Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
 CREDIT AGREEMENT 

among 
 VERINT SYSTEMS INC., 

and 
 THE RESTRICTED SUBSIDIARY
BORROWERS 
 REFERRED TO HEREIN 

as Borrowers, 
 The Several Lenders

 from Time to Time Parties Hereto, 

JPMORGAN CHASE BANK, N.A., 
 as
Lead Arranger 
 JPMORGAN CHASE BANK, N.A., DEUTSCHE BANK SECURITIES INC., 

GOLDMAN SACHS BANK USA, RBC CAPITAL MARKETS LLC, 

BARCLAYS BANK PLC, CREDIT SUISSE SECURITIES (USA) LLC 

and HSBC SECURITIES (USA) INC., 
 as
Joint Bookrunners, 
 DEUTSCHE BANK SECURITIES INC., 

GOLDMAN SACHS BANK USA, RBC CAPITAL MARKETS LLC, 

BARCLAYS BANK PLC, CREDIT SUISSE SECURITIES (USA) LLC 

and HSBC SECURITIES (USA) INC., 
 as
Co-Documentation Agents, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as
Administrative Agent and Collateral Agent 
 Dated as of June 29, 2017 

 
  

 TABLE OF CONTENTS 

 
  

							
	 	  	 	  	PAGE	 
		
	 ARTICLE 1 Definitions
	  	 	1	 
			
	 Section 1.01.
	  	Defined Terms	  	 	1	 
	 Section 1.02.
	  	Other Definitional Provisions	  	 	42	 
	 Section 1.03.
	  	Accounting Changes	  	 	44	 
	 Section 1.04.
	  	Pro Forma Calculations	  	 	44	 
	 Section 1.05.
	  	Designated Senior Indebtedness	  	 	45	 
	 Section 1.06.
	  	Letter of Credit Amounts	  	 	45	 
		
	 ARTICLE 2 Amount and Terms of Commitments
	  	 	45	 
			
	 Section 2.01.
	  	Term Loan Commitments	  	 	45	 
	 Section 2.02.
	  	Procedure for Term Loan Borrowing	  	 	45	 
	 Section 2.03.
	  	Repayment of Term Loans	  	 	46	 
	 Section 2.04.
	  	Revolving Credit Commitments	  	 	46	 
	 Section 2.05.
	  	Procedure for Revolving Credit Borrowing	  	 	46	 
	 Section 2.06.
	  	Repayment of Loans; Evidence of Debt	  	 	47	 
	 Section 2.07.
	  	Fees	  	 	48	 
	 Section 2.08.
	  	Termination or Reduction of Revolving Credit Commitments	  	 	48	 
	 Section 2.09.
	  	Optional Prepayments	  	 	48	 
	 Section 2.10.
	  	Mandatory Prepayments	  	 	49	 
	 Section 2.11.
	  	Conversion and Continuation Options	  	 	52	 
	 Section 2.12.
	  	Minimum Amounts and Maximum Number of Eurodollar Tranches	  	 	52	 
	 Section 2.13.
	  	Interest Rates and Payment Dates	  	 	53	 
	 Section 2.14.
	  	Computation of Interest and Fees	  	 	53	 
	 Section 2.15.
	  	Inability To Determine Interest Rate	  	 	54	 
	 Section 2.16.
	  	Pro Rata Treatment and Payments	  	 	54	 
	 Section 2.17.
	  	Requirements of Law	  	 	56	 
	 Section 2.18.
	  	Taxes	  	 	57	 
	 Section 2.19.
	  	Indemnity	  	 	61	 
	 Section 2.20.
	  	Illegality	  	 	62	 
	 Section 2.21.
	  	Change of Lending Office	  	 	62	 
	 Section 2.22.
	  	Incremental Credit Extensions	  	 	62	 
	 Section 2.23.
	  	Additional Loan Parties	  	 	65	 
	 Section 2.24.
	  	Cash Collateral	  	 	66	 
	 Section 2.25.
	  	Defaulting Lenders	  	 	67	 
	 Section 2.26.
	  	Refinancing Facilities	  	 	69	 
		
	 ARTICLE 3 Letters of Credit
	  	 	71	 
			
	 Section 3.01.
	  	L/C Commitment	  	 	71	 
	 Section 3.02.
	  	Procedure for Issuance of Letter of Credit	  	 	72	 
	 Section 3.03.
	  	Fees and Other Charges	  	 	72	 

  
 i 

							
	 Section 3.04.
	  	L/C Participations	  	 	72	 
	 Section 3.05.
	  	Reimbursement Obligation of the Borrowers	  	 	74	 
	 Section 3.06.
	  	Obligations Absolute	  	 	74	 
	 Section 3.07.
	  	Letter of Credit Payments	  	 	75	 
	 Section 3.08.
	  	Applications	  	 	76	 
	 Section 3.09.
	  	Resignation	  	 	76	 
	 Section 3.10.
	  	Additional Issuing Lenders	  	 	76	 
		
	 ARTICLE 4 Representations and Warranties
	  	 	77	 
			
	 Section 4.01.
	  	Financial Condition	  	 	77	 
	 Section 4.02.
	  	No Change	  	 	77	 
	 Section 4.03.
	  	Corporate Existence; Compliance with Law	  	 	77	 
	 Section 4.04.
	  	Corporate Power; Authorization; Enforceable Obligations	  	 	77	 
	 Section 4.05.
	  	No Legal Bar	  	 	78	 
	 Section 4.06.
	  	No Material Litigation	  	 	78	 
	 Section 4.07.
	  	No Default	  	 	78	 
	 Section 4.08.
	  	Ownership of Property; Liens	  	 	78	 
	 Section 4.09.
	  	Intellectual Property	  	 	79	 
	 Section 4.10.
	  	Taxes	  	 	79	 
	 Section 4.11.
	  	Federal Regulations	  	 	79	 
	 Section 4.12.
	  	Labor Matters	  	 	79	 
	 Section 4.13.
	  	ERISA	  	 	79	 
	 Section 4.14.
	  	Investment Company Act	  	 	80	 
	 Section 4.15.
	  	Restricted Subsidiaries	  	 	80	 
	 Section 4.16.
	  	Environmental Matters	  	 	80	 
	 Section 4.17.
	  	Accuracy of Information, Etc.	  	 	81	 
	 Section 4.18.
	  	Security Documents	  	 	82	 
	 Section 4.19.
	  	Solvency	  	 	83	 
	 Section 4.20.
	  	Anti-Corruption Laws and Sanctions	  	 	83	 
	 Section 4.21.
	  	EEA Financial Institutions	  	 	83	 
	 Section 4.22.
	  	Insurance	  	 	83	 
	 Section 4.23.
	  	Use of Proceeds	  	 	83	 
	 Section 4.24.
	  	Subordination of Permitted Convertible Indebtedness	  	 	83	 
		
	 ARTICLE 5 Conditions Precedent
	  	 	84	 
			
	 Section 5.01.
	  	Conditions to Initial Extension of Credit	  	 	84	 
	 Section 5.02.
	  	Conditions to each Extension of Credit	  	 	86	 
		
	 ARTICLE 6 Affirmative Covenants
	  	 	86	 
			
	 Section 6.01.
	  	Financial Statements	  	 	86	 
	 Section 6.02.
	  	Certificates; Other Information	  	 	87	 
	 Section 6.03.
	  	Payment of Taxes	  	 	89	 
	 Section 6.04.
	  	Conduct of Business and Maintenance of Existence; Compliance	  	 	89	 
	 Section 6.05.
	  	Maintenance of Property; Insurance	  	 	89	 

  
 ii 

							
	 Section 6.06.
	  	Inspection of Property; Books and Records; Discussions; Maintenance of Ratings	  	 	90	 
	 Section 6.07.
	  	Notices	  	 	90	 
	 Section 6.08.
	  	Additional Collateral, Etc	  	 	91	 
	 Section 6.09.
	  	Further Assurances	  	 	93	 
	 Section 6.10.
	  	Use of Proceeds	  	 	94	 
	 Section 6.11.
	  	Environmental Compliance	  	 	94	 
	 Section 6.12.
	  	Compliance with Anti-Corruption Laws and Sanctions	  	 	94	 
	 Section 6.13.
	  	Designation of Restricted Subsidiaries	  	 	94	 
		
	 ARTICLE 7 Negative Covenants
	  	 	95	 
			
	 Section 7.01.
	  	Financial Condition Covenants	  	 	95	 
	 Section 7.02.
	  	Limitation on Indebtedness	  	 	95	 
	 Section 7.03.
	  	Limitation on Liens	  	 	98	 
	 Section 7.04.
	  	Limitation on Fundamental Changes	  	 	101	 
	 Section 7.05.
	  	Limitation on Disposition of Property	  	 	102	 
	 Section 7.06.
	  	Limitation on Restricted Payments	  	 	103	 
	 Section 7.07.
	  	Limitation on Investments	  	 	105	 
	 Section 7.08.
	  	Limitation on Payments and Modifications of Certain Debt Instruments.	  	 	109	 
	 Section 7.09.
	  	Limitation on Transactions with Affiliates	  	 	110	 
	 Section 7.10.
	  	Limitation on Sales and Leasebacks	  	 	110	 
	 Section 7.11.
	  	Limitation on Changes in Fiscal Periods	  	 	111	 
	 Section 7.12.
	  	Limitation on Negative Pledge Clauses	  	 	111	 
	 Section 7.13.
	  	Limitation on Restrictions on Restricted Subsidiary Distributions	  	 	111	 
	 Section 7.14.
	  	Limitation on Lines of Business	  	 	112	 
	 Section 7.15.
	  	Limitation on Hedge Agreements	  	 	112	 
		
	 ARTICLE 8 Events of Default
	  	 	113	 
		
	 ARTICLE 9 The Administrative Agent
	  	 	116	 
			
	 Section 9.01.
	  	General	  	 	116	 
	 Section 9.02.
	  	Credit Bidding	  	 	119	 
		
	 ARTICLE 10 Miscellaneous
	  	 	120	 
			
	 Section 10.01.
	  	Amendments and Waivers	  	 	120	 
	 Section 10.02.
	  	Notices	  	 	123	 
	 Section 10.03.
	  	No Waiver; Cumulative Remedies	  	 	126	 
	 Section 10.04.
	  	Survival of Agreement	  	 	126	 
	 Section 10.05.
	  	Payment of Expenses; Indemnity	  	 	127	 
	 Section 10.06.
	  	Successors and Assigns; Participations and Assignments	  	 	129	 
	 Section 10.07.
	  	Adjustments; Set Off	  	 	134	 
	 Section 10.08.
	  	Counterparts	  	 	135	 
	 Section 10.09.
	  	Severability	  	 	135	 
	 Section 10.10.
	  	Integration	  	 	136	 

  
 iii 

							
	 Section 10.11.
	  	GOVERNING LAW	  	 	136	 
	 Section 10.12.
	  	Submission to Jurisdiction; Waivers	  	 	136	 
	 Section 10.13.
	  	Judgment Currency	  	 	137	 
	 Section 10.14.
	  	Acknowledgments	  	 	137	 
	 Section 10.15.
	  	Confidentiality	  	 	137	 
	 Section 10.16.
	  	Release of Collateral and Guarantee Obligations	  	 	138	 
	 Section 10.17.
	  	WAIVERS OF JURY TRIAL	  	 	139	 
	 Section 10.18.
	  	USA PATRIOT Act Notice	  	 	139	 
	 Section 10.19.
	  	Replacement Lenders	  	 	139	 
	 Section 10.20.
	  	Headings	  	 	141	 
	 Section 10.21.
	  	Lender Action	  	 	141	 
	 Section 10.22.
	  	Interest Rate Limitation	  	 	141	 
	 Section 10.23.
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	142	 

  
 iv 

			
	 ANNEXES:
	  	
		
	 A
	  	 Revolving Credit Commitments

	 B
	  	 Initial Term Loan Commitments

	
	 SCHEDULES:

		
	 1.01A
	  	 Lenders

	 1.01B
	  	 Excluded Domestic Subsidiaries

	 4.04
	  	 Consents, Authorizations, Filings and Notices

	 4.06
	  	 Litigation

	 4.09
	  	 Intellectual Property

	 4.15(a)
	  	 Restricted Subsidiaries

	 4.15(b)
	  	 Rights in Capital Stock

	 4.18(a)
	  	 UCC Filing Jurisdictions

	 4.18(c)
	  	 Real Property

	 7.02(d)
	  	 Existing Indebtedness

	 7.03(f)
	  	 Existing Liens

		
	 EXHIBITS:
	  	
		
	 A
	  	 Form of Compliance Certificate

	 B
	  	 Form of Assignment and Acceptance

	 C
	  	 Form of Closing Certificate

	 D
	  	 Reserved

	 E
	  	 Reserved

	 F-1
	  	 Form of Term Note

	 F-2
	  	 Form of Revolving Credit Note

	 G-1
	  	 Form of U.S. Tax Compliance Certificate (Foreign Lenders Not Treated As
Partnerships)

	 G-2
	  	 Form of U.S. Tax Compliance Certificate (Foreign Participants Not Treated as
Partnerships)

	 G-3
	  	 Form of U.S. Tax Compliance Certificate (Foreign Participants Treated as
Partnerships)

	 G-4
	  	 Form of U.S. Tax Compliance Certificate (Foreign Lenders Treated As Partnerships)

	 H
	  	 Form of Borrowing Notice

	 I
	  	 Auction Procedures

	 J
	  	 Form of Restricted Subsidiary Borrower Notice

	 K
	  	 Form of Restricted Subsidiary Borrower Request and Assumption Agreement

  
 v 

 CREDIT AGREEMENT (this “Agreement”), dated as of June 29, 2017, among
VERINT SYSTEMS INC., a Delaware corporation (the “Company”), the RESTRICTED SUBSIDIARY BORROWERS from time to time parties to this Agreement, the several banks and other financial institutions or entities from time to time parties
to this Agreement as lenders (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, including any successor thereto, the “Administrative Agent”) and as collateral agent (in such
capacity, including any successor thereto, the “Collateral Agent”) for the Lenders. 
 In consideration of the mutual
covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Defined Terms. As used in this Agreement, the terms listed in this Section 1.01 shall have the respective
meanings set forth in this Section 1.01. 
 “ABR”: for any day, a rate per annum equal to the greatest of (a) the
Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Eurodollar Rate for a one month Interest
Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Eurodollar Rate for any day shall be based on the Screen Rate (or if the Screen
Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Eurodollar Rate shall be effective
from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Eurodollar Rate, respectively. 
 “ABR
Loans”: Loans for which the applicable rate of interest is based upon ABR. 
 “Accounting Change”: as defined in
Section 1.03. 
 “Additional Refinancing Lender”: as defined in Section 2.26(a). 

“Administrative Agent”: as defined in the preamble hereto. 

“Administrative Questionnaire”: an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, direct or cause the direction of the management and policies of such Person, whether by contract or
otherwise. 
 “Agents”: the collective reference to the Administrative Agent, the Collateral Agent, the Co-Documentation Agents, the Joint Bookrunners and the Lead Arranger. 
 “Aggregate
Exposure”: with respect to any Lender at any time, an amount equal to the sum of (i) the aggregate then unpaid principal amount of such Lender’s Term Loans and (ii) the 

  

 
amount of such Lender’s Revolving Credit Commitment then in effect or, if the Revolving Credit Commitments have been terminated, the amount of such Lender’s Revolving Extensions of
Credit then outstanding. 
 “Agreement”: as defined in the preamble hereto. 

“Alternative Currency” means any currency other than Dollars (i) that is readily available, (ii) that is
freely traded, (iii) in which deposits are customarily offered to banks in the London interbank market, (iv) that is convertible into Dollars in the international interbank market and (v) as to which a Dollar Equivalent may be readily
calculated. 
 “Alternative Incremental Indebtedness”: any Indebtedness incurred by the Borrower in the form of one or more
series of secured or unsecured bonds, debentures, notes or similar instruments or term loans; provided that (a) if such Indebtedness is secured, (i) such Indebtedness shall be secured by Collateral (and only such
Collateral) (x) in the case of bonds, debentures, notes or similar instruments, on a pari passu or junior basis to the Obligations, and (y) in the case of loans, on a junior basis to the Obligations (but, in each case, without
regard to the control of remedies) and shall not be secured by any property or assets of the Company or any of the Restricted Subsidiaries other than Collateral, (ii) the security agreements relating to such Indebtedness are substantially
similar to the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent and other than, in the case of Indebtedness secured on a junior basis, with respect to priority) and (iii) the holders of such
Indebtedness or a representative, trustee, collateral agent, security agent or similar Person acting on behalf of the holders of such Indebtedness shall have become party to an Intercreditor Agreement, (b) such Indebtedness contains covenants,
events of default and other terms that are customary for similar Indebtedness in light of then-prevailing market conditions and, when taken as a whole (other than interest rates, fees and optional prepayment or redemption terms), are substantially
identical to, or are not materially more favorable (as reasonably determined by the Borrower) to the investors or lenders providing such Indebtedness than, those set forth in the Loan Documents (other than covenants or other provisions applicable
only to periods after the latest Term Loan Maturity Date then in effect) unless the Company enters into an amendment to this Agreement with the Administrative Agent (which amendment shall not require the consent of any other Lender) to add such more
favorable terms for the benefit of the Lenders, (c) in the case of Alternative Incremental Indebtedness in the form of bonds, debentures, notes or similar instruments, such Indebtedness does not provide for any amortization, mandatory
prepayment, redemption or repurchase (other than upon a change of control, fundamental change, conversion or exchange in the case of convertible or exchangeable Indebtedness, customary asset sale or event of loss mandatory offers to purchase, and
customary acceleration rights after an event of default) prior to the date that is 91 days after the latest Term Loan Maturity Date then in effect, (d) such Indebtedness is not guaranteed by any Person other than Restricted Subsidiary
Guarantors and (e) such Indebtedness does not have a Weighted Average Life to Maturity less than the remaining Weighted Average Life to Maturity under the Term Loan Facility. Alternative Incremental Indebtedness will include any Registered
Equivalent Notes issued in exchange therefor. 

  
 2 

 “Anti-Corruption Laws”: all laws, rules, and regulations of any jurisdiction
applicable to the Company or its Subsidiaries from time to time primarily concerning or relating to bribery or corruption. 

“Applicable Margin”: (a) with respect to Term Loans, the Applicable Margin for such Term Loans shall be (x) in the case
of Eurodollar Loans, 2.25% per annum and (y) in the case of ABR Loans, 1.25% per annum. 
 (b) with respect to Revolving Credit Loans
and with respect to the Commitment Fee Rate, the appropriate rate per annum set forth in the table below: 
  

									
	 Pricing
Level
	  	 Consolidated Net Leverage
Ratio
	 	 Applicable

Margin for Loans
that are
Eurodollar Loans
	 	
Applicable
Margin for
Loans that are
ABR Loans
	 	 Commitment
Fee Rate

	1	  	 Greater than 3.25 to 1.00
	 	2.25%	 	1.25%	 	0.35%
	2	  	 Less than or equal to 3.25 to 1.00 but greater than 2.50 to 1.00
	 	2.00%	 	1.00%	 	0.30%
	3	  	 Less than or equal to 2.50 to 1.00 but greater than 1.75 to 1.00
	 	1.75%	 	0.75%	 	0.25%
	 4
	  	 Less than or equal to 1.75 to 1.00
	 	1.50%	 	0.50%	 	0.20%

 The Applicable Margin on the Closing Date (i) for such Revolving Credit Loans shall be (x) in the
case of Eurodollar Loans, 2.00% per annum and (y) in the case of ABR Loans, 1.00% per annum and (ii) for the Commitment Fee Rate, shall be 0.30% per annum. 

For the purposes of the foregoing, changes in the Applicable Margin after the Closing Date resulting from changes in the Consolidated Net
Leverage Ratio shall become effective on the first Business Day after the date on which financial statements are delivered to the Administrative Agent pursuant to Section 6.01(a) or (b), beginning with the first such financial statements
delivered to the Lenders after the Closing Date, and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified in
Section 6.01(a) or (b), then, upon the request of the Required Lenders, from the date such financial statements were required to have been delivered until the first Business Day after delivery thereof, Pricing Level 1 shall apply. Each
determination of the Consolidated Net Leverage Ratio pursuant to the Applicable Margin grid above shall be made in a manner consistent with the determination thereof pursuant to Section 7.01. 

  
 3 

 (c) for Incremental Loans, such per annum rates as shall be agreed to by the Borrower and the
applicable Incremental Term Loan Lenders and Incremental Revolving Credit Lenders as shown in the applicable Incremental Amendment. 

“Applicant Borrower”: as defined in Section 2.23(a)(i). 

“Application”: an application or letter of credit issuance request, in such customary form as the Issuing Lender may
reasonably specify from time to time, requesting the Issuing Lender to issue a Letter of Credit. 
 “Asset Sale”: any
Disposition of Property or series of related Dispositions of Property (excluding any such Disposition permitted by Section 7.05 other than Dispositions made pursuant to paragraphs (g), (i) or (j) thereof) which yields gross proceeds to the
Company or any of its Subsidiaries (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of
other non-cash proceeds) in excess of $3,300,000. 
 “Assignee”: as defined in
Section 10.06(c). 
 “Assignment and Acceptance”: as defined in Section 10.06(c). 

“Assignor”: as defined in Section 10.06(c). 

“Available Amount”: on any date (the “Determination Date”), an amount equal to: 

(a) the sum, without duplication, of (I) $225,000,000 plus (II) an amount equal to the aggregate Net Equity Proceeds received by
the Company after the Closing Date pursuant to any Permitted Equity Issuance plus (III) the cumulative amount equal to the remainder of (x) 100% of Excess Cash Flow for each Determination Period (commencing with the Determination Period
ending January 31, 2018) less (y) in respect of each Determination Period, an amount equal to the ECF Percentage of the Excess Cash Flow for such Determination Period plus (IV) Declined Amounts plus
(V) the aggregate amount of cash returns received by the Company or any Restricted Subsidiary from any investments made pursuant to Section 7.07(i), Section 7.07(n) or Section 7.07(o) (including upon the disposition of
any such interest) plus (VI) the fair market value of the Company’s and its Restricted Subsidiaries’ investments in any Unrestricted Subsidiary at the time it is designated as a Restricted Subsidiary to the extent the
investment in such Unrestricted Subsidiary was made pursuant to Section 7.07(o) plus (VII) 100% of the net cash proceeds received by the Company or a Restricted Subsidiary (other than from the Company or a Subsidiary of the
Company) from the issuance or sale of Permitted Convertible Indebtedness of the Company or a Restricted Subsidiary following the Closing Date to the extent such Permitted Convertible Indebtedness has been converted into Qualified Capital Stock;
provided that, in the case of clause (III), financial statements and a compliance certificate have been delivered in accordance with Section 6.01(a) and Section 6.02(b), respectively, with respect to such Determination Period;
minus 
 (b) the portion of the amount calculated pursuant to clause (a) above that is used after the Closing
Date and prior to the respective Determination Date to (i) make Dispositions permitted by Section 7.05(e), (ii) pay Restricted Payments permitted pursuant to Section 7.06(h), (iii) make Investments permitted pursuant to
Section 7.07(o) or (iv) make payments permitted pursuant to Section 7.08(a)(1). 

  
 4 

 “Available Revolving Credit Commitment”: with respect to any Revolving Credit
Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Credit Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding. 

“Bail-In Action”: 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”: 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. 
 “Bankruptcy Code”: the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded
or replaced from time to time. 
 “Benefitted Lender”: as defined in Section 10.07. 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower”: the Company or any Restricted Subsidiary Borrower, as the context may require, and “Borrowers”
means all of the foregoing. When used in relation to any Loan or Letter of Credit, references to “the Borrower” are to the particular Borrower to which such Loan is or is to be made or at whose request such Letter of Credit is or is
to be issued. 
 “Borrowing”: Loans of the same Class and Type, made, converted or continued on the same date and, in
the case of Eurodollar Loans, as to which a single Interest Period is in effect. 
 “Borrowing Date”: any Business Day
specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder. 
 “Borrowing
Notice”: with respect to any request for Borrowing of Loans hereunder, a notice from a Borrower, substantially in the form of, and containing the information prescribed by, Exhibit H, delivered to the Administrative Agent, or in such other
form as shall be reasonably acceptable to the Administrative Agent. 
 “Business Day”: (a) for all purposes other than as
covered by clause (b) below, a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close and (b) with respect to all notices and determinations in connection with,
and payments of principal and interest on, Eurodollar Loans, any day which is a Business Day described in clause (a) and which is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 

  
 5 

 “Capital Expenditures”: for any period, (a) the acquisition, construction,
and additions to property, plant and equipment and other capital expenditures (including capitalized software) of the Company and its consolidated Restricted Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of
the Company for such period prepared in accordance with GAAP and (b) Capital Lease Obligations incurred by the Company and its consolidated Restricted Subsidiaries during such period. 

“Capital Lease Obligations”: with respect to any Person, the obligations of such Person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP;
and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase or otherwise acquire any of the foregoing; provided that Capital Stock shall exclude any
Indebtedness convertible into or exchangeable for Capital Stock until such time as such Indebtedness is converted into or exchanged for Capital Stock and such Capital Stock has been delivered by the Company to converting or exchanging holders. 

“Cash Collateralize”: to pledge and deposit with or deliver to the Collateral Agent, for the benefit of one or more of the
Issuing Lenders or Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and each applicable Issuing Lender shall
agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and each applicable Issuing Lender. “Cash Collateral” shall have
a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 
 “Cash
Equivalents”: (i) with respect to the Company or any of its Restricted Subsidiaries, (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and backed
by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of one year
or less from the date of acquisition issued by any Revolving Credit Lender, Incremental Revolving Credit Lender or by any domestic office of any commercial bank organized under the laws of the United States of America or any state thereof having
combined capital and surplus of not less than $500,000,000; (c) commercial paper or variable or fixed rate notes or bonds of an issuer rated at least A-2 by S&P or
P-2 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of issuers of such instruments as applicable
generally, and maturing within one year from the date of acquisition; (d) fully collateralized repurchase obligations of any Revolving Credit Lender, Incremental Revolving Credit Lender or of any commercial bank satisfying the requirements of
clause (b) of this definition, having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United 

  
 6 

 
States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by
any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the
case may be) are rated at least A by S&P or A by Moody’s or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of such securities generally;
(f) securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any Revolving Credit Lender, Incremental Revolving Credit Lender or any commercial bank satisfying the requirements of
clause (b) of this definition; and (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition; and (ii) with respect to any
Foreign Subsidiaries, the approximate equivalent of any of clauses (i)(a) through (g) above, in each case, by reference to such Foreign Subsidiary’s jurisdiction of organization or any jurisdiction(s) where such Foreign Subsidiary is
engaged in material operations. 
 “Cash Management Agreement”: any agreement to provide treasury or cash management
services, including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards), funds transfer, automated clearinghouse, zero balance accounts,
returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services to any Loan Party or Restricted Subsidiary thereof. 

“Cash Management Bank”: with respect to any Cash Management Agreement, any counterparty thereto that, (i) at the time
such Cash Management Agreement was entered into, was a Lender or an Affiliate of a Lender or of the Administrative Agent or the Collateral Agent, or (ii) was, as of the Closing Date, a Lender or an Affiliate of a Lender and a party to a Cash
Management Agreement (in each case, (whether such Person thereafter ceases to be the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender). 

“CFC”: (a) each Person that is a “controlled foreign corporation” for purposes of the Code and (b) each
subsidiary of any such controlled foreign corporation. 
 “CFC Holding Company”: a Restricted Subsidiary, substantially all
of the assets of which consist of equity interests or Indebtedness of (a) one or more CFCs or (b) one or more CFC Holding Companies. 

“Change in Law”: (a) the adoption or taking effect of any law, rule or regulation after the Closing Date, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority after the Closing Date, (c) the making or issuance of any request, rule, guideline or directive (whether or not
having the force of law) by any Governmental Authority after the Closing Date or (d) compliance by any Lender or any Issuing Lender (or, for purposes of Section 2.17, by any lending office of such Lender or by such Lender’s or such
Issuing Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority first made or issued after the Closing Date; provided that notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, 

  
 7 

 
rules, guidelines or directives thereunder or issued in connection therewith by any Governmental Authority and (y) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or 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”: the occurrence of either of the
following events: (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Closing Date) shall become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act as in effect on the Closing Date), directly or indirectly, of more than 50% of the outstanding common stock of the
Company, (b) the board of directors of the Company shall cease to consist of a majority of Continuing Directors or (c) any change in control (or similar event, however denominated) with respect to the Company or any other Loan Party shall
occur under and as defined in any indenture or agreement in respect of Indebtedness in excess of the Threshold Amount to which the Company or such other Loan Party is a party. Notwithstanding the foregoing, a Person shall not be deemed to have
beneficial ownership of Capital Stock subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement unless such Person has the right to vote or direct the
voting of such Capital Stock. 
 “Charges”: as defined in Section 10.22. 

