Document:

exv4w18

Exhibit 4.18

EXECUTION VERSION

 

GUARANTEE

dated as of December 21, 2010

from

US AIRWAYS GROUP, INC.

One (1) Airbus A320-200 Aircraft

Five (5) Airbus A321-200 Aircraft

Two (2) Airbus A330-200 Aircraft

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	Section 1. Guarantee
	 	 	1	 
	Section 2. No Implied Third Party Beneficiaries
	 	 	3	 
	Section 3. Waiver; No Set-off; Reinstatement; Subrogation
	 	 	3	 
	Section 4. Amendments, Etc
	 	 	3	 
	Section 5. Payments
	 	 	3	 
	Section 6. Integration; Counterparts; Successors and Assigns; Headings
	 	 	3	 
	Section 7. Notices
	 	 	4	 
	Section 8. No Waivers
	 	 	4	 
	Section 9. Severability
	 	 	4	 
	Section 10. GOVERNING LAW
	 	 	4	 

i

 

GUARANTEE

     GUARANTEE, dated as of December 21, 2010 (as amended, modified or supplemented from time to
time, this “Guarantee”), from US AIRWAYS GROUP, INC., a Delaware corporation (together with its
permitted successors and assigns, the “Guarantor”), to the parties listed in Schedule I hereto
(collectively, together with their successors and permitted assigns, the “Parties”, and,
individually, a “Party”).

     WHEREAS, US Airways, Inc., a Delaware corporation (“Owner”), a direct wholly-owned subsidiary
of the Guarantor, has entered into that certain Note Purchase Agreement dated as of December 21,
2010 (the “Note Purchase Agreement”), among Owner, Wilmington Trust Company, as pass through
trustee under each of the Pass Through Trust Agreements (the “Pass Through Trustee”), Wilmington
Trust Company, as Subordination Agent (the “Subordination Agent”), Wells Fargo Bank Northwest,
National Association, as Escrow Agent under each of the Escrow and Paying Agent Agreements, and
Wilmington Trust Company, as Paying Agent under each of the Escrow and Paying Agent Agreements;

     WHEREAS, capitalized terms used but not defined herein shall have the meanings set forth in
the Note Purchase Agreement; and

     WHEREAS, in order to finance the aircraft identified on Schedule II hereto (the “Aircraft”),
Owner will issue the Equipment Notes under the Trust Indentures;

     NOW, THEREFORE, in order to induce the Pass Through Trustee to purchase the Equipment Notes
and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties
hereto agree as follows:

     Section 1. Guarantee.

          (a) The Guarantor does hereby acknowledge that it is fully aware of the terms and conditions
of the Trust Indentures, the Participation Agreements, the Equipment Notes and the transactions and
the other documents contemplated thereby, and does hereby irrevocably and fully and unconditionally
guarantee, as primary obligor and not as surety merely, to the Parties, as their respective
interests may appear, the payment by Owner of all payment obligations when due under the Trust
Indentures, the Participation Agreements and the Equipment Notes (such obligations of Owner
guaranteed hereby being hereafter referred to, individually, as a “Guaranteed Obligation” and,
collectively, as the “Guaranteed Obligations”) in accordance with the terms of the Financing
Agreements. The Guarantor does hereby agree that in the event that Owner fails to pay any
Guaranteed Obligation when due for any reason (including, without limitation, the liquidation,
dissolution, receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of, or other similar proceedings affecting
the status, existence, assets or obligations of Owner, or the disaffirmance with respect to Owner
of any Trust Indenture or any other Financing Agreement to which Owner is a party in any such
proceeding) after the date on which such Guaranteed Obligation became due and payable and the
applicable grace period has expired, the Guarantor shall pay or cause to be paid forthwith, upon
the receipt of notice from the Indenture Trustee (such notice to be sent to Owner (to the extent
the Indenture Trustee is not stayed or prevented

 

 

from doing so by operation of law) and the Guarantor) stating that such Guaranteed Obligation
was not paid when due after the applicable grace period has expired and stating the amount of such
Guaranteed Obligation.

          (b) The obligations of the Guarantor hereunder shall not be, to the fullest extent permitted
by law, affected by the genuineness, validity, regularity or enforceability (or lack thereof) of
any of Owner’s obligations under any Trust Indenture or any other Financing Agreement to which
Owner is a party, any amendment, waiver or other modification of any Trust Indenture or such other
Financing Agreement (except that any such amendment or other modification shall be given effect in
determining the obligations of the Guarantor hereunder), or by any substitution, release or
exchange of collateral for or other guaranty of any of the Guaranteed Obligations (except to the
extent that such substitution, release or exchange is not undertaken in accordance with the terms
of the Financing Agreements) without the consent of the Guarantor, or by any priority or preference
to which any other obligations of Owner may be entitled over Owner’s obligations under any Trust
Indenture and the other Financing Agreements to which Owner is a party, or by any other
circumstance that might otherwise constitute a legal or equitable defense to or discharge of the
obligations of a surety or guarantor including, without limitation, any defense arising out of any
laws of the United States of America of any State thereof which would excuse, discharge, exempt,
modify or delay the due or punctual payment and performance of the obligations of the Guarantor
hereunder. Without limiting the generality of the foregoing, it is agreed that the occurrence of
any one or more of the following shall not, to the fullest extent permitted by law, affect the
liability of the Guarantor hereunder: (a) the extension of the time for or waiver of, at any time
or from time to time, without notice to the Guarantor, Owner’s performance of or compliance with
any of its obligations under the Financing Agreements (except that such extension or waiver shall
be given effect in determining the obligations of the Guarantor hereunder), (b) any assignment,
transfer, lease or other arrangement by which Owner transfers possession or loses control of the
use of any Aircraft, (c) any defect in the title, condition, design, operation or fitness for use
of, or damage to or loss or destruction of, any Aircraft, whether or not due to the fault of Owner,
(d) any merger or consolidation of Owner or the Guarantor into or with any other Person, or any
sale, transfer, lease or disposal of any of its assets, (e) any issuance of Additional Series
Equipment Notes or (f) any change in the ownership of any shares of capital stock of Owner.

