated.   Notwithstanding  the  foregoing,  this  Company Guaranty shall continue in full force and effect or be revived, as the case may be, if any  payment by or on behalf of any Designated Borrower or the Company is made, or any Lender  exercises its  right  of  setoff,  in respect  of the Guaranteed Obligations and  such payment  or the  proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent  or  preferential,  set  aside  or  required  (including  pursuant  to  any  settlement  entered  into  by  any  Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with                                      124                                                                             

 

   any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been  made or such setoff had not occurred and whether or not such Lender is in possession of or has  released this Company Guaranty and regardless of any prior revocation, rescission, termination or  reduction.  The obligations of the Company under this Section 12.06 shall survive termination of  this Company Guaranty in  the  event  that  this Company Guaranty is  terminated  prior  to  the  occurrence of the events giving rise to the Company’s obligations under this paragraph.         12.07  Subordination.              The  Company  hereby  subordinates  the  payment  of  the  obligations  of a Designated  Borrower owing  to  the  Company  as  subrogee  of  any  Lender  or resulting  from  the  Company’s  performance  under  this Company Guaranty  relating  to  Guaranteed  Obligations  of such  Designated Borrower, to the indefeasible payment in full in cash of all Guaranteed Obligations of  such Designated Borrower (other than inchoate indemnification liabilities arising under the Loan  Documents as to which no claim has been made).           12.08  Stay of Acceleration.              In  the  event  that  acceleration  of  the  time  for  payment  of  any  of  the  Guaranteed  Obligations for a Designated Borrower is stayed, in connection with any case commenced by or  against such Designated  Borrower under  any  Debtor  Relief  Laws,  or  otherwise, to  the  extent  permitted by Law, all such amounts shall nonetheless be payable by the Company immediately  upon demand by the Administrative Agent.         12.09  Expenses.              The Company shall pay within ten (10) days of demand therefor all reasonable out-of- pocket  expenses  (including  reasonable  attorneys’  fees  and  expenses of  outside  counsel  but  excluding the allocated cost and disbursements of internal legal counsel) in any way relating to  the enforcement or protection of any Lender’s rights under this Company Guaranty or in respect  of  the  Guaranteed  Obligations,  including  any expenses incurred  during  any  “workout”  or  restructuring  in  respect  of  the  Guaranteed  Obligations  and  any expenses incurred  in  the  preservation, protection or enforcement of any rights of such Lender in any proceeding under or  related  to any  Debtor  Relief  Laws.  The  obligations of  the  Company  under  this Section  12.09  shall survive the payment in full of the Guaranteed Obligations and termination of this Company  Guaranty.         12.10  Miscellaneous.              The Administrative Agent’s or any Lender’s books and records showing the amount of  the Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and shall,  absent  manifest  error,  constitute  prima  facie  evidence  of  the  existence  and  amounts  of  the  Guaranteed Obligations therein recorded.  No failure by any Lender to exercise, and no delay in  exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any  single or partial exercise of any right, remedy or power hereunder preclude any other or further  exercise thereof or the exercise of any other right, power or remedy. The remedies provided under  this Company Guaranty are cumulative and not exclusive of any remedies provided by law or in  equity.  The unenforceability or invalidity of any provision of this Company Guaranty shall not  affect the enforceability or validity of any other provision herein.  Unless otherwise agreed by the  Administrative Agent (for the benefit of the Lenders) and the Company in writing, this Company                                       125                                                                             

 

   Guaranty is  not  intended to  supersede  or otherwise  affect  any  other  guaranty  now or  hereafter  given by the Company for the benefit of any Lender or any term or provision thereof.            12.11  Condition of Borrowers.            The  Company  acknowledges  and  agrees  that  it  has  the  sole  responsibility  for,  and  has  adequate means of, obtaining from each Designated Borrower such information concerning the  financial  condition,  business  and  operations  of such Designated  Borrower as  the  Company  requires, and that no Lender has any duty, and the Company is not relying on any Lender at any  time, to disclose to the Company any information relating to the business, operations or financial  condition of any Designated Borrower.                               [Remainder of Page Intentionally Empty]                                                126                                                                             

 

                                                                                                        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.                                             TECH DATA CORPORATION, as                                            Borrower                                                                                          By:   ______/s/ Scott W. Walker__                                                  Name: Scott W. Walker                                                  Title:   Corporate Vice                                                         President, Treasurer               [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 TD UNITED KINGDOM                                  ACQUISITION LIMITED, as                                  Borrower                                                                      By    ______/s/ Howard Tuffnail__                                        Name: Howard Tuffnail                                        Title:   Director                                                                         [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 BANK OF AMERICA, N.A., as                                  Administrative Agent                                                                                                      By    ______/s/ Felicia Brinson___                                        Name: Felicia Brinson                                        Title:  Assistant  Vice President   [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 BANK OF AMERICA, N.A., as                                  Lender, Swing Line Lender and L/C                                  Issuer                                                                                                      By:   ______/s/ Amanuel Assefa__                                        Name: Amanuel Assefa                                        Title: Vice President    [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 CITIBANK, N.A., as Lender and                                  L/C Issuer                                                                                                      By    ______/s/ Susan Olsen_____                                        Name: Susan Olsen                                        Title: Vice President   [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 MUFG BANK, LTD., as Lender and                                  L/C Issuer                                                                                                      By    ______/s/ Lillian Kim______                                        Name: Lillian Kim                                        Title: Director   [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 JPMorgan Chase Bank N.A., as                                  Lender                                                                                                       By    ______/s/ Caitlin Stewart___                                        Name: Caitlin Stewart                                        Title: Executive Director    [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 MIZUHO BANK, LTD., as Lender                                                                                                       By    ______/s/ Tracy Rahn______                                        Name: Tracy Rahn                                        Title:   Authorized Signatory    [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 PNC BANK, NATIONAL                                  ASSOCIATION, as Lender                                                                                                       By    ______/s/ Justine Hofmann__                                        Name: Justine Hofmann                                        Title:  AVP    [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 The Bank of Nova Scotia,                                   as Lender                                                                                                       By    ______/s/ Jason Rinne_____                                        Name: Jason Rinne                                        Title: Director    [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 BNP PARIBAS, as Lender                                                                                                                                         By    ______/s/ Gregory Paul____                                        Name: Gregory Paul                                        Title:   Managing Director                                                                                                                                                                          By    ______/s/ My-Linh Yoshiike                                        Name: My-Linh Yoshiike                                        Title:   Vice President                                      [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 The Toronto-Dominion Bank, New                                  York Branch,as Lender                                                                                                       By    ______/s/ Peter Kuo_______                                        Name: Peter Kuo                                        Title:   Authorized Signatory     [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 UNICREDIT BANK AG, NEW                                  YORK BRANCH, as Lender                                                                                                                                                                           By    ______/s/ Douglas Riahi____                                        Name: Douglas Riahi                                        Title:   Managing Director                                                                                                                                        By    ______/s/ Bryon Korutz____                                        Name: Bryon Korutz                                        Title:   Associate Director                                      [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                      BANCO SANTANDER, S.A., NEW YORK                       BRANCH, as Lender                                                           By ______/s/ Rita Walz-Cuccioli                                Name: Rita Walz-Cuccioli                                Title:   Executive Director                                    Banco Santander S.A., New York Branch                                                          By ______/s/ Terence Corcoran                                Name: Terence Corcoran                                Title:   Executive Director                                    Banco Santander S.A., New York Branch                                                                        [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 Branch Banking and Trust Company,                                  as Lender                                                                                                       By    ______/s/ Max N Greer III__                                        Name: Max N Greer III                                        Title: Senior Vice President                                       [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 DBS BANK LTD., as Lender                                                                                                       By    ______/s/ Yeo How Ngee___                                        Name: Yeo How Ngee                                        Title: Managing Director                                       [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                 Lloyds Bank Corporate Markets plc,                                  as Lender                                                                                                                                         By    ______/s/ Kamala Basdeo___                                        Name: Kamala Basdeo                                        Title:  Assistant Manager                                                    Transaction Execution                                                                               Category A                                                             B002                                                                                                                                         By    ____/s/ Tina Wong________                                        Name: Tina Wong                                        Title:  Assistant Manager                                                    Transaction Execution                                                                               Category A                                                             W011    [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                                                                         Skandinaviska Enskilda Banken AB                                      (publ), as Lender                                                                               By    __/s/ Penny Neville-Park__    __/s/_Duncan Nash______  Name: Penny Neville-Park            Duncan Nash   Title:                                                       [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

                                                 Societe Generale, as Lender       By    ______/s/ John Hogan______        Name: John Hogan        Title: Director                                                                                                                                 

 

                                                                                                                                            EXHIBIT A                                                                         [FORM OF]                           COMMITTED LOAN NOTICE                                                      Date:             ,         To:  Bank of America, N.A., as Administrative Agent    Ladies and Gentlemen:          Reference  is  made  to  that  certain Third  Amended  and  Restated  Revolving Credit  Agreement, dated as of May 15, 2019 (as amended, restated, extended, supplemented or otherwise  modified  in  writing  from  time  to  time,  the “Agreement”, the  terms  defined  therein  being  used  herein  as  therein  defined),  among, inter  alia, Tech  Data  Corporation,  a  Florida  corporation  (the  “Company”),  certain  other  wholly  owned  Subsidiaries  of  the  Company from  time  to  time  party  thereto (each  a  “Designated  Borrower”), the  Lenders  from  time  to  time  party  thereto, the  L/C  Issuers from time to time party thereto, and Bank of America, N.A., as Administrative Agent, an  L/C Issuer and Swing Line Lender.                The undersigned hereby requests (select one):           A Borrowing of Committed Loans  A conversion or continuation of Loans          1.    By                 (applicable Borrower).                2.    On                (a Business Day).                3.    In the amount of              .[State currency and amount]          4.    Comprised of                                    .                          [Type of Committed Loan requested]          5.    For Eurocurrency Rate Loans:  with an Interest Period of      [one week] [_______ months].          The Committed Borrowing requested herein complies with the proviso to the first sentence  of Section 2.01 of the Agreement.                The Company hereby  represents  and  warrants  that  the  conditions  specified  in Sections  5.02(a) and (b) shall be satisfied on and as of the date of the Credit Extension.                                           TECH DATA CORPORATION                                                                                  By:                                                                       Name:                                         Title:                                                                                  [[    NAME      OF     DESIGNATED                                         BORROWER]                                                                                  By:                                                                       Name:                                         Title:]1                                                             1 Include if request is for account of a Designated Borrower                                                                               