“Class”: when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are Revolving Credit Loans, Term Loans, Incremental Loans or Refinancing Debt and, when used in reference to any commitment, refers to whether such commitment is a Commitment or Refinancing Revolving Credit Commitment in respect of
a Revolving Credit Loan, Term Loan, Incremental Loan or Refinancing Debt. 
 “Closing Date”: the date on which the
conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 10.01), which date is June 29, 2017. 

“Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Co-Documentation Agent”: each of Deutsche Bank Securities Inc., Goldman Sachs Bank
USA, RBC Capital Markets LLC1, Barclays Bank PLC, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc., in each case, in its capacity as
co-documentation agent hereunder. 
 “Collateral”: all Property of the Loan
Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document as security for the Obligations, other than any Excluded Assets. 

“Collateral Agent”: as defined in the preamble hereto. 

 

	1 	RBC Capital Markets is the marketing name for the investment banking activities of Royal Bank of Canada. 

  
 8 

 “Commitment”: with respect to any Lender, each of the Term Loan Commitment and
the Revolving Credit Commitment of such Lender. 
 “Commitment Fee Rate”: an amount determined from the table set forth in
the definition of Applicable Margin or, if an Event of Default shall have occurred and be continuing and the Required Lenders so elect, 0.35% per annum. 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Commonly Controlled Entity”: an entity, whether or not incorporated, that is under common control
with the Company within the meaning of Section 4001 of ERISA or is part of a group that includes the Company and that is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code. 

“Communications”: as defined in Section 10.02. 

“Company”: as defined in the preamble hereto. 

“Company Materials”: as defined in Section 10.02. 

“Company Notice”: as defined in Section 6.08(b). 

“Competitor”: any Person which competes in a direct, significant or material way with the Company or its Restricted
Subsidiaries and has been designated as such to the Administrative Agent by the Borrower and such Person’s parent entities, affiliates and subsidiaries, in each case, that are readily identifiable as such by virtue of their names; provided,
that in connection with any assignment or participation, the Assignee or Participant with respect to such proposed assignment or participation that is an investment bank, a commercial bank, a finance company, a fund, or other Person which (together
with its Affiliates) merely has a non-controlling economic interest in any such direct competitor, and is not itself such a direct competitor of the Company or its Restricted Subsidiaries, shall not be deemed
to be a direct competitor for the purposes of this definition. 
 “Compliance Certificate”: a certificate duly executed by
a Responsible Officer, substantially in the form of Exhibit A, or in such other form as is reasonably acceptable to the Administrative Agent. 

“Connection Income Taxes”: Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise taxes or branch profits taxes. 
 “Consolidated Current Assets”: of any Person at any date, all amounts
(other than cash and Cash Equivalents) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries at
such date. 
 “Consolidated Current Liabilities”: of any Person at any date, all amounts that would, in conformity with
GAAP, be set forth opposite the caption “total current liabilities” (or any like 

  
 9 

 
caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries at such date, but excluding, with respect to the Company, (a) the current portion of any Funded Debt
of the Company and its Restricted Subsidiaries and (b), without duplication, all Indebtedness consisting of Revolving Credit Loans, to the extent otherwise included therein. 

“Consolidated EBITDA”: of any Person for any period, Consolidated Net Income of such Person and its Restricted Subsidiaries
for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) Taxes based on income, profits or capital of the Company and its
Restricted Subsidiaries, including, without limitation, federal, state and similar taxes and foreign withholding taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax examinations,
(b) consolidated interest expense of such Person and its Restricted Subsidiaries, amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including
the Loans), (c) depreciation and amortization expense, (d) amortization of intangibles (including, but not limited to, goodwill), (e) losses relating to Hedge Agreements, (f) any extraordinary, unusual or
non-recurring expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of assets outside of the
ordinary course of business), (g) any other non-cash charges (including impairment charges), expenses or losses, (h) transaction costs, fees and expenses in connection with any Permitted Acquisition,
investment, asset disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or waiver of any debt instrument or any amendment or waiver hereof (in each case, including any such transaction
consummated prior to the Closing Date and any such transaction undertaken but not completed) or early extinguishment of Indebtedness to the extent such items were subject to capitalization prior to the effectiveness of Financial Accounting Standards
Board No. 141R “Business Combinations” but are required under such statements to be expensed currently, (i) losses associated with discontinued operations (but only after such operations are no longer owned or operated by the Company
or a Restricted Subsidiary), (j) acquisition integration costs and fees, including cash severance payments made in connection with acquisitions, (k) any costs or expenses incurred pursuant to any management equity plan or stock option plan or
any other management or employee benefit plan or agreement or any stock subscription or stockholders agreement to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of the Company or net cash proceeds of
issuance of Capital Stock of the Company; (provided that such net cash proceeds shall not increase the Available Amount) and (l) any contingent or deferred payments (including earn-out payments, non-compete payments and consulting payments but excluding ongoing royalty payments) made in connection with any Permitted Acquisition; provided that if any non-cash
charge added back pursuant to clause (f) or (g) represents an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such
future period, plus purchase accounting revenue adjustments for such period related to Permitted Acquisitions, and minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of
(a) interest income (except to the extent deducted in determining such Consolidated Net Income), (b) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise
includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business), (c) gains relating to Hedge Agreements and (d) any other non-cash income, all as determined on a consolidated basis in accordance with GAAP. 

  
 10 

 “Consolidated Net Income”: of any Person for any period, the consolidated net
income (or loss) of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that in calculating Consolidated Net Income of the Company and its consolidated Restricted
Subsidiaries for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Company or is merged into or consolidated with the Company or any of its
Restricted Subsidiaries, (b) the income (or deficit) of any Person (other than a Restricted Subsidiary of the Company) in which the Company or any of its Restricted Subsidiaries has an ownership interest, except to the extent that any such
income is actually received by the Company or such Restricted Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Restricted Subsidiary of the Company to the extent that the declaration or
payment of dividends or similar distributions by such Restricted Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to such Restricted Subsidiary.

 “Consolidated Net Leverage Ratio”: as at the last day of any Test Period, the ratio of (a) Consolidated Total Debt
on such day to (b) Consolidated EBITDA of the Company and its Restricted Subsidiaries for such period. 
 “Consolidated Total
Assets”: of any Person at any date, all assets that would, in conformity with GAAP, be set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted
Subsidiaries at such date. 
 “Consolidated Total Debt”: at any date, (a) the aggregate principal amount of all
Indebtedness of the types described in clauses (a), (c) and (e) of the definition thereof and, without duplication, of the type described in clause (g) of the definition thereof (to the extent relating to Indebtedness of the types
described in clause (a), (c) and (e) of the definition thereof) owing by the Company and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP minus (b) (i) unrestricted cash and Cash
Equivalents included on the consolidated balance sheet of the Company and its Restricted Subsidiaries at such date (it being agreed that cash or Cash Equivalents (x) placed on deposit with a trustee to discharge or defease Indebtedness or
(y) to the extent proceeds of Indebtedness incurred to finance an acquisition and held in escrow pending the consummation of such acquisition to consummate such acquisition or prepay such Indebtedness shall be considered unrestricted) (x)
to the extent the use thereof for application to payment of Indebtedness is not prohibited by law or any contract to which the Company or any of the Restricted Subsidiaries is a party and (y) in an aggregate amount not to exceed $150,000,000
(provided that for purposes of determining compliance with the Consolidated Net Leverage Ratio or the First Lien Net Leverage Ratio upon an incurrence of Indebtedness, such unrestricted cash and Cash Equivalents shall not include the Net Cash
Proceeds of any such Indebtedness) and (ii) to the extent that neither the Company nor any Restricted Subsidiary is liable therefor, the aggregate principal amount of Indebtedness of any Person (other than the Company or any Restricted
Subsidiary) included in the amount described in clause (a) of this definition. 

  
 11 

 “Consolidated Working Capital”: at any date, the difference of
(a) Consolidated Current Assets of the Company on such date less (b) Consolidated Current Liabilities of the Company on such date. 

“Continuing Directors”: the directors of the Company on the Closing Date, and each other director of the Company, if, in each
case, such other director’s nomination for the board of directors of the Company is recommended or approved by more than 50% of the board of directors of the Company as director candidates prior to their election. 

“Contractual Obligation”: 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. 
 “Credit
Party”: the Administrative Agent, the Issuing Lender or any other Lender. 
 “Declined Amount”: as defined in
Section 2.10(g). 
 Declining Lender”: as defined in Section 2.10(g). 

“Default”: any of the events or conditions specified in Article 8, whether or not any requirement for the giving of notice,
the lapse of time, or both, has been satisfied. 
 “Defaulting Lender”: subject to Section 2.25(b), any Revolving
Credit Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder, or (ii) pay to the Administrative Agent, any Issuing 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) within two Business Days of the date when due, (b) has notified the Company, the Administrative Agent or any
Issuing Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three 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 insolvent or is the subject of any bankruptcy, insolvency,
receivership or similar proceedings, (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 interest 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 of clauses (a) through

  
 12 

 
(d) above shall be conclusive and binding absent demonstrable error, and if the Administrative Agent makes any such determination, it shall promptly deliver written notice thereof to the Company,
each Issuing Lender and each Lender. 
 “Designated Alternative Currency”: means any Alternative Currency that has been
designated by the Administrative Agent as a Designated Alternative Currency at the request of the Company and with the consent of (i) the Administrative Agent and (ii) each Issuing Lender (in each case, not to be unreasonably withheld,
conditioned or delayed). If, after the designation of any currency as a Designated Alternative Currency, (x) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that
different types of such currency are introduced, (y) such currency is, in the reasonable determination of the Administrative Agent, no longer readily available or freely traded or (z) in the reasonable determination of the Administrative
Agent, a Dollar Equivalent of such currency is not readily calculable, the Administrative Agent shall promptly notify the Issuing Lenders and the Company, and such currency shall no longer be a Designated Alternative Currency until such time as the
Issuing Lenders and the Administrative Agent agree to reinstate such currency as a Designated Alternative Currency. 
 “Designated Non-Cash Consideration” the fair market value (as determined in good faith by the Company) of non-cash consideration received by the Company or its Restricted
Subsidiaries in connection with a Disposition that is so designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Company delivered to the Administrative Agent,
setting forth such valuation, less the amount of cash or Cash Equivalents received by the Company or a Restricted Subsidiary (other than from the Company or a Restricted Subsidiary) in connection with a subsequent Disposition of such Designated Non-Cash Consideration. 
 “Determination Date”: as defined in the definition of
“Available Amount”. 
 “Determination Period”: as of any Determination Date, the immediately preceding fiscal
year of the Company. 
 “Disposition”: with respect to any Property, any sale, sale and leaseback, assignment, conveyance,
transfer or other disposition thereof; and the terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Capital Stock”: any Capital Stock of any Person, which by its terms (or by the terms of any security or Capital
Stock into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, matures or requires such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Capital Stock
of such Person or any other Person or any warrants, rights or options to acquire such Capital Stock, in each case, while the Revolving Credit Commitments, Term Loans and any Incremental Term Loans hereunder remain outstanding or prior to the date
that is 91 days following the later of the Term Loan Maturity Date and the Incremental Term Loan Maturity Date at the time of incurrence of such Disqualified Capital Stock; provided that (i) any Capital Stock that would constitute Disqualified
Capital Stock solely because the holders thereof have the right to require the Company to repurchase such Disqualified Capital Stock upon the 

  
 13 

 
occurrence of a change of control or asset sale shall not constitute Disqualified Capital Stock if the terms of such Capital Stock (and all securities into which they are convertible or for which
they are exchangeable) provide that the Company may not repurchase or redeem any such Capital Stock (and all securities into which they are convertible or for which they are exchangeable) pursuant to such provision unless the Obligations under all
Loan Documents (other than contingent indemnification claims) are satisfied prior thereto or simultaneously therewith and (ii) only the portion of the Capital Stock meeting the criteria described above prior to the date that is ninety-one (91) days following the later of the Term Loan Maturity Date and the Incremental Term Loan Maturity Date will be deemed to be Disqualified Capital Stock. Notwithstanding the preceding sentence,
(A) if such Capital Stock is issued pursuant to any plan for the benefit of directors, officers, employees, members of management, managers or consultants or by any such plan to such directors, officers, employees, members of management,
managers or consultants, in each case in the ordinary course of business of the Company or any Restricted Subsidiary, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by the
issuer thereof to satisfy applicable statutory or regulatory obligations, and (B) no Capital Stock held by any future, present or former employee, director, officer, manager, member of management or consultant (or their respective Affiliates or
immediate family members) of the Company (or any Restricted Subsidiary) shall be considered Disqualified Capital Stock because such stock is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option,
stock appreciation right or other stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time. 

“Dollars” and “$”: dollars in lawful currency of the United States of America. 

“Dollar Equivalent”: of any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars,
such amount, (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in Dollars determined by using the Exchange Rate with respect to such currency. 

“Domestic Subsidiary”: any Restricted Subsidiary of the Company organized under the laws of the United States of America, any
state thereof or the District of Columbia other than any such Restricted Subsidiary the direct or indirect parent of which is a Foreign Subsidiary. 

“Dutch Auction”: an auction conducted by the Company to purchase Term Loans as contemplated by Section 10.06(k)
substantially in accordance with the procedures set forth in Exhibit I. 
 “ECF Percentage”: with respect to any fiscal
year of the Company, 50%; provided that the ECF Percentage shall be reduced to (i) 25% if the Consolidated Net Leverage Ratio for the Test Period ending on the last day of the relevant fiscal year is less than 3.75 to 1.00 but greater than or
equal to 3.25 to 1.00 and (ii) 0% if the Consolidated Net Leverage Ratio for the Test Period ending on the last day of the relevant fiscal year is less than 3.25 to 1.00. 

“EEA Financial Institution”: (a) any institution 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) 

  
 14 

 
of this definition, or (c) any 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”: any of the member states of the European Union,
Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority”: 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. 

“Effective Yield”: as to any Loans, the effective
all-in-yield on such Loans as determined in good faith by the Administrative Agent, taking into account the applicable interest rate margins, commitment or ticking fees,
any interest rate floors or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (x) the Weighted Average Life to Maturity of such Loans and (y) the four years following
the date of incurrence thereof) payable generally to lenders making such Loans, but excluding any arrangement, commitment, structuring, amendment or other fees payable in connection therewith that are not generally shared with the relevant lenders
and customary consent fees paid generally to consenting lenders. 
 “Eligible Assignee”: (a) a Lender, (b) an
Affiliate of a Lender, (c) a Related Fund of a Lender and (d) any other Person (other than a natural person or Competitor) approved by the Company (unless such assignment is to a Lender, an Affiliate of a Lender or a Related Fund of a
Lender or a payment or bankruptcy Event of Default has occurred and is continuing), the Administrative Agent (unless such assignment is an assignment under the Term Loan Facility to a Lender, an Affiliate of a Lender or a Related Fund of a Lender)
and each Issuing Lender (unless such assignment is an assignment under the Term Loan Facility) (each such approval not to be unreasonably withheld, delayed or conditioned and, in the case of the Company, deemed given if such approval is not received
or expressly declined in writing within 10 Business Days after request (in accordance with Section 10.02) therefor)). Notwithstanding the foregoing, “Eligible Assignee” shall not include (x) the Company or any of the
Company’s Affiliates (it being understood and agreed that assignments to the Company may only be made pursuant to Section 10.06(k)) or (y) any Defaulting Lender. 

“Environmental Laws”: any and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes, decrees, or
other legally enforceable requirements (including, without limitation, common law) of any international authority, foreign government, the United States, or any state, local, municipal or other governmental authority, regulating, relating to or
imposing liability or standards of conduct concerning protection of the environment or of human health, or employee health and safety, as has been, is now, or may at any time hereafter be, in effect. 

“Environmental Liability”: any liability, loss, damage, cost and expense, fine, penalty, sanction and interest resulting from
or related to Materials of Environmental Concern. 

  
 15 

 “Environmental Permits”: any and all permits, licenses, approvals,
registrations, notifications, exemptions and other authorizations required under any Environmental Law. 
 “ERISA”: the
Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Event”: (a) the failure to satisfy
the minimum funding standard with respect to a Single Employer Plan or Multiemployer Plan within the meaning of Section 412 of the Code or Section 302 of ERISA, (b) a determination that a Single Employer Plan is, or is expected to be,
in “at risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (c) a determination that a Multiemployer Plan is, or is expected to be, in “endangered status” or “critical
status” (as defined in Section 305(b) of ERISA) or (d) the filing pursuant to Section 302(c) of ERISA or Section 412(c) of the Code of an application for a waiver of the minimum funding standard with respect to any Single
Employer Plan or Multiemployer Plan. 
 “EU Bail-In Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Eurodollar Base Rate”: for any day and time, with respect to any Eurodollar Loan for any Interest Period, the London
interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as displayed on such day and time on
pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, if such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided that if the Eurodollar Base Rate shall be less than zero, such rate shall be deemed to be zero
for the purposes of this Agreement; provided, further, that if the screen rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to Dollars, then the Eurodollar Base Rate shall
be the Interpolated Rate at such time. 
 “Eurodollar Loans”: Loans for which the applicable rate of interest is based upon
the Eurodollar Rate. 
 “Eurodollar Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar
Loan, a rate per annum equal to (a) the Eurodollar Base Rate multiplied by (b) the Statutory Reserve Rate (rounded upward to the nearest 1/16th of 1%); provided that if such Eurodollar Rate shall be less than zero, such rate shall be
deemed to be zero for the purposes of this Agreement. 
 “Eurodollar Tranche”: the collective reference to Eurodollar Loans
under a particular Facility the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Article 8, provided that any requirement for the giving of notice,
the lapse of time, or both, has been satisfied. 

  
 16 

 “Evidence of Flood Insurance”: as defined in Section 6.08(a). 

“Excess Cash Flow”: for any fiscal year of the Company, the excess, if any, of (a) the sum, without duplication, of
(i) Consolidated Net Income for such fiscal year, (ii) the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such Consolidated Net Income,
(iii) the amount of the decrease, if any, in Consolidated Working Capital for such fiscal year, (iv) the aggregate net amount of non-cash loss on the Disposition of Property by the Company and its
Restricted Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income, (v) the net liability increase during such fiscal year (if
any) in long-term deferred tax accounts of the Company and (vi) the net amount of cash actually received by the Company and its Restricted Subsidiaries during such fiscal year with respect to any interest rate Hedge Agreement that does not
qualify for hedge accounting treatment under GAAP minus (b) the sum, without duplication, of (i) the amount of all non-cash credits included in arriving at such Consolidated Net Income,
(ii) the aggregate amount actually paid by the Company and its Restricted Subsidiaries in cash during such fiscal year on account of Capital Expenditures, except to the extent financed with the proceeds of Indebtedness, equity issuances,
casualty proceeds, condemnation proceeds or other proceeds, in each case, not included in Consolidated Net Income or to the extent financed with the proceeds of any Reinvestment Deferred Amount or the Available Amount, (iii) the amount of all
payments of the Term Loans during such fiscal year pursuant to Section 2.03 and the amount of any mandatory prepayment of Term Loans during such fiscal year pursuant to Section 2.10(b) to the extent required due to a Disposition that
resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase, but only to the extent that such payments do not occur pursuant to a refinancing of all or any portion of the Term Loans, (iv) the aggregate
amount of all regularly scheduled principal payments of Funded Debt (other than the Term Loans) of the Company and its Restricted Subsidiaries made in cash during such fiscal year, but only to the extent that the Funded Debt so prepaid by its terms
cannot be reborrowed or redrawn and such prepayments do not occur pursuant to a refinancing of all or any portion of such Funded Debt (and not utilizing the Available Amount), (v) the amount of the increase, if any, in Consolidated Working Capital
for such fiscal year, (vi) the aggregate net amount of non-cash gain on the Disposition of Property by the Company and its Restricted Subsidiaries during such fiscal year (other than sales of inventory in
the ordinary course of business), to the extent included in arriving at such Consolidated Net Income, (vii) the net liability decrease during such fiscal year (if any) in long-term deferred tax accounts of the Company, (viii) any
Reinvestment Deferred Amounts outstanding prior to the applicable Reinvestment Prepayment Date, (ix) amounts paid in cash during such fiscal year pursuant to transactions described in Section 7.06(c), (d) or (e), (x) the aggregate amount
actually paid by the Company and its Restricted Subsidiaries in cash during such fiscal year in connection with Permitted Acquisitions or Capital Expenditures or acquisitions of intellectual property, except to the extent financed with the proceeds
of Indebtedness (other than Indebtedness that is repaid prior to the end of the fiscal year in which such Permitted Acquisition was consummated or Capital Expenditure made with cash generated from operations), equity issuances, casualty proceeds,
condemnation proceeds or other proceeds, in each case, not included in Consolidated Net Income or to the extent financed with the proceeds of any Reinvestment Deferred Amount or the Available Amount, (xi) amounts paid in cash during such fiscal
year with respect to debt issuance costs and commissions, discounts and other fees and charges associated with the incurrence of Indebtedness (other than such as are 

  
 17 

 
paid with the proceeds of such Indebtedness), (xii) the net amount of cash actually paid by the Company and its Restricted Subsidiaries during such fiscal year with respect to any interest rate
Hedge Agreement that does not qualify for hedge accounting treatment under GAAP, and (xiii) the amount of any premium, make-whole or penalty payments actually paid by the Company and its Restricted Subsidiaries in cash that are made in
connection with any prepayment of Indebtedness. 
 “Excess Cash Flow Application Date”: as defined in Section 2.10(c).

 “Exchange Act”: the Securities Exchange Act of 1934, as amended from time to time. 

“Exchange Rate”: on any day, for purposes of determining the Dollar Equivalent of any other currency, the rate at which such
other currency may be exchanged into Dollars at the time of determination on such day displayed by ICE Data Services as the “ask price” for such currency. If such rate does not appear on ICE Data Services (or on such other information
service which publishes that rate of exchange from time to time in place of ICE Data Services), the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the
Administrative Agent and the Company, or, in the absence of such an agreement, the Administrative Agent, after consultation with the Company, may use any reasonable method it deems in good faith appropriate to determine such rate, and such
determination shall be presumed correct absent demonstrable error. 
 “Excluded Assets”: (a) any fee-owned real property located outside the United States, any fee-owned real property located in the United States with an assessed value for real estate taxation purposes of
less than $10,000,000 and all leasehold interests; (b) motor vehicles and other assets subject to certificates of title (other than to the extent a security interest in such assets can be perfected by filing a Uniform Commercial Code financing
statement); (c) equity interests in any Person other than direct Wholly Owned Restricted Subsidiaries of the Company or any Restricted Subsidiary Guarantor to the extent not permitted by such Person’s organizational or joint-venture
documents in effect as of the Closing Date or at the time of acquisition thereof or require the consent of one or more third parties (after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or other applicable
law); (d) commercial tort claims with a value of less than $5,000,000; (e) any lease, license or other agreement or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security
interest therein would violate or invalidate such lease, license or agreement or purchase money security interest or similar arrangement or create a right of termination in favor of any other party thereto (other than the Company or any Wholly Owned
Restricted Subsidiary) after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial
Code notwithstanding such prohibition; (f) the Capital Stock of Unrestricted Subsidiaries, Cleared Subsidiaries, or Immaterial Restricted Subsidiaries; (g) security interests to the extent the same would result in significant adverse tax
consequences, as reasonably determined by the Company in consultation with the Administrative Agent; (h) those assets as to which the Administrative Agent and the Company reasonably agree that the cost of obtaining such a security interest or
perfection thereof are excessive in relation to the benefit to the Lenders of the security to be afforded thereby, (i) all foreign intellectual property and any
“intent-to-use” trademark applications, (j) any assets to the 

  
 18 

 extent the creation or perfection of pledges thereof, or security interests therein, would reasonably be expected
to result in significant adverse tax consequences to the Company or any of its Restricted Subsidiaries under Section 956 of the Internal Revenue Code, as reasonably determined by the Company in consultation with the Administrative Agent,
(k) any assets to the extent the creation or perfection of pledges thereof is prohibited by any Requirements of Law of a Governmental Authority, requires a consent not obtained of any Governmental Authority pursuant to such Requirement of Law
or is prohibited by, or constitutes a breach or default under or results in the termination of or requires the consent of another Person (other than the Company or a Restricted Subsidiary thereof) not obtained under, any contract, license,
agreement, instrument or other document evidencing or giving rise to such property or, in the case of any Investment Property, Pledged Stock or Pledged Notes (in each case as defined in the Guarantee and Collateral Agreement), any applicable
shareholder or similar agreement, except to the extent that such Requirement of Law or the terms in such contract, license, agreement, instrument or other document or shareholder or similar agreement providing for such prohibition, breach, default
or termination or requiring such consent is ineffective under applicable law and (l) the voting Capital Stock of any Foreign Subsidiary or CFC Holding Company, to the extent (but only to the extent) required to prevent the Collateral from
including more than 65% of all voting Capital Stock of such Foreign Subsidiary or CFC Holding Company. 
 “Excluded Domestic
Subsidiary”: (a) each Domestic Subsidiary listed on Schedule 1.01B, (b) any Domestic Subsidiary that is a Cleared Subsidiary or an Unrestricted Subsidiary, (c) any Domestic Subsidiary that is prohibited by any Requirement of Law
from guaranteeing Obligations for so long as such prohibition exists, (d) any Domestic Subsidiary that is a CFC or a CFC Holding Company (and accordingly, in no event shall a CFC or a CFC Holding Company be required to enter into any Security
Document or pledge any assets hereunder), (e) any Domestic Subsidiary that is not an “Eligible Contract Participant” as defined in the Commodity Exchange Act with respect to Excluded Swap Obligations, (f) any Domestic Subsidiary that
is an Immaterial Restricted Subsidiary or for which the burden or cost of obtaining a guarantee of the Obligations is excessive in comparison to the benefit to the Lenders as reasonably determined by the Administrative Agent in consultation with the
Company and (g) any non-Wholly Owned Restricted Subsidiary of any Loan Party. Notwithstanding anything in any Loan Document to the contrary, the Company shall only be obligated to cause any Excluded
Domestic Subsidiary that has or is required to maintain a Federal security clearance (a “Cleared Subsidiary”) to comply with covenants in the Loan Documents otherwise applicable to Restricted Subsidiaries to the extent the Company
is reasonably able to do so, without adversely impacting such Cleared Subsidiary’s Federal security clearance; provided that to the extent the Company is reasonably able to do so without adversely impacting such Cleared Subsidiary’s
Federal security clearance, the Company shall notify the Administrative Agent of any non-compliance by such Cleared Subsidiary with any of the covenants in the Loan Documents. 

“Excluded Swap Obligation”: with respect to any Restricted Subsidiary Guarantor, any Swap Obligation if, and to the extent
that, all or a portion of the Guarantor Obligation (as defined in the Guarantee and Collateral Agreement) of such Restricted Subsidiary Guarantor of, or the grant by such Restricted Subsidiary Guarantor of a security interest to secure, such Swap
Obligation (or any Guarantor Obligation thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by
virtue of such Restricted 

  
 19 

 
Subsidiary Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time
the Guarantor Obligation of such Restricted Subsidiary Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such
exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantor Obligation or security interest is or becomes illegal. 

“Excluded Taxes”: any of the following taxes imposed on or with respect to any Credit Party or required to be withheld or
deducted from a payment to such Credit Party, (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 Credit Party being organized under
the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such tax (or any political subdivision thereof) or (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 the Borrower under Section 10.19) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 2.18, amounts with respect to such taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately before it changed its
lending office, (c) taxes attributable to such Credit Party’s failure to comply with Section 2.18(e) and (d) any U.S. federal withholding taxes imposed under FATCA. 

“Existing Convertible Notes”: the Company’s 1.50% convertible senior notes due June 1, 2021. 

“Existing Credit Agreement”: the Amended and Restated Credit Agreement, dated as of April 29, 2011 and amended and
restated as of March 6, 2017 (as amended, supplemented or modified from time to time), among the Company, certain subsidiary borrowers party thereto, the lenders party thereto and Credit Suisse AG, as administrative agent and collateral agent.

 “Facility”: each of (a) the Term Loan Commitments and the Term Loans made thereunder (the “Term Loan
Facility”) and (b) the Revolving Credit Commitments and the extensions of credit made thereunder (the “Revolving Credit Facility”). 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any intergovernmental agreements entered into or any official rules or legislation implementing any such intergovernmental agreement and any agreements entered into
pursuant to Section 1471(b)(1) of the Code and any current or future regulations or official interpretations of the foregoing. 

“Federal Funds Effective Rate”: for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next 

  
 20 

 
succeeding Business Day by the NYFRB as the federal funds effective rate, provided that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to zero for
the purposes of this Agreement. 
 “Financial Covenant”: the covenant set forth in Section 7.01. 