          (c) This Guarantee is an absolute, present and continuing guaranty of payment and performance
and not of collection and is in no way conditional or contingent upon any attempt to collect from
Owner any unpaid amounts due. The Guarantor specifically agrees, to the fullest extent permitted
by law, that it shall not be necessary or required, and that the Guarantor shall not be entitled to
require, that any Party (i) file suit or proceed to obtain or assert a claim for personal judgment
against Owner for the Guaranteed Obligations, or (ii) make any effort at collection of the
Guaranteed Obligations from Owner, or (iii) foreclose against or seek to realize upon any security
now or hereafter existing for the Guaranteed Obligations, including the Collateral (as defined in
the Trust Indentures), or (iv) file suit or proceed to obtain or assert a claim for personal
judgment against any other Person liable for the Guaranteed Obligations, or make any effort at
collection of the Guaranteed Obligations from any such other Person, or exercise or assert any
other right or remedy to which any Party is or may be entitled in connection with the Guaranteed
Obligations or any security or other guaranty therefor, or (v) assert or file any claim against the
assets of Owner or any other guarantor or other Person

2

 

liable
for the Guaranteed Obligations, or any part thereof, before or as a condition of enforcing the
liability of the Guarantor under this Guarantee or requiring payment of said Guaranteed Obligations
by the Guarantor hereunder, or at any time thereafter.

     Section 2. No Implied Third Party Beneficiaries. This Guarantee shall not be deemed
to create any right in any Person except a Party and shall not be construed in any respect to be a
contract in whole or in part for the benefit of any other Person.

     Section 3. Waiver; No Set-off; Reinstatement; Subrogation. The Guarantor waives
notice of the acceptance of this Guarantee and of the performance or nonperformance by Owner,
demand for payment from Owner or any other Person, notice of nonpayment or failure to perform on
the part of Owner, diligence, presentment, protest, dishonor and, to the fullest extent permitted
by law, all other demands or notices whatsoever, other than the request for payment hereunder and
notice provided for in Section 1 hereof. The obligations of the Guarantor shall be absolute and
unconditional and shall remain in full force and effect until satisfaction of all Guaranteed
Obligations and, without limiting the generality of the foregoing, to the extent not prohibited by
applicable law, shall not be released, discharged or otherwise affected by the existence of any
claims, set-off, defense or other rights that the Guarantor may have at any time and from time to
time against any Party, whether in connection herewith or any unrelated transactions. This
Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time any
payment of any Guaranteed Obligation is rescinded or must otherwise be returned by any Party upon
the insolvency, bankruptcy, reorganization, arrangement, readjustment of debt, dissolution,
liquidation or similar proceeding with respect to Owner or otherwise, all as though such payment
had not been made. The Guarantor, by virtue of any payment hereunder to a Party, shall be
subrogated to such Party’s claim against Owner or any other Person relating thereto;
provided, however, that the Guarantor shall not be entitled to receive payment from
Owner in respect of any claim against Owner arising from a payment by the Guarantor in the event of
any insolvency, bankruptcy, liquidation, reorganization or other similar proceedings relating to
Owner, or in the event of any proceedings for voluntary liquidation, dissolution or other
winding-up of Owner, whether or not involving insolvency or bankruptcy proceedings, in which case
the Guaranteed Obligations shall be paid and performed in full before any payment in respect of a
claim by the Guarantor shall be made by or on behalf of Owner.

     Section 4. Amendments, Etc. No amendment of or supplement to this Guarantee, or
waiver or modification of, or consent under, the terms hereof, shall be effective unless evidenced
by an instrument in writing signed by the Guarantor and each Party against whom such amendment,
supplement, waiver, modification or consent is to be enforced.

     Section 5. Payments. All payments by the Guarantor hereunder in respect of any
Obligation shall be made in Dollars and otherwise as provided in the relevant Trust Indenture, the
relevant Participation Agreement or the relevant Equipment Note in which such Guaranteed Obligation
is contained.

     Section 6. Integration; Counterparts; Successors and Assigns; Headings. This
Guarantee (a) constitutes the entire agreement, and supersedes all prior agreements and
understandings, both written and oral, among the Guarantor and the Parties, with respect to the

3

 

subject matter hereof, (b) may be executed in several counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument, and (c)
shall be binding upon the successors and assigns of the Guarantor and shall inure to the benefit
of, and shall be enforceable by, each of the Parties to the fullest extent permitted by applicable
laws. The headings in this Guarantee are for purposes of reference only, and shall not limit or
otherwise affect the meanings hereof.

     Section 7. Notices. All requests, notices or other communications hereunder shall be
in writing, addressed as follows:

If to the Guarantor:

US Airways Group, Inc.

111 West Rio Salado Parkway

Tempe, Arizona 85281

Attn: Vice President and Treasurer

Attention: Vice President and Treasurer

Facsimile: (480) 693-5886

with a copy to: Deputy General Counsel

          Fax: (480) 693-5932

If to a Party:

to the address or telecopy number set forth in the Participation Agreements

     All requests, notices or other communications shall be given in the manner, and shall be
effective at the times and under the terms, set forth in Section 12.7 of the Participation
Agreements.

     Section 8. No Waivers. No failure on the part of any Party to exercise, no delay in
exercising, and no course of dealing with respect to, any right or remedy hereunder will operate as
a waiver thereof; nor will any single or partial exercise of any right or remedy hereunder preclude
any other or further exercise of such right or remedy or the exercise of any other right or remedy.

     Section 9. Severability. To the fullest extent permitted by applicable law, any
provision of this Guarantee that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or any provision in any other Operative Document, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     Section 10. GOVERNING LAW. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL

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OBLIGATIONS LAW)). THIS GUARANTEE IS BEING DELIVERED IN NEW YORK, NEW YORK.

5

 

     IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly executed as of the
day and year first written above.

	 	 	 	 	 
	 	US AIRWAYS GROUP, INC.