 

                                                                                                                                            EXHIBIT B                                    [FORM OF]                            SWING LINE LOAN NOTICE                                                      Date:             ,         To:   Bank of America, N.A., as Swing Line Lender         Bank of America, N.A., as Administrative Agent    Ladies and Gentlemen:          Reference  is  made  to  that  certain Third  Amended  and  Restated  Revolving Credit  Agreement, dated as of May 15, 2019 (as amended, restated, extended, supplemented or otherwise  modified  in  writing  from  time  to  time,  the “Agreement”, the  terms  defined  therein  being  used  herein  as  therein  defined),  among, inter  alia, Tech  Data  Corporation,  a  Florida  corporation  (the  “Company”),  certain  other  wholly  owned  Subsidiaries  of  the  Company from  time  to  time  party  thereto (each  a  “Designated  Borrower”), the  Lenders  from  time  to  time  party  thereto, the  L/C  Issuers from time to time party thereto, and Bank of America, N.A., as Administrative Agent, an  L/C Issuer and Swing Line Lender.          The undersigned hereby requests a Swing Line Loan:                1.    By [Company] [___________]2.                2.    On                (a Business Day).                3.    In the amount of $            .                The  Swing  Line  Borrowing  requested  herein  complies  with  the  requirements  of  the  provisos to the first sentence of Section 2.04(a) of the Agreement.          The Company hereby  represents  and  warrants  that  the  conditions  specified  in Sections  5.02(a) and (b) shall be satisfied on and as of the date of the Credit Extension.                                           TECH DATA CORPORATION                                                                                  By:                                                                       Name:                                         Title:                                                                                                                           [NAME OF U.K. BORROWER]                                                                                  By:                                                                       Name:                                         Title:]3                                                                2 Include name of relevant U.K. Borrower if request is for a U.K. Borrower.          3 Include if request is for a U.K. Borrower                                                                               

 

                                                                                                                                                    EXHIBIT C                                      [FORM OF]                                       NOTE                                                                  __________, ____               FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to  _____________________ or registered assigns (the “Lender”), in accordance with the provisions of the  Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the  Lender  to  the Borrower under  that  certain Third  Amended  and  Restated  Revolving  Credit Agreement,  dated as of May 15, 2019 (as amended, restated, extended, supplemented or otherwise modified in writing  from  time  to  time,  the “Agreement” the  terms  defined  therein  being  used  herein  as  therein  defined),  among, inter alia, Tech Data Corporation (the “Company”), certain Subsidiaries of the Company from  time to time party thereto pursuant to Section 2.17 of the Agreement, the Lenders from time to time party  thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.                          The Borrower promises to pay interest on the unpaid principal amount of each Loan from  the date of such Loan made to it until such principal amount is paid in full, at such interest rates and at  such  times  as  provided  in  the  Agreement.   Except  as  otherwise  provided  in Section  2.04(f) of  the  Agreement with respect to Swing Line Loans, all payments of principal and interest shall be made to the  Administrative Agent for the account of the Lender in the currency in which such Loan was denominated  in Same Day Funds at the Administrative Agent's Office.  If any amount is not paid in full when due  hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof  until the date of actual payment (and before as well as after judgment) computed at the per annum rate set  forth in the Agreement.               This  Note  is  one  of  the  Notes  referred  to  in  the  Agreement,  is  entitled  to  the  benefits  thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein.  This  Note is also entitled to the benefits of the Facility Guaranty [and the Company Guaranty]4.  Upon the  occurrence  and  continuation  of  one  or  more  of  the  Events  of  Default  specified  in  the  Agreement,  all  amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and  payable all as provided in the Agreement.  Loans made by the Lender shall be evidenced by one or more  loan accounts or records maintained by the Lender in the ordinary course of business.  The Lender may  also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and  payments with respect thereto.               The  Borrower, for  itself,  its  successors  and  assigns,  hereby  waives  diligence,  presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note.                          THIS  NOTE  SHALL  BE  GOVERNED  BY  AND  CONSTRUED  IN  ACCORDANCE  WITH THE LAWS OF THE STATE OF NEW YORK.                                          [NAME OF BORROWER]                                                                                By:                                                                      Name:                                        Title:                                                                                       4 Include in note issued by Designated Borrower.                                                                                

 

                                                                                                                                                    EXHIBIT D                                      [FORM OF]                             COMPLIANCE CERTIFICATE                                                   Financial Statement Date:     ,    To:   Bank of America, N.A., as Administrative Agent    Ladies and Gentlemen:          Reference  is  made  to  that  certain Third  Amended  and  Restated  Revolving Credit  Agreement,  dated as of May 15, 2019 (as amended, restated, extended, supplemented or otherwise modified in writing  from  time  to  time,  the “Agreement”, the  terms  defined  therein  being  used  herein  as  therein  defined),  among, inter alia, Tech Data Corporation, a Florida corporation (the “Company”), certain other wholly  owned Subsidiaries of the Company from time to time party thereto (each a “Designated Borrower”), the  Lenders from time to time party thereto, the L/C Issuers from time to time party thereto, and Bank of  America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.          The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the                           of the Company, and that, as such, he/she is authorized to execute and  deliver this Compliance Certificate to the Administrative Agent on the behalf of the Company, and that:                 [Use following paragraph 1 for fiscal year-end financial statements]          1.   Attached hereto as Schedule 1 are the year-end audited financial statements required by  Section 7.01(a) of the Agreement for the fiscal year of the Company ended as of the above date, together  with the report and opinion of an independent certified public accountant required by such section.                [Use following paragraph 1 for fiscal quarter-end financial statements]          1.   Attached hereto as Schedule 1 are the unaudited financial statements required by Section  7.01(b) of  the  Agreement  for  the  fiscal  quarter  of  the Company ended  as  of  the  above  date.   Such  financial statements fairly present the financial condition, results of operations, shareholders’ equity and  cash flows of the Company and its Subsidiaries in accordance with GAAP as at such date and for such  period, subject only to normal year-end audit adjustments and the absence of footnotes.          2.   The undersigned has reviewed and is familiar with the terms of the Agreement and has  made,  or  has  caused  to  be  made  under  his/her  supervision,  a  detailed  review  of  the  transactions  and  condition  (financial  or  otherwise)  of  the Company  and  its  Subsidiaries during  the  accounting  period  covered by the attached financial statements.          3.   A review of the activities of the Company and its Subsidiaries during such fiscal period  has been made under the supervision of the undersigned with a view to determining whether during such  fiscal period the Company and Subsidiaries performed and observed all its Obligations applicable thereto  under the Loan Documents, and                                                                                    

 

                                                                                                                  [select one:]          [to  the  best  knowledge  of  the  undersigned  during  such  fiscal  period,  the Company and  its  Subsidiaries performed and observed each covenant and condition of the Loan Documents applicable to  it, and no Default has occurred and is continuing.]                                        [--or--]          [the following covenants or conditions have not been performed or observed and the following is  a list of each such Default and its nature and status:]                4.   The  representations  and  warranties  of each  Borrower contained  in Article  VI of  the  Agreement, or which are contained in any document furnished at any time under or in connection with the  Loan Documents, are true and correct in all material respects (unless such representation or warranty is  already qualified by materiality or Material Adverse Effect, in which case it shall be true and correct in all  respects)  on  and  as  of  the  date  hereof,  except to  the  extent  that  such  representations  and  warranties  specifically refer to an earlier date, in which case they are true and correct in all material respects (unless  such representation or warranty is already qualified by materiality or Material Adverse Effect, in which  case it shall be true and correct in all respects) as of such earlier date, and except that for purposes of this  Compliance Certificate, the representations and warranties contained in subsections (a) and (b) of Section  6.05 of  the  Agreement  shall  be  deemed  to  refer  to  the  most  recent  statements  furnished  pursuant  to  clauses (a) and (b), respectively, of Section 7.01 of the Agreement, including the statements in connection  with which this Compliance Certificate is delivered.          5.   The financial covenant analyses and information set forth on Schedule 2 attached hereto  are true and accurate on and as of the date of this Compliance Certificate.                  [Include paragraph 6 in connection with fiscal year-end Compliance Certificates.]                6.   Attached hereto as Schedule 3 are any updates or supplements as necessary to ensure that  Schedule 6.13 to the Agreement is accurate and complete as of the date of this Compliance Certificate.                  IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of              ,           .                                          TECH DATA CORPORATION                                                                                By:                                                                      Name:                                        Title:                                                                                      

 

                                                                   For the Quarter/Year ended          (“Statement Date”)                        SCHEDULE 1 – FINANCIAL STATEMENTS                                                 [See Attached]                                                                                            

 