“Financial Covenant Default”: (i) a failure to comply with the Financial Covenant, (ii) a failure to give notice of the
occurrence of a Default or Event of Default under Section 6.07(a) in connection with the events described in clause (i) or (iii) the taking of any action by the Company or its Restricted Subsidiaries if such action was prohibited hereunder
solely due to the existence of a Financial Covenant Default of the type described in clause (i) or (ii) of this definition. It is understood and agreed that this definition may be amended without the consent of any Term Loan Lenders but not
without the written consent of the Majority Revolving Credit Facility Lenders. 
 “First Lien Net Leverage Ratio”: as at
the last day of any Test Period, the ratio of (a)(i) Consolidated Total Debt on such day minus the sum (without duplication) of (x) any portion thereof that is not secured by any Lien on any property or asset of the Company or any
Restricted Subsidiary and (y) any portion thereof that is secured by a Lien on any property or asset of the Company or any Subsidiary, which Lien is expressly subordinated or junior to Liens securing the Obligations to (b) Consolidated
EBITDA of the Company and its Subsidiaries for such period. 
 “First Lien Leverage Ratio”: as at the last day of any Test
Period, the ratio of (a) the aggregate principal amount of all Indebtedness of the types described in clauses (a), (c) and (e) of the definition thereof and, without duplication, of the type described in clause (g) of the definition
thereof (to the extent relating to Indebtedness of the types described in clause (a), (c) and (e) of the definition thereof) owing by the Company and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance
with GAAP on such day minus the sum (without duplication) of (x) any portion thereof that is not secured by any Lien on any property or asset of the Company or any Restricted Subsidiary and (y) any portion thereof that is secured by
a Lien on any property or asset of the Company or any Subsidiary, which Lien is expressly subordinated or junior to the Liens securing the Obligations to (b) Consolidated EBITDA of the Company and its Subsidiaries for such period. 

“Flood Determination Form”: as defined in Section 6.08(b). 

“Flood Documents”: as defined in Section 6.08(b). 

“Flood Laws”: the National Flood Insurance Reform Act of 1994 and related legislation (including the regulations of the Board
of Governors of the Federal Reserve System). 
 “Foreign Subsidiary”: any Restricted Subsidiary of the Company that is not
a Domestic Subsidiary. 
 “Fronting Exposure”: at any time there is a Defaulting Lender, with respect to any Issuing
Lender, such Defaulting Lender’s Revolving Credit Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such Issuing Lender 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. 

  
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 “Funded Debt”: with respect to any Person, all Indebtedness of such Person of
the types described in clauses (a) through (e) of the definition of “Indebtedness” in this Section 1.01. 

“Funding Office”: the office specified from time to time by the Administrative Agent as its funding office by notice to the
Company and the Lenders. 
 “GAAP”: generally accepted accounting principles in the United States of America as in effect
from time to time. 
 “Governmental Authority”: any nation or government, any state or other political subdivision thereof,
any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank), any securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners). 

“Granting Lender”: as defined in Section 10.06(i). 

“Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement dated as of the date hereof by the Company and
each other Loan Party from time to time party thereto in favor of the Collateral Agent. 
 “Guarantee Obligation”: as to
any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation
of a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other
third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary
obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the
primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the
primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to
the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such
Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or readily 

  
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determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the
Company in good faith. 
 “Hedge Agreements”: all interest rate or currency swaps, caps or collar agreements, foreign
exchange agreements, commodity contracts or similar arrangements entered into by the Company or its Restricted Subsidiaries providing for protection against fluctuations in interest rates, currency exchange rates or commodity prices, either
generally or under specific contingencies. 
 “Immaterial Restricted Subsidiary”: each Restricted Subsidiary of the Company
now existing or hereafter acquired or formed and each successor thereto, which accounts for not more than (a) 2.5% of the consolidated gross revenues (after intercompany eliminations) of the Company and its Restricted Subsidiaries or (b) 2.5% of the
Consolidated Total Assets (after intercompany eliminations) of the Company and its Restricted Subsidiaries, in each case, as of the last day of the most recently completed fiscal quarter of the Company for which financial statements were delivered
pursuant to Section 6.01(a) or (ii); provided that if the Restricted Subsidiaries that constitute Immaterial Restricted Subsidiaries pursuant to the preceding portion of this definition account for, in the aggregate, more than 5.0% of such
consolidated gross revenues and more than 5.0% of the Consolidated Total Assets, each as described in the preceding portion of this definition, then the term “Immaterial Restricted Subsidiary” shall not include each such Restricted
Subsidiary (starting with the Restricted Subsidiary that accounts for the most consolidated gross revenues or Consolidated Total Assets and then in descending order) necessary to account for at least 95% of the consolidated gross revenues and 95% of
the Consolidated Total Assets, each as described in clause (a) above. 
 “Incremental Amendment”: as defined in
Section 2.22. 
 “Incremental Commitment”: an Incremental Revolving Credit Commitment or an Incremental Term Loan
Commitment. 
 “Incremental Facility”: an Incremental Revolving Credit Facility or an Incremental Term Loan Facility. 

“Incremental Lender”: an Incremental Revolving Credit Lender or an Incremental Term Loan Lender. 

“Incremental Loans”: Loans made pursuant to Section 2.22. 

“Incremental Revolving Credit Commitment”: with respect to any Lender, the commitment, if any, of such Lender, established
pursuant to an Incremental Amendment and Section 2.22, to make Revolving Credit Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Extensions of Credit under such
Incremental Amendment. 
 “Incremental Revolving Credit Facility”: an incremental portion of the Revolving Credit
Commitments established hereunder pursuant to an Incremental Amendment providing for Incremental Revolving Credit Commitments. 

  
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 “Incremental Revolving Credit Lender”: a Lender with an Incremental Revolving
Credit Commitment. 
 “Incremental Term Loan A Facility”: an incremental term loan facility structured as a term loan
“A” facility established hereunder pursuant to an Incremental Amendment providing for Incremental Term Loan Commitments. 

“Incremental Term Loan B Facility”: an incremental term loan facility structured as a term loan “B” facility
established hereunder pursuant to an Incremental Amendment providing for Incremental Term Loan Commitments. 
 “Incremental Term
Loan Commitment”: with respect to any Lender, the commitment, if any, of such Lender, established pursuant to an Incremental Amendment and Section 2.22, to make Incremental Term Loans of any Series hereunder, expressed as an amount
representing the maximum principal amount of the Incremental Term Loans of such Series to be made by such Lender. 
 “Incremental
Term Loan Facility”: an incremental term loan facility established hereunder pursuant to an Incremental Amendment providing for Incremental Term Loan Commitments. 

“Incremental Term Loan Maturity Date”: with respect to Incremental Term Loans of any Series, the scheduled date on which such
Incremental Term Loans shall become due and payable in full hereunder, as specified in the applicable Incremental Amendment. 

“Incremental Term Loan Lender”: a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.

 “Incremental Term Loans”: Loans made by an Incremental Term Loan Lenders to the Company pursuant to Section 2.22.

 “Indebtedness”: of any Person at any date, without duplication, (a) all obligations of such Person for borrowed
money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than trade payables incurred in the ordinary course of such Person’s business and earn outs and other similar contingent payments),
(c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to Property acquired by
such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such Property), (e) all Capital Lease Obligations of such Person, (f) all
reimbursement, payment or similar obligations of such Person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit, surety bond or similar facilities other than those securing only trade payables or non-financial performance obligations incurred in the ordinary course of business, (g) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (f)
above, (h) all obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including,
without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or 

  
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become liable for the payment of such obligation; provided that, if such Person has not assumed such obligations, then the amount of Indebtedness of such Person for purposes of this clause
(h) shall be equal to the lesser of the aggregate unpaid amount of such Indebtedness and the fair market value of the assets of such Person which secure such Indebtedness, (i) all obligations of such Person in respect of Disqualified
Capital Stock, valued, in the case of redeemable preferred interests, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, and (j) for the purposes of Section 7.02 and paragraph
(e) of Article 8 only, all obligations of such Person in respect of Hedge Agreements. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. 

“Indemnitee”: as defined in Section 10.05(b). 

“Information”: as defined in Section 10.15. 

“Initial Term Loan”: a Loan made pursuant to Section 2.01. 

“Initial Term Loan Commitment”: with respect to each Lender, the commitment, if any, of such Lender to make an Initial Term
Loan on the Closing Date, expressed as an amount representing the maximum principal amount of the Initial Term Loan to be made by such Lender, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and
(b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.06. The initial amount of each Lender’s Initial Term Loan Commitment is set forth on Annex B or in the Assignment and
Acceptance pursuant to which such Lender shall have assumed its Initial Term Loan Commitment, as applicable. The initial aggregate amount of the Lenders’ Initial Term Loan Commitments is $425,000,000. 

“Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of
Section 4245 of ERISA. 
 “Insolvent”: pertaining to a condition of Insolvency. 

“Intellectual Property”: the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology,
know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Intercreditor Agreement”: (a) in respect of Indebtedness intended to be secured by some or all of the Collateral on a
contractually pari passu basis with the Obligations, an intercreditor agreement reasonably acceptable to the Administrative Agent the terms of which are consistent with market terms governing security arrangements for the sharing of
Liens on a pari passu basis at the time such intercreditor agreement is proposed to be established in light of the type of Indebtedness to be 

  
 25 

 
secured by such Liens, as reasonably determined by the Administrative Agent and the Company, and (b) in respect of Indebtedness intended to be secured by some or all of the Collateral on a
contractually junior priority basis with the Obligations, an intercreditor agreement reasonably acceptable to the Administrative Agent the terms of which are consistent with market terms governing security arrangements for the sharing of Liens on a
junior basis at the time such intercreditor agreement is proposed to be established in light of the type of Indebtedness to be secured by such Liens, as reasonably determined by the Administrative Agent and the Company. 

“Interest Payment Date”: (a) as to any ABR Loan, each Payment Date to occur while such Loan is outstanding and the final
maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or shorter, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each
day that is three months, or a whole multiple thereof, after the first day of such Interest Period, and the last day of such Interest Period and (d) as to any Loan (other than any Revolving Credit Loan that is an ABR Loan), the date of any
repayment or prepayment made in respect thereof. 
 “Interest Period”: as to any Eurodollar Loan, (a) initially, the
period commencing on the Borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six or (if agreed to by all Lenders under the relevant Facility, as determined by such Lenders in their
sole discretion) twelve months thereafter, as selected by the Borrower in its Borrowing Notice, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such
Eurodollar Loan and ending one, two, three or six or (if agreed to by all Lenders under the relevant Facility, as determined by such Lenders in their sole discretion) twelve months thereafter, as selected by the Borrower by irrevocable notice to the
Administrative Agent not later than 11:00 A.M., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions
relating to Interest Periods are subject to the following: 
 (1) if any Interest Period would otherwise end on a day that is not a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately
preceding Business Day; 
 (2) any Interest Period that would otherwise extend beyond the Revolving Credit Maturity Date, the Term Loan
Maturity Date or an Incremental Term Loan Maturity Date, as the case may be, shall end on the Revolving Credit Maturity Date, Term Loan Maturity Date or Incremental Term Loan Maturity Date as applicable; and 

(3) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period. 

“Interpolated Rate”: at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places
as the Eurodollar Base Rate) reasonably determined by the Administrative Agent (which determination shall be conclusive and binding absent demonstrable error) to be equal to the rate that results from interpolating on a linear basis between:
(a) the 

  
 26 

 
Eurodollar Base Rate for the longest period for which the Eurodollar Base Rate is available) that is shorter than the Impacted Interest Period; and (b) the Eurodollar Base Rate for the
shortest period (for which that Eurodollar Base Rate is available) that exceeds the Impacted Interest Period, in each case, at such time. 

“Investments”: as defined in Section 7.07. 

“Issuing Lender”: JPMorgan Chase Bank, N.A., acting through any of its Affiliates or branches, in its capacity as an issuer
of Letters of Credit hereunder, and any other Revolving Credit Lender from time to time designated by the Company as an Issuing Lender with the consent of such Revolving Credit Lender and the Administrative Agent with respect to Letters of Credit
issued by such Revolving Credit Lender. An Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates or branches of such Issuing Lender, in which case the term “Issuing Lender” shall
include any such Affiliate or branch with respect to Letters of Credit issued by such Affiliate or branch. 
 “Joint
Bookrunners”: JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, RBC Capital Markets LLC, Barclays Bank PLC, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc., in their capacities as joint
bookrunners of the Facilities hereunder. 
 “L/C Commitment”: $25,000,000. 

“L/C Disbursement”: a payment or disbursement made by any Issuing Lender pursuant to a Letter of Credit issued by such
Issuing Lender. 
 “L/C Fee”: as defined in Section 3.03. 

“L/C Fee Payment Date”: each Payment Date, and the last day of the Revolving Credit Commitment Period. 

“L/C Obligations”: at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the
then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.05. 

“L/C Participants”: with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders other
than the Issuing Lender that issued such Letter of Credit. 
 “Lead Arranger”: JPMorgan Chase Bank, N.A., in its capacity
as lead arranger of the Facilities hereunder. 
 “Lender Presentation”: the Lender Presentation dated June 12, 2017
and furnished to the Administrative Agent in connection with the Agreement. 
 “Lenders”: as defined in the preamble
hereto. 
 “Letters of Credit”: as defined in Section 3.01(a). 

  
 27 

 “Lien”: any mortgage, deed of trust, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge or other security interest or any similar security arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional
sale, any other title retention agreement, any capital lease or any other financing lease having substantially the same economic effect as any of the foregoing). 

“Limited Condition Acquisition”: any Permitted Acquisition the consummation of which by the Company or any Restricted
Subsidiary is not expressly conditioned on the availability of, or on obtaining, third party financing. 
 “Loan”: any loan
made by any Lender pursuant to this Agreement. 
 “Loan Documents”: this Agreement, the Security Documents, any Incremental
Amendment, the Applications, the Notes, any Intercreditor Agreement, any Restricted Subsidiary Borrower Request and Assumption Agreement and any Letter of Credit. 

“Loan Parties”: each Borrower and each Restricted Subsidiary Guarantor. 

“Loan Stock”: as defined in Section 7.07(q). 

“Majority Facility Lenders”: with respect to any Facility, the holders of more than 50% of the aggregate unpaid principal
amount of the Term Loans or the Total Revolving Extensions of Credit, as the case may be, outstanding under such Facility (or, in the case of the Revolving Credit Facility, prior to any termination of the Revolving Credit Commitments, the holders of
more than 50% of the Total Revolving Credit Commitments). 
 “Majority Revolving Credit Facility Lenders”: the Majority
Facility Lenders in respect of the Revolving Credit Facility. 
 “Material Adverse Effect”: a material adverse change in or
an event or occurrence materially and adversely affecting (a) the business, assets, property, operations or condition (financial or otherwise) of the Company and its Restricted Subsidiaries taken as a whole, (b) a material impairment of
the ability of the Company and the other Loan Parties, taken as a whole, to perform their obligations under the Loan Documents to which they are or will be a party or (c) the validity or enforceability of this Agreement or any of the other Loan
Documents or the rights and remedies of the Agents and the Lenders hereunder or thereunder. 
 “Materials of Environmental
Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products, polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity, and any other substances
defined as hazardous or toxic under any Environmental Law, that is regulated pursuant to or could give rise to liability under any Environmental Law. 

“Maturity Date”: the Term Loan Maturity Date, the Incremental Term Loan Maturity Date with respect to Incremental Term Loans
of any Series or the Revolving Credit Maturity Date, and any extended maturity date with respect to all or a portion of any Class of Loans or Commitments hereunder pursuant to a Refinancing Amendment. 

  
 28 

 “Maximum Rate”: as defined in Section 10.22. 

“Moody’s”: Moody’s Investors Service, Inc., or any successor thereto. 

“Mortgaged Properties”: the real properties which become subject to a Mortgage pursuant to Section 6.08(b) as to which
the Collateral Agent for the benefit of the Secured Parties shall be granted a Lien pursuant to one or more Mortgages. 

“Mortgages”: each of the mortgages and deeds of trust made by any Loan Party in favor of, or for the benefit of, the
Collateral Agent for the benefit of the Secured Parties, in such form or forms as are reasonably satisfactory to the Collateral Agent. 

“Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Net Cash Proceeds”: (a) in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the form of cash
and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, and any other cash proceeds subsequently received
in respect of noncash consideration initially received, but only as and when received) of such Asset Sale or Recovery Event, net of attorneys’ fees, accountants’ fees, broker’s fees and commissions, investment banking fees, amounts
required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset which is the subject of such Asset Sale or Recovery Event (other than any such Indebtedness assumed by the purchaser of such asset
and other than any Lien pursuant to a Security Document), other customary fees and expenses actually incurred in connection therewith and amounts provided as a reserve, in accordance with GAAP, against (x) any liabilities under any
indemnification obligations associated with such Asset Sale or Recovery Event or (y) any other liabilities retained by the Company or any Restricted Subsidiary thereof associated with the properties sold in such Asset Sale or subject to such
Recovery Event (provided that, in each case, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds), and net of taxes paid or reasonably estimated to be payable as a
result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and (b) in connection with any issuance or sale of equity securities or debt securities or instruments or the incurrence of
loans, the cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions, other customary fees and expenses actually incurred in
connection therewith and, in the case of any Indebtedness that constitutes Permitted Convertible Indebtedness, the net cost of any Permitted Call Spread Transaction executed substantially concurrently with the pricing of such Permitted Convertible
Indebtedness. 
 “Net Equity Proceeds”: with respect to each capital contribution to any Person or sale or issuance by any
Person of its Capital Stock, the cash proceeds received by such Person therefrom net of reasonable transaction costs (including, as applicable, any underwriting, brokerage or other customary discounts and commissions and reasonable legal, advisory
and other fees and expenses associated therewith). 

  
 29 

 “NFIP”: as defined in Section 6.08(b). 

“Non-Defaulting Lender”: at any time, each Lender that is not a Defaulting Lender at
such time. 
 “Non-Excluded Taxes”: (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) above, Other Taxes. 

“Non-U.S. Lender”: any Lender that is not a “United States Person” as
defined in Section 7701(a)(30) of the Code. 
 “Note”: any promissory note evidencing any Loan. 

“NYFRB”: the Federal Reserve Bank of New York. 

“NYFRB Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the
Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term
“NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing reasonably selected by it; provided,
further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligations”: the unpaid principal of and interest on (including, without limitation, interest accruing after the maturity
of the Loans and Reimbursement Obligations and any interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency or reorganization of any Loan Party (or would accrue but for the operation
of applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable as a claim in any such proceeding) the Loans, the Reimbursement Obligations and all other obligations and liabilities of the Borrowers and the
Restricted Subsidiary Guarantors to the Administrative Agent, the Collateral Agent or to any Lender, any Qualified Counterparty or any Cash Management Bank, whether direct or indirect, absolute or contingent, due or to become due, or now existing or
hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, any Specified Hedge Agreement, any Specified Cash Management Agreement or any other document made, delivered or
given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees, charges and disbursements of counsel to the Administrative
Agent, the Collateral Agent or to any Lender that are required to be paid by the Borrowers pursuant hereto) or otherwise; provided, that (i) obligations of any Borrower or any Restricted Subsidiary Guarantor under any Specified Hedge
Agreement or any Specified Cash Management Agreement shall be secured and guaranteed only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and (ii) any release of Collateral or Restricted Subsidiary
Guarantors effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Specified Hedge Agreements or Specified Cash Management Agreements. Notwithstanding the foregoing, the Obligations and the
“Obligations” as defined in the Guarantee and Collateral Agreement shall in no event include any Excluded Swap Obligations. 

  
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 “Other Connection Taxes”: with respect to any Credit Party, taxes imposed as a
result of a present or former connection between such Credit Party and the jurisdiction imposing such tax (other than connections arising from such Credit Party 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”: any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except any such taxes that are Other Connection Taxes
imposed with respect to an assignment. 
 “Overnight Bank Funding Rate”: for any day, the rate comprised of both overnight
federal funds and overnight Eurodollar Rate borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the
next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate). 

“Participant”: as defined in Section 10.06(b). 

“Participant Register”: as defined in Section 10.06(b). 

“Participation Amount”: as defined in Section 3.04(b). 

“Payment”: as defined in Section 7.08. 

“Payment Amount”: as defined in Section 3.05. 

“Payment Date”: the first Business Day after the last day of each January, April, July and October. 

“Payment Office”: the office specified from time to time by the Administrative Agent as its payment office by notice to the
Company and the Lenders. 
 “PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV
of ERISA (or any successor). 
 “Perfection Certificate”: the Perfection Certificate substantially in the form of Exhibit B
to the Guarantee and Collateral Agreement. 
 “Permitted Acquisition”: an acquisition or any series of related acquisitions
by the Company or any of its Restricted Subsidiaries (including any merger where the Company or any of its Restricted Subsidiaries is the surviving entity) of all of the equity interests in, or all or

  
 31 

 
substantially all of the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of), any Person or the outstanding voting
Capital Stock or economic interests of a Person that, upon consummation of such acquisition, is or will be a Restricted Subsidiary of the Company or merged with or into the Company or a Restricted Subsidiary of the Company (such Person or such
division, line of business or other business unit of such Person shall be referred to herein as the “Permitted Acquisition Target”), in each case that is a type of business (or assets used in a type of business) permitted to be
engaged in pursuant to Section 7.14, so long as (i) in the case of a Limited Condition Acquisition, no Default or Event of Default shall exist as of the date the definitive acquisition agreement for such Limited Condition Acquisition is
entered into, and, in the case of any other Permitted Acquisition, no Default or Event of Default shall then exist or would exist immediately after giving effect thereto, (ii) for any acquisition for an aggregate consideration greater than
$25,000,000, in the case of a Limited Condition Acquisition as of the date the definitive acquisition agreement for such Limited Condition Acquisition is entered into, and, in the case of any other Permitted Acquisition, the date thereof, the
Company shall be in compliance with the Financial Covenant, determined on a pro forma basis as of the last day of the most recently ended fiscal quarter for which the Company’s consolidated financial statements have been delivered
hereunder prior to, in the case of a Limited Condition Acquisition, the date the definitive acquisition agreement for such Limited Condition Acquisition is entered into, and, in the case of any other Permitted Acquisition, the date thereof,
(iii) such acquisition shall not be a “hostile” acquisition and shall have been approved by the Board of Directors or similar governing body and/or shareholders or other equity holder(s) of the Permitted Acquisition Target and
(iv) the aggregate consideration paid by the Loan Parties in the case of acquisitions after the Closing Date of (A) entities that are not and do not become Restricted Subsidiary Guarantors or (B) assets that are not owned by a Loan
Party shall not exceed the greater of (x) $125,000,000 and (y) 6.5% of Consolidated Total Assets of the Company, determined as of the last day of the most recently ended fiscal quarter for which the Company’s consolidated financial statements
have been delivered hereunder prior to, in the case of a Limited Condition Acquisition, the date the definitive acquisition agreement for such Limited Condition Acquisition is entered into, and, in the case of any other Permitted Acquisition, the
date thereof (provided that amounts available under Section 7.07(i), Section 7.07(n) and Section 7.07(o) for making Investments may also be used to pay consideration for such Permitted Acquisitions). 

“Permitted Acquisition Indebtedness”: Indebtedness of a Permitted Acquisition Target that is not incurred by such Permitted
Acquisition Target, the Company or any Restricted Subsidiary in contemplation of (or in connection with) a Permitted Acquisition, including any obligations under agreements providing for earn outs, deferred purchase price, indemnification,
adjustment of purchase price or similar obligations, or from Guarantee Obligations or letters of credit, surety bonds or performance bonds securing the performance of the Company or any Restricted Subsidiary pursuant to such agreements, in
connection with Permitted Acquisitions. 
 “Permitted Acquisition Target”: as defined in the definition of “Permitted
Acquisition” in this Section 1.01. 
 “Permitted Bond Hedge Transaction”: any bond hedge, capped call or similar
option transaction entered into in connection with the issuance of Permitted Convertible Indebtedness for the purpose or having the effect of increasing the effective conversion price of such Permitted Convertible Indebtedness. 

  
 32 

 “Permitted Call Spread Transaction”: any Permitted Bond Hedge Transaction
together with, if applicable, any Permitted Warrant Transaction. 
 “Permitted Convertible Indebtedness”: any notes, bonds,
debentures or similar instruments issued by the Company that are convertible into or exchangeable for (x) cash, (y) shares of the Company’s common stock or preferred stock or other equity securities that constitute Qualified Capital Stock
or (z) a combination thereof. 
 “Permitted Disposition Amount”: as defined in Section 7.05(e). 

“Permitted Equity Issuance”: any sale or issuance of any Qualified Capital Stock of the Company or a cash capital
contribution to the Company in respect of its common Capital Stock. For the avoidance of doubt, neither the incurrence of any Indebtedness convertible into or exchangeable for Capital Stock nor the conversion or exchange of any such Indebtedness
into or for Capital Stock shall constitute a Permitted Equity Issuance. 
 “Permitted Refinancing”: any Indebtedness issued
in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund, other Indebtedness; provided that: 

(i) the principal amount (or accreted value, if applicable) of such Indebtedness does not exceed (a) the principal amount (or accreted
value, if applicable) of the Indebtedness so exchanged, extended, refinanced, renewed, replaced, defeased or refunded plus (b) all accrued interest thereon plus (c) the amount of any reasonable tender or redemption premium paid in
connection therewith or any penalty or premium required to be paid under the terms of the instrument or documents governing such Indebtedness being exchanged, extended, refinanced, renewed, replaced, defeased or refunded and any reasonable costs,
fees and expenses incurred in connection with the issuance of such new Indebtedness and the refinancing of such Indebtedness being exchanged, extended, refinanced, renewed, replaced, defeased or refunded; 

(ii) other than with respect to Permitted Convertible Indebtedness incurred in reliance on Section 7.02(j)(i)(y), such Indebtedness has a
final maturity date no earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of, the Indebtedness being exchanged, extended, refinanced, renewed,
replaced, defeased or refunded; 
 (iii) such Indebtedness shall not have obligors that were not obligors in respect of the Indebtedness
being exchanged, extended, refinanced, renewed, replaced, defeased or refunded unless such obligors would be permitted to otherwise incur such Indebtedness hereunder; 

(iv) if such Indebtedness being exchanged, extended, refinanced, renewed, replaced, defeased or refunded is expressly subordinated in right of
payment to the Obligations (other than Indebtedness assumed or acquired in an acquisition and not created in contemplation thereof), such new, extension, refinancing, renewal, replacement, defeasance or refunding Indebtedness shall be subordinated
in right of payment to the Obligations on terms, taken as a whole, at least 

  
 33 

 
as favorable (in the good faith judgment of the Company) to the Lenders as those contained in the documentation governing the Indebtedness being exchanged, extended, refinanced, renewed,
replaced, defeased or refunded; and 
 (v) no Event of Default shall have occurred and be continuing. 

“Permitted Warrant Transaction”: any warrant issued by the Company concurrently with the purchase, by the Company, of a
Permitted Bond Hedge Transaction for the purpose of offsetting the cost of such Permitted Bond Hedge Transaction. 

“Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
 “Plan”: at a
particular time, any employee benefit plan that is covered by ERISA and in respect of which the Company or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 “Platform”: as defined in Section 10.02. 

“Pledged Stock”: as defined in Guarantee and Collateral Agreement, which, in the case of CFCs and CFC Holding Companies,
shall be limited to a pledge of 65% of the voting Capital Stock of first-tier CFCs or CFC Holding Companies. 
 “Prime
Rate”: the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its office located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as being effective. 
 “Projections”: as defined in
Section 6.02(c). 
 “Property”: any right or interest in or to property of any kind whatsoever, whether real, personal
or mixed and whether tangible or intangible, including, without limitation, Capital Stock. 
 “Public Lender”: as defined
in Section 10.02. 
 “Qualified Capital Stock”: any Capital Stock of the Company that is not Disqualified Capital
Stock. 
 “Qualified Counterparty”: with respect to any Specified Hedge Agreement, any counterparty thereto that, at the
time such Specified Hedge Agreement was entered into, was a Lender, an Agent or an Affiliate of a Lender or Agent. 
 “Recordable
Intellectual Property”: as defined in the Guarantee and Collateral Agreement. 

  
 34 

 “Recovery Event”: any settlement of or payment in respect of, or any series of
related settlements of or payments in respect of, any property or casualty insurance claim or any condemnation proceeding relating to any asset of the Company or any of its Restricted Subsidiaries in excess of $3,300,000. 

“Refinanced Loans and Commitments”: as defined in Section 2.26(a). 

“Refinancing Amendment”: an amendment to this Agreement (which may, at the option of the Administrative Agent, be in the form
of an amendment and restatement of this Agreement) providing for Refinancing Debt or Refinancing Revolving Credit Commitments pursuant to Section 2.26, which shall be consistent with Section 2.26 and otherwise satisfactory to the parties
thereto. Each Refinancing Amendment shall be executed by the Administrative Agent, the Loan Parties and the other parties required by Section 2.26 (but not any other Lender). 

“Refinancing Debt”: one or more Classes of Term Loans, senior secured notes (which may rank pari passu or junior in
right of security to the Term Loan Facility) or senior unsecured notes that result from a Refinancing Amendment in accordance with Section 2.26. 

“Refinancing Facility Closing Date” ”: as defined in Section 2.26(b). 

“Refinancing Revolving Credit Commitments”: a new Class of Revolving Credit Commitments that result from a Refinancing
Amendment in accordance with Section 2.26. 
 “Register”: as defined in Section 10.06(e). 