 	 
	 	By:  	/s/ Thomas T. Weir
 	 
	 	 	Name:  	Thomas T. Weir 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

Parent Guarantee

 

 

SCHEDULE I

TO GUARANTEE

PARTIES

Wilmington Trust Company, as Indenture Trustee

Wilmington Trust Company, as Pass Through Trustee

Wilmington Trust Company, as Subordination Agent

SCHEDULE I

Page 1

 

 

SCHEDULE II

TO GUARANTEE

AIRCRAFT

	 	 	 	 	 	 	 	 	 
	U.S. Registration	 	 	 	 	 	 	 	Engine
	Mark	 	MSN #	 	Aircraft Type	 	Engines	 	Model Type
	N125UW

	 	4086
	 	Airbus A320-214
	 	699598

699611
	 	CFM56-5B4
	N535UW
	 	3993
	 	Airbus A321-231
	 	V15206

V15208
	 	V2533-A5
	N537UW
	 	4041
	 	Airbus A321-231
	 	V15242

V15244
	 	V2533-A5
	N539UW
	 	4082
	 	Airbus A321-231
	 	V15194

V15256
	 	V2533-A5
	N541UW
	 	4123
	 	Airbus A321-231
	 	V15297

V15299
	 	V2533-A5
	N542UW
	 	4134
	 	Airbus A321-231
	 	V15282

V15284
	 	V2533-A5
	N279AY
	 	1011
	 	Airbus A330-243
	 	41625

41626
	 	Trent 772B
	N280AY
	 	1022
	 	Airbus A330-243
	 	41641

41642
	 	Trent 772B

SCHEDULE II

Page 1Exhibit 10.1

Exhibit 10.1

EXECUTION COPY

THIRD AMENDMENT AND RESTATEMENT AGREEMENT (this
“Agreement”) dated as of December 21, 2010, among USG CORPORATION,
a Delaware corporation (the “Borrower”), the LENDERS party hereto
and JPMORGAN CHASE BANK, N.A., as administrative agent under the Second
Amended and Restated Credit Agreement dated as of January 7, 2009, among
the Borrower, the Lenders party thereto, JPMorgan Chase Bank, N.A., as
administrative agent (the “Administrative Agent”), and Goldman
Sachs Credit Partners, L.P., as syndication agent (as amended,
supplemented or otherwise modified, the “Existing Credit
Agreement”).

WHEREAS the Borrower has requested, and the undersigned Lenders (such term and each other
capitalized term used but not defined in these recitals having the meaning assigned to such term in
Section 1 hereof) and the Administrative Agent have agreed, upon the terms and subject to the
conditions set forth herein and in the Restated Credit Agreement (as defined below), that (a) the
Existing Credit Agreement will be amended and restated as provided herein and (b) the Loan Parties
will reaffirm their respective obligations (including, without limitation, the grant of a security
interest in their respective Collateral) under the Collateral Documents and the Guarantee
Agreement.

NOW, THEREFORE, the Borrower, the undersigned Lenders and the Administrative Agent hereby
agree as follows:

SECTION 1. Defined Terms. Capitalized terms used but not defined herein shall have
the respective meanings assigned to such terms in the Restated Credit Agreement referred to below
(except as otherwise expressly set forth herein).

SECTION 2. Restatement Effective Date. (a) The transactions provided for in Section 3
hereof shall be consummated at a closing to be held on the Restatement Effective Date at the
offices of Cravath, Swaine & Moore LLP, or at such other time and place as the parties hereto shall
agree upon.

(b) The “Restatement Effective Date” shall be specified by the Borrower, and shall
be a date not later than December 21, 2010, as of which date all the conditions set forth or
referred to in Section 4 hereof shall have been satisfied.

SECTION 3. Amendment and Restatement of the Existing Credit Agreement. (a) Effective
on the Restatement Effective Date, the Existing Credit Agreement is hereby amended and restated to
read in its entirety as set forth in Exhibit A hereto (the “Restated Credit
Agreement”).

 

 

(b) The aggregate principal amount of all Revolving Loans, Swingline Loans, Letters of Credit
and Overadvances (in each case, if any) outstanding under the
Existing Credit Agreement on the Restatement Effective Date shall continue to be outstanding
under the Restated Credit Agreement and from and after such date, the terms of the Restated Credit
Agreement will govern the rights of the Administrative Agent, the Lenders and the Issuing Bank with
respect thereto, including, without limitation, the Applicable Rate applicable to such outstanding
Loans.

(c) As of the Restatement Effective Date and after giving effect to the transactions set
forth in the Master Assignment Agreement dated as of the date hereof among the Borrower, the
Lenders party thereto and the Administrative Agent, (i) the Revolving Commitments (as such term is
defined in the Existing Credit Agreement) shall be automatically reduced from $500,000,000 to
$400,000,000 in accordance with Section 2.08 of the Restated Credit Agreement, provided
that the Lenders hereby waive the advance notice requirement set forth in Section 2.08(c) of the
Restated Credit Agreement in respect of such reduction and (ii) immediately following the Revolving
Commitment reduction referenced in clause (i) of this paragraph (c), each Lender party hereto shall
be deemed to have assigned that portion of its interests, rights and obligations with respect to
the Revolving Commitments of such Lender outstanding under the Restated Credit Agreement on the
Restatement Effective Date (all such interests, rights and obligations to be referred to herein as
the “Assigned Interests”), or shall be deemed to have assumed a portion of the Assigned
Interests so assigned pursuant to this clause (ii), in accordance with Section 9.04 of the Restated
Credit Agreement such that, upon given effect to such assignment and assumption, each such Lender
holds Revolving Commitments (and a pro rata share of the interests in respect of
Letters of Credit, Swingline Loans and Overadvances) in an amount equal to that set forth on
Schedule 2.01 of the Restated Credit Agreement opposite such Lender’s name,
provided that the Administrative Agent and the Lenders hereby waive the minimum assignment
requirements, the recordation fee requirement and the requirement to execute a separate Assignment
and Assumption, in each case set forth in Section 9.04(b)(ii) of the Restated Credit Agreement in
respect of such assignments and assumptions. Without limiting the generality of the foregoing,
each Lender party hereto hereby makes the representations and warranties required to be made under
paragraphs 1.1 and 1.2, respectively, of Annex I to Exhibit A to the Restated Credit Agreement by
an Assignor and Assignee with respect to the Assigned Interests being assigned or assumed by such
Lender hereunder, as the case may be. The Borrower hereby consents to each such assignment and
assumption.