                                                                                             For the Quarter/Year ended          (“Statement Date”)                       SCHEDULE 2 – COVENANT CALCULATIONS                                    ($ in 000's)    I.    Section 8.13(a) — Consolidated Total Leverage Ratio.          A.   Consolidated Funded Indebtedness at Statement Date:   $                     B.   Consolidated  EBITDA  for  four  consecutive  fiscal  quarters  ending  on  above  date             (“Subject Period”)                          1.    Consolidated Net Income for Subject Period:     $                                     2.    Consolidated Interest Charges for Subject Period:  $                                  3.    Federal, state, local and foreign income taxes payable by the                   Company and its Subsidiaries for Subject Period:                                                                   $                                     4.    The  amount  of  depreciation  and  amortization  expense  for                   Subject  Period:                                                                                             $                                     5.    Cash  extraordinary  or  nonrecurring  losses,  expenses,  fees                   and  charges (including  cash  losses,  expenses,  fees  and                   charges incurred in connection with any issuance of debt or                   equity,  acquisitions,  investments,  restructuring  activities,                   asset sales or divestitures permitted hereunder) for Subject                   Period:5                                                                              $                                     6.    Non-cash stock based compensation expense for Subject Period: $____________                          7.    Other non-recurring expenses of the Company and its                    Subsidiaries for Subject Period reducing such Consolidated                  Net Income which do not represent a cash item:                                                                     $                                                                                       5 Not to exceed $50,000,000 in the aggregate for any Subject Period.                                                                                    

 

                                                                                             8.    Consolidated EBITDA (Lines I.B.1 + 2 + 3 + 4 + 5 + 6 + 7):6 $                    C.   Consolidated Total Leverage Ratio (Line I.A. ÷ Line              I.B.8):                                               ______ to 1.00                 Maximum permitted:                                    4.00 to 1.00      II.   Section 8.13(b) — Consolidated Interest Coverage Ratio.            A.   Consolidated EBITDA for Subject Period (Line I.B.8)7:   $                     B.   Consolidated Interest Charges for Subject Period:     $                       C.   Consolidated Interest Coverage Ratio (Line II.A ÷ Line              III.B):                                                     to 1.00                 Minimum permitted:                                    3.00      to 1.00                                                                                6 Consolidated EBITDA addbacks to be adjusted to the extent of any amounts not deducted in the calculation of Consolidated Net  Income.          7 Add additional full calculation of EBITDA if required due to Line I.B.8 being calculated on a Pro Forma Basis.                                                                                     

 

                                                                                                                                                     EXHIBIT E                                      [FORM OF]                          ASSIGNMENT AND ASSUMPTION               This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the  Effective Date set forth below and is entered into by and between [the][each]8 Assignor identified in item  1 below ([the][each, an] “Assignor”) and [the][each]9 Assignee identified in item 2 below ([the][each, an]  “Assignee”).   [It  is  understood  and  agreed  that  the  rights  and  obligations  of  [the  Assignors][the  Assignees]10 hereunder are several and not joint.]11  Capitalized terms used but not defined herein shall  have  the  meanings  given  to  them  in  the  Credit  Agreement  identified  below  (the “Credit  Agreement”),  receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions  set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a  part of this Assignment and Assumption as if set forth herein in full.               For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to  [the  Assignee][the  respective  Assignees],  and  [the][each]  Assignee  hereby  irrevocably  purchases  and  assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard  Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative  Agent as contemplated below (i) all of [the Assignor's][the respective Assignors'] rights and obligations in  [its  capacity  as  a  Lender][their  respective  capacities  as Lenders]  under  the  Credit  Agreement  and  any  other  documents  or  instruments  delivered  pursuant  thereto  to  the  extent  related  to  the  amount  and  percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the  respective Assignors] under the respective facilities identified below (including, without limitation, the  Letters of Credit and the Swing Line Loans included in such facilities) and (ii) to the extent permitted to  be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor  (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against  any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any  other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in  any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort  claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights  and  obligations  sold  and  assigned  pursuant  to  clause  (i)  above  (the  rights  and  obligations  sold  and  assigned  by  [the][any]  Assignor  to  [the][any]  Assignee  pursuant  to  clauses  (i) and  (ii)  above  being  referred to herein collectively as [the][an] “Assigned Interest”).  Each such sale and assignment is without  recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption,  without representation or warranty by [the][any] Assignor.               1.    Assignor[s]:       ______________________________                                                         2.    Assignee[s]:       ______________________________                                                                            8    For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single              Assignor, choose the first bracketed language.  If the assignment is from multiple Assignors, choose the second bracketed              language.        9    For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single              Assignee, choose the first bracketed language.  If the assignment is to multiple Assignees, choose the second bracketed              language.        10   Select as appropriate.        11   Include bracketed language if there are either multiple Assignors or multiple Assignees.                                                                               

 

                                                    [for each Assignee, indicate [Affiliate][Approved Fund]                                             of [identify Lender]]                           3.          Borrower(s): [Tech  Data  Corporation,  a  Florida  corporation]  [TD                                            United Kingdom  Acquisition  Limited,  a  private limited                                            company  incorporated  under  the  laws  of England  and                                            Wales] [[Designated Borrower Name], a [description of                                            legal entity/jurisdiction]] [select as applicable]12                           4.    Administrative Agent:  Bank of America, N.A., as the administrative agent                                             under the Credit Agreement                           5.          Credit Agreement: The  Third  Amended  and  Restated  Revolving Credit                                            Agreement, dated as of May 15, 2019 among, inter alia,                                            Tech  Data  Corporation,  a  Florida  corporation (the                                            “Company”), certain Subsidiaries of the Company from                                            time to time party thereto pursuant to Section 2.17 of the                                            Credit Agreement, the Lenders from time to time party                                            thereto, the L/C Issuers from time to time party thereto,                                            and Bank of America, N.A., as Administrative Agent, an                                            L/C Issuer and Swing Line Lender.                                                         6.    Assigned Interest:                                                              Aggregate     Amount of    Percentage                                                 Amount of     Commitment/   Assigned of                                   Facility  Commitment/Loans    Loans     Commitment/    CUSIP  Assignor[s]13 Assignee[s]14 Assigned15 for all Lenders16 Assigned    Loans17       Number                                                                                                                 Commitments/                            Loans     $_______________ $_________  ____________%                                         7.    U.K. Tax:18                          [7.1  [The] [Each] Assignee confirms that it is:                               (a)   [a U.K. Qualifying Lender (other than a U.K. Treaty Lender);]                               (b)   [a U.K. Treaty Lender;]                               (c)   [not a U.K. Qualifying Lender.]]19                                 [7.2  [The] [Each]  Assignee  confirms  that  the  person  beneficially  entitled  to                               interest payable to such Assignee in respect of an advance under a Loan                               Document is either: (a) a company resident in the United Kingdom for                               United Kingdom tax purposes; (b) a partnership each member of which                                                                     12    Select as applicable.        13    List each Assignor, as appropriate.        14    List each Assignee, as appropriate.        15    Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this              Assignment.        16    Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any              payments or prepayments made between the Trade Date and the Effective Date.        17    Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.              18   If the Assignee is lending to the U.K., include relevant statements as set out below.              19   Delete as applicable.                                                                                          

 

                             is: (a) a company so resident in the United Kingdom; or (ii) a company                          not  so  resident  in  the  United  Kingdom  which  carries  on  a  trade  in  the                          United  Kingdom  through  a  permanent  establishment  and  which  brings                          into account in computing its chargeable profits (within the meaning of                          section 19 of the  U.K. CTA) the whole of any share of interest payable                          in respect of that advance that falls to it by reason of Part 17 of the U.K.                          CTA;  or  (c)  a  company  not  so  resident  in  the  United  Kingdom  which                          carries  on  a  trade  in  the  United  Kingdom  through  a  permanent                          establishment and which brings into account interest payable in respect                          of that advance in computing the chargeable profits (within the meaning                          of section 19 of the U.K. CTA) of that company]20                       [7.3  The Assignee confirms that it holds a passport under the HM Revenue &                    Customs DT Treaty Passport scheme (reference number [___]) and is tax resident                    in  [___], so that  interest  payable  to  it  by  borrowers is generally  subject to  full                    exemption from U.K. withholding tax and requests that the Company notify:                                              (a)   each U.K. Borrower which is a Borrower as at the date of this                                Assignment and Assumption; and                          (b)   each U.K. Borrower which becomes a Borrower after the date of                                this Assignment and Assumption,                                        that it wishes that scheme to apply to the Credit Agreement.]21      [8.   Trade Date: __________________]22      Effective  Date:   __________________,  20__  [TO  BE  INSERTED  BY  ADMINISTRATIVE  AGENT   AND  WHICH  SHALL  BE  THE  EFFECTIVE  DATE  OF  RECORDATION  OF  TRANSFER  IN  THE   REGISTER THEREFOR.]                                                                                               20   Include if Assignee is a UK Non-Bank Lender, i.e., if Assignee falls within paragraph (b) of the definition of U.K.  Qualifying  Lender.          21   Include if Assignee holds a passport under the UK DTTP Scheme and wishes that scheme to apply to the Agreement.   Insert DTTP Scheme reference number and Assignee’s jurisdiction of tax residence.    22    To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade         Date.                                                                                    

 