“Registered Equivalent Notes”: with respect to any bonds, notes, debentures or similar instruments originally issued in a
Rule 144A or other private placement transaction under the Securities Act of 1933, substantially identical notes (having the same guarantees) issued in a dollar for dollar exchange therefor pursuant to an exchange offer registered with the SEC.

 “Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse each Issuing Lender pursuant to Section 3.05 for
amounts drawn under Letters of Credit issued by such Issuing Lender at the request of the Borrower. 
 “Reinvestment Deferred
Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by the Company or any of its Restricted Subsidiaries in connection therewith that are not applied to prepay the Loans pursuant to

Section 2.10(b) as a result of the delivery of a Reinvestment Notice. 
 “Reinvestment Event”: any Asset Sale or
Recovery Event in respect of which the Company has delivered a Reinvestment Notice. 
 “Reinvestment Notice”: a written
notice executed by a Responsible Officer stating that no Default or Event of Default has occurred and is continuing and that the Company (directly or indirectly through a Restricted Subsidiary) intends and expects to use all or a specified portion
of the Net Cash Proceeds of an Asset Sale or Recovery Event to acquire, maintain, develop, construct, improve, upgrade or repair assets useful in, or otherwise reinvest in, the business of the Company or its Restricted Subsidiaries. 

  
 35 

 “Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the
Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire, maintain, develop, construct, improve, upgrade or repair assets useful in, or otherwise reinvest in, the business
of the Company or its Restricted Subsidiaries. 
 “Reinvestment Prepayment Date”: with respect to any Reinvestment Event,
the earlier of (a) the date occurring one year after such Reinvestment Event (or if the Company or any Restricted Subsidiary enters into a binding commitment to reinvest such Net Cash Proceeds within one year following receipt thereof, within
six months of the date of such binding commitment (provided that this clause shall not operate to reduce the timeframe for reinvestment)) and (b) the date on which the Company shall have determined not to acquire, maintain, develop, construct,
improve, upgrade or repair assets useful in, or otherwise reinvest in, the business of the Company or its Restricted Subsidiaries with all or any portion of the relevant Reinvestment Deferred Amount. 

“Related Fund”: with respect to any Lender, any fund that (x) generally invests in commercial loans and similar
extensions of credit in the ordinary course of its business and (y) is managed or advised by the same investment advisor as such Lender, by such Lender or an Affiliate of such Lender or such investment advisor. 

“Related Parties”: with respect to any specified Person, such Person’s Affiliates and the respective directors,
trustees, officers, employees, agents, advisors and representatives of such Person and such Person’s Affiliates. 
 “Reportable
Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty-day notice period is waived. 

“Repricing Event”: (i) any prepayment or repayment of Term Loans with the proceeds of, or any conversion of Term Loans into,
any Indebtedness the primary purpose of which is to reduce the Effective Yield applicable to the Term Loans and (ii) any amendment to the Term Loan Facility the primary purpose of which is to reduce the Effective Yield applicable to the Term
Loans, in each case, excluding any repayment, replacement or amendment occurring in connection with a Change of Control or Investment not permitted under the Loan Documents as in effect immediately prior to such Repricing Event. 

“Required Lenders”: at any time, the holders of more than 50% of the sum of (a) the aggregate unpaid principal amount of
the Term Loans then outstanding and (b) the Total Revolving Credit Commitments then in effect or, if the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding; provided further that
“Required Lenders” shall exclude the Term Loan Lenders (in their capacities as such) and shall be determined without giving effect to outstanding Term Loans, in each case solely in connection with any amendment, waiver, consent or approval
with respect to (i) Section 5.02 for extensions of credit under the Revolving Credit Facility or in connection with funding draws on 

  
 36 

 
any Letters of Credit, (ii) any extension of the maturity date for the Revolving Credit Facility, (iii) Section 6.13(b), the Financial Covenant or any Financial Covenant Default,
(iv) the termination of the Revolving Credit Commitments, any acceleration of Revolving Credit Loans and any requirement to Cash Collateralize the L/C Obligations, (v) interest rates or fees payable in connection with the Revolving Credit
Facility or any Letter of Credit, (vi) any provision of Article 2 relating to payments required to be made (including any Cash Collateral required to be provided) by the Company or any of its Restricted Subsidiaries solely with respect to the
Revolving Credit Facility or (vii) any provision requiring that any payments be made or shared on a pro rata basis solely between or among Revolving Credit Lenders. The outstanding Term Loans and Revolving Credit Commitments of any Defaulting
Lender shall be disregarded in determining the Required Lenders at any time. 
 “Required Prepayment Lenders”: (a) while
any Term Loans are outstanding, the Majority Facility Lenders in respect of the Term Loan Facility and (b) thereafter, the Majority Revolving Credit Facility Lenders. 

“Requirement of Law”: as to any Person, the Certificate of Incorporation and By-Laws
or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its
Property or to which such Person or any of its Property is subject. 
 “Responsible Officer”: the chief executive officer,
president, chief financial officer, treasurer, assistant treasurer, vice president of corporate finance, general counsel or chief legal officer of the Company, but in any event, with respect to financial matters, the chief financial officer,
treasurer, assistant treasurer or vice president of corporate finance of the Company (or, in each case, any other officer of the Company acceptable to the Administrative Agent). 

“Restricted Payments”: as defined in Section 7.06. 

“Restricted Subsidiary”: as to any Person, a corporation, partnership, limited liability company or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all
references to a “Restricted Subsidiary” or to “Restricted Subsidiaries” in this Agreement shall refer to a Restricted Subsidiary or Restricted Subsidiaries of the Company; provided, however, that Unrestricted Subsidiaries
shall be deemed not to be Restricted Subsidiaries for any purpose of this Agreement or the other Loan Documents. 
 “Restricted
Subsidiary Borrower”: any Restricted Subsidiary Guarantor that becomes a Borrower in accordance with Section 2.23. 

“Restricted Subsidiary Borrower Notice”: as defined in Section 2.23. 

  
 37 

 “Restricted Subsidiary Borrower Request and Assumption Agreement”: as
defined in Section 2.23. 
 “Restricted Subsidiary Designation” as defined in Section 1.04. 

“Restricted Subsidiary Guarantor”: each Domestic Subsidiary of the Company that is a party to the Guarantee and
Collateral Agreement from time to time. 
 “Revolving Credit Commitment”: as to any Lender, the obligation of such Lender,
if any, to make Revolving Credit Loans and participate in Letters of Credit, in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Credit Commitment” opposite such Lender’s name
on Annex A, or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The aggregate amount of the Revolving Credit
Commitments as of the Closing Date is $300,000,000. 
 “Revolving Credit Commitment Period”: the period from and including
the Closing Date to the earlier of (x) the Revolving Credit Maturity Date and (y) the termination of the Revolving Credit Commitments in accordance with the terms hereof. 

“Revolving Credit Facility”: as defined in the definition of “Facility” in this Section 1.01. 

“Revolving Credit Maturity Date”: the date that is five years after the Closing Date, provided that Revolving Credit
Maturity Date shall be March 1, 2021 if on such date there are any amounts outstanding under the Existing Convertible Notes. 

“Revolving Credit Lender”: each Lender that has a Revolving Credit Commitment or that is the holder of Revolving Credit
Loans. 
 “Revolving Credit Loans”: Loans made pursuant to Section 2.04(a). 

“Revolving Credit Note”: as defined in Section 2.06(e). 

“Revolving Credit Percentage”: as to any Revolving Credit Lender at any time, the percentage which such Lender’s
Revolving Credit Commitment then constitutes of the Total Revolving Credit Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate amount of such Lender’s
Revolving Extensions of Credit then outstanding constitutes of the Total Revolving Extensions of Credit then outstanding). 

“Revolving Extensions of Credit”: as to any Revolving Credit Lender at any time, an amount equal to the sum of (a) the
aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, and (b) such Lender’s Revolving Credit Percentage of the L/C Obligations then outstanding. 

  
 38 

 “Sanctioned Country”: at any time, a country, region or territory which is
itself the subject or target of any Sanctions (which as of the Closing Date, are the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person”: at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or by the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom, (b) any Person
operating or ordinarily resident in, or organized under the laws of, a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions”: economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “S&P”: Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., and any successor thereto. 
 “SEC”: the Securities and Exchange Commission
(or successors thereto or an analogous Governmental Authority). 
 “Secured Parties”: as defined in the Guarantee and
Collateral Agreement. 
 “Security Documents”: the collective reference to the Guarantee and Collateral Agreement, the
Mortgages (if applicable), intellectual property security agreements and all other guarantee agreements, instruments and other documents delivered to the Administrative Agent or the Collateral Agent guaranteeing the obligations and liabilities of
the Loan Parties under the Loan Documents or granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Series”: as defined in Section 2.22(c). 

“Significant Subsidiary”: any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article
1, Rule 1-02 of Regulation S-X. 
 “Single Employer
Plan”: any Plan that is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 
 “Solvent”: with
respect to any Person, as of any date of determination, (a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or
otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person
will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of
capital with which to conduct its 

  
 39 

 
business, and (d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii)
“claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or
(y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed,
secured or unsecured. 
 “Specified Cash Management Agreement”: any Cash Management Agreement entered into by any Loan
Party and any Cash Management Bank that is designated in writing by the Company and such Cash Management Bank to the Administrative Agent and the Collateral Agent as a “Specified Cash Management Agreement”. 

“Specified Hedge Agreement”: any Hedge Agreement entered into by the Company or any Restricted Subsidiary Guarantor and any
Qualified Counterparty. 
 “Specified Representations”: those representations and warranties set forth in Section 4.04
(other than the third sentence thereof), the first sentence of Section 4.05, Section 4.11, Section 4.14, Section 4.18, Section 4.19 (for this purpose, assuming that the “Closing Date” is the date on which the
related Limited Condition Acquisition is consummated and determined immediately after giving effect to the incurrence of any Indebtedness incurred in connection with such Limited Condition Acquisition), Section 4.20 and Section 4.21. 

“SPC”: as defined in Section 10.06(i). 

“Statutory Reserve Rate”: a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with
respect to the Eurodollar Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentage shall include those imposed pursuant to such Regulation D. Eurodollar
Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subsidiary”: as to any Person (a) any corporation more than 50% of the outstanding securities having ordinary voting
power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (b) any partnership, limited liability company,
association, joint venture or other business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a
“Subsidiary” means a Subsidiary of the Company. 

  
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 “Swap Obligation”: with respect to any Restricted Subsidiary Guarantor, any
obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Term Loan”: an Initial Term Loan or an Incremental Term Loan of any Series. 

“Term Loan Commitment”: an Initial Term Loan Commitment or an Incremental Term Loan Commitment of any Series. 

“Term Loan Facility”: as defined in the definition of “Facility” in this Section 1.01. 

“Term Loan Lender”: each Lender that has a Term Loan Commitment or is the holder of a Term Loan. 

“Term Loan Maturity Date”: the day that is seven years after the Closing Date; provided that the Term Loan Maturity
Date shall be March 1, 2021 if on such date there are any amounts outstanding under the Existing Convertible Notes. 
 “Term
Loan Percentage”: as to any Term Loan Lender at any time, the percentage which such Lender’s Term Loan Commitment then constitutes of the aggregate Term Loan Commitments (or, at any time after the Closing Date, the percentage which the
aggregate principal amount of such Lender’s Term Loan then outstanding constitutes of the aggregate principal amount of the Term Loans then outstanding). 

“Term Loan Yield Differential”: as defined in Section 2.22(c). 

“Term Note”: as defined in Section 2.06(e). 

“Test Period”: for any determination under this Agreement, the most recent period of four consecutive fiscal quarters of the
Company ended on or prior to such date of determination (taken as one accounting period). 
 “Threshold Amount”:
$35,000,000. 
 “Total Revolving Credit Commitments”: at any time, the aggregate amount of the Revolving Credit Commitments
then in effect. 
 “Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of
Credit of the Revolving Credit Lenders outstanding at such time. 
 “Trade Date”: as defined in Section 10.06(c). 

“Transferee”: as defined in Section 10.15. 

“Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the
effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a 

  
 41 

 
jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof
relating to such perfection, effect of perfection or non-perfection or priority. 

“Unrestricted Subsidiary”: (a) any Subsidiary of the Company that is designated as an Unrestricted Subsidiary by the Company
pursuant to Section 6.13 subsequent to the Closing Date and (b) any subsidiary of an Unrestricted Subsidiary. 
 “USA
PATRIOT Act”: The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law
October 26, 2001)). 
 “Vendor Contract Letter of Credit”: as defined in Section 7.02(m). 

“VTUK”: as defined in Section 7.07(q). 

“Weighted Average Life to Maturity” when applied to any Indebtedness at any date, the number of years obtained by dividing
(i) the then outstanding principal amount of such Indebtedness into (ii) the product obtained by multiplying (x) the amount of each then remaining installment or other required scheduled payments of principal, including payment at
final maturity, in respect thereof, by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment. 

“Wholly Owned Restricted Subsidiary”: of a Person means any other Person of which 100% of the outstanding Capital Stock of
which (other than directors’ qualifying shares and the like) shall at the time be owned or controlled, directly or indirectly, by such Person and/or one or more Wholly Owned Restricted Subsidiaries of such Person. 

“Write-Down and Conversion Powers”: 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. 
 Section 1.02. Other Definitional Provisions. (a) Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto,
(i) accounting terms relating to the Company and its Restricted Subsidiaries not defined in Section 1.01 and accounting terms partly defined in Section 1.01, to the extent not defined, shall have the respective meanings given to them
under GAAP and (ii) references to fiscal year or fiscal quarter are, unless otherwise indicated, references to the fiscal year or fiscal quarter of the Company (the Company’s fiscal year ends January 31). 

(c) Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall 

  
 42 

 
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 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 assets and properties, tangible and intangible, real and personal, including cash, securities, accounts and contract rights. 

(d) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and
including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 

(e) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

(f) All calculations of financial ratios set forth in Section 7.01 shall be calculated to the same number of decimal places as the
relevant ratios are expressed in and shall be rounded upward if the number in the decimal place immediately following the last calculated decimal place is five or greater. For example, if the relevant ratio is to be calculated to the hundredth
decimal place and the calculation of the ratio is 5.126, the ratio will be rounded up to 5.13. 
 (g) Notwithstanding any other provision
contained herein, all computations of amounts and ratios referred to herein shall be made without giving effect to any treatment of Indebtedness relating to convertible debt securities under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) requiring the valuation of any such Indebtedness in a reduced or bifurcated manner as
described therein. In addition, in the case of any Permitted Convertible Indebtedness for which the embedded conversion obligation must be settled by paying solely cash, so long as substantially concurrently with the offering of such Permitted
Convertible Indebtedness, the Company enters into a cash-settled Permitted Bond Hedge Transaction relating to such Permitted Convertible Indebtedness, notwithstanding any other provision contained herein, for so long as such Permitted Bond Hedge
Transaction (or a portion thereof corresponding to the amount of outstanding Permitted Convertible Indebtedness) remains in effect, all computations of amounts and ratios referred to herein shall be made as if the amount of Indebtedness represented
by such Permitted Convertible Indebtedness were equal to the face principal amount thereof without regard to any mark-to-market derivative accounting for such
Indebtedness. 

  
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 (h) Unless otherwise specified, all references herein to times of day shall be references to
Eastern time (daylight or standard, as applicable). 
 Section 1.03. Accounting Changes. If any “Accounting Change”
shall occur and such change results in a change in the method of calculation of any financial covenant or ratio in this Agreement and either the Company or Required Lenders so request, then the Company and the Administrative Agent shall negotiate in
good faith to amend such provisions of this Agreement to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Company’s financial condition shall be the same after such Accounting Change as if
such Accounting Change had not been made. Until such time as such an amendment shall have been executed and delivered by the Company, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement
shall continue to be calculated or construed as if such Accounting Change had not occurred. “Accounting Change” refers to any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or
opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent
with GAAP as of the Closing Date for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes as provided for above. 

Section 1.04. Pro Forma Calculations. For purposes of calculating Consolidated EBITDA of the Company and its Restricted
Subsidiaries for any period, (i) for any acquisition or series of related acquisitions (including by merger or consolidation), the Company may, and if the aggregate consideration for such acquisition or acquisitions exceeds $25,000,000 shall,
include for such period the Consolidated EBITDA of any Person or other subject of a Permitted Acquisition acquired by the Company or its Restricted Subsidiaries during such period on a pro forma basis (assuming the consummation of such acquisition
and the incurrence or assumption of any Indebtedness (and if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes hereof determined by utilizing the rate
which is or would be in effect with respect to such Indebtedness as at the relevant date of determination) in connection therewith occurred on the first day of such period), (ii) for any Disposition or series of related Dispositions, the Company
may, and if the aggregate proceeds of such Disposition or Dispositions exceeds $25,000,000 shall, exclude for such period the Consolidated EBITDA of any Person Disposed of by the Company or its Restricted Subsidiaries during such period (assuming
the consummation of such Disposition and the repayment of any Indebtedness in connection therewith occurred on the first day of such period) and (iii) for any designation of a Restricted Subsidiary as an Unrestricted Subsidiary, the Company
shall exclude the income statement items attributable to such Unrestricted Subsidiary for such period and for any designation of an Unrestricted Subsidiary as a Restricted Subsidiary, the Company shall include the income statement items attributable
to such Restricted Subsidiary for such period. For purposes hereof, whenever pro forma effect is given to a transaction or designation of any Restricted Subsidiary as an Unrestricted Subsidiary and any Unrestricted Subsidiary as a Restricted
Subsidiary in accordance with this Agreement (a “Restricted 

  
 44 

 
Subsidiary Designation”), the pro forma calculations shall be made in good faith by a Responsible Officer, as set forth in a certificate of a Responsible Officer with supporting
calculations, including with respect to related expenses, cost savings, operating expense reductions and synergies estimated in good faith by such Responsible Officer to be realized within 18 months following such transaction or Restricted
Subsidiary Designation (for the avoidance of doubt, net of additional costs estimated to result from such transaction), such as with respect to (but not limited to) (w) reduction in personnel expenses, (x) reduction of costs related to
administrative functions, (y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and streamlining of corporate overhead; provided, that the aggregate amount of
adjustments made pursuant to this sentence at any time when such pro forma calculations are made that are not made in a manner consistent with Article 11 of Regulation S-X of the Securities Act of 1933 shall
at no time exceed 20% of Consolidated EBITDA for the relevant period after giving pro forma effect thereto. 
 Section 1.05.
Designated Senior Indebtedness. The Obligations hereunder are hereby designated by the Company as “Designated Senior Indebtedness” (or similar term) for all purposes of any subordinated Permitted Convertible Indebtedness, any other
subordinated Indebtedness of the Company or any Restricted Subsidiary Guarantor and any Permitted Refinancing thereof. 
 Section 1.06.
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 documents 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. 

ARTICLE 2 
 AMOUNT
AND TERMS OF COMMITMENTS 
 Section 2.01. Term Loan Commitments.
Subject to the terms and conditions set forth herein, each Term Loan Lender severally agrees to make a Term Loan to the Company on the Closing Date in a principal amount not exceeding its Initial Term Loan Commitment. The Term Loans may from time to
time be Eurodollar Loans or ABR Loans, as determined by the Company and notified to the Administrative Agent in accordance with Sections 2.02 and 2.11. 

Section 2.02. Procedure for Term Loan Borrowing. The Company shall deliver to the Administrative Agent a Borrowing Notice (which
Borrowing Notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time, one Business Day prior to the anticipated Borrowing Date ) requesting that the Term Loan Lenders make the Term Loans on the Borrowing Date. Upon
receipt of such Borrowing Notice the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 12:00 Noon, New York City time, on the Borrowing Date each Term Loan Lender shall make available to the Administrative
Agent at the Funding Office an amount in immediately available funds equal to the Term Loan or Term Loans to be made by such Lender. The aggregate of the amounts made available to the Administrative Agent by the Term Loan Lenders will then be made
available to the Company by the Administrative Agent in like funds as received by the Administrative Agent. 

  
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 Section 2.03. Repayment of Term Loans. (a) The Company shall pay to the
Administrative Agent, for the account of the Term Loan Lenders, on each Payment Date commencing with the Payment Date occurring on August 1, 2017, a principal amount of Initial Term Loans equal to 0.25% of the aggregate principal amount of
Initial Term Loans outstanding on the Closing Date (as such amount may be reduced pursuant to Sections 2.09(b) and 2.10(g)). To the extent not previously paid, all Initial Term Loans shall be due and payable on the Term Loan Maturity Date. All
repayments made pursuant to this Section 2.03 shall be accompanied by accrued interest on the amount repaid and shall be subject to Section 2.19. 

(b) To the extent not previously paid, all Incremental Term Loans shall be due and payable on the Incremental Term Loan Maturity Date. 

Section 2.04. Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Revolving Credit Lender
severally agree to make Revolving Credit Loans to the Borrowers from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding for each Revolving Credit Lender which, when added to such
Lender’s Revolving Credit Percentage of the L/C Obligations then outstanding, does not exceed the amount of such Lender’s Revolving Credit Commitment. During the Revolving Credit Commitment Period any Borrower may use the Revolving Credit
Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Credit Loans may from time to time be Eurodollar Loans or ABR Loans, as
determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.05 and 2.11. 
 (b) The Borrowers shall
repay all outstanding Revolving Credit Loans on the Revolving Credit Maturity Date. 
 Section 2.05. Procedure for Revolving Credit
Borrowing. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Loans shall be made upon the Borrower’s notice to the Administrative Agent, which must be given by a Borrowing Notice. Each
such Borrowing Notice must be received by the Administrative Agent not later than 12:00 Noon, New York City time (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of, Eurodollar Loans or of
any conversion of Eurodollar Loans to ABR Loans, and (ii) on the requested date of any Borrowing of ABR Loans. Each Borrowing Notice shall specify (1) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to
the other, or a continuation of Eurodollar Loans, (ii) the requested Borrowing Date, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued,
(iv) the Class and Type of Loans to be borrowed or to which existing Loans are to be converted and (v) if applicable, the duration of the Interest Period with respect thereto. Each Borrowing of or conversion to ABR Loans shall be in
an amount equal to $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if the then aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount). Each Borrowing of, conversion to or continuation of
Eurodollar Loans shall be in an amount equal to $1,000,000 or a whole 

  
 46 

 
multiple of $500,000 in excess thereof. Upon receipt of any such Borrowing Notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Credit Lender thereof. Each
Revolving Credit Lender will make its Revolving Credit Percentage of the amount of each Borrowing of Revolving Credit Loans available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 1:00 p.m., New York City
time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such Borrowing will then be made available to the Borrower by the Administrative Agent in like funds as received by the Administrative
Agent. 
 Section 2.06. Repayment of Loans; Evidence of Debt. (a) The Borrowers hereby unconditionally, and jointly
and severally, promise to pay to the Administrative Agent for the account of the appropriate Revolving Credit Lender or Term Loan Lender, as the case may be, (i) the then unpaid principal amount of each Revolving Credit Loan of such Revolving
Credit Lender on the Revolving Credit Maturity Date (or on such earlier date on which the Loans become due and payable pursuant to Article 8), (ii) the principal amount of each Initial Term Loan of such Term Loan Lender made to such Borrower in
installments according to the amortization schedule set forth in Section 2.03 (or on such earlier date on which the Loans become due and payable pursuant to Article 8) and (iii) the principal amount of each Incremental Term Loan of such
Incremental Term Loan Lenders made to such Borrower on the Incremental Term Loan Maturity Date (or on such earlier date on which the Loans become due and payable pursuant to Article 8). Each Borrower hereby further agree to pay interest on the
unpaid principal amount of the Loans made to it from time to time outstanding from the Closing Date until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.13. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of each Borrower to such
Lender resulting from each Loan of such Lender made to such Borrower from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder and any Note
evidencing such Loan, the Type of such Loan and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) both
the amount of any sum received by the Administrative Agent hereunder from any Borrower and each Lender’s share thereof. 
 (d) The
entries made in the accounts maintained pursuant to Section 2.06(c) above shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of each Borrower therein recorded;
provided, however, that the failure of any Lender or the Administrative Agent to maintain such accounts, or any error therein, shall not in any manner affect the obligation of any Borrower to repay (with applicable interest) the Loans
made to such Borrower by such Lender in accordance with the terms of this Agreement. 
 (e) Each Borrower agrees that, upon the request to
the Administrative Agent by any Lender, such Borrower will promptly execute and deliver to such Lender a Note of such Borrower evidencing any Term Loans or Revolving Credit Loans, as the case may be, of such Lender, substantially in the forms of
Exhibit F-1 or F-2, respectively (a “Term Note” or “Revolving Credit Note”, respectively), with appropriate insertions as to date and
principal amount. 

  
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 Section 2.07. Fees. (a) The Company agrees to pay to the Administrative Agent
for the account of each Revolving Credit Lender a commitment fee for the period from and including the Closing Date to the last day of the Revolving Credit Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the
Available Revolving Credit Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on each Payment Date and on the Revolving Credit Maturity Date. 

(b) If, on or prior to December 29, 2017, a Repricing Event occurs, the Company shall pay to the Administrative Agent, for the ratable
account of each of the applicable Term Loan Lenders, (I) in the case of a Repricing Event described in clause (i) of the definition thereof, a prepayment premium of 1.00% of the aggregate principal amount of the Term Loans so prepaid or
repaid and (II) in the case of a Repricing Event described in clause (ii) of the definition thereof, a fee equal to 1.00% of the aggregate principal amount of the applicable Term Loans outstanding immediately prior to such amendment
(without duplication of any fee paid to such Term Loan Lenders under Section 2.07(b)(I). Such amounts shall be due and payable on the date of effectiveness of such Repricing Event. 

(c) The Company agrees to pay to the Agents, for their own respective accounts, the fees in the amounts and on the dates agreed to in writing
by the Company and the Agents. 
 Section 2.08. Termination or Reduction of Revolving Credit Commitments. The Company shall have
the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the aggregate amount of the Revolving Credit Commitments; provided that
no such termination or reduction of Revolving Credit Commitments shall be permitted if, immediately after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Total Revolving Extensions
of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to $1,000,000 or a whole multiple of $500,000 in excess thereof, and shall reduce permanently the Revolving Credit Commitments then in
effect. A notice of termination of the Revolving Credit Commitments delivered by the Company to the Administrative Agent may be revoked by the Company by written notice to the Administrative Agent on or prior to the date specified for the
termination of the Revolving Credit Commitments. 
 Section 2.09. Optional Prepayments. (a) The Borrowers may at any
time and from time to time prepay the Loans, in whole or in part, without premium or penalty (except as otherwise provided herein), (x) upon irrevocable notice delivered to the Administrative Agent (i) no later than 12:00 Noon, New York City
time, three Business Days prior thereto in the case of Eurodollar Loans and (ii) no later than 12:00 Noon, New York City time, one Business Day prior thereto in the case of ABR Loans, which notice shall specify the date and amount of such
prepayment, whether such prepayment is of Term Loans or Revolving Credit Loans, and whether such prepayment is of Eurodollar Loans or ABR Loans, and (y) at any time on any Business Day with no prior notice, in the case of Revolving Credit Loans
that are ABR Loans; provided, that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable 

  
 48 

 
thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.19, provided, further, that a notice of prepayment may state that such notice is conditioned upon the
effectiveness of other credit facilities, incurrence of other Indebtedness or consummation of another transaction (such as a Change of Control), in which case such notice may be revoked by the Company (by written notice to the Administrative Agent
on or prior to the specified effective date) if such condition is not satisfied. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such
notice shall be due and payable on the date specified therein (unless such notice is revoked as contemplated above), together with (except in the case of Revolving Credit Loans that are ABR Loans) accrued interest to such date on the amount prepaid.
Partial prepayments of Term Loans and Revolving Credit Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. 

(b) Each prepayment of Term Loans pursuant to this Section 2.09 shall be applied to the outstanding Term Loans as the Borrower may elect,
and absent an election, shall be applied first, pro rata to the installments of Term Loans which are scheduled to mature in the 24-month period immediately following such prepayment and
second, to remaining installments of Term Loans pro rata according to the outstanding principal amounts thereof. 

Section 2.10. Mandatory Prepayments. (a) Unless the Required Prepayment Lenders shall otherwise agree, if any
Indebtedness shall be incurred by the Company or any of its Restricted Subsidiaries (excluding any Indebtedness permitted under Section 7.02), then not later than the next Business Day following such incurrence, the Loans shall be prepaid by an
amount equal to the amount of the Net Cash Proceeds of such incurrence. 
 (b) Unless the Required Prepayment Lenders shall otherwise agree,
if on any date the Company or any of its Restricted Subsidiaries receive Net Cash Proceeds from any Asset Sale or Recovery Event then, unless a Reinvestment Notice shall be delivered in respect thereof, not later than the fifth Business Day
following the receipt by the Company or such Restricted Subsidiary of such Net Cash Proceeds, on such date, the Loans shall be prepaid by an amount equal to the amount of such Net Cash Proceeds; provided that (i) notwithstanding the
foregoing, on each Reinvestment Prepayment Date, the Loans shall be prepaid by an amount equal to the Reinvestment Prepayment Amount (or, in the case of a Reinvestment Prepayment Date described in clause (b) of the definition thereof with
respect to only a portion of the relevant Reinvestment Deferred Amount, an amount equal to such portion) with respect to the relevant Reinvestment Event and (ii) any such prepayment shall only be required with the aggregate amount of Net Cash
Proceeds from any Asset Sale or Recovery Event received in any fiscal year of the Company in excess of $10,000,000. The provisions of this Section do not constitute a consent to the consummation of any Disposition not permitted by Section 7.05.