SECTION 4. Conditions. The consummation of the transactions set forth in Section 3
hereof shall be subject to the satisfaction of the following conditions precedent:

(a) Loan Documents. The Administrative Agent (or its counsel) shall have received
(i) from the Borrower and each Lender a counterpart of this Agreement signed on behalf of such
party (or written evidence reasonably satisfactory to the Administrative Agent (which may include
facsimile or other electronic transmission of a signed signature page) that such party has signed a
counterpart of this Agreement), (ii) from each party thereto a counterpart of a Reaffirmation
Agreement substantially in the form of Exhibit B hereto (the “Reaffirmation
Agreement”) signed on behalf of such party (or written evidence reasonably satisfactory to the
Administrative

 

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Agent (which may
include facsimile or other electronic transmission of a signed signature page) that such party
has signed a counterpart of the Reaffirmation Agreement) and (iii) a favorable written opinion
(addressed to the Administrative Agent and the Lenders and dated the Restatement Effective Date) of
each of (A) Jones Day, counsel for the Borrower and the other Loan Parties, substantially in the
form of Exhibit C hereto, and (B) local counsel in each jurisdiction where a Loan Party is
organized (other than any such jurisdiction covered by the opinion given pursuant to the
immediately preceding clause (A)), in each case covering such matters relating to the Loan Parties,
the Loan Documents or the Restatement Transactions as the Administrative Agent shall reasonably
request.

(b) Closing Certificates; Certified Certificate of Incorporation; Good Standing
Certificates. The Administrative Agent shall have received (i) a certificate of each Loan
Party, dated the Restatement Effective Date and executed by its Secretary or Assistant Secretary,
which shall (A) certify the resolutions of its Board of Directors, members or other body
authorizing the execution, delivery and performance of the Loan Documents to which it is a party,
(B) identify by name and title and bear the signatures of the Financial Officers and any other
officers of such Loan Party authorized to sign the Loan Documents to which it is a party and (C)
contain appropriate attachments, including the certificate or articles of incorporation or
organization of each Loan Party certified by the relevant authority of the jurisdiction of
organization of such Loan Party and a true and correct copy of its by-laws or operating, management
or partnership agreement (or, in lieu thereof, a certification to the effect that such constating
documents have not been amended or otherwise modified since January 7, 2009), and (ii) a good
standing certificate for each Loan Party from its jurisdiction of organization (and, to the extent
that such good standing certificate is not dated as of the Restatement Effective Date, a bring-down
good standing certificate dated as of the Restatement Effective Date).

(c) No Default Certificate. The Administrative Agent shall have received a
certificate, signed by the chief financial officer or treasurer of the Borrower and dated the
Restatement Effective Date, (A) stating that, as of the Restatement Effective Date and after giving
effect to the Restatement Transactions, no Default or Event of Default has occurred and is
continuing and (B) stating that the representations and warranties contained in the Loan Documents
that are qualified by materiality are true and correct and the representations and warranties
contained in the Loan Documents that are not so qualified are true and correct in all material
respects, in each case on and as of such date with the same effect as if made on and as of such
date, except to the extent such representations and warranties expressly relate to an earlier date,
in which case such representations and warranties shall be true and correct (or true and correct in
all material respects, as the case may be) as of such earlier date.

(d) Fees. The Administrative Agent (or, if required by the relevant Loan Document or
other written agreement relating to any document, the applicable Lender or Affiliate thereof) shall
have received all fees and other amounts due and payable by any Loan Party on or prior to the
Restatement Effective Date, including, to the extent invoiced, reimbursement or payment of all
out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel), in each
case, required to be reimbursed or paid by any Loan Party under any Loan Document or any other
written agreement

relating to any Loan Document entered into by the Borrower and the Administrative Agent (or by
the applicable Lender or Affiliate thereof, as the case may be). In addition, the Borrower shall
have paid to the Administrative Agent, for the account of the Administrative Agent, the Issuing
Bank and the Lenders, all unpaid fees, interest and other amounts that have accrued under the
Existing Credit Agreement prior to the Restatement Effective Date.

 

3

 

(e) Perfection Certificate; Lien Searches. The Administrative Agent shall have
received (i) a completed Perfection Certificate, dated the Restatement Effective Date, together
with all attachments contemplated thereby and (ii) the results of a recent lien search in the
jurisdictions requested by the Administrative Agent based on the Perfection Certificate, and such
search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by
Section 6.02 of the Restated Credit Agreement or discharged on or prior to the Restatement
Effective Date pursuant to a pay-off letter or other documentation reasonably satisfactory to the
Administrative Agent.

(f) Borrowing Base Certificate. The Administrative Agent shall have received a
Borrowing Base Certificate dated as of the Restatement Effective Date that calculates the Borrowing
Base as of November 30, 2010.

(g) Filings, Registrations and Recordings. Each document (including any Uniform
Commercial Code financing statement) required by the Collateral Documents or under law or
reasonably requested by the Administrative Agent to be filed, registered or recorded in order to
create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected
Lien on the Collateral described therein, prior to and superior in right to any other Person (other
than with respect to Liens expressly permitted by clauses (ii) through (iv), (vi) and (xi) of
Section 6.02 of the Restated Credit Agreement), shall be in proper form for filing, registration or
recordation.

(h) “Know Your Customer” Requirements. The Lenders shall have received all
documentation and other information requested by the Administrative Agent and required under
applicable “know your customer” rules and regulations, including all information required to be
delivered pursuant to Section 9.13 of the Restated Credit Agreement.