    The terms set forth in this Assignment and Assumption are hereby agreed to:                                       ASSIGNOR                                      [NAME OF ASSIGNOR]                                                                            By:  _____________________________                                      Name:                                       Title:                                                                            ASSIGNEE                                      [NAME OF ASSIGNEE]                                                                            By:  _____________________________                                      Name:                                       Title:    [Consented to and]23 Accepted:    BANK OF AMERICA, N.A.,   as Administrative Agent    By: _________________________________  Name:   Title:    [Consented to:    [TECH DATA CORPORATION]     By: _________________________________   Name:  Title: ] 24    [Consented to:    [________],   as [_____]    By: _________________________________   Name:  Title: ]25                                                          23    To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.  24    To be added only if the consent of any Borrower is required by the terms of the Credit Agreement.  25    To be added only if the consent of other parties (e.g. Swing Line Lender, L/C Issuer) is required by the terms of the Credit Agreement.                                                                                   

 

                                          ANNEX 1 TO ASSIGNMENT AND ASSUMPTION                                                             STANDARD TERMS AND CONDITIONS FOR                          ASSIGNMENT AND ASSUMPTION                                                1.   Representations and Warranties.          1.1. Assignor.  [The][Each]  Assignor  (a) represents and warrants  that (i)  it is the legal  and  beneficial  owner  of  [the][[the  relevant]  Assigned  Interest,  (ii)  [the][such]  Assigned  Interest  is  free  and  clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has  taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the  transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements,  warranties or  representations  made  in  or  in  connection  with  the  Credit  Agreement  or  any  other  Loan  Document,  (ii) the  execution, legality,  validity,  enforceability,  genuineness,  sufficiency  or  value  of  the  Loan  Documents  or  any  collateral  thereunder,  (iii)  the  financial  condition  of  the Company,  any  of  its  Subsidiaries  or  Affiliates, or  any  other  Person  obligated  in  respect  of  any  Loan  Document  or  (iv)  the  performance or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of  any of their respective obligations under any Loan Document.                1.2. Assignee.  [The][Each] Assignee (a) represents and warrants that (i) it has full power and  authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and  to consummate  the  transactions  contemplated  hereby  and  to  become  a  Lender  under  the  Credit  Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to  receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective  Date,  it  shall  be  bound  by  the  provisions  of  the  Credit  Agreement  as  a  Lender  thereunder  and,  to  the  extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is  sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned  Interest  and  either  it,  or  the  Person  exercising  discretion  in  making  its  decision  to  acquire  [the][such]  Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit  Agreement, and has received or has been accorded the opportunity to receive copies of the most recent  financial statements delivered pursuant to Section 7.01 thereof, as applicable, and such other documents  and information as it deems appropriate to make its own credit analysis and decision to enter into this  Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and  without reliance upon the Administrative Agent or any other Lender and based on such documents and  information  as  it  has  deemed  appropriate,  made  its  own  credit  analysis  and  decision  to  enter  into  this  Assignment  and  Assumption  and  to  purchase  [the][such]  Assigned  Interest,  and  (vii)  if it  is  a  Foreign  Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the  Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will,  independently  and  without  reliance  upon  the  Administrative  Agent,  [the][any]  Assignor  or  any  other  Lender, and based on such documents and information as it shall deem appropriate at the time, continue  to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will  perform in accordance with their terms all of the obligations which by the terms of the Loan Documents  are required to be performed by it as a Lender.          2.   Payments.  From and after the Effective Date, the Administrative Agent shall make all  payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and  other  amounts)  to  [the][the  relevant]  Assignor  for  amounts  which  have  accrued  to  but  excluding  the  Effective  Date  and  to  [the][the relevant] Assignee for  amounts  which  have  accrued from  and  after  the  Effective Date.          3.   General Provisions.  This Assignment and Assumption shall be binding upon, and inure  to  the  benefit  of,  the  parties  hereto  and  their  respective  successors and  assigns.   This  Assignment  and  Assumption  may  be  executed  in  any  number  of  counterparts,  which  together  shall  constitute  one  instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption                                                                                   

 

    by  telecopy  shall  be  effective  as  delivery  of  a manually  executed  counterpart  of  this  Assignment  and  Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with,  the law of the State of New York.                                                                                                             

 

                                                                       EXHIBIT F-1                                                                            [FORM OF]                       U.S. TAX COMPLIANCE CERTIFICATE        (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)                                                     Reference  is hereby made  to  the Third  Amended  and  Restated  Revolving Credit  Agreement,  dated  as  of May  15,  2019 (as  amended,  restated,  extended,  supplemented  or  otherwise  modified  in  writing  from  time  to  time,  the “Credit Agreement”, the  terms  defined  therein  being  used  herein  as  therein  defined),  among, inter  alia, Tech  Data  Corporation,  a  Florida  corporation  (the  “Company”), certain other wholly owned Subsidiaries of the Company from time to time party thereto  (each a “Designated Borrower”), the Lenders from time to time party thereto, the L/C Issuers from time to  time party thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line  Lender.              Pursuant  to  the  provisions  of Section  3.01 of  the  Credit  Agreement,  the  undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s)  evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the  meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Company or  any  Designated  Borrower within  the  meaning  of  Section  871(h)(3)(B)  of  the  Code  and  (iv)  it  is  not  a  controlled  foreign  corporation  related  to  the Company  or  any  Designated  Borrower as  described  in  Section 881(c)(3)(C) of the Code.              The  undersigned  has  furnished  the  Administrative  Agent  and  the Company with  a  certificate  of  its  non-U.S.  Person  status  on  IRS  Form  W-8BEN  or  W-8BEN-E,  as  applicable.   By  executing this certificate, the undersigned agrees that (1) if the information provided on this certificate  changes, the undersigned shall promptly so inform the Company and the Administrative Agent, and (2)  the  undersigned  shall  have  at  all  times  furnished  the Company and  the  Administrative  Agent  with  a  properly completed and currently effective certificate in either the calendar year in which each payment is  to be made to the undersigned, or in either of the two calendar years preceding such payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.   [NAME OF LENDER]   By:  _______________________        Name:  ________________________       Title:  ________________________   Date: ________ __, 20[  ]                                                                                    

 

                                                                       EXHIBIT F-2                                                                            [FORM OF]                       U.S. TAX COMPLIANCE CERTIFICATE       (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)                                                     Reference  is hereby made  to  the Third  Amended  and  Restated  Revolving Credit  Agreement,  dated  as  of May  15,  2019 (as  amended,  restated,  extended,  supplemented  or  otherwise  modified  in  writing from  time  to  time,  the “Credit Agreement”, the  terms  defined  therein  being  used  herein  as  therein  defined),  among, inter  alia, Tech  Data  Corporation,  a Florida corporation  (the  “Company”), certain other wholly owned Subsidiaries of the Company from time to time party thereto  (each a “Designated Borrower”), the Lenders from time to time party thereto, the L/C Issuers from time to  time party thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line  Lender.              Pursuant  to  the  provisions  of Section  3.01 of  the  Credit  Agreement,  the  undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it  is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,  (iii) it is not a ten percent shareholder of the Company or any Designated Borrower within the meaning of  Section  871(h)(3)(B)  of  the  Code,  and  (iv)  it  is  not  a  controlled  foreign  corporation  related  to  the  Company or any Designated Borrower as described in Section 881(c)(3)(C) of the Code.              The undersigned has furnished its participating Lender with a certificate of its non-U.S.  Person  status  on  IRS  Form  W-8BEN  or  W-8BEN-E,  as  applicable.   By  executing  this  certificate,  the  undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall  promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such  Lender with a properly completed and currently effective certificate in either the calendar year in which  each  payment  is to  be  made  to the  undersigned,  or in  either  of the two  calendar  years preceding  such  payments.              Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.   [NAME OF PARTICIPANT]   By:  _______________________        Name:  ________________________       Title:  ________________________   Date: ________ __, 20[  ]                                                                                    

 

                                                                       EXHIBIT F-3                                                                            [FORM OF]                       U.S. TAX COMPLIANCE CERTIFICATE        (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)                                                     Reference  is hereby made  to  the Third  Amended  and  Restated  Revolving Credit  Agreement,  dated  as  of May  15,  2019 (as  amended,  restated,  extended,  supplemented  or  otherwise  modified  in  writing  from  time  to  time,  the “Credit Agreement”, the  terms  defined  therein  being  used  herein  as  therein  defined),  among, inter  alia, Tech  Data  Corporation,  a  Florida  corporation  (the  “Company”), certain other wholly owned Subsidiaries of the Company from time to time party thereto  (each a “Designated Borrower”), the Lenders from time to time party thereto, the L/C Issuers from time to  time party thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line  Lender.              Pursuant  to  the  provisions  of Section  3.01 of  the  Credit  Agreement,  the  undersigned  hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing  this  certificate,  (ii)  its  direct  or  indirect  partners/members  are  the  sole  beneficial  owners  of  such  participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect  partners/members  is a bank  extending  credit  pursuant  to a  loan  agreement  entered into in the ordinary  course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its  direct  or  indirect  partners/members  is  a  ten  percent  shareholder  of  the Company  or  any  Designated  Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect  partners/members is a controlled foreign corporation related to the Company or any Designated Borrower  as described in Section 881(c)(3)(C) of the Code.               The  undersigned  has  furnished  its  participating  Lender  with  IRS  Form  W-8IMY  accompanied  by  one  of  the  following  forms  from  each  of  its  partners/members  that  is  claiming  the  portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form  W-8IMY  accompanied  by  an  IRS  Form  W-8BEN  or  W-8BEN-E,  as  applicable,  from  each  of  such  partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this  certificate,  the  undersigned  agrees  that  (1)  if  the  information  provided  on  this  certificate  changes,  the  undersigned  shall  promptly  so  inform  such  Lender  and  (2)  the  undersigned  shall  have  at  all  times  furnished such Lender with a properly completed and currently effective certificate in either the calendar  year  in  which  each  payment  is  to  be  made  to  the  undersigned,  or  in  either  of  the  two  calendar  years  preceding such payments.              Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.   [NAME OF PARTICIPANT]   By:  _______________________        Name:  ________________________       Title:  ________________________   Date: ________ __, 20[  ]                                                                                                              