 (c) Unless the Required Prepayment Lenders shall otherwise agree, if, for any fiscal year of the Company commencing with the fiscal year
ending January 31, 2019, there shall be Excess Cash Flow, then, on the relevant Excess Cash Flow Application Date, the Loans shall be prepaid by an amount equal to (x) the ECF Percentage of such Excess Cash Flow minus (y) voluntary
payments of Term Loans or Revolving Credit Loans (accompanied by an equal permanent reduction of the Revolving Credit Commitments) under Section 2.09 during such fiscal year but only to the extent that such prepayments do not (i) occur
pursuant to a refinancing 

  
 49 

 
of all or any portion of such Term Loans or Revolving Credit Loans or (ii) utilize the Available Amount. Each such prepayment shall be made on a date (an “Excess Cash Flow
Application Date”) no later than five Business Days after the earlier of the date on which the financial statements of the Company referred to in Section 6.01(a), for the fiscal year with respect to which such prepayment is made,
(i) are required to be delivered to the Lenders and (ii) are actually delivered. 
 (d) In the event of any termination of all the
Revolving Credit Commitments, each Borrower shall, on the date of such termination, repay or prepay all its outstanding Revolving Credit Loans and replace or cause to be canceled (or Cash Collateralize or make other arrangements reasonably
satisfactory to the Administrative Agent and each applicable Issuing Lender with respect to) all outstanding Letters of Credit issued by such Issuing Lender. If, after giving effect to any partial reduction of the Revolving Credit Commitments or at
any other time, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitment, then the Borrowers shall, on the date of such reduction or at such other time, repay or prepay Revolving Credit Loans and, after the
Revolving Credit Loans shall have been repaid or prepaid in full, replace or cause to be canceled (or make other arrangements satisfactory to the Administrative Agent and each Issuing Lender with respect to) Letters of Credit issued by such Issuing
Lender in an amount sufficient to eliminate such excess. 
 (e) Notwithstanding any other provisions of this Section 2.10, (i) to the
extent that any or all of the Net Cash Proceeds of any Asset Sale or Recovery Event by a Foreign Subsidiary or Excess Cash Flow estimated in good faith by the Company to be attributable to Foreign Subsidiaries are prohibited or delayed by applicable
local law (including financial assistance, corporate benefit restrictions on upstreaming of cash intra group and the fiduciary duties of directors and managers of Foreign Subsidiaries) from being repatriated to the United States or passed on to or
used for the benefit of the Company, the portion of such Net Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Loans at the times provided in this Section 2.10 but may be retained by the applicable
Foreign Subsidiary so long, but only so long, as applicable local law delays or will not permit repatriation thereof to the United States (the Company hereby agreeing to cause the applicable Foreign Subsidiary to use commercially reasonable efforts
in compliance with applicable law to effect such repatriation), and once such repatriation to the United States of any of such affected Net Cash Proceeds or Excess Cash Flow is permitted under applicable local law, such repatriation to the United
States will be promptly effected and such repatriated Net Cash Proceeds or Excess Cash Flow will be promptly (and in any event not later than two Business Days, or such later date as is acceptable to the Administrative Agent, after such
repatriation) applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the Loans to the extent otherwise required under this Section 2.10, (ii) to the extent that the Company has determined in good
faith that repatriation to the United States of any of or all the Net Cash Proceeds of any Disposition by a Foreign Subsidiary or Excess Cash Flow estimated in good faith by the Company to be attributable to Foreign Subsidiaries or passing on to or
use thereof for the benefit of the Company could reasonably be expected to cause significant adverse tax consequences to the Company or any of its Restricted Subsidiaries, such Net Cash Proceeds or Excess Cash Flow so affected may be retained by the
applicable Foreign Subsidiary; provided that, in the case of this clause (ii), on or before the date 180 days from the date on which any such Net Cash Proceeds so retained would otherwise have been required to be applied to prepayments to the
extent 

  
 50 

 
otherwise required under Section 2.10(b) or any such Excess Cash Flow would have been required to be applied to prepayments pursuant to Section 2.10(c), the Company applies an amount
equal to such Net Cash Proceeds or Excess Cash Flow to such prepayments as if such Net Cash Proceeds or Excess Cash Flow had been received by or was attributable to the Company rather than such Foreign Subsidiary, less the amount of additional taxes
that would have been payable or reserved against if such Net Cash Proceeds or Excess Cash Flow had been repatriated to the United States (or, if less, the Net Cash Proceeds or Excess Cash Flow that would be calculated if received by such Foreign
Subsidiary) and (iii) to the extent that any or all of the Net Cash Proceeds of any Asset Sale or Recovery Event or Excess Cash Flow estimated in good faith by the Company to be attributable to non-Wholly
Owned Restricted Subsidiaries are prohibited or delayed by organizational document restrictions to the extent not created in contemplation of such prepayments from being passed on to or used for the benefit of the Company, the portion of such Net
Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Loans at the times provided in this Section 2.10 but may be retained by the applicable non-Wholly Owned Restricted
Subsidiary so long, but only so long, as the organizational documents of such non-Wholly Owned Restricted Subsidiary delays or will not permit funding such prepayment (the Company hereby agreeing to cause the
applicable non-Wholly Owned Restricted Subsidiary to use commercially reasonable efforts in compliance with its organizational documents to effect such prepayment), and once such prepayment of any of such
affected Net Cash Proceeds or Excess Cash Flow is permitted under the non-Wholly Owned Restricted Subsidiaries organizational documents, such prepayment of the Loans to the extent otherwise required under this
Section 2.10 will be promptly effected (and in any event not later than two Business Days, or such later date as is acceptable to the Administrative Agent, after such organizational restrictions are removed). For the avoidance of doubt, but
without limiting the Company’s obligations under this Section 2.10, in no circumstance shall this Section 2.10 require any Foreign Subsidiary to make any dividend of or otherwise repatriate for the benefit of the Company any portion
of any Net Cash Proceeds received by such Foreign Subsidiary or Excess Cash Flow attributable to any such Foreign Subsidiary. 
 (f) All
prepayments made pursuant to this Section 2.10 shall be subject to Section 2.19, but shall otherwise be without premium or penalty, and shall be accompanied by accrued interest on the principal amount to be repaid to but excluding the date
of payment. 
 (g) Each prepayment of Loans pursuant to this Section 2.10 shall be applied first, pro rata to the
installments of Term Loans which are scheduled to mature in the 24-month period immediately following such prepayment, second, to remaining installments of Term Loans pro rata according to the
outstanding principal amounts thereof, third, if no Term Loans are outstanding, to prepay outstanding Revolving Credit Loans to the full extent thereof, and fourth, if no Term Loans or Revolving Credit Loans are outstanding, to Cash
Collateralize any outstanding Letters of Credit (up to an aggregate amount equal to the aggregate undrawn face amount of all such Letters of Credit) (it being understood that any such repayment or Cash Collateralization shall not permanently reduce
Revolving Credit Commitments). Notwithstanding anything in this Section 2.10(g), any Term Loan Lender may elect not to accept its pro rata portion of any amount prepaid under this Section 2.10 pursuant to procedures reasonably satisfactory
to the Administrative Agent (each such Term Loan Lender, a “Declining Lender”), and the Company or applicable Subsidiary Borrower shall retain for its own account such amount (the “Declined Amount”) declined by a
Declining Lender. 

  
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 (h) The Company shall deliver to the Administrative Agent, at the time of each prepayment
required under this Section 2.10, (1) a certificate signed by a Responsible Officer setting forth in reasonable detail the calculation of the amount of such prepayment and (2) at least one Business Day prior written notice of such
prepayment. Each notice of prepayment shall specify the prepayment date, the Type of each Loan being prepaid and the principal amount of each Loan (or portion thereof) to be prepaid. 

Section 2.11. Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert
Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Day prior irrevocable notice of such election not later than 12:00 Noon, New York City time, provided that any such conversion of Eurodollar Loans may be
made only on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of
such election not later than 12:00 Noon, New York City time (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurodollar Loan
(i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have, determined in its or their sole discretion not to permit such conversions or
(ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

(b) The Borrower may elect to continue any Eurodollar Loan as such upon the expiration of the then current Interest Period with respect
thereto by giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.01, of the length of the next Interest Period to be applicable to such
Loan, provided, that if the Borrower shall fail to give any such required notice as described above, or notify the Administrative Agent of an intent to convert any such Eurodollar Loan to an ABR Loan, at least three Business Days prior to the
expiration of the then current Interest Period, at the end of such Interest Period, such Loan shall be continued automatically as a Eurodollar Loan with a three-month Interest Period (unless the then final scheduled termination or maturity date for
the relevant Facility would be prior to the end of such three-month Interest Period or such continuation is not permitted pursuant to the following proviso, in which case such Loan shall, absent the consent of the Administrative Agent to the
contrary (which may be given or withheld in its sole discretion) then be converted automatically to an ABR Loan); and provided, further, that no Eurodollar Loan under a particular Facility may be continued as such when any Event of
Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have, determined in its or their sole discretion not to permit such continuations. Upon receipt of any such notice
the Administrative Agent shall promptly notify each relevant Lender thereof. 
 Section 2.12. Minimum Amounts and Maximum Number of
Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all Borrowings, conversions, continuations and optional prepayments of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and
be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $1,000,000 or a whole multiple of $500,000 in excess
thereof and (a) no more than ten Eurodollar Tranches shall be outstanding at any one time. 

  
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 Section 2.13. Interest Rates and Payment Dates. (a) Subject to
Section 2.13(c), each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin in effect for such day.

 (b) Subject to Section 2.13(c), each ABR Loan shall bear interest for each day on which it is outstanding at a rate per annum equal
to the ABR in effect for such day plus the Applicable Margin in effect for such day. 
 (c) (i) If all or a portion of the principal amount
of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) (to the extent legally permitted) shall
bear interest at a rate per annum that is equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.13 plus 2.00% or (y) in the case of
Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Credit Facility plus 2.00%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount
payable hereunder or under any other Loan Document shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans
under the relevant Facility plus 2.00% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Credit Facility plus 2.00%), in each case, with respect to
clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (after as well as before judgment). 

(d) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph
(c) of this Section 2.13 shall be payable from time to time on demand. 
 Section 2.14. Computation of Interest and
Fees. (a) Interest, fees and commissions payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to ABR Loans on which
interest is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the
Company and the relevant Lenders of each determination of an Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the ABR or the Statutory Reserve Rate shall become effective as of the opening of business on the day
on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Company and the relevant Lenders of the effective date and the amount of each such change in interest rate. 

(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and
binding on the Borrowers and the Lenders in the absence of demonstrable error. The Administrative Agent shall, at the request of the Company, deliver to the Company a statement showing the quotations used by the Administrative Agent in determining
any interest rate pursuant to Section 2.13(a). 

  
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 Section 2.15. Inability To Determine Interest Rate. If prior to the first day of any
Interest Period: 
 (a) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon each
Borrower absent demonstrable error) either that Dollar deposits in the principal amounts of the Loans comprising the applicable Borrowing are not generally available in the London interbank market or that, by reason of circumstances affecting the
relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 
 (b) the
Administrative Agent shall have received notice from the Majority Facility Lenders in respect of the relevant Facility that the Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost
to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 
 the Administrative
Agent shall give telecopy or telephonic notice thereof to the Company and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) any Eurodollar Loans under the relevant Facility requested to be made on the first day
of such Interest Period shall be made as ABR Loans, (y) any Loans under the relevant Facility that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as ABR Loans and (z) any
outstanding Eurodollar Loans under the relevant Facility shall be converted, on the last day of the then current Interest Period with respect thereto, to ABR Loans. Until such notice has been withdrawn by the Administrative Agent (which it agrees to
do upon the circumstances giving rise to the initial notice no longer existing), no further Eurodollar Loans under the relevant Facility shall be made or continued as such, nor shall any Borrower have the right to convert Loans under the relevant
Facility to Eurodollar Loans. 
 Section 2.16. Pro Rata Treatment and Payments. (a) Each Borrowing by any Borrower from the
Lenders hereunder, each payment by any Borrower on account of any commitment fee or Letter of Credit fee, and any reduction of the Commitments of the Lenders, shall be made pro rata according to the respective Term Loan Percentages or
Revolving Credit Percentages, as the case may be, of the relevant Lenders. Each payment of interest in respect of the Loans and each payment in respect of fees payable hereunder shall be applied to the amounts of such obligations owing to the
Lenders pro rata according to the respective amounts then due and owing to the Lenders. 
 (b) Each payment on account of principal
of the Term Loans outstanding under the Term Loan Facility shall be allocated among the Term Loan Lenders holding such Term Loans pro rata based on the principal amount of such Term Loans held by such Term Loan Lenders. Amounts paid or
prepaid in respect of Terms Loans may not be reborrowed. 
 (c) Each payment (including each prepayment) by any Borrower on account of
principal of the Revolving Credit Loans shall be made pro rata according to the respective 

  
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outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit Lenders. Each payment in respect of Reimbursement Obligations in respect of any Letter of Credit
shall be made to the Issuing Lender that issued such Letter of Credit. 
 (d) The application of any payment of Loans under any Facility
(including optional and mandatory prepayments) shall be made first, to ABR Loans under such Facility and second, to Eurodollar Loans under such Facility. Each payment of the Loans (except in the case of Revolving Credit Loans that are
ABR Loans) shall be accompanied by accrued interest to the date of such payment on the amount paid. 
 (e) All payments (including
prepayments) to be made by any Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 1:00 P.M., New York City time, on the due date thereof to the
Administrative Agent, for the account of the relevant Lenders, at the Payment Office, in Dollars and in immediately available funds. Any payment made by any Borrower after 1:00 P.M., New York City time, on any Business Day shall be deemed to have
been on the next following Business Day. If any payment hereunder (other than payments on Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any
payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another
calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then
applicable rate during such extension. 
 (f) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a
Borrowing that such Lender will not make the amount that would constitute its share of such Borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative
Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor,
such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the greater of (1) the Federal Funds Effective Rate and (2) a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts
owing under this paragraph shall be conclusive in the absence of demonstrable error. If such Lender’s share of such Borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date,
the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans under the relevant Facility, on demand, from the Borrower. 

(g) Unless the Administrative Agent shall have been notified in writing by any Borrower prior to the date of any payment due to be made by any
Borrower hereunder that such Borrower will not make such payment to the Administrative Agent, the Administrative Agent 

  
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may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their
respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by such Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand,
from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to
limit the rights of the Administrative Agent or any Lender against any Borrower. 
 (h) This Section 2.16 shall not be construed to
apply to any payment made by any Borrower pursuant to and in accordance with the express provisions of this Agreement, including differing payments to be made to non-Defaulting Lenders as opposed to Defaulting
Lenders and payments made in connection with an assignment expressly permitted under Section 10.06. This Section 2.16 shall be subject to the provisions of Section 2.20 and Section 2.22. 

(i) Upon receipt by the Administrative Agent of payments on behalf of Lenders, the Administrative Agent shall promptly distribute such
payments to the Lender or Lenders entitled thereto, in like funds as received by the Administrative Agent. 
 Section 2.17.
Requirements of Law. (a) If any Change in Law: 
 (i) shall subject any Lender or Issuing Lender to any tax of
any kind whatsoever with respect to this Agreement, any Letter of Credit, any Application or any Eurodollar Loan made by it, or change the basis of taxation of payments to such Lender or such Issuing Lender in respect thereof (other than
(A) Indemnified Taxes and (B) taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes); 

(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of any Lender that is not otherwise included in the
determination of the Eurodollar Rate hereunder or any Issuing Lender; or 
 (iii) shall impose on any Lender, any Issuing
Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing is to increase the cost to such Lender or Issuing Lender, by an amount which such Lender or Issuing Lender reasonably
deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans or of maintaining its obligation to make any such Loan or issuing, maintaining or participating in Letters of Credit (or of maintaining its obligation to
participate in or issue Letters of Credit), or to reduce any amount received or receivable hereunder in respect thereof (whether principal, interest or any other amount), then, in any such case, the Company shall promptly pay such Lender or Issuing
Lender, as the case may be, upon its demand, any additional amounts necessary to compensate such 

  
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Lender or Issuing Lender, as the case may be, for such increased cost or reduced amount receivable; provided that the Company shall not be required to compensate a Lender or an Issuing
Lender pursuant to this paragraph for any amounts incurred more than six months prior to the date that such Lender or Issuing Lender, as the case may be, notifies the Company of such Lender’s or Issuing Lender’s, as the case may be,
intention to claim compensation therefor; and provided further that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the
period of such retroactive effect. If any Lender or Issuing Lender becomes entitled to claim any additional amounts pursuant to this Section 2.17, it shall promptly notify the Company (with a copy to the Administrative Agent) of the event by
reason of which it has become so entitled. 
 (b) If any Lender or any Issuing Lender shall have reasonably determined that any Change in
Law affecting such Lender or Issuing Lender or any lending office of such Lender or such Lender’s or Issuing Lender’s holding company, if any, regarding capital adequacy or liquidity requirements has or shall have the effect of reducing
the rate of return on such Lender’s or Issuing Lender’s capital or on the capital of such Lender’s or such Issuing Lender’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 any Issuing Lender to a level below that which such Lender, such Issuing Lender or such holding company reasonably could have expected to achieve
but for such Change in Law (taking into consideration such Lender’s, such Issuing Lender’s or such holding company’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender or such Issuing Lender to be
material, then from time to time, after submission by such Lender or such Issuing Lender to the Company (with a copy to the Administrative Agent) of a written request therefor, the Company shall pay to such Lender or such Issuing Lender, as the case
may be, such additional amount or amounts as will compensate such Lender, Issuing Lender or holding company, as the case may be, for such reduction; provided that the Company shall not be required to compensate a Lender or an Issuing Lender
pursuant to this paragraph for any amounts incurred more than six months prior to the date that such Lender or such Issuing Lender notifies the Company of such Lender’s or such Issuing Lender’s intention to claim compensation therefor; and
provided further that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. 

(c) A certificate as to any additional amounts payable pursuant to this Section 2.17 submitted by any Lender or any Issuing Lender to the
Company (with a copy to the Administrative Agent) shall be conclusive in the absence of demonstrable error. Absent demonstrable error, the Company shall pay such Lender or such Issuing Lender the amount due under this Section 2.17 and shown as
due on any such certificate delivered by it within 15 days after its receipt of the same. The obligations of the Company pursuant to this Section 2.17 shall survive the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder. 
 Section 2.18. Taxes. (a) Any and all payments by or on account of any obligation of any Loan
Party under any Loan Document shall be made free and clear of and without deduction or withholding for or on account of any taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an
applicable 

  
 57 

 
withholding agent) requires the deduction or withholding of any tax from any such payment by a withholding agent, then the applicable withholding agent 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 applicable law and, if such tax is a Non-Excluded Tax, then the sum payable by
the applicable Loan Party shall be increased as necessary so that, after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.18), the amounts
received with respect to this agreement equal the sum which would have been received had no such deduction or withholding been made. 
 (b)
In addition, the Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent will timely reimburse it for such Other Taxes. 

(c) Whenever any Non-Excluded Taxes are payable by any Loan Party, as promptly as practicable
thereafter such Loan Party shall send to the Administrative Agent for the account of the relevant Agent or Lender, as the case may be, a certified copy of an original official receipt received by such Loan Party showing payment thereof, a copy of
the return reporting such payment, or other evidence of such payment. The Loan Parties shall jointly and severally indemnify each Agent and each Lender for (i) the full amount of any Non-Excluded Taxes
(including Non-Excluded Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by such Agent or Lender and (ii) any reasonable out-of-pocket expenses arising therefrom or with respect thereto, provided such Agent or Lender, as the case may be, provides the Company with a written statement thereof setting forth in reasonable detail
the basis and calculation of such amounts. 
 (d) Each Lender shall severally indemnify the Administrative Agent, within 10 days after
demand therefor, for (i) any taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such taxes and without limiting the obligation of the Loan Parties to do so) and
(ii) any taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(b) relating to the maintenance of a Participant Register, in either case, that are payable or paid by the Administrative Agent 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 demonstrable error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d). 

(e) (i) Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments made under any Loan Document
shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent and at the time or times prescribed by applicable law, such properly completed and executed documentation
reasonably requested by the Company or the Administrative Agent or prescribed by applicable law as will permit such payments to be made 

  
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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 the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.18(e)(ii)(A), 
(ii)(B) and (ii)(D)
below) 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 the Company is a “United
States Person” as defined in Section 7701(a)(30) of the Code, 
 (A) any Lender that is a “United States
Person” as defined in Section 7701(a)(30) of the Code shall deliver to the Company 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; 

(B) any Non-U.S. 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 Non-U.S. 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: 
  

	 	(1)	in the case of a Non-U.S. 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 or IRS Form W-8BEN-E, 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, executed copies of IRS Form
W-8BEN or IRS Form W-8BEN-E, 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; 

  

	 	(2)	executed copies of IRS Form W-8ECI; 

  

	 	(3)	 in the case of a Non-U.S. 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 G-1 to the effect that such Non-U.S. Lender is
not a “bank” within the 

  
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meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any 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 or IRS Form W-8BEN-E, as applicable; or 

  

	 	(4)	to the extent a Non-U.S. Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest
exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect
partner; 

 (C) any Non-U.S. 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 Non-U.S. 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 documentation as may be prescribed by applicable law to permit the Company 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. 
 Each Lender agrees that if any form or certification it previously delivered
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. 

  
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 (f) If a Lender determines, in its sole discretion exercised in good faith, that it has received
a refund of taxes as to which it has been indemnified by any Loan Party, or with respect to which a Loan Party has paid additional amounts pursuant to this Section 2.18, it shall promptly pay over the amount of such refund (but only to the
extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.18 with respect to the Non-Excluded Taxes giving rise to such refund) to such Loan Party, net of all
reasonable out-of-pocket expenses of such Lender (including any taxes imposed with respect to such refund) as determined by such Lender in good faith and in its sole
discretion, and without interest (other than interest paid by the relevant Governmental Authority with respect to such refund); provided, however, that each Loan Party, upon request of such Lender, agrees to repay as soon as reasonably practicable
the amount paid over to such Loan Party (plus applicable interest imposed by the relevant Governmental Authority) to such Lender if such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary
in this paragraph (f), in no event will a Lender be required to pay any amount to any Loan Party pursuant to this paragraph (f) the payment of which would place the Lender in a less favorable net
after-tax position than such Lender 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 paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns to the Company or any other person. 

Section 2.19. Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss (other
than for lost profits) or expense that such Lender sustains or incurs as a consequence of (a) default by the Borrower in making a Borrowing of, conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting
the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a
prepayment or conversion of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have
accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to
borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein,
if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank Eurodollar
market. A certificate as to any amounts payable pursuant to this Section 2.19 submitted to the Company by any Lender shall be conclusive in the absence of demonstrable error. This covenant shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder. 

  
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 Section 2.20. Illegality. Notwithstanding any other provision herein, if any Change
in Law shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement as notified in writing by such Lender to the Administrative Agent and the Company, (a) the commitment of such Lender hereunder
to make Eurodollar Loans, continue Eurodollar Loans as such and convert ABR Loans to Eurodollar Loans shall forthwith be canceled and (b) such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall be converted automatically to
ABR Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then
current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.19. 

Section 2.21. Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of
any of Sections 2.17, 2.18(a) or 2.20 with respect to such Lender, it will, if requested by the Company, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by
such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or
regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of any Borrower or the rights of any Lender pursuant to Sections 2.17, 2.18 or 2.20. 

Section 2.22. Incremental Credit Extensions. (a) The Company may at any time or from time to time after the Closing Date, by
notice to the Administrative Agent, request (i) the establishment of Incremental Term Loan Commitments and/or (ii) during the Revolving Credit Commitment Period, the establishment of Incremental Revolving Credit Commitments;
provided that (A) at the time of such request, no Default or Event of Default shall exist and (B) all fees and expenses owing in respect of such Incremental Facility shall have been paid to the Administrative Agent. The aggregate
amount of the Incremental Commitments established under this Section 2.22 together with the aggregate original principal amount of all Alternative Incremental Indebtedness incurred under Section 7.02(o) on any date shall not exceed an
amount equal to the sum of (x) $100,000,000 plus (y) an additional amount such that, immediately after giving effect to the effectiveness of the applicable Incremental Amendment effectuating such Incremental Term Loans and/or Incremental
Revolving Credit Commitments, the First Lien Leverage Ratio shall not exceed 3.00 to 1.00, determined on a pro forma basis (excluding the cash proceeds of such incurrence and assuming that any Incremental Term Loans, Incremental Revolving Credit
Commitments and Alternative Incremental Indebtedness are secured by a Lien on the assets of the Borrower, whether or not so secured) as of the last day of the most recent fiscal quarter for which financial statements are required to have been
delivered hereunder, in each case, as if such Incremental Term Loans or Incremental Revolving Credit Commitments, as applicable, had been outstanding, and in the case of any Incremental Revolving Credit Commitment, fully drawn, on the last day of
such fiscal quarter for testing compliance therewith. 
 (b) Each notice from the Company pursuant to this Section 2.22 shall specify
(i) the date on which the Company proposes that the Incremental Term Loan Commitments or the Incremental Revolving Credit Commitments, as applicable shall be effective, which shall be a 

  
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date not less than five (5) Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative
Agent and (ii) the requested amount and proposed terms of the relevant Incremental Term Loan Commitments or Incremental Revolving Credit Commitments, as applicable (it being agreed that (x) any Lender approached to provide any Incremental
Term Loan Commitment or Incremental Revolving Credit Commitment may elect or decline, in its sole discretion, to provide such Incremental Term Loan Commitment or Incremental Revolving Credit Commitment and (y) any Person that the Company
proposes to become an Incremental Lender, (1) if such Person is not then a Lender, must be an Eligible Assignee and (2) in the case of an Incremental Revolving Credit Commitment, must be consented to (such consent not to be unreasonably
withheld, delayed or conditioned) by the Administrative Agent and each Issuing Lender if such consent would be required under Section 10.06 for an assignment of Loans or Commitments, as applicable to such Lender or Incremental Lender. 

(c) The terms and conditions of any Incremental Revolving Credit Facility shall be, except as otherwise set forth herein, identical to those
of the Revolving Credit Commitments and Revolving Credit Loans then outstanding, and shall be treated as a single Class with such Revolving Credit Commitments and Revolving Credit Loans; provided that the upfront fees applicable to any
Incremental Revolving Credit Facility shall be as determined by the Company and the Incremental Revolving Credit Lenders providing such Incremental Revolving Credit Facility. The terms and conditions of any Incremental Term Loan Facility and the
Incremental Term Loans to be made thereunder shall be, except as otherwise set forth herein or in the applicable Incremental Amendment, identical to those of the Term Loans then outstanding. The Incremental Term Loan Facility (i) shall rank
pari passu in right of payment and security with the Revolving Credit Loans and the Term Loans, (ii) shall not have, except in the case of an Incremental Term Loan Facility effected as an increase to an existing Class of Term Loans,
a Weighted Average Life to Maturity shorter than the remaining Weighted Average Life to Maturity of the Terms Loans with the latest Maturity Date, (iii) shall not mature earlier than the Term Loan Maturity Date, (iv) may contain terms and
conditions materially different from those of the Term Loans to the extent (A) such differences are reasonably acceptable to the Administrative Agent and (B) such terms and conditions (including but not limited to excess cash flow sweep in
the case of an Incremental Term Loan B Facility, covenants and defaults) (w) may, solely in the case of an Incremental Term Loan A Facility, consist of a financial maintenance covenant applicable to such Incremental Term Loan A Facility
that is not more onerous or restrictive than the Financial Covenant at such time and (x) except as set forth in the foregoing clause (w), shall not be, taken as a whole, materially more restrictive or burdensome to the Loan Parties than the
terms and conditions applicable to the Term Loan Facility, as reasonably determined by the Company unless the Company enters into an amendment to this Agreement with the Administrative Agent (which amendment shall not require the consent of any
other Lender) to add such more restrictive terms for the benefit of the Lenders, (y) shall be added by way of an amendment (which shall not require the consent of any Lender) to this Agreement to incorporate such restrictive or burdensome terms
to be applicable to the Term Loan Facility or (z) shall be applicable only to periods after the latest Term Loan Maturity Date of the Term Loan Facility existing at the time of incurrence of such Incremental Term Loan Facility. The interest
rates and amortization schedule applicable to the Incremental Term Loans shall be determined by the Company and the lenders thereof; provided that (i) in the case of an Incremental Term Loan Facility, if the Effective Yield for such
Incremental Term Loans as of 

  
 63 

 
the date of incurrence of such Incremental Term Loans exceeds the sum of the Effective Yield then applicable to any tranche of outstanding Term Loans under the Term Loan Facility by more than
0.50% (the amount of such excess being referred to herein as the “Term Loan Yield Differential”), then the Applicable Margin then in effect for such Term Loans under the Term Loan Facility shall automatically be increased by the
Term Loan Yield Differential (at each level in the pricing grid) less 0.50%, effective upon the making of the Incremental Term Loans. Any Incremental Term Loan Commitments established pursuant to an Incremental Amendment that have identical terms
and conditions, and any Incremental Term Loans made thereunder, shall be designated as a separate series (each a “Series”) of Incremental Term Loan Commitments and Incremental Term Loans for all purposes of this Agreement. 