SECTION 5. Effectiveness; Counterparts; Amendments. This Agreement shall become
effective when copies hereof that, when taken together, bear the signatures of the Borrower, the
Administrative Agent, each of the Lenders (as such term is defined in the Existing Credit
Agreement) and each Lender that will have a Revolving Commitment on the Restatement Effective Date
shall have been received by the Administrative Agent. This Agreement may not be amended nor may
any provision hereof be waived except pursuant to a writing signed by the Borrower, the
Administrative Agent and each of the Lenders party hereto. This Agreement may be executed in two
or more counterparts, each of which shall constitute an original but all of which when taken
together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or other electronic transmission shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

4

 

SECTION 6. Perfection Certificate. The Lenders hereby agree that the delivery of the
Perfection Certificate pursuant to Section 4(e) hereof shall satisfy the Borrower’s obligation to
deliver the certificate required by Section 4.01(f) of the Security Agreement with respect to the
fiscal year of the Borrower ending December 31, 2010.

SECTION 7. No Novation. Until this Agreement becomes effective in accordance with its
terms and the Restatement Effective Date shall have occurred, the Existing Credit Agreement shall
remain in full force and effect and shall not be affected hereby. After the Restatement Effective
Date, all obligations of the Borrower under the Existing Credit Agreement shall become obligations
of the Borrower under the Restated Credit Agreement and the provisions of the Existing Credit
Agreement shall be superseded by the provisions of the Restated Credit Agreement.

Without limiting the generality of the foregoing, this Agreement shall not extinguish the
Loans outstanding under the Existing Credit Agreement or any other obligations for the payment of
money outstanding under the Existing Credit Agreement or release the Liens granted under or the
priority of any Collateral Document or any security therefor. Nothing herein contained shall be
construed as a substitution or novation of the Loans outstanding under the Existing Credit
Agreement or any other obligations for the payment of money outstanding under the Existing Credit
Agreement, in each case which shall remain outstanding after the Restatement Effective Date as
modified hereby. Nothing implied herein shall be construed as a release or other discharge of the
Borrower or any Subsidiary thereof under any Loan Document from any of its obligations and
liabilities as the “Borrower”, a “Grantor” or a “Guarantor” under the Existing Credit Agreement or
the Loan Documents. Notwithstanding any provision of this Agreement, the provisions of Sections
2.15, 2.16, 2.17 and 9.03 of the Existing Credit Agreement as in effect immediately prior to the
Restatement Effective Date will continue to be effective as to all matters arising out of or in any
way related to facts or events existing or occurring prior to the Restatement Effective Date.

SECTION 8. Notices. All notices hereunder shall be given in accordance with the
provisions of Section 9.01 of the Restated Credit Agreement.

SECTION 9. Applicable Law; Waiver of Jury Trial. (A) THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

(B) EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.09 AND 9.10 OF THE RESTATED
CREDIT AGREEMENT AS IF SUCH SECTIONS WERE SET FORTH IN FULL HEREIN.

[Remainder of page intentionally left blank]

 

5

 

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 written above.

	 	 	 	 	 
	 	USG CORPORATION

 	 
	 	By:  	/s/   Karen L. Leets
 	 
	 	 	Name:  	Karen L. Leets 	 
	 	 	Title:  	Vice President and Treasurer 	 

 

6

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

Individually and as Administrative Agent, Issuing

Bank and Swingline Lender

 	 
	 	By:  	/s/   Peter S. Predun
 	 
	 	 	Name:  	Peter S. Predun 	 
	 	 	Title:  	Executive Director 	 

 

7

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE THIRD 
AMENDMENT AND
RESTATEMENT 
AGREEMENT DATED AS OF
 DECEMBER 21,
2010, AMONG USG 
CORPORATION, THE LENDERS 
PARTY
THERETO AND JPMORGAN 
CHASE BANK, N.A., AS

ADMINISTRATIVE AGENT, ISSUING 
BANK AND SWINGLINE
LENDER

MORGAN STANLEY BANK, N.A.

Name of Institution

 	 
	 	By:  	/s/    Sherrese Clarke
 	 
	 	 	Name:  	Sherrese Clarke 	 
	 	 	Title:  	Authorize Signatory 	 
	 	 	 
	 	By:  	                                                   N/A
 	 
	 	 	Name:  	N/A 	 
	 	 	Title:  	N/A 	 

 

8

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE THIRD
 AMENDMENT AND
RESTATEMENT
 AGREEMENT  DATED AS OF
 DECEMBER 21,
2010, AMONG USG
 CORPORATION, THE LENDERS
 PARTY
THERETO AND JPMORGAN 
CHASE BANK, N.A., AS

ADMINISTRATIVE AGENT, ISSUING 
BANK AND SWINGLINE
LENDER

WELLS FARGO BANK, N.A.

Name of Institution

 	 
	 	By:  	/s/   James R. Bednark
 	 
	 	 	Name:  	James R. Bednark 	 
	 	 	Title:  	Senior Vice President 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

9

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE THIRD
 AMENDMENT AND
RESTATEMENT 
AGREEMENT DATED AS OF
 DECEMBER 21,
2010, AMONG USG
 CORPORATION, THE LENDERS
 PARTY
THERETO AND JPMORGAN 
CHASE BANK, N.A., AS

ADMINISTRATIVE AGENT, ISSUING 
BANK AND SWINGLINE
LENDER

Royal Bank of Canada

Name of Institution

 	 
	 	By:  	/s/   Pierre Nolvege
 	 
	 	 	Name:  	Pierre Nolvege 	 
	 	 	Title:  	Authorized Signatory 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

10

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE THIRD
 AMENDMENT AND
RESTATEMENT 
AGREEMENT DATED AS OF
 DECEMBER 21,
2010, AMONG USG 
CORPORATION, THE LENDERS 
PARTY
THERETO AND JPMORGAN
 CHASE BANK, N.A., AS

ADMINISTRATIVE AGENT, ISSUING
 BANK AND SWINGLINE
LENDER

US Bank National Association

Name of Institution

 	 
	 	By:  	/s/   Christopher Fudge
 	 
	 	 	Name:  	Christopher Fudge 	 
	 	 	Title:  	VP 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