 

                                                                      EXHIBIT F-4                                                                            [FORM OF]                       U.S. TAX COMPLIANCE CERTIFICATE          (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)                                                           Reference is hereby made to the Third Amended and Restated Revolving Credit  Agreement,  dated  as  of May  15,  2019 (as  amended,  restated,  extended,  supplemented  or  otherwise  modified  in  writing  from  time  to  time,  the “Credit Agreement”, the  terms  defined  therein  being  used  herein  as  therein  defined), among, inter  alia, Tech  Data  Corporation,  a  Florida  corporation  (the  “Company”), certain other wholly owned Subsidiaries of the Company from time to time party thereto  (each a “Designated Borrower”), the Lenders from time to time party thereto, the L/C Issuers from time to  time party thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line  Lender.                    Pursuant  to  the  provisions  of Section  3.01 of  the  Credit  Agreement,  the  undersigned  hereby  certifies  that (i) it is the sole record  owner of the  Loan(s)  (as  well  as  any  Note(s)  evidencing  such  Loan(s))  in  respect  of  which  it  is  providing  this  certificate,  (ii)  its  direct  or  indirect  partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such  Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan  Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending  credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the  meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten  percent  shareholder  of  the Company  or  any  Designated  Borrower within  the  meaning  of  Section  871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign  corporation related to the Company or any Designated Borrower as described in Section 881(c)(3)(C) of  the Code.              The  undersigned  has  furnished  the  Administrative  Agent  and  the Company with  IRS  Form  W-8IMY accompanied by one  of  the  following  forms  from  each  of  its  partners/members  that is  claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii)  an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s  beneficial  owners  that  is  claiming  the  portfolio  interest  exemption.   By  executing  this  certificate,  the  undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall  promptly so inform the Company and the Administrative Agent, and (2) the undersigned shall have at all  times  furnished  the Company and  the  Administrative  Agent  with  a  properly  completed  and  currently  effective certificate in either the calendar year in which each payment is to be made to the undersigned, or  in either of the two calendar years preceding such payments.              Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.   [NAME OF LENDER]   By:  _______________________        Name:  ________________________       Title:  ________________________   Date: ________ __, 20[  ]                                   

 

                                                                                                                   EXHIBIT G                                                          [FORM OF]                                                LETTER OF CREDIT REPORT   TO:         Bank of America, N.A., as Administrative Agent    RE:         Third Amended and Restated Revolving Credit Agreement, dated as of May 15, 2019 (as amended, restated, extended, supplemented or otherwise              modified in writing from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among, inter alia,              Tech Data Corporation, a Florida corporation (the “Company”), certain other wholly owned Subsidiaries of the Company from time to time party              thereto (each a “Designated Borrower”), the Lenders from time to time party thereto, the L/C Issuers from time to time party thereto, and Bank of              America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.     DATE:       _____________. ____                The undersigned, [_____] (the “L/C Issuer”) hereby delivers this report to the Administrative Agent, pursuant to the terms of Section 2.03(k) of the Credit  Agreement.                Set forth in the table below is a description of each Letter of Credit issued by the undersigned and outstanding on the date hereof.             Applicable      Maximum   Current Currency  Financials or Beneficiary Issuance Expiry Auto    Date of   Amount of     Borrower L/C No.  Face     Face             Performance  Name       Date    Date   Renewal  Amendment   Amendment                     Amount    Amount              SBLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Delivery of an executed counterpart of a signature page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be  effective as delivery of a manually executed counterpart of this notice.                                      [______],                                     as L/C Issuer                                      By:                                                                      Name:                                                                    Title:                                                                                                                                                      

 

                                                                          EXHIBIT H                                                                            [FORM OF]         DESIGNATED BORROWER REQUEST AND ASSUMPTION AGREEMENT                                                                             [DATE]                                            To:   Bank of America, N.A., as Administrative Agent    Ladies and Gentlemen:          This Designated Borrower Request and Assumption Agreement is made and delivered pursuant to  Section 2.17 of that certain Third Amended and Restated Revolving Credit Agreement, dated as of May  15, 2019 (as amended, restated, extended, supplemented or otherwise modified in writing from time to  time, the “Agreement”, the terms defined therein being used herein as therein defined), among, inter alia,  Tech  Data  Corporation,  a  Florida  corporation  (the “Company”),  certain  Subsidiaries  of  the  Company  from time to time party thereto pursuant to Section 2.17 of the Agreement, the Lenders from time to time  party  thereto, the  L/C  Issuers  from  time  to  time  party  thereto, and  Bank  of  America,  N.A.,  as  Administrative  Agent, an L/C  Issuer  and  Swing  Line  Lender.  All  capitalized  terms  used  in  this  Designated Borrower Request and Assumption Agreement and not otherwise defined herein shall have  the meanings assigned to them in the Agreement.                Each  of  ______________________  (the  “Designated  Borrower”)  and  the  Company  hereby  confirms,  represents  and  warrants  to  the  Administrative  Agent  and  the  Lenders  that  the  Designated  Borrower is a wholly-owned [Domestic/Foreign] Subsidiary of the Company.          The documents required to be delivered to the Administrative Agent under Section 2.17 of the  Agreement  will  be  furnished  to  the  Administrative  Agent  in  accordance  with  the  requirements  of  the  Agreement.                [Use if the Designated Borrower is a Domestic Subsidiary]                The true and correct U.S. taxpayer identification number of the Designated Borrower is               ___              _.                [Use if the Designated Borrower is a Foreign Subsidiary]          The  true  and  correct  unique  identification  number  that  has  been  issued  to  the  Designated  Borrower by its jurisdiction of organization and the name of such jurisdiction are set forth below:            Identification Number      Jurisdiction of Organization                                                                          The  parties  hereto  hereby  confirm  that  with  effect  from  the  date of  the Designated  Borrower  Notice for the Designated Borrower, the Designated Borrower shall have obligations, duties and liabilities  toward  each  of  the  other  parties  to  the  Agreement  identical  to  those  which  the  Designated  Borrower  would have had if the Designated Borrower had been an original party to the Agreement on the Closing  Date  as  a  Designated  Borrower.  Effective  as  of  the  date  of  the  Designated  Borrower  Notice  for  the      

 

      Designated  Borrower,  the  Designated  Borrower  confirms  its  acceptance  of,  and  consents to,  all  representations and warranties, covenants, and other terms and provisions of the Agreement applicable to  such Designated Borrower.          The parties hereto hereby request that the Designated Borrower be entitled to receive Loans and  to have Letters of Credit issued under the Agreement.          This Designated Borrower Request and Assumption Agreement shall constitute a Loan Document  under the Agreement.          THIS DESIGNATED BORROWER REQUEST AND ASSUMPTION AGREEMENT SHALL  BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF  NEW YORK.          IN WITNESS WHEREOF, the parties hereto have caused this Designated Borrower Request and  Assumption Agreement to be duly executed and delivered by their proper and duly authorized officers as  of the day and year first above written.                                        [NAME OF DESIGNATED BORROWER]                                       By:                                            Name:                                           Title:                                           BANK OF AMERICA, N.A.                                       By:                                            Name:                                           Title:       

 

                                                                           EXHIBIT I                                                                            [FORM OF]                         DESIGNATED BORROWER NOTICE                                                                             [DATE]                                           To:   Tech Data Corporation        The Lenders party to the Credit Agreement referred to below                Ladies and Gentlemen:                This Designated Borrower Notice is made and delivered pursuant to Section 2.17 of that certain  Third  Amended  and  Restated  Revolving Credit  Agreement,  dated  as  of May  15,  2019 (as  amended,  restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”,  the terms defined therein being used herein as therein defined), among, inter alia, Tech Data Corporation,  a Florida corporation (the “Company”), certain other wholly owned Subsidiaries of the Company from  time to time party thereto (each a “Designated Borrower”), the Lenders from time to time party thereto,  the L/C Issuers from time to time party thereto, and Bank of America, N.A., as Administrative Agent, an  L/C Issuer and Swing Line Lender.                The Administrative Agent hereby notifies the Company and the Lenders that effective as of the  date hereof, [_________________________] shall be a Designated Borrower and may receive Loans and  have Letters of Credit issued for its account on the terms and conditions set forth in the Agreement.                                                                                       BANK OF AMERICA, N.A., as                                      Administrative Agent                                       By:                                            Name:                                           Title:       

 

                                                                  EXHIBIT J                                                                        [FORM OF]                   BENEFICIAL OWNERSHIP CERTIFICATION                                                                         [DATE]         I.     GENERAL INSTRUCTIONS                                 What is this form?   To help the U.S. government fight financial crime, federal regulation requires certain financial  institutions to obtain, verify, and record information about the beneficial owners of legal entity  customers. Legal entities can be abused to disguise involvement in terrorist financing, money  laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of  key individuals who own or control a legal entity (i.e., the beneficial owners) helps U.S. law  enforcement investigate and prosecute these crimes.                            Who has to complete this form?   This form must be completed by the person opening a new account on behalf of a legal entity  with a bank, a broker or dealer in securities, or certain other types of U.S. financial institution,  and the form must be completed at the time each new account is opened.  For these purposes,  opening a new account includes establishing a formal relationship with a broker-dealer or  lender to effect transactions in securities or for the extension of credit.   For the purposes of this form, a legal entity includes a corporation, limited liability company, or  other entity that is created by a filing of a public document with a Secretary of State or similar  office, a general partnership, and any similar business entity formed in the United States or any  other country.  Legal entity does not include sole proprietorships, unincorporated associations, or  natural persons opening accounts on their own behalf.                        What information do I have to provide?   This form requires you to provide the name, address, date of birth and Social Security number (or  passport number or other similar information, in the case of non-U.S. persons) for the following  individuals (i.e., the “beneficial owners”):       (i)  A single individual with significant responsibility for managing the legal entity           customer (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating           Officer, Managing Member, General Partner, President, Vice President, or           Treasurer); and      (ii) Each individual, if any, who owns, directly or indirectly, 25% or more of the equity           interests of the legal entity customer (e.g., each natural person who owns 25% or           more of the shares of a corporation).  The number of individuals that satisfy this definition of “beneficial owner” may vary.  Under  section (i), only one individual needs to be identified.  Under section (ii), depending on the  factual circumstances, up to four individuals (but as few as zero) may need to be identified.  It is              [Tech Data – Third Amended and Restated Revolving Credit Facility]  