(d) Incremental Commitments in respect of Incremental Loans shall become Commitments under this Agreement pursuant to an amendment (an
“Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed (in the case of such amendment to this Agreement) by the Company, each Lender agreeing to provide such Commitment, if any, each
Incremental Term Loan Lender (if any) or Incremental Revolving Credit Lender (if any), as applicable, and the Administrative Agent. 
 (e)
Any Incremental Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Company,
to effect the provisions of this Section. The effectiveness of any Incremental Amendment shall be subject to the satisfaction on the date thereof and determined after giving effect to any extension of credit thereunder of each of the conditions set
forth in Section 5.02 (it being understood that all references to “the date of such extension of credit” or similar language in such Section 5.02 shall be deemed to refer to the effective date of such Incremental Amendment), of
the payment of any fees payable in connection therewith and such other conditions as the parties thereto shall agree; provided that if the proceeds of such Incremental Loans are being used to finance a Limited Condition Acquisition, (x)(i)
the reference in Section 5.02(a) to the accuracy of the representations and warranties shall solely refer to the accuracy of the representations and warranties that constitute Specified Representations and (ii) the reference to
“Material Adverse Effect” in the Specified Representations shall be understood for this purpose to refer to “Material Adverse Effect” or similar definition as defined in the definitive acquisition agreement governing such Limited
Condition Acquisition and (y) the reference in Section 5.02(b) to no Default or Event of Default shall solely refer to an Event of Default under clause (a) or (f) of Article 8. The Borrowers may use the proceeds of the Incremental
Loans for any purpose not prohibited by this Agreement. 
 (f) Upon each increase in the Revolving Credit Commitments pursuant to this
Section 2.22, (i) each Lender with a Revolving Credit Commitment immediately prior to such increase will automatically and without further act be deemed to have assigned to each Incremental Revolving Credit Lender in respect of such increase,
and each Incremental Revolving Credit Lender will automatically and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder in outstanding Letters of Credit such that, immediately after giving effect
to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations hereunder in Letters of Credit held by each Lender with a Revolving Credit Commitment (including each Incremental 

  
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Revolving Credit Lender) will equal the percentage of the aggregate Revolving Credit Commitments of all Lenders with Revolving Credit Commitments represented by such Lender’s Revolving
Credit Commitment and (ii) if, on the date of such increase, there are any Revolving Credit Loans outstanding, such Revolving Credit Loans shall on or prior to the effectiveness of such increase in the Revolving Credit Commitments be prepaid
from the proceeds of additional Revolving Credit Loans made hereunder (reflecting such increase in Revolving Credit Commitments), which prepayment shall be accompanied by accrued interest on the Revolving Credit Loans being prepaid and any costs
incurred by any Lender in accordance with Section 2.19. The Administrative Agent and the Lenders hereby agree that the minimum Borrowing, pro rata Borrowing and pro rata payment requirements contained elsewhere in this Agreement
shall not apply to the transactions effected pursuant to the immediately preceding sentence. 
 (g) This Section 2.22 shall supersede
any provisions in Section 10.01 to the contrary. 
 Section 2.23. Additional Loan Parties. 

(a) Restricted Subsidiary Borrowers. (i) 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 Restricted Subsidiary Guarantor that is a Domestic Subsidiary (an “Applicant Borrower”) as a
Restricted Subsidiary Borrower to receive Loans hereunder by delivering to the Administrative Agent a duly executed notice and agreement in substantially the form of Exhibit K (a “Restricted Subsidiary Borrower Request and Assumption
Agreement”). The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming a Restricted Subsidiary Borrower the Administrative Agent shall have received such supporting resolutions, incumbency certificates, opinions
of counsel, all documentation and other information reasonably requested by any Lender in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA
PATRIOT Act and other documents or information, in form and substance reasonably satisfactory to the Administrative Agent and, in the case of opinions of counsel, from counsel reasonably satisfactory to the Administrative Agent, as may be required
by the Administrative Agent in its sole discretion and Notes signed by such new Borrowers to the extent any Lenders so require. If the Administrative Agent consents to an Applicant Borrower becoming a Restricted Subsidiary Borrower (such consent not
to be unreasonably withheld, delayed or conditioned), 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 J (a “Restricted Subsidiary Borrower Notice”) to the Company and the Lenders specifying the effective date upon which the Applicant Borrower shall constitute a Restricted Subsidiary
Borrower for purposes hereof, whereupon each of the Lenders agrees to permit such Restricted Subsidiary Borrower to receive Loans hereunder, on the terms and conditions set forth herein, and each of the parties agrees that such Restricted Subsidiary
Borrower otherwise shall be a Borrower for all purposes of this Agreement. 
 (ii) The Obligations of the Company and each
Restricted Subsidiary Borrower shall be joint and several in nature. 

  
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 (iii) Each Restricted Subsidiary of the Company that becomes a “Restricted
Subsidiary Borrower” pursuant to this Section 2.23 hereby irrevocably appoints the Company as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including (a) the giving and receipt of notices,
(b) the execution and delivery of all documents, instruments and certificates contemplated herein and all modifications hereto, and (c) if the Company so elects, the receipt of the proceeds of any Loans made by the Lenders to any such
Restricted Subsidiary Borrower hereunder. 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 Restricted Subsidiary Borrower. 
 (iv) The Company
may from time to 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), terminate a Restricted Subsidiary
Borrower’s status as such, provided that there are no outstanding Loans payable by such Restricted Subsidiary Borrower or outstanding Letters of Credit issued for the account of such Restricted Subsidiary Borrower, or other amounts payable by
such Restricted Subsidiary Borrower on account of any Loans made to it or Letters of Credit issued for its account, as of the effective date of such termination. The Administrative Agent will promptly notify the Lenders of any such termination of a
Restricted Subsidiary Borrower’s status as such. For the avoidance of doubt, the termination of a Restricted Subsidiary Borrower’s status as such shall not affect its status as a Restricted Subsidiary Guarantor. 

(b) This Section 2.23 shall supersede any provisions in Section 10.01 to the contrary. 

Section 2.24. Cash Collateral. At any time that there shall exist a Defaulting Lender, within three Business Days following the
written request of the Administrative Agent or any Issuing Lender (with a copy to the Administrative Agent) the Company shall Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender (determined after
giving effect to Section 2.25(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount reasonably satisfactory to each Issuing Lender (but in no event greater than the applicable Fronting Exposure). 

(a) Grant of Security Interest. The Company, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to the Collateral Agent, for the benefit of the Issuing Lenders, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of L/C
Obligations, to be applied pursuant to clause (b) below. 
 (b) Application. Notwithstanding anything to the contrary contained
in this Agreement or any other Loan Document, Cash Collateral provided under this Section 2.24 or Section 2.25 in respect of Letters of Credit shall be applied to the satisfaction of the 

  
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Defaulting Lender’s obligation to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such
obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein or in any other Loan Document. 

(c) Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Lender’s
Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.24 and shall promptly be returned to the Person providing such Cash Collateral following (i) the elimination of the applicable Fronting
Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and each Issuing Lender that there exists excess Cash Collateral; provided that, subject
to Section 2.25, the Person providing Cash Collateral and each Issuing Lender may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; and provided, further that to the extent
that such Cash Collateral was provided by the Company, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

Section 2.25. Defaulting Lenders. 

(a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i) Waivers and Amendments. Such 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. 
 (ii)
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent or the Collateral Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity,
pursuant to Article 8 or otherwise) or received by the Administrative Agent or the Collateral Agent from a Defaulting Lender pursuant to Section 10.07(b) shall be applied at such time or times as reasonably determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent and the Collateral Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to any Issuing Lender hereunder; third, to Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.24; 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 such Defaulting Lender has failed to fund its portion thereof; fifth, if so determined by the Administrative Agent and the Company, to be held in a
deposit account and released pro rata to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lenders’ future Fronting
Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.24; sixth, to the payment of any amounts owing to the Lenders or the Issuing Lenders as a
result of any judgment of a court of competent jurisdiction 

  
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obtained by any Lender or Issuing Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no
Event of Default exists, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the Company against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement; and eighth, to such 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 Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued 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 Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans
of, or L/C Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Revolving Credit Percentages under the applicable
Facility without giving effect to Section 2.25(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 2.25(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. (A) No Defaulting Lender shall be entitled to receive any fee otherwise required by
Section 2.07 for any period during which that Lender is a Defaulting Lender (and no Borrower shall be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(B) Each Defaulting Lender shall be entitled to receive L/C Fees for any period during which that Lender is a Defaulting Lender
only to the extent allocable to its Revolving Credit Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.24. 

(C) With respect to any commitment fee or L/C Fee not required to be paid to any Defaulting Lender pursuant to clause
(A) or (B) above, the Company or the relevant Borrower 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 that has been reallocated to such Non-Defaulting Lender pursuant to Section 2.25(a)(iv), (y) pay to each Issuing Lender the amount of any such fee
otherwise payable to such Defaulting Lender to the extent allocable to such Issuing 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 Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Percentages (calculated without regard to such Defaulting
Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 5.02 are satisfied at the time 

  
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of such reallocation (provided, however, that notwithstanding anything herein to the contrary, the Company shall not be deemed to have represented and warranted that such conditions are satisfied
at such time), and (y) such reallocation does not cause the aggregate Revolving Extensions of Credit of any Non-Defaulting Lender to exceed such Non-Defaulting
Lender’s Revolving Credit Commitment. 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. If the reallocation described in Section 2.25(a)(iv) cannot, or can only partially, be
effected, the Company shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the Issuing Lenders’ Fronting Exposure in accordance with the procedures set forth in Section 2.24. 

(b) Defaulting Lender Cure. If the Company, the Administrative Agent and each Issuing Lender agree in writing that a Lender is no
longer 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 at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded
and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance with the Commitments under the applicable Facility (without giving effect to Section 2.25(a)(iv)), whereupon such 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 any Borrower while that Lender was a Defaulting Lender; and provided, further, that except to
the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender.

 (c) New Letters of Credit. So long as any Lender is a Defaulting Lender, no Issuing Lender shall be required to issue, extend,
renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure immediately after giving effect thereto. 

Section 2.26. Refinancing Facilities. (a) The Company may, by written notice to the Administrative Agent from time to time,
request (i) Refinancing Debt or (ii) Refinancing Revolving Credit Commitments to refinance all or a portion of any existing Class of Term Loans or Revolving Credit Commitments (the “Refinanced Loans and Commitments”)
in an aggregate principal amount not to exceed the aggregate principal amount of the Refinanced Loans and Commitments plus any accrued interest plus the amount of any reasonable tender or redemption premium paid in connection therewith or any
penalty or premium required to be paid under the Refinanced Loans and Commitments and any reasonable costs, fees and expenses incurred in connection with the issuance of such new Indebtedness and the refinancing of such Refinanced Loans and
Commitments. Such notice shall set forth (i) the amount of the applicable Refinanced Loans and Commitments (which shall be in minimum increments of $1,000,000 and 

  
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a minimum amount of $5,000,000 or such other amount as is reasonably acceptable to the Administrative Agent) and (ii) the date on which the applicable Refinancing Amendment is to become
effective (which shall not be less than 10 Business Days nor more than 60 days after the date of such notice (or such longer or shorter periods as the Administrative Agent shall agree)). Refinancing Debt and Refinancing Revolving Credit Commitments
may be made by any existing Lender or by any other bank or other financial institution (any such other bank or other financial institution being called an “Additional Refinancing Lender”), provided that the Administrative
Agent shall have consented (such consent not to be unreasonably withheld, delayed or conditioned) to such Lender’s or Additional Refinancing Lender’s making such Refinancing Debt or Refinancing Revolving Credit Commitments if such consent
would be required under Section 10.06 for an assignment of Loans to such Lender or Additional Refinancing Lender. 
 (b) The
effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof (each, a “Refinancing Facility Closing Date”) of each of the conditions set forth in Section 5.02 (it being understood that all
references to “the date of such extension of credit” or similar language in such Section 5.02 shall be deemed to refer to the effective date of such Refinancing Amendment), of the payment of any fees payable in connection therewith
and such other conditions as the parties thereto shall agree. The terms of the Refinancing Debt and Refinancing Revolving Credit Commitments shall comply with Section 2.26(c). Substantially concurrently with the incurrence of any such
Refinancing Debt or Refinancing Revolving Credit Commitments, 100% of the Net Cash Proceeds thereof shall be applied to repay the Refinanced Loans and Commitments (including accrued interest, fees and premiums (if any) payable in connection
therewith). 
 (c) The Refinancing Debt and Refinancing Revolving Credit Commitments (i) shall rank pari passu or junior in
right of payment and of security with the Term Loans and Revolving Credit Loans or be unsecured and none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ii) shall not be secured by any assets
other than Collateral, (iii) with respect to any Refinancing Debt, shall not mature earlier than the Term Loan Maturity Date of the Class of Term Loans so refinanced or have a Weighted Average Life to Maturity shorter than the remaining
Weighted Average Life to Maturity of the Class of Term Loans so refinanced, (iv) with respect to the Refinancing Revolving Credit Commitments, shall not mature earlier than the Revolving Credit Maturity Date, and (v) shall have terms
and conditions, taken as a whole, no more favorable (as reasonably determined by the Borrower) to the lenders or investors providing the Refinancing Debt or Refinancing Revolving Credit Commitments, as applicable, to the relevant Refinanced Loans
and Commitments (in each case, excluding with respect to the interest rate margin, premiums and other pricing terms and voluntary prepayments) unless the Company enters into an amendment to this Agreement with the Administrative Agent (which
amendment shall not require the consent of any other Lender) to add such more favorable terms for the benefit of the Lenders; provided that this clause (v) shall not apply to covenants or other provisions applicable only to periods after
the Term Loan Maturity Date, Incremental Term Loan Maturity Date and Revolving Credit Maturity Date. The interest rate margin, rate floors, fees, original issue discount and premiums applicable to the Refinancing Debt and Refinancing Revolving
Credit Commitments shall be determined by the Company and the applicable lenders or investors providing such Refinancing Debt and Refinancing Revolving Credit Commitments. To the extent the terms of the Refinancing Amendment are inconsistent with
the terms set forth herein (except as set forth in this paragraph (c)), such terms shall be reasonably satisfactory to the Administrative Agent. 

  
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 (d) In connection with any Refinancing Debt and Refinancing Revolving Credit Commitments incurred
pursuant to this Section 2.26, the Company, the Administrative Agent and each applicable Lender or Additional Refinancing Lender shall execute and deliver to the Administrative Agent a Refinancing Amendment and such other documentation as the
Administrative Agent shall reasonably specify to evidence such Refinancing Debt or Refinancing Revolving Credit Commitments. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Any
Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Company, to
effect the provisions of this Section 2.26, including any amendments necessary to establish the applicable Refinancing Debt as a new class or tranche of Term Loans, or, if contemplated by such Refinancing Amendment and not inconsistent with the
provisions hereof, an increase in any existing class of Term Loans or Revolving Credit Commitments, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Company in
connection with the establishment of, or increases in, such classes or tranches (including to preserve the pro rata treatment of the refinanced and non-refinanced tranches), in each case on terms consistent
with this Section 2.26. The Administrative Agent and the Lenders hereby agree that the minimum Borrowing, pro rata Borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected
pursuant to the immediately preceding sentence. 
 ARTICLE 3 

LETTERS OF CREDIT 

Section 3.01. L/C Commitment. (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the
agreements of the other Revolving Credit Lenders set forth in Section 3.04(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrowers and other Restricted Subsidiaries on any Business Day,
during the period from and including the Closing Date to the earlier of (v) the date that is 10 days prior to the Revolving Credit Maturity Date and (w) the termination of the Revolving Credit Commitments in accordance with the terms
hereof, in such form as may be approved from time to time by such Issuing Lender; provided, that no Issuing Lender shall have any obligation to issue any Letter of Credit if, immediately after giving effect to such issuance, (i) the L/C
Obligations would exceed the L/C Commitment, (ii) the aggregate amount of the Available Revolving Credit Commitments would be less than zero or (iii) the Revolving Extensions of Credit of any Lender would exceed such Lender’s
Revolving Credit Commitment. Each Letter of Credit shall (i) be denominated in Dollars or any Designated Alternative Currency and (ii) unless the applicable Issuing Lender otherwise agree in its sole discretion, expire no later than the
earlier of (x) the first anniversary of its date of issuance and (y) the date which is five Business Days prior to the Revolving Credit Maturity Date; provided that any Letter of Credit with a
one-year term may provide for the renewal thereof for additional one-year periods (which shall not (absent the consent of the applicable Issuing Lender to the contrary)
extend beyond the date referred to in clause (y) above). Letters of Credit may be standby Letters of Credit or trade Letters of Credit, as specified in the applicable Application. 

  
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 (b) No Issuing Lender shall at any time be obligated to issue any Letter of Credit hereunder if
such issuance would conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 

Section 3.02. Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that an Issuing Lender issue
a Letter of Credit by delivering to such Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and
information as such Issuing Lender may request. Concurrently with the delivery of an Application to an Issuing Lender, the Borrower shall deliver a copy thereof to the Administrative Agent. Upon receipt of any Application, an Issuing Lender will
process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby by issuing
the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by such Issuing Lender and the Borrower (but in no event shall any Issuing Lender be required to issue any Letter of Credit earlier than three Business
Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto). Promptly after issuance by an Issuing Lender of a Letter of Credit, such Issuing Lender shall furnish a
copy of such Letter of Credit to the Company. Each Issuing Lender shall promptly give notice to the Administrative Agent of the issuance of each Letter of Credit issued by such Issuing Lender (including the face amount thereof), and shall provide a
copy of such Letter of Credit to the Administrative Agent as soon as possible after the date of issuance. 
 Section 3.03. Fees and
Other Charges. (a) The Company will pay a fee (an “L/C Fee”) on the aggregate drawable amount of all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar
Loans under the Revolving Credit Facility, shared ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Percentages and payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. In
addition, the Company shall pay to the relevant Issuing Lender for its own account a fronting fee on the aggregate drawable amount of all outstanding Letters of Credit issued by it of 0.125% per annum, payable quarterly in arrears on each L/C Fee
Payment Date after the issuance date. 
 (b) In addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender for
such normal and customary costs and expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

Section 3.04. L/C Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C
Participant, and, to induce each Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Issuing Lender, on the terms and conditions hereinafter
stated, for such L/C Participant’s own account and risk, an undivided interest equal to 

  
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such L/C Participant’s Revolving Credit Percentage in each Issuing Lender’s obligations and rights under each Letter of Credit issued by such Issuing Lender hereunder and each L/C
Disbursement made by such Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with each Issuing Lender that, if such Issuing Lender makes any L/C Disbursement in respect of a Letter of Credit issued by such Issuing
Lender for which such Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Administrative Agent for the account of such Issuing Lender upon demand at such
Issuing Lender’s address for notices specified herein (and thereafter the Administrative Agent shall promptly pay to such Issuing Lender) an amount equal to such L/C Participant’s Revolving Credit Percentage of such L/C Disbursement, or
any part thereof, that is not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment,
abatement, withholding, reduction, defense or other right that such L/C Participant may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of
Default or the failure to satisfy any of the other conditions specified in Article 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the
Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

(b)     If any amount (a “Participation Amount”) required to be paid by any L/C Participant to an Issuing
Lender pursuant to Section 3.04(a) in respect of any unreimbursed portion of any L/C Disbursement made by such Issuing Lender under any Letter of Credit is not paid to such Issuing Lender within three Business Days after the date such payment
is due, such Issuing Lender shall so notify the Administrative Agent, which shall promptly notify the L/C Participants, and each L/C Participant shall pay to the Administrative Agent, for the account of such Issuing Lender, on demand (and thereafter
the Administrative Agent shall promptly pay to such Issuing Lender) an amount equal to the product of (i) such Participation Amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such
payment is required to the date on which such payment is immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If
any Participation Amount required to be paid by any L/C Participant pursuant to Section 3.04(a) is not made available to the Administrative Agent for the account of the relevant Issuing Lender by such L/C Participant within three Business Days
after the date such payment is due, the Administrative Agent on behalf of such Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such Participation Amount with interest thereon calculated from such due date at the
rate per annum applicable to ABR Loans under the Revolving Credit Facility. A certificate of the Administrative Agent submitted on behalf of an Issuing Lender to any L/C Participant with respect to any amounts owing under this Section shall be
conclusive in the absence of demonstrable error. 
 (c) Whenever, at any time after an Issuing Lender has made any L/C Disbursement in
respect of a Letter of Credit issued by such Issuing Lender and has received from the Administrative Agent any L/C Participant’s pro rata share of such payment in accordance with Section 3.04(a), such Issuing Lender receives any
payment related to such Letter of Credit 

  
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(whether directly from the Company or otherwise, including proceeds of collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will
distribute to the Administrative Agent for the account of such L/C Participant (and thereafter the Administrative Agent will promptly distribute to such L/C Participant) its pro rata share thereof; provided, however, that if any
such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to the Administrative Agent for the account of such Issuing Lender (and thereafter the Administrative Agent shall
promptly return to such Issuing Lender) the portion thereof previously distributed by such Issuing Lender. 
 Section 3.05.
Reimbursement Obligation of the Borrowers. The Borrowers agree to reimburse each Issuing Lender, by the next Business Day following the date on which such Issuing Lender notifies the Borrower of the date and amount of an L/C Disbursement made
by such Issuing Lender, for the amount of (a) such L/C Disbursement and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such L/C Disbursement (the amounts described in the
foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Each such payment shall be made to such Issuing Lender at its address for notices specified herein in lawful money of the United
States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date
of the applicable drawing, Section 2.13(b) and (ii) thereafter, Section 2.13(c). If any Borrower fails to so reimburse such Issuing Lender, (i) such Borrower shall be deemed to have requested a Borrowing pursuant to Section 2.05
of ABR Loans in the amount of such L/C Disbursement without regard to the minimum and multiples specified in Section 3.05 for the principal amount of ABR Loans, but subject to the unutilized portion of the Revolving Credit Commitments, the
making of any such Borrowing to be subject to the conditions set forth in Section 1.01(a) (other than Section 5.02(a) and (c)); provided that if such conditions are not satisfied, the procedures specified in Section 3.04 for
funding by L/C Participants shall apply and (ii) the Lenders under the Revolving Credit Facility (other than with respect to any draws on any Letters of Credit after the fifth Business Day prior to the Revolving Credit Maturity Date) shall be
irrevocably obligated to reimburse such Issuing Lender pro rata based upon the Lenders’ respective Revolving Credit Commitments. The Borrowing Date with respect to such Borrowing shall be the first date on which a Borrowing of Revolving
Credit Loans could be made, pursuant to Section 2.05, if the Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing under such Letter of
Credit. 
 Section 3.06. Obligations Absolute. The Borrowers’ obligations under this Article 3 shall be absolute,
unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances whatsoever, and irrespective of: 

(a) any lack of validity or enforceability of any Letter of Credit or any Loan Document, or any term or provision therein; 

(b) any amendment or waiver of or any consent to departure from all or any of the provisions of any Letter of Credit or any Loan Document;

  
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 (c) the existence of any claim, setoff, defense or other right that any Borrower, any other party
guaranteeing, or otherwise obligated with, any Borrower, any Restricted Subsidiary or other Affiliate thereof or any other Person may at any time have against the beneficiary under any Letter of Credit, the applicable Issuing Lender, the
Administrative Agent or any Lender or any other Person, whether in connection with this Agreement, any other Loan Document or any other related or unrelated agreement or transaction; 

(d) any draft or other document presented under a 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; 
 (e) payment by the applicable Issuing Lender under a Letter of Credit
against presentation of a draft or other document that does not comply with the terms of such Letter of Credit; and 
 (f) any other act or
omission to act or delay of any kind of the applicable Issuing Lender, the Lenders, the Administrative Agent or any other Person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section, constitute a legal or equitable discharge of the Borrowers’ obligations hereunder. 
 Without limiting the
generality of the foregoing, it is expressly understood and agreed that the absolute and unconditional obligation of the Borrowers under this Article 3 will not be excused by the gross negligence or willful misconduct of the applicable Issuing
Lender. However, the foregoing shall not be construed to excuse the applicable Issuing Lender from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by
the Borrowers to the extent permitted by applicable law) suffered by the Borrowers that are caused by such Issuing Lender’s gross negligence or willful misconduct in determining whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof. It is further understood and agreed that the applicable Issuing Lender 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, in making any payment under any Letter of Credit issued by such Issuing Lender (i) such Issuing Lender’s exclusive reliance on the documents presented to it under such Letter of Credit as to any and all
matters set forth therein, including reliance on the amount of any draft presented under such Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented
pursuant to such Letter of Credit proves to be insufficient in any respect, if such document on its face appears to be in order, and whether or not any other statement or any other document presented pursuant to such Letter of Credit proves to be
forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever and (ii) any noncompliance in any immaterial respect of the documents presented under such Letter of Credit with the terms thereof shall, in
each case, be deemed not to constitute gross negligence or willful misconduct of such Issuing Lender. 
 Section 3.07. Letter of
Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the relevant Issuing Lender shall promptly notify the 

  
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Company and the Administrative Agent of the date and amount thereof. The responsibility of the relevant Issuing Lender to the Company in connection with any draft presented for payment under any
Letter of Credit, in addition to any payment obligation expressly provided for in such Letter of Credit issued by such Issuing Lender, shall be limited to determining that the documents (including each draft) delivered under such Letter of Credit in
connection with such presentment appear on their face to be in conformity with such Letter of Credit. 
 Section 3.08.
Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Article 3, the provisions of this Article 3 shall apply. 

Section 3.09. Resignation. Any Issuing Lender may resign at any time by giving 30 days’ prior written notice to the
Administrative Agent, the Lenders and the Company, and may be removed at any time by the Company by notice to such Issuing Lender, the Administrative Agent and the Lenders. Upon the acceptance of any appointment as an Issuing Lender hereunder by a
Lender that shall agree to serve as a successor Issuing Lender, such successor shall succeed to and become vested with all the interests, rights and obligations of such retiring Issuing Lender. At the time such removal or resignation shall become
effective, the Company shall pay all accrued and unpaid fees owing to the retiring Issuing Lender pursuant to Section 3.03(b). The acceptance of any appointment as an Issuing Lender hereunder by a successor Lender shall be evidenced by an
agreement entered into by such successor, in a form satisfactory to the Company and the Administrative Agent, and, from and after the effective date of such agreement, (1) such successor Lender shall have all the rights and obligations of such
previous Issuing Lender under this Agreement and the other Loan Documents and (2) references herein and in the other Loan Documents to the term “Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing
Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After the resignation or removal of an Issuing Lender hereunder, the retiring Issuing Lender shall remain a party hereto and shall continue to have all the
rights and obligations of an Issuing Lender under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation or removal, but shall not be required to issue additional Letters of Credit. 

Section 3.10. Additional Issuing Lenders. The Company may, at any time and from time to time with the consent of the
Administrative Agent (which consent shall not be unreasonably withheld or delayed) and such Lender, designate one or more additional Lenders to act as an issuing lender under the terms of this Agreement, subject to reporting requirements reasonably
satisfactory to the Administrative Agent with respect to issuances, amendments, extensions and terminations of Letters of Credit by such additional issuing lender. Any Lender designated as an issuing lender pursuant to this Section 3.10 shall
be deemed to be an “Issuing Lender” (in addition to being a Lender) in respect of Letters of Credit issued or to be issued by such Lender, and, with respect to such Letters of Credit, such term shall thereafter apply to the other Issuing
Lender and such Lender. 

  
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 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

To induce the Agents and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, the
Company hereby represents and warrants to each Agent and each Lender that: 
 Section 4.01. Financial Condition. (a)
The Company has heretofore furnished to Administrative Agent and Lenders (i) the audited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Company and its Subsidiaries as of and
for the fiscal years ended January 31, 2015, 2016 and 2017, setting forth in each case in comparative form the corresponding figures for the immediately preceding fiscal year (except that, in the case of such balance sheet, such comparison
shall be to the last day of the prior fiscal year), reported on by and accompanied by an unqualified report from Deloitte & Touche LLP and (ii) the unaudited consolidated balance sheet and related statements of income,
stockholders’ equity and cash flows of the Company as of and for the fiscal quarter ended April 30, 2017, setting forth in comparative form the corresponding figures for the equivalent period of the immediately preceding fiscal year
(except that, in the case of such balance sheet, such comparison shall be to the last day of such period). 
 (b) All such financial
statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the respective periods involved. 