11

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE THIRD 
AMENDMENT AND
RESTATEMENT
 AGREEMENT DATED AS OF 
DECEMBER 21,
2010, AMONG USG
 CORPORATION, THE LENDERS
 PARTY
THERETO AND JPMORGAN
 CHASE BANK, N.A., AS

ADMINISTRATIVE AGENT, ISSUING
 BANK AND SWINGLINE
LENDER

THE NORTHERN TRUST COMPANY

Name of Institution

 	 
	 	By:  	/s/   Keith L. Burson
 	 
	 	 	Name:  	Keith L. Burson 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

12

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE THIRD
 AMENDMENT AND
RESTATEMENT
 AGREEMENT DATED AS OF 
DECEMBER 21,
2010, AMONG USG 
CORPORATION, THE LENDERS
 PARTY
THERETO AND JPMORGAN
 CHASE BANK, N.A., AS

ADMINISTRATIVE AGENT, ISSUING
 BANK AND SWINGLINE
LENDER

Goldman Sachs Lending Partners LLC.

 	 
	 	By:  	/s/   Mark Walton
 	 
	 	 	Name:  	Mark Walton 	 
	 	 	Title:  	Authorized Signatory 	 

 

13

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE THIRD
 AMENDMENT AND
RESTATEMENT
 AGREEMENT DATED AS OF
 DECEMBER 21,
2010, AMONG USG
 CORPORATION, THE LENDERS 
PARTY
THERETO AND JPMORGAN 
CHASE BANK, N.A., AS

ADMINISTRATIVE AGENT, ISSUING
 BANK AND SWINGLINE
LENDER

CITIBANK, N.A.

Name of Institution

 	 
	 	By:  	/s/   Thomas M. Halsch
 	 
	 	 	Name:  	Thomas M. Halsch 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

14

 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE THIRD
 AMENDMENT AND
RESTATEMENT 
AGREEMENT DATED AS OF
 DECEMBER 21,
2010, AMONG USG
 CORPORATION, THE LENDERS 
PARTY
THERETO AND JPMORGAN 
CHASE BANK, N.A., AS

ADMINISTRATIVE AGENT, ISSUING 
BANK AND SWINGLINE
LENDER

 	 
	 	/s/   Bank of America, N.A.
 	 
	 	Name of Institution 	 
	 	 	 
	 	By:  	                                                   /s/   Jason Hoefler
 	 
	 	 	Name:  	Jason Hoefler 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

15

 

EXHIBIT B TO

THIRD AMENDMENT AND

RESTATEMENT AGREEMENT

REAFFIRMATION AGREEMENT (this “Agreement”) dated as of
December 21, 2010, among USG CORPORATION, a Delaware corporation
(“Borrower”), each subsidiary of the Borrower that is a signatory
hereto (each, a “Subsidiary Party” and, together with the
Borrower, the “Reaffirming Parties”) and JPMORGAN CHASE BANK, N.A.
(“JPMCB”), as Administrative Agent under the Existing Credit
Agreement (as defined in the Restatement Agreement referred to below).

WHEREAS the Borrower, the Lenders (such term and each other capitalized term used but not
defined herein having the respective meanings assigned to such terms in the Restatement Agreement
(as defined below) or the Existing Credit Agreement, as the case may be) and JPMCB, as
Administrative Agent, Issuing Bank and Swingline Lender, have entered into the Third Amendment and
Restatement Agreement dated as of December 21, 2010 (the “Restatement Agreement”);

WHEREAS each of the Reaffirming Parties is party to one or more of the Collateral Documents
and the Guarantee Agreement (collectively, the “Reaffirmed Agreements”);

WHEREAS each Reaffirming Party expects to realize, or has realized, substantial direct and
indirect benefits as a result of the Restatement Agreement becoming effective and the consummation
of the transactions contemplated thereby; and

WHEREAS the execution and delivery of this Agreement is a condition precedent to the
consummation of the transactions contemplated by the Restatement Agreement.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

ARTICLE I.

Reaffirmation/Third Amendment and Restatement

SECTION 1.01. Reaffirmation. (a) Each of the Reaffirming Parties hereby consents to
the Restatement Agreement and the transactions contemplated thereby and hereby confirms its
guarantees, pledges, grants of security interests and other agreements, as applicable, under each
of the Reaffirmed Agreements to which it is party and agrees that, notwithstanding the
effectiveness of the Restatement Agreement and the consummation of the transactions contemplated
thereby (including, without limitation,
the amendment and restatement of the Existing Credit Agreement), such guarantees, pledges,
grants of security interests and other agreements shall continue to be in full force and effect and
shall accrue to the benefit of the Lenders under the Restated Credit Agreement. Each of the
Reaffirming Parties further agrees to take any action that may be required under any applicable law
or that is reasonably requested by the Administrative Agent to ensure compliance by the Borrower
with Section 5.10 of the Restated Credit Agreement and hereby reaffirms its obligations under each
similar provision of each Reaffirmed Agreement to which it is a party.

 

 

 

(b) Each of the Reaffirming Parties party to each of the Reaffirmed Agreements securing the
Obligations hereby confirms and agrees that the Revolving Loans, the Letters of Credit, the
Swingline Loans and the Overadvances (in each case, if any) have constituted and continue to
constitute Obligations (or any word of like import) under such documents.

SECTION 1.02. Amendment and Restatement. On and after the effectiveness of the
Restatement Agreement, (i) each reference in each Reaffirmed Agreement to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import shall mean and be a reference to the Restated
Credit Agreement, as such agreement may be amended, modified or supplemented and in effect from
time to time and (ii) the definition of any term defined in any Reaffirmed Agreement by reference
to the terms defined in the “Credit Agreement” shall be amended to be defined by reference to the
defined term in the Restated Credit Agreement, as the same may be amended, modified or supplemented
and in effect from time to time.

ARTICLE II.

Representations and Warranties

Each Reaffirming Party hereby represents and warrants, which representations and warranties
shall survive execution and delivery of this Agreement, as follows:

SECTION 2.01. Organization. Such Reaffirming Party is duly organized and validly
existing and, to the extent such concept is applicable in the corresponding jurisdiction, in good
standing under the laws of the jurisdiction of its organization.