 

     possible that in some circumstances the same individual might be identified under both sections  (e.g., the President of Acme, Inc. who also holds a 30% equity interest).  Thus, a completed form  will contain the identifying information of at least one individual (under section (i)), and up to  five individuals (i.e., one individual under section (i) and four 25% equity holders under section  (ii)).  This form also requires you to provide copies of (1) the legal formation document for each legal  entity (i.e., the issuer, borrower, or selling securityholder) listed on this form (e.g., Certificate of  Incorporation, LLC Agreement, Partnership Agreement, etc.), and (2) a driver’s license, passport  or other identifying document for each beneficial owner listed on this form.            II.    EXCLUSIONS (IF APPLICABLE)   If you believe the legal entity listed in Section III, paragraph (b) below falls under an express  exclusion from the “legal entity customer” definition under 31 C.F.R. §1010.230(e)(2), please  check the box below and identify the applicable exclusion:                  An exclusion applies to the legal entity identified in paragraph (b) of Section III below.                Applicable exclusion: ________________________________________________                 If the box above is checked, please skip paragraphs (c) and (d) of Section III below.                                  

 

           III.   IDENTIFICATION OF BENEFICIAL OWNER(S)    For the benefit of each of the financial institutions involved in the applicable sale of  securities or extension of credit for which this certification is provided, the following  information is hereby provided on behalf of the Issuer/Borrower/Selling Securityholder  legal entity customer listed below:   a.  Individual Opening Account. Name and Title of Natural Person Opening Account and      Completing Certification on Behalf of Legal Entity Customer:             _________________________________________________________________________        b.  Legal Entity Customer. Name, Type, and Principal Business Address of      Issuer/Borrower/Selling Securityholder Legal Entity Customer for Which the Account is      Being Opened:            _________________________________________________________________________      Please attach a copy of the legal formation document for each legal entity listed above      (e.g., Certificate of Incorporation, LLC Agreement, Partnership Agreement, etc.).        c.  Control Prong. The following information for one individual with significant responsibility      for managing the Issuer/Borrower/Selling Securityholder legal entity customer listed above,      such as:       □ An executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial        Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice        President, Treasurer); or       □ Any other individual who regularly performs similar functions.            Name/Title     Date of Address (Residential For U.S. Persons:  For Non-U.S. Persons:                          Birth   or Business Street Social Security Social Security                                      Address)        Number        Number, Passport                                                                   Number and Country                                                                   of Issuance, or other                                                                   similar identification                                                                       number26                                                                                                                                                                                                                             26 In lieu of a passport number, non-U.S. persons may also provide a Social Security Number, an  alien identification card number, or number and country of issuance of any other government-issued  document evidencing nationality or residence and bearing a photograph or similar safeguard.      

 

         Please attach copies of a driver’s license, passport or other identifying document for each      individual listed above.           d.  Ownership/Equity Prong. The following information for each individual, if any, who,      directly or indirectly, through any contract, arrangement, understanding, relationship or      otherwise, owns 25% or more of the equity interests of the Issuer/Borrower/Selling      Securityholder legal entity customer listed above:            Name          Date of Address (Residential For U.S. Persons:  For Non-U.S. Persons:                          Birth   or Business Street Social Security Social Security                                      Address)        Number        Number, Passport                                                                   Number and Country                                                                   of Issuance, or other                                                                   similar identification                                                                       number27                                                                                                                                                                                                                                                                                                                  (If appropriate, an individual listed under section (c) above may also be listed in this section (d)).        Please attach copies of a driver’s license, passport or other identifying document for each      individual listed above.               Equity Owner Not Applicable (Please check this box if there is no individual               who owns 25% or more of the equity interest of the legal entity listed above.)                                                                                             27 In lieu of a passport number, non-U.S. persons may also provide a Social Security Number, an  alien identification card number, or number and country of issuance of any other government-issued  document evidencing nationality or residence and bearing a photograph or similar safeguard.      

 

           IV.    ACKNOWLEDGEMENT; SIGNATURE         I,    _______________________________,  in    my      capacity   as  _______________________________  of  the  Issuer/Borrower/Selling  Securityholder  listed  above and not in my individual capacity, hereby:                  (a)  acknowledge  and  authorize  on  behalf  of  the  Issuer/Borrower/Selling  Securityholder and each beneficial owner identified in paragraphs (c) and (d) of Section III  above  that  this  certification  and  the  attachments  hereto  may  be  provided  to  each  of  the  financial institutions involved in the applicable sale of securities or extension of credit;                  (b) agree on behalf of the Issuer/Borrower/Selling Securityholder identified above,  from the date hereof until the closing of the applicable sale of securities or the termination  of  the  agreement  providing  for  the  applicable  extension  of  credit,  as  the  case  may  be,  to  notify  each  of  the financial  institutions involved in  such  transaction of  any  change  in the  information provided herein that would result in a change to the list of beneficial owners  identified in paragraph (c) or (d) of Section III above;                  (c) agree on behalf of the Issuer/Borrower/Selling Securityholder identified above,  upon request by or on behalf of the financial institutions involved in the applicable sale of  securities  or  extension  of  credit,  to  provide  documentation  supporting  any  applicable  exclusion identified in Section II above; and                  (d)  certify,  to  the  best  of  my  knowledge,  that  the  information  provided  above  is  complete and correct.                Signature: _______________________________ Date: _________________________             Legal Entity Identifier _________________ (Optional)Exhibit 10.14

 

SOFTWARE LICENSING AGREEMENT

 

THIS AGREEMENT (the “Agreement”) is made as of the
4 day of August 2016 (the “Effective Date”) by and between Mennen Medical Ltd, a corporation organized and existing
under the laws of Israel, with principal offices located at 6 Ha-Kishon St. Yavne 8122017 Israel (“Mennen”) and
G-Medical Innovations Ltd, a corporation organized and existing under the laws of Israel, with principal offices located
at 3 Golda Meir St. Nes Ziona 7403648 (“G-Medical”).

 

	Whereas	Mennen is a manufacturer and developer of a
    software application which is detailed and described in Exhibit A (the “Product”, as further
    defined below), and has ample capability to perform the Project, as defined below, in accordance with the terms and conditions
    detailed herein; and
	 	 
	Whereas	G-Medical wishes to receive a license to use the Product and to receive related Services (as defined below), for its use as specified herein;
	 	 
	Now therefore	In consideration of the mutual obligations specified in this Agreement, and any compensation to be paid to Mennen for the Project (as defined below) pursuant to this Agreement, the parties agree as follows:

 

	1.	Exhibits

 

		1.1.	The preamble to this Agreement and its Exhibits are
an integral part thereof.

 

		1.2.	The Exhibits to this Agreement are listed hereunder:

 

		1.2.1.	Exhibit A - Product Description.
	 	 	 
		1.2.2.	Exhibit B - Maintenance and Support;
	 	 	 
		1.2.3.	Exhibit C - Price
	 	 	 
		1.2.4.	Exhibit D - Non disclosure Agreement;

 

	2.	Definitions

 

For purposes of this Agreement, the following terms shall have
the meanings set forth below:

 

		2.1.	Project:
                                         means providing the Product with all the required licenses and Services for the use
                                         by G-Medical as detailed herein and in Exhibit A, supplying the
                                         Documentation and the Services (as defined below), to be performed by Mennen in order
                                         to complete a fully operational Product, all as provided in this Agreement.

 

		2.2.	Services:
                                         means all professional services to be provided by Mennen under this Agreement, for
                                         a one year period, or for an extended period of time subject to payment of additional
                                         fees, as detailed in Exhibit B, including but not limited to, customization, development,
                                         supply, installation, integration, licensing, maintenance and support services, and training,
                                         all as detailed and defined in Exhibit B.

 

		2.3.	Product:
                                         means Mennen’s_Arrythmia software which is detailed and described in Exhibit
                                         A, that is licensed by Mennen to G-Medical under this Agreement (including,
                                         subject to the conditions of this agreement, any updates, upgrades, modification and
                                         customizations thereto if requested by G-Medical, which shall be priced separately)
                                         including its Documentation. For the removal of any doubt, any future upgrades or updates
                                         shall not be included in the price paid pursuant to this Agreement including
                                         any support modifications and customizations made by the Mennen for any said upgrades
                                         all shall be separately priced. Documentation: means the current available documentation
                                         as already provided to G-Medical.

 

     

     

    

 

	3.	Representations and warranties

 

		3.1.	Mennen hereby undertakes to supply to G-Medical and
G-Medical hereby orders from Mennen, the Project, all in accordance with the terms and conditions of this Agreement.