Section 4.02. No Change. Since January 31, 2017 there has been no development or event that has had or could reasonably be
expected to have a Material Adverse Effect. 
 Section 4.03. Corporate Existence; Compliance with Law. Each of the Company and
its Restricted Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization (to the extent such concepts are applicable under the law of such jurisdiction), except with respect
to the good standing of its Foreign Subsidiaries that do not constitute a material portion of the business of the Company and its Restricted Subsidiaries, taken as a whole, and where such failure to be in good standing could not, in the aggregate,
reasonably be expected to have a Material Adverse Effect, (b) has the corporate power and authority, and the legal right, to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is
currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction (to the extent such concepts are applicable under the law of such jurisdiction) where its
ownership, lease or operation of Property or the conduct of its business requires such qualification, except to the extent that the failure to be so qualified could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, and
(d) is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 4.04. Corporate Power; Authorization; Enforceable Obligations. Each Loan Party has the corporate power and authority, and
the legal right, to make, deliver and 

  
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perform the Loan Documents to which it is a party and, in the case of the Borrowers, to borrow hereunder in accordance with the terms and conditions hereof. Each Loan Party has taken all
necessary corporate action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrowers, to authorize the Borrowings on the terms and conditions of this Agreement. No consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the Borrowings hereunder or the execution, delivery, performance, validity or enforceability of
this Agreement or any of the other Loan Documents, except (i) consents, authorizations, filings and notices described in Schedule 4.04, which consents, authorizations, filings and notices have been obtained or made and are in full force and
effect, (ii) the filings referred to in Section 4.18 and filings required under the Exchange Act in respect of the transactions contemplated hereby, and (iii) consents, authorizations, filings and notices required under the laws of
the jurisdiction of organization of any Foreign Subsidiary in respect of the grant of a security interest in respect of its Capital Stock pursuant to the Guarantee and Collateral Agreement or any other Security Document. Each Loan Document has been
duly executed and delivered on behalf of each Loan Party that is a party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute (in each case, assuming due execution by the parties other than the Loan
Parties party thereto), a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

Section 4.05. No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance
of Letters of Credit, the Borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any material Contractual Obligation of the Company or any of its Restricted Subsidiaries and will not result in, or
require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such material Contractual Obligation (other than the Liens created by the Security Documents). 

Section 4.06. No Material Litigation. Except as described on Schedule 4.06, no litigation, investigation or proceeding of or
before any arbitrator or Governmental Authority is pending or, to the knowledge of the Company, threatened in writing by or against the Company or any of its Restricted Subsidiaries or against any of their respective properties or revenues
(a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 

Section 4.07. No Default. Neither the Company nor any of its Restricted Subsidiaries is in default under or with respect to any of
its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

Section 4.08. Ownership of Property; Liens. Each of the Company and its Restricted Subsidiaries has title in fee simple to, or a
valid leasehold interest in, all its material real property, and good title to, or a valid leasehold interest in, all its other material tangible Property, and none of such Property is subject to any Lien except as permitted by Section 7.03.

  
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 Section 4.09. Intellectual Property. Except as described on Schedule 4.09, the
Company and each of its Restricted Subsidiaries owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted in all material respects. Except as described on Schedule 4.09, no claim has
been asserted in writing to the Company or any of its Restricted Subsidiaries and is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor
does the Company know of any valid basis for any such claim, in each case, that could reasonably be expected to have a Material Adverse Effect. Except as described on Schedule 4.09, the use of Intellectual Property by the Company and its Restricted
Subsidiaries does not infringe on the Intellectual Property rights of any Person in any manner that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

Section 4.10. Taxes. Each of the Company and its Restricted Subsidiaries has filed or caused to be filed all Federal and state
income tax returns and other material tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any material assessments made against it or any of its Property and all other material taxes,
fees or other charges imposed on it or any of its Property by any Governmental Authority, except (i) any amount the validity of which is currently being contested in good faith and with respect to which reserves in conformity with GAAP have
been provided on the books of the Company or its Restricted Subsidiaries, as the case may be or (ii) where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

Section 4.11. Federal Regulations. No part of the proceeds of any Loans, and no other extensions of credit hereunder, will be
used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U
as now and from time to time hereafter in effect or for any purpose that violates Regulation U. 
 Section 4.12. Labor Matters.
There are no strikes or other labor disputes against the Company or any of its Restricted Subsidiaries pending or, to the knowledge of the Company, threatened in writing that (individually or in the aggregate) could reasonably be expected to have a
Material Adverse Effect. Hours worked by and payment made to employees of the Company and its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters
that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. All payments due from the Company or any of its Restricted Subsidiaries on account of employee health and welfare insurance that (individually or
in the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of the Company or the relevant Restricted Subsidiary. 

Section 4.13. ERISA. Neither a Reportable Event nor an ERISA Event has occurred during the five year period prior to the date on
which this representation is made or deemed made with respect to any applicable Plan that is not a Multiemployer Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code,

  
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except for a Reportable Event or ERISA Event or an instance of non-compliance that could not reasonably be expected to have a Material Adverse Effect. No
termination of a Single Employer Plan has occurred other than pursuant to a standard termination under Title IV of ERISA, and no Lien in favor of the PBGC or a Plan has arisen on the assets of the Company and remains in force, during such five-year
period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed
made, exceed the value of the assets of such Plan allocable to such accrued benefits by an amount that could reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Commonly Controlled Entity has had a complete or
partial withdrawal from any Multiemployer Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect, and neither the Company nor any Commonly Controlled Entity would become subject to any liability under ERISA
that could reasonably be expected to have a Material Adverse Effect if the Company or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this
representation is made or deemed made. No such Multiemployer Plan is Insolvent. 
 Section 4.14. Investment Company Act. No Loan
Party is an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

Section 4.15. Restricted Subsidiaries. (a) The Restricted Subsidiaries listed on Schedule 4.15(a) constitute all the
Restricted Subsidiaries of the Company as of the Closing Date. Schedule 4.15(a) sets forth as of the Closing Date the name and jurisdiction of formation of each Restricted Subsidiary and, as to each Restricted Subsidiary, the percentage of each
class of Capital Stock owned by each Loan Party. 
 (b) As of the Closing Date there are no outstanding subscriptions, options, warrants,
calls, rights or other agreements or commitments (other than warrants, options, restricted stock units, restricted stock, phantom stock units, stock appreciation rights or other similar securities or rights granted to current or former employees,
officers, consultants or directors and directors’ qualifying shares) of any nature relating to (i) any Capital Stock of any Wholly-Owned Restricted Subsidiary and (ii) in the case of a
non-Wholly Owned Restricted Subsidiary, any Capital Stock of any non-Wholly Owned Restricted Subsidiary solely with respect to the Capital Stock owned, directly or
indirectly, by the Company, in each case, except as disclosed on Schedule 4.15(b). 
 Section 4.16. Environmental Matters. Other
than exceptions to any of the following that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: 

(a) The Company and its Restricted Subsidiaries: (i) are, and within the period of all applicable statutes of limitation have been, in
compliance with all applicable Environmental Laws; (ii) hold all Environmental Permits (each of which is in full force and effect) required for any of their current or intended operations or for any property owned, leased, or otherwise operated
by any of them; (iii) are, and within the period of all applicable statutes of limitation have been, in compliance with all of their Environmental Permits and (iv) reasonably believe 

  
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 that: each of their required Environmental Permits will be timely renewed and complied with, without material
expense; any additional Environmental Permits that may be required of any of them will be timely obtained and complied with, without material expense; and compliance with any Environmental Law that is or is expected to become applicable to any of
them will be timely attained and maintained, without material expense; 
 (b) Materials of Environmental Concern are not present at, on,
under, in, from or about any real property now or formerly owned, leased or operated by the Company or any of its Restricted Subsidiaries, or at any other location (including, without limitation, any location to which Materials of Environmental
Concern have been sent for re-use or recycling or for treatment, storage, or disposal) which could reasonably be expected to (i) give rise to liability of the Company or any of its Restricted Subsidiaries
under any applicable Environmental Law or otherwise result in costs to the Company or any of its Restricted Subsidiaries, or (ii) interfere with the Company’s or any of its Restricted Subsidiaries’ continued operations, or
(iii) impair the fair saleable value of any real property owned or leased by the Company or any of its Restricted Subsidiaries; 
 (c)
There is no judicial, administrative, or arbitral proceeding (including any notice of violation or alleged violation) under or relating to any Environmental Law to which the Company or any of its Restricted Subsidiaries is, or to the knowledge of
the Company or any of its Restricted Subsidiaries will be, named as a party that is pending or, to the knowledge of the Company or any of its Restricted Subsidiaries, threatened; 

(d) Neither the Company nor any of its Restricted Subsidiaries has received any written request for information, or been notified that it is a
potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation, and Liability Act or any similar Environmental Law, or with respect to any Materials of Environmental Concern; 

(e) Neither the Company nor any of its Restricted Subsidiaries has entered into or agreed to any consent decree, order, or settlement or other
agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to compliance with or liability under any Environmental Law; and 

(f) Neither the Company nor any of its Restricted Subsidiaries has assumed or retained, by contract or operation of law, any liabilities of
any kind, fixed or contingent, known or unknown, under any Environmental Law or with respect to any Material of Environmental Concern. 

Section 4.17. Accuracy of Information, Etc. No statement or information contained in this Agreement, any other Loan Document, the
Lender Presentation or any other document, certificate or statement furnished to the Administrative Agent or the Lenders or any of them, all taken as a whole, by or on behalf of any Loan Party for use in connection with the negotiation of this
Agreement or the other Loan Documents (as modified or supplemented by other information so furnished), contained as of the date such statement, information, document or certificate was so furnished (or, in the case of the Lender Presentation, as of
the Closing Date), any untrue statement of a material fact or omitted to state a material fact necessary to make the 

  
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statements contained herein or therein not misleading in any material respect, when taken as a whole; provided, however, that with respect to projected financial information and information of a
general or industry specific nature, the Company represents only that such information has been prepared in good faith based on assumptions believed by the Company to be reasonable at the time made (it being recognized that such information as it
relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such information may differ from the projected results set forth therein by a material amount). 

Section 4.18. Security Documents. (a) The Guarantee and Collateral Agreement is effective to create in favor of the
Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. Subject to Section 4.02(b) of the Guarantee and Collateral Agreement, in the
case of the Pledged Stock represented by certificates described in the Guarantee and Collateral Agreement, when any stock certificates representing such Pledged Stock are delivered to the Collateral Agent, and in the case of the other Collateral
described in the Guarantee and Collateral Agreement (other than Intellectual Property (as defined in the Guarantee and Collateral Agreement)), when financing statements in appropriate form are duly completed and filed in the offices specified on
Schedule 4.18(a) and such other filings as are specified on Schedule 3 to the Guarantee and Collateral Agreement have been completed, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all
right, title and interest of the Loan Parties party to the Guarantee and Collateral Agreement in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and
superior in right to any other Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.03), in each case to the extent security interests in such Collateral may be perfected by delivery of such
certificates representing Pledged Stock or such filings. 
 (b) Upon the recordation of the Guarantee and Collateral Agreement (or a
short-form security agreement in form and substance reasonably satisfactory to the Company and the Collateral Agent) with the United States Patent and Trademark Office and the United States Copyright Office, together with the financing
statements in appropriate form filed in the offices specified on Schedule 4.18(a), the Lien created under the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest
of the Loan Parties party to the Guarantee and Collateral Agreement in the Recordable Intellectual Property in which a security interest may be perfected by filing in the United States and its territories and possessions, in each case prior and
superior in right to any other Person, other than with respect to Liens expressly permitted by Section 7.03. 
 (c) Each Mortgage (when
duly executed and delivered) shall be effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable Lien on, and security interest in, all right, title and interest of the Loan Parties
in and to the Mortgaged Property described therein and proceeds thereof; and when such Mortgage is filed in the recording office designated by the Company, such Mortgage shall constitute a fully perfected Lien on, and security interest in, all
right, title and interest of the Loan Parties in and to the Mortgaged Property described therein and the proceeds thereof, as security for the Obligations (as defined in such Mortgage), in each case prior and superior in right to any other Person
(other than Persons holding Liens or other encumbrances or rights permitted by such Mortgage 

  
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or Section 7.03). Schedule 4.18(c) lists, as of the Closing Date, each parcel of owned real property located in the United States and held by the Company or any of its Domestic Subsidiaries
that has a value, in the reasonable opinion of the Company, in excess of $10,000,000. 
 Section 4.19. Solvency. As of the
Closing Date, the Loan Parties, taken as a whole on a consolidated basis, are, and immediately after giving effect to the incurrence of all Indebtedness and obligations being incurred in connection herewith, will be, Solvent. 

Section 4.20. Anti-Corruption Laws and Sanctions. The Company has implemented and maintains in effect policies and procedures
intended to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents (in their respective capacities as such) with Anti-Corruption Laws and applicable Sanctions, and the Company, its
Subsidiaries and their respective directors and officers (in their respective capacities as such) and to the knowledge of the Company, its employees and agents (in their respective capacities as such), are in compliance with Anti-Corruption Laws and
applicable Sanctions in all material respects. None of (a) the Company, any Subsidiary or to the knowledge of the Company or such Subsidiary any of their respective directors, officers or employees (in their respective capacities as such), or
(b) to the knowledge of the Company, any agent of the Company or any Subsidiary (in such agent’s capacity as such) that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned
Person described in clause (a) of the definition thereof (or a Person owned or controlled by any Person described in such clause (a)), or a Sanctioned Person as described in clause (b) of the definition thereof, in either case, in
violation in any material respect of Sanctions. No Borrowing or Letter of Credit or use of proceeds therefrom will violate Anti-Corruption Laws or applicable Sanctions. 

Section 4.21. EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

Section 4.22. Insurance. The Company and its Restricted Subsidiaries have insurance in such amounts and covering such risks and
liabilities as are in the Company’s judgment in accordance with normal industry practice, and, as of the Closing Date, such insurance is in full force and effect and all premiums then due in respect thereof have been paid. 

Section 4.23. Use of Proceeds. The Borrowers will use the proceeds of the Loans and will request the issuance of Letters of Credit
only for purposes not inconsistent with Section 6.10. 
 Section 4.24. Subordination of Permitted Convertible Indebtedness.
The Obligations hereunder constitute “Designated Senior Indebtedness” (or any comparable term) for all purposes of any subordinated Permitted Convertible Indebtedness, any other subordinated Indebtedness of the Company or any Restricted
Subsidiary Guarantor and any Permitted Refinancing thereof. 

  
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 ARTICLE 5 

CONDITIONS PRECEDENT 

Section 5.01. Conditions to Initial Extension of Credit. The agreement of each Lender to make extensions of credit on the Closing
Date requested to be made by it is subject to the satisfaction or waiver, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent: 

(a) Agreement; Guarantee and Collateral Agreement. The Administrative Agent shall have received (i) this Agreement, executed and
delivered by the Loan Parties party hereto, the Administrative Agent and each Lender listed on Schedule 1.01A and (ii) the Guarantee and Collateral Agreement, executed and delivered by the Loan Parties party thereto. 

(b) Authority Documents. The Administrative Agent shall have received the following: 

(i) Certificate of Incorporation or Formation. A certificate of each Loan Party, dated the Closing Date, substantially
in the form of Exhibit C, with appropriate insertions and attachments, including the certificate of incorporation or certificate of formation of each Loan Party that is a corporation or a limited liability company certified by the relevant authority
of the jurisdiction of organization of such Loan Party. 
 (ii) Resolutions. Copies of resolutions of the board of
directors or other comparable managing body of each Loan Party approving and adopting the Loan Documents, the transactions contemplated therein and authorizing execution and delivery thereof, certified by an officer, manager, member or managing
member of such Loan Party as of the Closing Date to be true and correct and in force and effect as of such date. 
 (iii)
Bylaws. A copy of the bylaws and/or operating agreement of each Loan Party certified by an officer, manager, member or managing member of such Loan Party as of the Closing Date to be true and correct and in force and effect as of such date.

 (iv) Good Standing Certificates. A long form (if applicable) good standing certificate for each Loan Party from its
jurisdiction of organization. 
 (v) Incumbency Certificate. An incumbency certificate of each Loan Party certified by
a secretary or assistant secretary to be true and correct as of the Closing Date. 
 (c) Security Interests.  

(i) The Administrative Agent shall have received the results of a recent Lien search with respect to each Loan Party, and such
search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 7.03 or discharged on or prior to the Closing Date (or provision for such discharge made) pursuant to documentation satisfactory to the
Administrative Agent. 
 (ii) The Administrative Agent shall have received a completed Perfection Certificate in form and
substance reasonably satisfactory to the Administrative Agent, dated the Closing Date and signed by a Responsible Officer of the Company, together with all attachments contemplated thereby. 

  
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 (iii) The Administrative Agent shall have received (A) copies of financing
statements, filed or duly prepared for filing under, the UCC in all domestic jurisdictions necessary to perfect and protect the Liens created under the Security Documents, covering the Collateral described in the Security Documents and
(B) copies of the patent, trademark and copyright security agreements, executed and delivered by each party thereto, filed or duly prepared for filing in the United States Patent and Trademark Office, or the United States Copyright Office, as
applicable, in each case covering the applicable Collateral described therein. 
 (d) Insurance. The Administrative Agent shall have
received insurance certificates satisfying the requirements of Section 6.05. 
 (e) Legal Opinions of Counsel. The
Administrative Agent shall have received an opinion (or opinions) of counsel for the Loan Parties dated the Closing Date and addressed to the Administrative Agent and the Lenders in form and substance reasonably satisfactory to the Administrative
Agent. 
 (f) Fees. The Administrative Agent and the Lenders shall have received all fees required to be paid, and all expenses for
which invoices have been presented (including the reasonable fees and expenses of legal counsel), at least two Business Days before the Closing Date. All such amounts have been paid or will be paid with proceeds of Loans made on the Closing Date and
will be reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Closing Date. 
 (g)
Financial Statements. The Administrative Agent shall have received copies of the financial statements referred to in Section 4.01 hereof. 

(h) KYC Requirements. Before the end of the third Business Day prior to the Closing Date, the Administrative Agent shall have received
all documentation and other information, which has been requested by the Administrative Agent of the Company in writing at least ten (10) days prior to the Closing Date, required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 
 (i) Solvency
Certificate. The Administrative Agent shall have received a certificate from an Responsible Officer of the Company to the effect that immediately after giving effect to the consummation of the transactions contemplated in the Loan Documents, the
Company, on a consolidated basis with its Subsidiaries is Solvent. 

  
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 Section 5.02. Conditions to each Extension of Credit. The agreement of each Lender to
make any extension of credit (other than pursuant to Section 3.05 or a continuation or conversion of a Loan in accordance with the terms of this Agreement) requested to be made by it hereunder on any date (including, without limitation, its
initial extension of credit) is subject to the satisfaction of the following conditions precedent: 
 (a) Representations and
Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects (except that any representation and warranty that is qualified by materiality
shall be true and correct in all respects) on and as of such date as if made on and as of such date (except to the extent such representations and warranties are specifically made as of a particular date, in which case such representations and
warranties shall be true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) as of such date). 

(b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the
extensions of credit requested to be made on such date. 
 (c) Notice. The Administrative Agent shall have received a notice
requesting such extension of credit to the extent required hereunder. 
 Each Borrowing (other than pursuant to Section 3.05 or a continuation or
conversion of a Loan in accordance with the terms of this Agreement) by and issuance of a Letter of Credit on behalf of any Borrower hereunder shall constitute a representation and warranty by the Company as of the date of such extension of credit
that the conditions contained in paragraphs (a) and (b) of this Section 5.02 have been satisfied. Notwithstanding the foregoing, for the avoidance of doubt, in the case of an extension of credit pursuant to an Incremental Loan in
connection with a Limited Condition Acquisition, the foregoing provisions shall be superseded by the provisions of Section 2.22 and the relevant Borrowing by any Borrower hereunder shall constitute a representation and warranty by the Company
as of the date of such extension of credit that the conditions contained in Section 2.22(e) have been satisfied. 
 ARTICLE 6 

AFFIRMATIVE COVENANTS 

The Company hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding (and has not been Cash
Collateralized) or any Loan is owing to any Lender or any Agent hereunder or under any other Loan Document, the Company shall and shall cause its Restricted Subsidiaries to: 

Section 6.01. Financial Statements. Furnish to the Administrative Agent (on behalf of the Lenders): 

(a) within 90 days after the end of each fiscal year of the Company, a copy of the audited consolidated balance sheet of the Company and its
consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures as of the end of and for the previous year,
reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit (except for qualifications resulting from any pending maturity of Indebtedness under the Existing Convertible
Notes (including any Permitted Refinancings thereof), any pending maturity of Indebtedness under this Agreement or any actual or potential non-compliance with financial covenants herein or therein), by
Deloitte & Touche LLP or other independent certified public accountants of nationally recognized standing; 

  
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 (b) not later than 45 days after the end of each of the first three fiscal quarterly periods of
each fiscal year of the Company, the unaudited consolidated (i) balance sheet of the Company and its consolidated Subsidiaries as at the end of such quarter, (ii) statements of income for such quarter and the portion of the fiscal year
through the end of such quarter and (iii) statements of cash flows for the portion of the fiscal year through the end of such quarter, setting forth in the case of clause (i) in comparative form the figures as of the end of the previous
fiscal year and in the case of clauses (ii) and (iii) in comparative form the figures for the corresponding periods in the previous fiscal year, certified by a Responsible Officer as being fairly stated in all material respects (subject to
normal year-end and audit adjustments and the absence of footnotes); and 
 (c) if any Restricted
Subsidiary has been designated as an Unrestricted Subsidiary, concurrently with the delivery of financial statements under clause (a) or (b) above, financial statements (in substantially the same form as the financial statements delivered
pursuant to clauses (a) and (b) above) prepared on the basis of consolidating the accounts of the Company and its Subsidiaries and treating any Unrestricted Subsidiaries as if they were not consolidated with the Company or accounted for on the
basis of the equity method but rather account for an investment and otherwise eliminating all accounts of Unrestricted Subsidiaries, together with an explanation of reconciliation adjustments in reasonable detail; 

all such financial statements to be complete and correct in all material respects and to be prepared in reasonable detail and in accordance with GAAP applied
consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein). 

Section 6.02. Certificates; Other Information. Furnish to the Administrative Agent (on behalf of the Lenders): 

(a) [Reserved]; 
 (b) (i)
concurrently with the delivery of any financial statements pursuant to Section 6.01, (x) a certificate of a Responsible Officer stating that, to such Responsible Officer’s knowledge, each Loan Party during such period has observed or
performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has
obtained no knowledge of any Default or Event of Default except as specified in such certificate and (y) a Compliance Certificate containing all information and calculations necessary for determining compliance by the Company and its Restricted
Subsidiaries with the Financial Covenant as of the last day of the fiscal quarter or fiscal year of the Company, as the case may be and setting forth in reasonable detail the amount of (and the calculations required to establish the amount of) the
Available Amount at the end of such fiscal quarter or year, as the case may be (which calculations also include the amount of transactions effected pursuant to Section 7.05(e), Section 7.06(h), Section 7.07(o) or 7.08(a) (in each
case, to the extent utilizing the Available Amount), (ii) concurrently with the delivery of any financial 

  
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statement pursuant to Section 6.01(a) or such later date as is acceptable to the Administrative Agent in its sole discretion, to the extent not previously disclosed to the Administrative
Agent, a listing of any Recordable Intellectual Property acquired by any Loan Party since the date of the most recent list delivered pursuant to this clause (ii) (or, in the case of the first such list so delivered, since the Closing Date) (and
concurrently with or promptly after delivery of such certificate or such later date as is acceptable to the Administrative Agent in its sole discretion, the Company shall deliver or cause to be delivered signed Intellectual Property Security
Agreements with respect to any Recordable Intellectual Property listed thereon) and (iii) in the case of a certificate delivered concurrently with the delivery of the financial statements referred to in Section 6.01(a), beginning with the
fiscal year ending January 31, 2019, such certificate shall also set forth the Company’s calculation of Excess Cash Flow; 
 (c)
no later than 90 days after the end of each fiscal year of the Company (or such later date as is acceptable to the Administrative Agent in its sole discretion), a reasonably detailed consolidated budget for the following fiscal year (including a
projected consolidated balance sheet of the Company and its Restricted Subsidiaries as of the end of the following fiscal year, and the related consolidated statements of projected cash flow, projected changes in financial position and projected
income and a description of material underlying assumptions applicable thereto) with respect to such fiscal year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a
Responsible Officer stating that such Projections are based on estimates, information and assumptions believed by the Company to be reasonable at the time of preparation thereof; 

(d) within 45 days (or, in the case of the fourth fiscal quarter of any fiscal year, 90 days) after the end of each fiscal quarter of the
Company, a narrative discussion and analysis of the financial condition and results of operations of the Company and its Restricted Subsidiaries for such fiscal quarter and for the period from the beginning of the then current fiscal year to the end
of such fiscal quarter, as compared to the comparable periods of the previous fiscal year; 
 (e) within five Business Days after the same
(or such later date as is acceptable to the Administrative Agent in its sole discretion) are sent, copies of all financial statements and reports that the Company generally sends to the holders of any class of its debt securities or public equity
securities and, within five Business Days (or such later date as is acceptable to the Administrative Agent in its sole discretion) are sent after the same are filed, copies of all financial statements and reports that the Company may make to, or
file with, the SEC; 
 (f) promptly after the request by any Lender through the Administrative Agent, all documentation and other
information that such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act; 

(g) to the extent required under Section 6.05, annual renewals of any flood insurance policy or force-placed flood insurance policy; and

 (h) promptly, from time to time, such other information regarding the operations, business affairs and financial condition of the Company
or any Restricted Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender 

  
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through the Administrative Agent may reasonably request; provided that neither the Company nor any of its Restricted Subsidiaries shall be required to furnish information that the Company
in its good faith judgment believes (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) disclosure to the Administrative
Agent or any Lender (or their respective representatives or contractors) is prohibited by a Requirement of Law or a Contractual Obligation or (iii) is subject to attorney client or similar privilege or constitutes attorney work product (it
being understood and agreed that this Section 6.02(h) shall not be applied to augment the periodic reporting obligations of the Company under this Agreement). 

As to any information contained in materials furnished pursuant to Section 6.02(e), the Company shall not be separately required to
furnish such information under paragraph (b) or (d) above, but the foregoing shall not be in derogation of the obligation of the Company to furnish the information and materials described in paragraphs (b) and (d) above at the times
specified therein. Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(b), (d) or (e) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered
electronically and 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; or (ii) on which such documents are posted on a
United States government website or on the Company’s behalf on an Internet or intranet website, if any, in each case, to which the Administrative Agent has access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent). 
 Section 6.03. Payment of Taxes. Pay, discharge or otherwise satisfy at or before maturity or before
they become delinquent, as the case may be, all its material obligations and liabilities in respect of taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, except
(i) where the amount or validity thereof is currently being contested in good faith and reserves in conformity with GAAP with respect thereto have been provided on the books of the Company or its Restricted Subsidiaries, as the case may be or
(ii) where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 Section 6.04. Conduct of
Business and Maintenance of Existence; Compliance. (a) Preserve, renew and keep in full force and effect its organizational existence and take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in
the normal conduct of its business, except, in each case, (i) as otherwise permitted by Section 7.04 or (ii) to the extent that failure to do so, in the aggregate, could not reasonably be expected to have a Material Adverse Effect;
and (b) comply with all Contractual Obligations and Requirements of Law (including, without limitation ERISA, the USA PATRIOT Act, Anti-Corruption Laws and all applicable Environmental Laws) (i) in the case of the USA PATRIOT Act and
Anti-Corruption Laws, in all material respects and (ii) in the case of all Contractual Obligations and all other Requirements of Law (other than the USA PATRIOT Act or applicable Anti-Corruption Laws), except to the extent that failure to
comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 6.05. Maintenance
of Property; Insurance. (a) Keep all material Property and systems necessary in its business in good working order and condition, ordinary wear and tear excepted and except to the extent that failure to do so could not, in the aggregate,

  
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reasonably be expected to have a Material Adverse Effect, (b) maintain with financially sound and reputable insurance companies insurance in at least such amounts and against at least such
risks as are usually insured against in the same general area by companies engaged in the same or a similar business (including the use of self-insurance) and (c) notwithstanding anything herein to the contrary, with respect to each Mortgaged
Property, if at any time the area in which the buildings and other improvements (as described in the applicable Mortgage) are located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency
Management Agency (or any successor agency), obtain flood insurance in such reasonable total amount as the Collateral Agent may from time to time reasonably require, and otherwise to ensure compliance with the NFIP as set forth in the Flood Laws.