SECTION 2.02. Authority; Enforceability. Such Reaffirming Party has the requisite
power and authority to execute, deliver and perform its obligations under this Agreement and has
taken all necessary action to authorize the execution, delivery and performance by it of this
Agreement. Such Reaffirming Party has duly executed and delivered this Agreement, and this
Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance
with its terms, subject to (a) the effects of bankruptcy, insolvency, moratorium, reorganization,
fraudulent conveyance or other similar laws affecting creditors’ rights generally, (b) general
principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law) and (c) implied covenants of good faith and fair dealing.

 

2

 

SECTION 2.03. Reaffirmed Agreements. The representations and warranties of such
Reaffirming Party contained in each Reaffirmed Agreement that are qualified by materiality are
true and correct and the representations and warranties of such Reaffirming Party contained in each
Reaffirmed Agreement that are not so qualified are true and correct in all material respects, in
each case on and as of the date hereof with the same effect as though made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date (in
which case such representations and warranties shall have been true and correct (or true and
correct in all material respect, as the case may be) as of such earlier date).

ARTICLE III.

Miscellaneous

SECTION 3.01. Notices. All notices and other communications hereunder shall be made
at the addresses, in the manner and with the effect provided in Section 9.01 of the Restated Credit
Agreement.

SECTION 3.02. Loan Document. This Agreement is a Loan Document executed pursuant to
the Restated Credit Agreement and shall (unless otherwise expressly indicated herein) be construed,
administered and applied in accordance with the terms and provisions thereof.

SECTION 3.03. Section Captions. Section captions used in this Agreement are for
convenience of reference only and shall not affect the construction of this Agreement.

SECTION 3.04. Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective successors and assigns.

SECTION 3.05. Amendment. This Agreement may be waived, modified or amended only by a
written agreement executed by each of the parties hereto.

SECTION 3.06. Counterparts. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original but all of which shall together constitute one and the
same agreement. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or other electronic transmission shall be effective as delivery of a manually executed
counterpart of this Agreement.

SECTION 3.07. Applicable Law; Waiver of Jury Trial. (A) THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

(B) EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.09 AND 9.10 OF THE RESTATED
CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN.

 

3

 

SECTION 3.08. No Novation. Neither this Agreement nor the execution, delivery or
effectiveness of the Restatement Agreement shall discharge or release the Lien or priority of any
Loan Document or any other security therefor. Nothing herein contained shall be construed as a
substitution or novation of the obligations outstanding under the Existing Credit Agreement or
instruments securing or guaranteeing the same, which shall remain in full force and effect, except
to any extent modified hereby or by instruments executed concurrently herewith. Nothing implied in
this Agreement, the Restatement Agreement, the Restated Credit Agreement or in any other document
contemplated hereby or thereby shall be construed as a release or other discharge of the Borrower
or any Subsidiary Party under any Reaffirmed Agreement from any of its obligations and liabilities
as the “Borrower”, a “Grantor” or a “Guarantor” under the Existing Credit Agreement or the
Reaffirmed Agreements. Each of the Reaffirmed Agreements shall remain in full force and effect
until (as applicable) and except to any extent modified hereby or in connection herewith.

[Signature Pages Follow]

 

4

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	USG CORPORATION,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 
	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	UNITED STATES GYPSUM COMPANY,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	USG INTERIORS, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	L & W SUPPLY CORPORATION,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	CALIFORNIA WHOLESALE MATERIAL SUPPLY, LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 

 

 

	 	 	 	 	 	 	 
	 	 	LIVONIA BUILDING MATERIALS, LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	USG FOREIGN INVESTMENTS, LTD.,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	OTSEGO PAPER, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 

 

 

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

	 	by	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 

 

 

EXHIBIT C

Form of Jones Day Opinion

[Date of Reaffirmation Agreement]

JPMorgan Chase Bank, N.A., as

administrative agent under, and 

the lenders party to, the 

Reaffirmation Agreement

referred to below

Re: [Borrower]

Ladies and Gentlemen:

We have acted as special counsel to [                    ] (collectively, the “Delaware
Opinion Parties”), and [                                        ] (the “Excepted Opinion Party”, and the
Excepted Opinion Party together with the Delaware Opinion Parties, the “Opinion Parties”)
in connection with (x) the [Third Amendment and Restatement Agreement] (the “Amendment”)
dated as of [                    ], among [Borrower], the various financial institutions party thereto as
lenders and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”), issuing bank and swingline lender, (y) the [Third Amended and
Restated Credit Agreement] (the “Credit Agreement”) dated as of [                    ], among [Borrower], the
various financial institutions party thereto as lenders (the “Lenders”) and the Administrative
Agent and the other agents party thereto, which is attached as Exhibit A to the Amendment and (z)
the [Reaffirmation Agreement] (as defined below), entered into in connection with the [Amendment]
and the [Credit Agreement]. As used herein with respect to a reference to any Transaction Document
(as defined below), “Applicable Opinion Party” (or any variation thereof) means the Opinion
Party(ies) party to such Transaction Document.

This opinion is delivered to you pursuant to Section [_____]
of the Amendment. Capitalized terms
used herein, but not otherwise defined herein, have the meanings set forth for such terms in the
Amendment. The Uniform Commercial Code, as amended and in effect in the State of New York on the
date hereof, is referred to as the “NY UCC”. With your permission, all assumptions and
statements of reliance herein have been made without any independent investigation or verification
on our part except to the extent, if any, otherwise expressly stated, and we express no opinion
with respect to the subject matter or accuracy of the assumptions or items upon which we have
relied.

 

 

 

[Date of Opinion]

Page 2

In connection with the opinions expressed herein, we have examined such documents, records and
matters of law as we have deemed necessary for the purposes of this opinion. We have examined,
among other documents, the following:

(a) [Transaction Documents to be listed]; and

(b) [Organizational Documents to be listed].