 

		3.2.	Mennen hereby declares and warrants that it has the
requisite manpower, knowledge, expertise and other necessary means for the purpose of the Project contemplated by this Agreement,
that it is legally entitled to perform the Project, and that it has not undertaken and will not undertake obligations to others
that will interfere in any manner with the fulfillment of its obligations hereunder.

 

		3.3.	Both sides shall at all times act in good faith towards
each other, use their best endeavors to further the interests of this Agreement and cooperate in the Project by those of its employees
who have a high level of professional skill and care.

 

		3.4.	Mennen possesses, and will possess through the accomplishment
of this Project, all qualifications required to perform the Project in a high-level skill and profession including the know-how,
experience, manpower and other resources as the case may be. In addition, Mennen represents that (a) it is the sole owner of all
intellectual property and other rights evidenced by or embodied in and/or attached/connected/related to the Product; (b) it has
the full and sole right to license the Product to G-Medical under the terms of the Agreement, without being required to obtain
the consent of any other party; (c) the grant of the license to G-Medical pursuant to the terms of this Agreement shall not infringe
upon the intellectual property or other rights of any person or entity; (d) G-Medical may use the Product, in accordance with
the terms and conditions of this Agreement; (e) the Product, the Documentation and their use by G-Medical and its affiliates under
this Agreement, will not infringe any intellectual property rights or any other rights belonging to a third party; (f) its obligations
under this Agreement do not and will not conflict with or violate or breach the terms or conditions of any other arrangement,
agreement and/or commitment to which it is a party to or by which it is now bound or may be bound in the future;

 

		3.5.	Both parties have the right and authority to enter
into this Agreement, and that the execution, delivery and performance by it of this Agreement have been duly authorized by all
necessary corporate action on their part.

 

		3.6.	Either party shall
                                         not use or disclose any Confidential Information (as defined in Exhibit D) disclosed
                                         to it by the other party while performing the Project, all as more specifically described
                                         in the Mutual Non-Disclosure Agreement attached hereto as Exhibit D and
                                         made a part hereof.

 

		3.7.	G-Medical was given
                                         ample opportunities to make its examinations of the Product and the actual conditions
                                         at G-Medical for the licensing of Mennen’s Product, and found the Product compliant
                                         with its requirements and that it will correctly interface with all relevant systems
                                         used by it (“G-Medical’ Systems”). Therefore, G-Medical shall
                                         not make any claim against Mennen for the failure of the Product to interface with G-Medical’s systems as long as the Product complies with its specifications as specified
                                         in Exhibit A. (and that after making all agreed upon changes as defined
                                         in Exhibit A to fit Mennen’s S/W to the use on G medical products).

 

    2

     

    

 

	4.	Software License  

 

		4.1.	Mennen hereby grants to G-Medical and its Mother company
in Malta that owns 100% of G-Medical, and affiliated companies that are owned 100% by the G-Medical’s Mother company in
Malta only, with no right of assignment and/or transfer of its rights hereunder, to any other third party, a worldwide, perpetual
(subject to Section 4.2), irrevocable (other than in case of breach of this Agreement), royalty-free, non-exclusive license to
use the Product (only in binary executable form) and to incorporate and integrate it in regard with G-Medical’s Wireless
ECG System, all in accordance with Exhibit A. It is hereby clarified that G-Medical has no rights in respect to the source
code of the Product.

 

		4.2.	For
the avoidance of doubt it is hereby clarified that subject to payment of the fees pursuant to Section 7.1.1 below, G-Medical shall
have the right to use the Product for an unlimited time on all G-Medical’s ECG wireless devices.

 

	5.	Acceptance of the Project

 

The delivery of the Product upon the signing of this Agreement
and the payment thereof as specified in Exhibit C, will be considered as full acceptance of the Project.

 

	6.	Warranty, Maintenance, Support and Changes

 

		6.1.	Mennen represents
and warrants that for a period of 12 months from the signing of this Agreement (the “Warranty Period”), the
Product will operate substantially in accordance with its Documentation. Mennen will, free of charge, provide such patches, modifications
or other remedies as Mennen determines are reasonably necessary to resolve any nonconformity of the Product with the foregoing
warranty.

 

		6.2.	Without derogating from article 6.1.1 above, during
the Warranty Period Mennen will provide G-Medical with the maintenance and support Services, as detailed and defined in Exhibit
B with respect to the Product or any part thereof, for no additional charge (i.e. — the consideration detailed in
article 7 is inclusive of maintenance and support fees).

 

		6.3.	Mennen will help G-Medical answering questions of
the CE or the FDA in regards to the Arrhythmia algorithm (at additional per hour fee as defined in Exhibit B).

 

	7.	Fees and payments —

 

		7.1.	Subject to the terms of this Agreement, Mennen shall
be entitled to the following payments:

 

		7.1.1.	100K USD upon the signing of this Agreement (100,000$
U.S plus VAT).

 

		7.1.2.	10K USD upon providing the Arrhythmia interfaces for
G-Medical, and the Respiration module.

 

		7.2.	Prices as set out in this Agreement shall be specified
in U.S Dollar and shall be paid in NIS in accordance with the latest representative exchange rate published by the Bank of Israel
at the time of the payment.

 

		7.3.	All payments to Mennen detailed in this Agreement
are net payments, exclude all taxes duties or fees (other than VAT which shall be separately added to each payment).

 

	8.	Intellectual Proprietary Rights

 

		8.1.	All IP rights for the Product shall stay with Mennen.
For the avoidance of doubt it is hereby clarified that Mennen shall have no rights whatsoever in connection with the G-Medical’s
Wireless ECG System regardless of whether or not the Product was integrated therein.

 

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		8.2.	Mennen will indemnify G-Medical and its Mother company
in Malta that owns 100% of G-Medical, and affiliated companies that are owned 100% by the G-Medical’s Mother company in
Malta only of any direct damages, losses and expenses (including reasonable legal fees resulting therefrom) awarded by a court
verdict that the use of the Product infringes third party’s intellectual property rights.

 

		8.3.	In the event that the Product or any portion thereof,
has become, or in Mennen’s and/or G-Medical’ opinion is likely to become, subject of an intellectual property rights’
suit or proceeding and the use of the Product or any portion thereof may be injured, Mennen shall, at its sole expense, upon consultation
with G-Medical: (and without derogating from any other right or remedy available to G-Medical as defined in 8.2):

 

		8.3.1.	obtain for G-Medical the right to use the Product;

 

		8.3.2.	replace or modify the Product in such a way that (i)
it become non-infringing and non-misappropriating and (ii) it substantially perform in the same manner or substantially
provide the same results and there is no material adverse effect in their overall performance.

 

		8.3.3.	if the foregoing alternatives are not available or
too costly in Mennen’s opinion, Mennen may demand G-Medical to stop using the Product, and refund G-Medical, the amount
G-Medical paid Mennen for the Product.

 

	9.	Liability and Indemnification 

 

Liability.

 

		9.1	Except in the case of indemnification obligation with
respect to IP infringement claim under Section 8.2 above, (i) each Party’s liability in connection with this Agreement shall
in all other cases be limited to direct damages, and excluding any indirect, special or consequential damages suffered by the
other Party; (ii) Mennen’s shall have no liability with regard to G-Medical product and in any event, its liability either
to G-Medical and/or to any third party shall NOT exceed the actual amount paid to it by G-Medical for this Project. Notwithstanding
the above damages recovery limitations, in the event of any transfer by G Medical of Mennen’s Products to any other third
party, Mennen shall have the right for full compensation for all its damages as a result thereof.

 

Indemnification

 

		9.2.	Either party shall hold and shall defend, indemnify,
the other party harmless, from and against, any and all claims, liabilities, demands, penalties, judgments, and other associated
costs and expenses (including reasonable attorney’s fees), which either party may incur in connection with (a) either party’s
breach of confidentiality undertakings; and/or (b) any negligent or willful act, error or omission by either party, its employees,
agents, representatives and subcontractors, in the performance of this Agreement, all without derogating from other remedies a
party is entitled to, whether by this Agreement or by law. The claiming party shall promptly give written notice of the Claim
to the other party and sole control of the defense and settlement of the Claim (provided that the injured party may not settle
or defend any Claim unless it unconditionally releases the other party of all liability). Either party shall not at any event,
without receiving the other party’s prior written consent: (i) injure either party’s reputation; (ii) take any undertaking
on the other party’s behalf.

 

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	10.	Confidentiality

 

		10.1.	The Parties shall
                                         treat Confidential Information in accordance with the Non-Disclosure and Confidentiality
                                         Agreement attached hereto as Exhibit D.

 

	11.	Cancelled

 

	12.	Term and Termination.

 

		12.1.	Term. This
                                         Agreement shall be in full force and effect during a period commencing on the date of
                                         its signature by both parties and ending on the date on which Mennen has ceased performance
                                         of the Services in accordance with the terms of this Agreement. For the avoidance
                                         of doubt, G-Medical shall have the right to use the Product for an unlimited time on
                                         all G-Medical’s ECG wireless devices also following the termination of this Agreement.

 

		12.2.	Termination
                                         for Cause. This Agreement may immediately be terminated, at either party’s
                                         sole discretion, by a 30 days prior written notice to the other party on the occurrence
                                         of any of the following events:

 

		12.2.1.	Bankruptcy and/or insolvency and/or receivership or
liquidation proceedings have started against the other party, temporary or not, and was not removed within 45 days of such filing.

 

		12.2.2.	An attachment order has been imposed and/or any other
execution process has been taken with respect to ail or material part of the other party’s assets or a part which is material
for the performance of any of its obligation hereunder.

 

		12.2.3.	The other party has actually stopped conducting its
business or working on the Project for a period of at least thirty (30) consecutive days.