The documents referred to in items (_____) through (_____) above are referred to
as the “Transaction Documents”. The documents referred to in items (_____) through (_____) above are
referred to as the “Organizational Documents”.

[Assumptions, qualifications and reliances to be agreed upon]

Based on the foregoing, and subject to the limitations, qualifications and assumptions set
forth in this letter, we are of the opinion that:

	(1)	 	Each Opinion Party is an organization existing and in good standing under the laws of the
jurisdiction of its organization. Each Delaware Opinion Party has the organizational power
and authority to execute and deliver the Transaction Documents and perform its obligations
thereunder.

	(2)	 	The execution and delivery by each Applicable Opinion Party of the Transaction Documents and
performance by such Opinion Party of its obligations thereunder:

	 	(i)	 	do not violate any agreement, instrument, order, writ, judgment, injunction,
decree, determination, or award binding upon such Opinion Party or its property (this
opinion being limited (x) to those agreements, instruments, orders, writs, judgments,
injunctions, decrees, determinations and awards that have been identified to us in the
[Officer’s Certificate] (collectively, the “Reviewed Agreements”) and (y) in
that we express no opinion with respect to any violation not readily ascertainable from
the face of any such Reviewed Agreement or arising under or based upon any cross
default provision insofar as it relates to a default under an agreement, instrument,
order, writ, judgment, injunction, decree, determination, or award not so identified to
us, or arising under or based upon any covenant of a financial or numerical nature or
requiring computation),

	 	(ii)	 	will not result in or require the creation or imposition of any security
interest or lien upon any of the properties of such Opinion Party pursuant to the
provisions of any agreement binding upon such Opinion Party or its properties other
than security interests or liens created by the Transaction Documents and any other
security interests or liens in favor of the Administrative Agent or the Lenders arising
under any of the Transaction Documents or applicable law (this opinion being limited to
the Reviewed Agreements) and

	 	(iii)	 	in the case of each Delaware Opinion Party, do not contravene any provision of
any Organizational Document of such Opinion Party.

 

 

 

[Date of Opinion]

Page 3

	(3)	 	The execution and delivery by each Delaware Opinion Party of the Transaction Documents and
the performance by such Opinion Party of its obligations thereunder:

	 	(i)	 	have been duly authorized by all necessary organizational action by such
Opinion Party,

	 	(ii)	 	do not require under the Delaware General Corporation Law or the Delaware
Limited Liability Company Act (as amended, collectively, “Applicable Delaware
Law”) any filing or registration by such Opinion Party with, or notice to, or
approval or consent of, any governmental agency or authority, that has not been made or
obtained except:

	 	(A)	 	those required in the ordinary course of business in connection
with the performance by such Opinion Party of its obligations under certain
covenants contained in the Transaction Documents,

	 	(B)	 	pursuant to securities and other laws that may be applicable to
the disposition of any collateral subject thereto, and

	 	(D)	 	other filings under securities laws and filings, registrations,
consents or approvals, in each case, not required to be made or obtained by the
date hereof, and

	 	(iii)	 	do not violate Applicable Delaware Law applicable to such Opinion Party or its
property.

[                                        ], sole member of the Excepted Opinion Party, has been duly
authorized by all necessary organizational action by [                                        ] to authorize
the Excepted Opinion Party’s execution, delivery and performance of the Transaction
Documents to which the Excepted Opinion Party is a party (it being acknowledged that we
express no opinion herein as to the execution, delivery and performance of any Transaction
Document by the Excepted Opinion Party).

	(4)	 	The execution and delivery by each Applicable Opinion Party of the Transaction Documents and
the performance by such Opinion Party of its obligations thereunder:

	 	(i)	 	do not require under present law or present regulation of any governmental
agency or authority of the State of New York or of the United States of America any
filing or registration by such Opinion Party with, or notice to, or approval or consent
of, any governmental agency or authority of the State of New York or the United States
of America that has not been made or obtained except:

	 	(A)	 	those required in the ordinary course of business in connection
with the performance by such Opinion Party of its obligations under certain
covenants contained in the Transaction Documents,

	 	(B)	 	pursuant to securities and other laws that may be applicable to
the disposition of any collateral subject thereto, and

 

 

 

[Date of Opinion]

Page 4

	 	(C)	 	other filings under securities laws and filings, registrations,
consents or approvals, in each case, not required to be made or obtained by the
date hereof, and

	 	(ii)	 	do not violate any present law, or present regulation of any governmental
agency or authority, of the State of New York or the United States of America
applicable to such Opinion Party or its property.

	(5)	 	Each Transaction Document has been duly executed and delivered on behalf of each Delaware
Opinion Party. Each Transaction Document constitutes a valid and binding obligation of each
Applicable Opinion Party, enforceable against each such Opinion Party in accordance with its
terms.

	(6)	 	No Opinion Party is required to register as an “investment company” (under, and as defined
in, the Investment Company Act of 1940, as amended (the “1940 Act”)) and no Opinion
Party is a company controlled by a company required to register as such under the 1940 Act.

	(7)	 	The Transaction Documents do not, of themselves, affect the sufficiency of the provisions of
the [Security Agreement] (as defined in the [Credit Agreement]) to create in favor of the
Administrative Agent, on behalf of and for the benefit of the Secured Parties (as defined in
the [Credit Agreement]) a security interest in all right, title and interest of each Opinion
Party in such of the Collateral (as defined in the [Security Agreement]) in which a security
interest can be granted under and pursuant to Article 9 of the NY UCC (such Collateral
being hereinafter referred to as the “Specified UCC Collateral”), to the extent that
the creation of security interests in the Specified UCC Collateral is governed by the NY
UCC.

The opinions set forth above are subject to the following qualifications:

(A) [Qualifications to be agreed upon]

The opinions expressed herein are limited to [Limitations on law to be agreed upon].

The opinions expressed herein are for the benefit of the addressees hereof and their
respective successors and assigns in connection with the transaction referred to herein and may not
be relied on by such Person for any other purpose or in any manner or for any purpose by any other
person or entity.

Very truly yours,

Jones Day

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