 

		12.3.	Termination
                                         for Default. This Agreement may also be terminated by either party, at its sole discretion,
                                         immediately upon a written notice to the other party in the event that the other party
                                         has failed to comply with its material obligations under this Agreement and said failure
                                         has not been cured by the other party within the 30 days cure period set forth in the
                                         non-defaulting party’s written notice to the party in breach if such notice is
                                         practical,

 

	13.	Surviving provisions:

 

The provisions of this Agreement that, by their nature and content,
must survive the termination of this Agreement in order to achieve the fundamental purposes of this Agreement shall so survive
upon termination of this Agreement for any reason, including without limitations, the License terms, sections 3,4, 9,13,14 and
15.

 

	14.	Dispute resolution

 

		14.1.	Governing Law. This Agreement shall be governed
only by the laws of Israel, without giving effect to its provisions on conflict of laws and any conflict hereto shall be resolved
exclusively in Israel without any jurisdiction to any other country,

 

	15.	Escalation and Arbitration. The Parties shall
attempt to resolve any dispute arising out of or pertaining to this Agreement by the following escalation procedure: the matter
shall be brought before the VP’s of the Parties. In case the project managers fail to come to an agreement within 14 days,
the matter will be brought before the relevant CEO’s. In case those individuals fail to come to an agreement within 30 days,
each party shall be entitled to refer the matter in question exclusively to the competent courts of the District of Tel Aviv,
Israel (unless such 14 day period may harm or undermine the non-breaching party’s rights)

 

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	16.	Miscellaneous

 

		16.1.	Entire Agreement.
                                         This Agreement, including the NDA and all orders and Exhibits hereto, is the complete
                                         and exclusive statement regarding the subject matter hereof and supersedes any prior
                                         or contemporaneous oral or written agreement, understanding, communication or representation
                                         with regard to the subject matter hereof. This Agreement may not be modified except by
                                         a written instrument signed by the authorized representatives of both parties hereto.

 

		16.2.	Independent
                                         contractor: It is hereby understood and agreed that Mennen’s employees shall
                                         perform the Project as employees of Mennen and that Mennen performs the Project hereunder
                                         as an independent contractor. There shall be no employer/employee relationship between
                                         Mennen and G-Medical and/or between the Mennen employees and G-Medical. In no circumstances
                                         shall Mennen Employees be considered to be employees, servants or agents of G-Medical.
                                         The Mennen employees shall have no claim upon G-Medical in respect of annual leave, public
                                         holidays, sick leave, or otherwise in respect of any claims under any relevant employee
                                         protection legislation or any other legislation or regulation affecting or relating to
                                         the relationship between an employer and an employee. In addition to any other right
                                         G-Medical may have under this Agreement, if any court or regulatory authority finds that
                                         any of Mennen or Mennen’s employees, or anyone on Mennen’s behalf is deemed
                                         an employee of G-Medical, Mennen will indemnify and hold G-Medical harmless from all
                                         costs, losses, damages and liabilities that may result from any such finding.

 

		16.3.	Severability.
                                         If any provision of this Agreement is determined by a court of competent jurisdiction
                                         to be invalid or unenforceable, such invalidity or unenforceability shall not invalidate
                                         or render unenforceable the entire Agreement, but rather the entire Agreement
                                         shall be construed as if not containing the particular invalid or unenforceable provision
                                         and the rights and obligations of the Parties shall be construed and enforced accordingly.
                                         In addition, the parties hereby agree to cooperate to replace the invalid or unenforceable
                                         provision(s) with valid and enforceable provision(s) which will achieve the same result
                                         (to the maximum legal extent) as the provision(s) determined to be invalid or unenforceable.

 

		16.4.	Successors
                                         and Assigns. This Agreement shall be binding upon the respective heirs, beneficiaries,
                                         legal or personal representatives, successors and permitted assigns of the parties. The
                                         parties will not, without first obtaining the other party’s written consent, assign
                                         or delegate its obligations under this Agreement to others. Notwithstanding the foregoing,
                                         each of the parties may transfer or assign any of its rights and/or obligations under
                                         this Agreement without obtaining the consent of the other party, in connection with any
                                         merger (by operation of law or otherwise), consolidation, reorganization, change in control
                                         or sale of all or substantially all of its assets related to this agreement or similar
                                         transaction.

 

		16.5.	Headings.
                                         Section headings throughout this Agreement are solely for reference purposes and shall
                                         not affect in any way the meaning or interpretation of this Agreement.

 

		16.6.	Compliance
                                         with Laws. Each party shall comply with all local laws, ordinances, regulations,
                                         and codes applicable to its business in the performance herewith including the procurement
                                         of any necessary permits and licenses in the relevant jurisdiction.

 

		16.7.	No Waiver.
                                         No waiver of rights arising under this Agreement or any order issued pursuant to this
                                         Agreement shall be effective unless in writing and signed by the party against whom such
                                         waiver is sought to be enforced. No failure or delay by either party in exercising any
                                         right, power or remedy under this Agreement shall operate as a waiver of any such right,
                                         power or remedy and/or prejudice any rights of such party.

 

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		16.8.	Publicity.
                                         No party shall publicly refer to the other party or to the existence of this Agreement
                                         in any advertising or promotional materials, business plans, investment memoranda, or
                                         announcements without the other party’s specific, prior written consent.

 

		16.9.	Notices.
                                         Whenever either party shall be required to give notice to the other party pursuant to
                                         a provision in this Agreement, such notice shall be deemed sufficient and effective,
                                         upon delivery if personally delivered, or if sent by fax, on the next working day after
                                         transmission and receipt by the sender of a confirmation of transmission showing successful
                                         completion of the transmission, or otherwise on deposit in the mail, postage prepaid,
                                         certified, return receipt requested and addressed:

 

If to Mennen

Attention:

Erez Nimrod, CEO

Mennen Medical Ltd.

6 Ha-Kishon St. Yavne 8122017 Israel

Fax: +972-8-9328510

 

To G-Medical:

Attention: Rafi Heumann

3 Golda Meir St. Nes Ziona 7403648, Israel

 

Either party may, by written notice to the other, designate
a different address for receiving notices under this Agreement; provided, however, that no such change of address will not be effective
until actually received by the party to whom such change of address is sent.

 

IN WITNESS HEREOF, the Parties hereto have caused this Agreement
to be executed by their duly authorized representatives as of the date first above written.

 

	4/8/2016	 	4/8/2016
	Mennen
    Medical Ltd.	 	G-Medical
    Innovations Ltd.
	 	 	 
	By:	Erez
    Nimrod	 	By:	RAFI
    HEUMANN
	Title:	President	 	Title:	CEO
	Print Name: 	/s/
    Erez Nimrod	 	Print Name: 	/s/
    Rafi Heumann

 

    7

     

    

 

Exhibit A 

 

Product Description
and Specifications

 

Mennen’s Arrhythmia Software and HR detection including all
existing preprocessing. The product input will be the ECG raw data as acquired by the sensor description shall be provided separately.

 

Mennen’s Arrythmia software was designed, tested, and used
only for patients in a hospital environment, while not moving.

 

When using the software in a case where the patient is moving,
it is G-Medical’s responsibility to build the necessary filter for handling the related Artifacts, and G-Medical shall have the
full responsibility of the Arrhythmia results in such case.

 

The product will include also the Respiration module.

 

Integration
Activity:

 

The software will be in an “embedded” mode, to be
used in G-Medical’s wireless ECG devices.

 

Mennen will provide two packages: a package with a single vector
– that will be integrated with current environment of G-Medical, and a package with 2 vectors for future environment of
G-Medical (integration services of the second package in the future will be at additional cost – on an hourly basis).

 

The integration from Mennen’s side will start after G-Medical
will have the following items ready for integration:

 

		1.	Computer hardware platform, which includes the processor and the EGC circuit, DC power supply, communication
cable, JTAG cable, etc.
	 	 	 

		2.	Serial channel for Debug.
	 	 	 

		3.	Full workspace with no memory limitations.
	 	 	 

		4.	Receipt of software infrastructure, which will allow integration into the existing code, which will
include:
	 	 	 

		a.	The receipt of measured digital data.
	 	 	 

		b.	Communication channel interface with minimal speed of 115,200 bits per second.

 

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Exhibit B

 

Support
Services

 

Warranty Period - During the first 12 months, Mennen will
fix bugs found in the product and the agreed upi interface at its own cost, and will participate in the integration activities
at no additional cost.

 

After the first 12 months, unless an annual maintenance agreement
is signed by the parties, any bug fixes will be charged on an hourly rate of $100/hour.

 

After the interface for integration is defined and approved
by the parties, any requested changes will be charged separately on a case-by-case basis, or on an hourly rate of $100/hour, as
agreed between the parties in writing.

 

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Exhibit C

 

Price Proposal
for License and integrating Mennen’s Software with G-Medical

 

	1.	Total price of a hundred and ten thousand ($110,000) U.S. Dollars, paid as follows:

 

		1.1.	Mennen license – a hundred thousand (100,000)
U.S Dollars plus v.a.t payable upon signing of this Agreement and as a condition of its validity.

 

		1.2.	Additional ten thousand ($10,000) U.S. Dollars plus
v.a.t payable, payable upon the delivery of the Arrythmia interfaces for G-Medical and the Respiration module.

 

		1.3.	The fee of a hundred and ten thousand (110,000) U.S Dollars plus v.a.t – includes in it
                                                                                  the license of the Product for unlimited time and unlimited number of G-Medical’s wireless ECG devices, the development
                                                                                  of an agreed upon interface, related integration activities, and maintenance support for the first 12 months of the agreement
                                                                                  (bug fixes). It includes also the Respiration module.

 

 

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