 Section 6.06. Inspection of Property; Books and Records; Discussions; Maintenance of Ratings. (a) (i) Keep proper books
of records and account in which true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (ii) subject to the limitations set forth
in Section 6.02(h), permit, upon reasonable prior notice, the Administrative Agent or any representatives thereof and, after the occurrence and during the continuance of an Event of Default, the Administrative Agent and representatives of the
Administrative Agent or any Lender (through the Administrative Agent), to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and
to discuss the business, operations, properties and financial and other condition of the Company and its Restricted Subsidiaries with officers and employees of the Company and its Restricted Subsidiaries; provided that unless an Event of
Default shall have occurred and be continuing, (x) the Administrative Agent and its representatives shall not have the right to make visits or inspections on more than one occasion during any fiscal year and (y) no more than one visit by
the Administrative Agent or its representatives or the representative of any Lender in any fiscal year shall be at the expense of the Company. The Administrative Agent and the Lenders agree to use reasonable efforts to coordinate and manage the
exercise of their rights under this Section 6.06 so as to minimize any disruption to the business of the Company and its Restricted Subsidiaries resulting therefrom. 

(b) Use commercially reasonable efforts to cause the Facilities to be continuously rated by S&P and Moody’s on a public basis, and
use commercially reasonable efforts to maintain a public corporate rating from S&P and a public corporate family rating from Moody’s, in each case in respect of the Company, but, in each case, not any specific rating. 

Section 6.07. Notices. Promptly give notice to the Administrative Agent (on behalf of the Lenders) of: 

(a) the occurrence of any Default or Event of Default; 

(b) any (i) default or event of default by the Company or any Restricted Subsidiary under any Contractual Obligation thereof or
(ii) litigation or proceeding existing between the Company or any of its Restricted Subsidiaries and any Governmental Authority, that in the case of either (i) or (ii) of this clause (b) could reasonably be expected to have a Material
Adverse Effect; 

  
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 (c) [Reserved]; 

(d) the following events, as soon as possible and in any event within 30 days after the Company knows or has reason to know thereof:
(i) the occurrence of any Reportable Event with respect to any Plan that is a Single Employer Plan, a failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan on the assets of the Company or
any withdrawal by the Company or any Commonly Controlled Entity from, or the termination, reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or the
Company or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, reorganization or Insolvency of, any Plan or Multiemployer Plan, that in the case of either (i) or (ii) of this clause
(d) could reasonably be expected to have a Material Adverse Effect; 
 (e) any litigation or proceeding to which the Company or any of
its Restricted Subsidiaries is a party and which relates to any Loan Document; and 
 (f) any development or event that has had or could
reasonably be expected to have a Material Adverse Effect. 
 Each notice pursuant to this Section 6.07 shall be accompanied by a statement of a
Responsible Officer setting forth details of the occurrence referred to therein and stating what action, if any, the Company or the relevant Restricted Subsidiary then proposes to take with respect thereto. 

Section 6.08. Additional Collateral, Etc. (a) With respect to any Property acquired after the Closing Date by the Company or
any of its Restricted Subsidiaries (other than (1) any interest in real property or any Property described in paragraph (2) of this Section 6.08, (3) any Property subject to a Lien permitted by Section 7.03(g), (4) Property
acquired by an Excluded Domestic Subsidiary, (5) Property acquired by a Foreign Subsidiary, (6) any Excluded Asset and (7) Capital Stock in a Foreign Subsidiary or Immaterial Restricted Subsidiary) as to which the Collateral Agent,
for the benefit of the Secured Parties, does not have a perfected Lien, promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement and such other documents (including intellectual property
security agreements) as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in such Property (to the extent such Property is of a type that would
constitute Collateral as described in the Guarantee and Collateral Agreement) and (ii) take all actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security
interest (subject, except in the case of the pledge of any Restricted Subsidiary Capital Stock, to Liens permitted by Section 7.03) in such Property (to the extent required by the Guarantee and Collateral Agreement), including without
limitation, the filing of Uniform Commercial Code financing statements and equivalent filings in other jurisdictions and/or intellectual property security agreements in such jurisdictions as may be required by the Guarantee and Collateral Agreement
or by law or as may be reasonably requested by the Collateral Agent. 
 (b) With respect to any fee simple interest in any real property
having a value (together with improvements thereof) of at least $10,000,000 acquired after the Closing Date by the Company or any of its Restricted Subsidiaries (other than any such real property owned by an

  
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Excluded Domestic Subsidiary, a Foreign Subsidiary or subject to a Lien permitted by Section 7.03(g)), promptly (i) execute and deliver a first priority Mortgage in favor of the
Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Collateral Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount
at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Collateral Agent) as well as if then requested by the Collateral Agent a recent or current ALTA survey thereof, together with a
surveyor’s certificate and (y) any consents or estoppels reasonably deemed necessary or advisable by the Collateral Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the
Collateral Agent and (iii) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to
the Collateral Agent. No later than three Business Days prior to the date on which a Mortgage is executed and delivered pursuant to this Section 6.08(a), in order to comply with the Flood Laws, the Collateral Agent shall have received the
following documents (collectively, the “Flood Documents”): (A) a completed standard “life of loan” flood hazard determination form (a “Flood Determination Form”), (B) if the improvement(s) to the
applicable improved real property is located in a special flood hazard area, a notification to the Company (“Company Notice”) and (if applicable) notification to the Company that flood insurance coverage under the National Flood
Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, (C) documentation evidencing the Company’s receipt of the Company Notice (e.g. countersigned Company Notice, return
receipt of certified U.S. Mail, or overnight delivery), and (D) if the Company Notice is required to be given and flood insurance is available in the community in which the property is located, a copy of one of the following: the flood
insurance policy, the Company’s application for a flood insurance policy plus proof of premium payment, a declaration page confirming that flood insurance has been issued, or such other evidence of flood insurance satisfactory to the Collateral
Agent (any of the foregoing being “Evidence of Flood Insurance”). 
 (c) With respect to any new Restricted Subsidiary
(other than a Foreign Subsidiary or an Immaterial Restricted Subsidiary) created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Restricted Subsidiary that ceases to be either a Foreign
Subsidiary or Immaterial Restricted Subsidiary), by the Company or any of its Restricted Subsidiaries (other than by an Excluded Domestic Subsidiary), promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and
Collateral Agreement as the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Restricted Subsidiary
that is owned by the Company or any of its Restricted Subsidiaries, (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized
officer of the Company or such Restricted Subsidiary, as the case may be, (iii) cause such new Restricted Subsidiary, unless an Excluded Domestic Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to
take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (subject, except in the case of the pledge of any Restricted Subsidiary Capital Stock, to
Liens permitted by Section 7.03) in the Collateral described in the Guarantee and Collateral Agreement of such new Restricted Subsidiary to the extent required by the Guarantee and 

  
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Collateral Agreement, including, without limitation, the filing of Uniform Commercial Code financing statements and equivalent filings in other relevant jurisdictions and intellectual property
security agreements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, or by law or as may be requested by the Collateral Agent, and (iv) if requested by the Collateral Agent, deliver to the Collateral Agent
legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent. 

(d) With respect to any new Foreign Subsidiary (other than any Immaterial Restricted Subsidiary) created or acquired after the Closing Date by
the Company or any Restricted Subsidiary (which, for the purposes of this paragraph, shall include any existing Foreign Subsidiary that ceases to be an Immaterial Restricted Subsidiary) other than any Foreign Subsidiary or Excluded Domestic
Subsidiary, promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral
Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Restricted Subsidiary that is owned by the Company or any of its Restricted Subsidiaries (provided that in no event
shall more than 65% of the total outstanding voting Capital Stock of any such new Foreign Subsidiary or CFC Holding Company be required to be so pledged), (ii) deliver to the Collateral Agent the certificates representing such Capital Stock,
together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or such Restricted Subsidiary, as the case may be, and take such other action as may be necessary or advisable to perfect the Lien of
the Collateral Agent thereon, and (iii) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably
satisfactory to the Collateral Agent. 
 (e) Notwithstanding the foregoing or anything to the contrary herein or in any other Loan Document,
no Loan Party shall be required to (i) obtain any control agreements or take any other steps requiring perfection by “control” (except to the extent perfected through the filing of a UCC financing statement or delivery of stock
certificates/pledged notes and powers/allonges) or (ii) take any action under the law of any non-United States jurisdiction to create or perfect a security interest in any assets, including any
intellectual property registered in any non-United States jurisdiction (and no security agreement or pledge agreements governed under the laws of any non-United States
jurisdiction shall be required). 
 Section 6.09. Further Assurances. From time to time execute and deliver, or cause to be
executed and delivered, such additional instruments, certificates or documents, and take such actions, as the Administrative Agent or the Collateral Agent may reasonably request for the purposes of implementing or effectuating the provisions of this
Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Collateral Agent and the Lenders with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with
respect to any other property or assets hereafter acquired by the Company or any Restricted Subsidiary which is deemed to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative Agent, the Collateral Agent or
any Lender of any power, right, privilege or remedy pursuant to and in accordance with the terms of this Agreement or the other Loan Documents which requires any 

  
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consent, approval, recording, qualification or authorization of any Governmental Authority, the Company will execute and deliver, or will cause the execution and delivery of, all applications,
certifications, instruments and other documents and papers that the Administrative Agent, the Collateral Agent or such Lender may be required to obtain from the Company or any of its Restricted Subsidiaries for such governmental consent, approval,
recording, qualification or authorization. 
 Section 6.10. Use of Proceeds. The proceeds of the Initial Term Loans and
Revolving Credit Loans shall be used for working capital and general corporate purposes of the Company and its Restricted Subsidiaries (including refinancing the Company’s Existing Credit Agreement, Permitted Acquisitions and permitted stock
repurchases). The proceeds of the Letters of Credit shall be used to support obligations of the Company and its Restricted Subsidiaries. 

Section 6.11. Environmental Compliance. Except, in each case, to the extent that the failure to do so would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect (a) comply in all material respects with, and ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply
with and maintain, and ensure that all tenants and subtenants obtain and comply and maintain, any and all Environmental Permits and (b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other
actions required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws. 

Section 6.12. Compliance with Anti-Corruption Laws and Sanctions. Maintain in effect and enforce policies and procedures intended
to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents (in each case in their respective capacities as such) with Anti-Corruption Laws and applicable Sanctions. 

Section 6.13. Designation of Restricted Subsidiaries. The Company may at any time designate any Restricted Subsidiary as an
Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary by delivering to the Administrative Agent a certificate of an Responsible Office of the Company specifying such designation and certifying that the conditions to such
designation set forth in this Section 6.13 are satisfied; provided that: 
 (a) both immediately before and immediately after
any such designation, no Event of Default shall have occurred and be continuing; 
 (b) if the Financial Covenant is then in effect, the
Company shall be in compliance with the Financial Covenant, as of the last day of the most recently ended Test Period for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b); 

(c) in the case of a designation of a Restricted Subsidiary as an Unrestricted Subsidiary, each subsidiary of such Restricted Subsidiary has
been, or concurrently therewith will be, designated as an Unrestricted Subsidiary in accordance with this Section 6.13; and 

  
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 (d) in the case of a designation of an Unrestricted Subsidiary as a Restricted Subsidiary, each
subsidiary of such Unrestricted Subsidiary has been, or concurrently therewith will be, designated as a Restricted Subsidiary in accordance with this Section 6.13. 

The designation of any Restricted Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Company in such Restricted Subsidiary on the
date of designation in an amount equal to the fair market value of the Company’s Investment therein (as determined reasonably and in good faith by the Company). The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall
constitute the incurrence at the time of designation of any Indebtedness or Liens of such Restricted Subsidiary existing at such time. 

ARTICLE 7 
 NEGATIVE
COVENANTS 
 The Company hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains
outstanding (and has not been Cash Collateralized) or any Loan is owing to any Lender or any Agent hereunder or under any other Loan Document, the Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly:

 Section 7.01. Financial Condition Covenants. Prior to the Revolving Credit Maturity Date, solely with respect to the Revolving
Credit Facility, beginning with the Test Period ending October 31, 2017, permit the Consolidated Net Leverage Ratio as of the last day of any Test Period to exceed 4.50 to 1.00. 

Section 7.02. Limitation on Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) Indebtedness of any Loan Party pursuant to any Loan Document; 

(b) Indebtedness of the Company to any Restricted Subsidiary and of any Restricted Subsidiary Guarantor to the Company or any other Restricted
Subsidiary; 
 (c) Indebtedness incurred to finance the acquisition, construction or improvement of any fixed or capital assets (whether or
not constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and any
Permitted Refinancing thereof, in an aggregate principal amount not to exceed at any one time outstanding the greater of (x) $25,000,000 and (y) 1.2% of the Consolidated Total Assets of the Company as determined as of the last day of the most recent
fiscal period for which financial statements have been delivered hereunder prior to such incurrence; 
 (d) Indebtedness outstanding on the
Closing Date and listed on Schedule 7.02(d) and any Permitted Refinancing thereof; 
 (e) Guarantee Obligations of the Company or any of its
Restricted Subsidiaries in respect of Indebtedness permitted under this Section 7.02 and of other obligations permitted hereunder; 

  
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 (f) Indebtedness of any Restricted Subsidiary which is not a Restricted Subsidiary Guarantor to
any other Restricted Subsidiary which is not a Restricted Subsidiary Guarantor; 
 (g) Indebtedness of any Restricted Subsidiary which is
not a Restricted Subsidiary Guarantor to the Company or any Restricted Subsidiary Guarantor to the extent constituting Investments in such Restricted Subsidiary permitted under Section 7.07(i), (n) or (o); 

(h) Indebtedness consisting of unpaid insurance premiums owing to insurance companies and insurance brokers incurred in connection with the
financing of insurance premiums in the ordinary course of business; 
 (i) Indebtedness of any Restricted Subsidiary that is not a
Restricted Subsidiary Guarantor; provided that the aggregate principal amount of Indebtedness outstanding at any one time pursuant to this clause shall not exceed the greater of (x) $65,000,000 and (y) 2.75% of the Consolidated Total Assets
of the Company as determined as of the last day of the most recent fiscal period for which financial statements have been delivered hereunder prior to such incurrence; 

(j) unsecured or subordinated Indebtedness of the Company and any Permitted Refinancing thereof, so long as (i) such Indebtedness and any
Permitted Refinancing thereof has no scheduled principal payments, prepayments or maturity, or any mandatory prepayment, redemption or repurchase provisions or sinking fund obligations (except (x) customary ones, including in the context of
asset sales, casualty events or a change of control or (y) those included with respect to Permitted Convertible Indebtedness if the Net Cash Proceeds from the issuance and sale of such Permitted Convertible Indebtedness (unless such
Indebtedness is a Permitted Refinancing of Permitted Convertible Indebtedness incurred under this clause (y)) are applied by the Company to prepay Loans pursuant to Section 2.09 by not later than the third Business Day following incurrence
thereof), in each case prior to the date that is 90 days following the later of the Term Loan Maturity Date and the latest Incremental Term Loan Maturity Date; and (ii) the other terms and conditions of such Indebtedness and any Permitted
Refinancing thereof (excluding pricing, premiums and optional prepayment or optional redemption provisions), when taken as a whole, are not, in the good faith judgment of the Company, materially more restrictive on the Company and the Restricted
Subsidiaries than the terms and conditions applicable hereunder unless the Company enters into an amendment to this Agreement with the Administrative Agent (which amendment shall not require the consent of any other Lender) to add such more
restrictive terms for the benefit of the Lenders; provided that at the time of the incurrence of such Indebtedness (x) no Default or Event of Default exists or will exist immediately after giving effect to incurrence of such Indebtedness
or the use of proceeds thereof and (y) the Company would at the time of incurrence thereof be in compliance with the Financial Covenant, determined on a pro forma basis as of the last day of the most recently ended fiscal quarter for
which the Company’s consolidated financial statements have been delivered hereunder; provided further that (A) notwithstanding anything herein to the contrary, such Indebtedness shall not at any time benefit from any guarantee other
than an unsecured or subordinated guarantee by one or more Restricted Subsidiary Guarantors and (B) if subordinated, such Indebtedness and each such guarantee shall be subordinated in right of payment to the Obligations on terms and pursuant to
documentation reasonably satisfactory to the Administrative Agent; 

  
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 (k) Permitted Acquisition Indebtedness; provided that at the time of, and giving pro
forma effect, to the applicable Permitted Acquisition, the Company would be in compliance with the Financial Covenant, determined on a pro forma basis as of the last day of the most recently ended fiscal quarter for which the
Company’s consolidated financial statements have been delivered hereunder prior to, in the case of a Limited Condition Acquisition, the date the definitive acquisition agreement for such Limited Condition Acquisition is entered into, and, in
the case of any other Permitted Acquisition, the date thereof, and any Permitted Refinancing thereof; 
 (l) Indebtedness under Hedge
Agreements permitted under Section 7.15; 
 (m) Indebtedness (i) arising under workers’ compensation claims, property
casualty or liability insurance, take-or-pay obligations in supply arrangements, self-insurance obligations, performance, bid and surety bonds and completion guaranties
and similar arrangements or arising under any indemnity agreement relating thereto or (ii) in respect of any bank guarantees or letters of credit (other than Letters of Credit) issued for the account of any Foreign Subsidiary to secure such
Foreign Subsidiary’s obligations (any such bank guarantee or letter of credit, a “Vendor Contract Letter of Credit”), in each case incurred or entered into in the ordinary course of business; 

(n) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently
drawn by the Company or any Restricted Subsidiary in the ordinary course of business against insufficient funds, so long as such Indebtedness is promptly repaid; 

(o) Alternative Incremental Indebtedness and any Permitted Refinancing thereof; additional Indebtedness of the Company or any of its
Restricted Subsidiaries in an aggregate principal amount (for the Company and all Restricted Subsidiaries) not to exceed at any one time outstanding the greater of (x) $36,000,000 and (y) 1.5% of the Consolidated Total Assets of the Company as
determined as of the last day of the most recent fiscal period for which financial statements have been delivered hereunder prior to such incurrence; 

(p) to the extent constituting Indebtedness, indemnification and non-compete obligations or
adjustments in respect of the purchase price (including earn-outs and other contingent deferred payments) in connection with any Permitted Acquisition or sale or disposition permitted by Section 7.05; 

(q) Indebtedness representing deferred compensation to employees of the Company and its Restricted Subsidiaries incurred in the ordinary
course of business; and 
 (r) Indebtedness incurred in the ordinary course of business in connection with cash pooling arrangements and
cash management incurred in the ordinary course of business in respect of netting services and similar arrangements in each case in connection with cash management and deposit accounts, but only to the extent, with respect to any such arrangements,
that the total amount of deposits subject to such arrangements equals or exceeds the total amount of overdrafts or similar obligations subject thereto. 

  
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 The accrual of interest, the accretion of accreted value, the payment of interest in the form of
additional Indebtedness, the payment of dividends on Disqualified Capital Stock in the form of additional shares of Disqualified Capital Stock, accretion or amortization of original issue discount or liquidation preferences and increases in the
amount of Indebtedness outstanding solely as a result of fluctuations in the Exchange Rate or currencies will not be deemed to be an incurrence of Indebtedness for purposes of this Section 7.02. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a consolidated balance sheet of the Company dated such
date prepared in accordance with GAAP. 
 This Agreement will not treat (1) unsecured Indebtedness as subordinated or junior in right
of payment to secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or junior in right of payment to any other senior Indebtedness merely because it has a junior priority with respect to the same
collateral. 
 Further, for purposes of determining compliance with this Section 7.02, if an item of Indebtedness (or any portion
thereof) meets the criteria of one or more of the categories of Indebtedness (or any portion thereof) permitted by this Section 7.02, the Company may, in its sole discretion, classify or divide such item of Indebtedness (or any portion thereof)
in any manner that complies with this Section 7.02 and will be entitled to only include the amount and type of such item of Indebtedness (or any portion thereof) in one of the above clauses (or any portion thereof) and such item of Indebtedness
(or any portion thereof) shall be treated as having been incurred or existing pursuant to only such clause or clauses (or any portion thereof); provided, that all Indebtedness outstanding under this Agreement shall at all times be deemed to have
been incurred pursuant to clause (a) of this Section 7.02. 
 Section 7.03. Limitation on Liens. Create, incur, assume
or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except for: 
 (a) Liens for taxes not yet
due or that are being contested in good faith, provided that adequate reserves with respect thereto are maintained on the books of the Company or its Restricted Subsidiaries, as the case may be, in conformity with GAAP; 

(b) Liens of landlords arising by statute, inchoate, statutory or construction liens and liens of suppliers, mechanics, carriers, materialmen,
warehousemen, producers, operators or workmen and other Liens imposed by law, in each case created in the ordinary course of business for amounts not more than 60 days past due or that are being contested in good faith; 

(c) Liens in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security
legislation; 
 (d) Liens to secure (i) obligations in respect of Vendor Contract Letters of Credit (as defined in
Section 7.02(m)) (which pledges or deposits shall be limited to property of Foreign Subsidiaries) or (ii) the performance of or in connection with bids, contracts (other than for borrowed money), sales, leases (other than in respect of
Capital Lease Obligations), statutory obligations, surety, appeal and customs bonds, performance bonds and other obligations of a like nature, in each case incurred in the ordinary course of business; 

  
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 (e) easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, do not materially interfere with the
ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 
 (f) Liens in existence on the Closing Date listed
on Schedule 7.03(f), securing Indebtedness permitted by Section 7.02(d), provided that no such Lien is spread to cover any additional Property after the Closing Date and that the principal amount of Indebtedness secured thereby is not
increased; 
 (g) Liens securing Indebtedness of the Company or any Restricted Subsidiary permitted by Section 7.02(c), provided
that (i) such Liens are created within 180 days of the acquisition of such fixed or capital assets, (ii) such Liens do not encumber any Property other than the Property financed by such Indebtedness, and (iii) except in the case
of any Permitted Refinancing thereof, the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and the financing thereof; 

(h) Liens securing Indebtedness permitted pursuant to Section 7.02(k) and Liens existing on any property or asset of an Unrestricted
Subsidiary immediately before its designation as a Restricted Subsidiary under Section 6.13(d); provided that (i) any such Lien may not extend to any other Property of the Company or any Restricted Subsidiary other than the
applicable Permitted Acquisition Target and Restricted Subsidiaries thereof or the applicable Unrestricted Subsidiary and Restricted Subsidiaries thereof immediately before its designation as a Restricted Subsidiary under Section 6.13(d), as
applicable and (ii) any such Lien was not created in anticipation of or in connection with the Permitted Acquisition pursuant to which such Person became a Restricted Subsidiary of the Company or the designation of an Unrestricted Subsidiary as
a Restricted Subsidiary; 
 (i) Liens securing subordinated Indebtedness of the Company incurred pursuant to Section 7.02(j) and
subject to intercreditor arrangements satisfactory to the Administrative Agent; 
 (j) any Liens (i) created pursuant to the Security
Documents or (ii) granted in favor of an Issuing Lender pursuant to arrangements designed to eliminate such Issuing Lender’s risk with respect to any Defaulting Lender’s or Defaulting Lenders’ participation in the Letters of
Credit, as contemplated by Section 2.24; 
 (k) any interest or title of a lessor under any operating lease entered into by the Company
or any Restricted Subsidiary in the ordinary course of its business and covering only the assets so leased and improvements thereon; 
 (l)
any Lien securing Alternative Incremental Indebtedness subject to the limitations described in the definition of “Alternative Incremental Indebtedness” or Permitted Refinancing of Indebtedness secured by any Lien permitted by paragraph
(f), (g), (h) or (i) above; 
 (m) Liens arising out of judgments or awards not constituting an Event of Default under paragraph
(h) of Article 8; 

  
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 (n) Liens securing Indebtedness incurred to finance deferred insurance premiums incurred pursuant
to Section 7.02(h), provided that such Liens shall be permitted only with respect to unearned premiums and dividends which may become payable under the relevant insurance policies and loss payments which reduce the unearned premiums
under such insurance policies; 
 (o) any Lien that is customary in the banking industry and constituting a right of set-off, revocation, refund or chargeback under a deposit agreement or under the Uniform Commercial Code of a bank or other financial institution where deposits are maintained by the Company or any Restricted
Subsidiary; 
 (p) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods; 
 (q) Liens securing Indebtedness incurred pursuant to Section 7.02(i); provided no
assets of the Company or any Restricted Subsidiary Guarantor are subject thereto; 
 (r) Liens not otherwise permitted by this
Section 7.03 so long as neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the aggregate fair market value (determined, in the case of each such Lien, as of the date such Lien is
incurred) of the assets subject thereto exceeds (as to the Company and all Restricted Subsidiaries) the greater of (x) $20,000,000 and (y) 1.0% of the Consolidated Total Assets of the Company as determined as of the last day of the most recent
fiscal period for which financial statements have been delivered hereunder prior to the grant of such Lien at any one time; 
 (s) Liens
granted by Foreign Subsidiaries in connection with banking relationships entered into by them in the ordinary course of business; 
 (t)
minor imperfections in title that do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the Company or any Restricted Subsidiary; 

(u) with respect to any Foreign Subsidiary, other Liens arising mandatorily by Requirement of Law under the laws of the jurisdiction under
which such Foreign Subsidiary is organized; 
 (v) Liens upon Capital Stock of Unrestricted Subsidiaries; 

(w) protective Uniform Commercial Code filings with respect to personal property leased by, or consigned to, any of the Company or its
Restricted Subsidiaries; 
 (x) Liens of sellers of goods to the Company or its Restricted Subsidiaries arising under Article 2 of the UCC
or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses; 

(y) leases, licenses, subleases or sublicenses on the property covered thereby; 

  
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 (z) Liens arising out of conditional sale, title retention, consignment or similar arrangements
for sale of goods entered into by the Company or any Restricted Subsidiary in the ordinary course of business permitted by this Agreement; 

(aa) Liens consisting of an agreement to dispose of any property in a Disposition permitted hereunder, to the extent that such Disposition
would have been permitted on the date of the creation of such Lien; 
 (bb) Liens on specific items of inventory or other goods and the
proceeds thereof securing such Person’s obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or
goods; 
 (cc) Liens on property subject to any sale and leaseback transaction permitted hereunder and general intangibles related thereto;
and 
 (dd) transfer restrictions, purchase options, calls or similar rights of third-party joint venture partners with respect to Capital
Stock of non-Wholly Owned Restricted Subsidiaries. 
 For purposes of determining compliance with
this Section 7.03, if a Lien meets, in whole or in part, the criteria of one or more of the categories of Liens (or any portion thereof) permitted in this Section 7.03, the Company may, in its sole discretion, classify or divide such Lien
(or any portion thereof) in any manner that complies with this Section 7.03 and will be entitled to only include the amount and type of such Lien or liability secured by such Lien (or any portion thereof) in one of the above clauses and such
Lien will be treated as being incurred or existing pursuant to only such clause or clauses (or any portion thereof). 
 Section 7.04.
Limitation on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business
(in one transaction or in a series of related transactions), except that: 
 (a) (i) any Restricted Subsidiary of the Company may be merged
or consolidated with or into the Company (provided that the Company shall be the continuing or surviving entity) or any other Loan Party (provided that the continuing or surviving entity is (x) a Loan Party or (y) organized
in the United States and shall be or become a Loan Party, and the Company shall comply with Section 6.08 in connection therewith promptly after the consummation of such transaction (provided that in the case of a merger or consolidation
involving a Restricted Subsidiary Borrower, the surviving entity shall be a Borrower)) and (ii) any Restricted Subsidiary that is not a Restricted Subsidiary Guarantor may be merged or consolidated with or into any other Restricted Subsidiary
which is not a Restricted Subsidiary Guarantor; 
 (b) the Company or any Restricted Subsidiary of the Company may Dispose of any or all of
its assets (upon voluntary liquidation, winding up, dissolution or otherwise; provided that the Company may not liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution)) to any Loan Party or, in the case of any
Restricted Subsidiary that is not a Restricted Subsidiary Guarantor, to any other Restricted Subsidiary (and, in any such case, other than in the case of the Company, liquidate, wind up or dissolve in connection therewith); 

  
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 (c) any Permitted Acquisition may be structured as a merger with or into the Company
(provided that the Company shall be the continuing or surviving corporation), with or into any other Loan Party (provided that the continuing or surviving corporation of any such merger shall be (x) a Loan Party or
(y) organized in the United States and shall be or shall promptly become a Loan Party, and the Company shall comply with Section 6.08 in connection therewith (provided that if any merging entity is a Restricted Subsidiary Borrower
the surviving entity of any such merger shall be a Borrower) or with or into any other Restricted Subsidiary; and 
 (d) any Disposition of
a Restricted Subsidiary permitted by Section 7.05 may be made in the form of a merger. 
 Section 7.05. Limitation on
Disposition of Property. Dispose of any of its Property (including, without limitation, receivables and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Wholly Owned Restricted Subsidiary, sell any shares of
such Restricted Subsidiary’s Capital Stock to any Person, except: 
 (a) the Disposition of property that the Company (or any
Restricted Subsidiary of the Company) reasonably determines is no longer useful in its business, has become obsolete, damaged or surplus or is replaced in the ordinary course of business, including the lease or sublease of excess or unneeded real
property not constituting a sale and leaseback; 
 (b) the sale of inventory in the ordinary course of business; 

(c) Dispositions permitted by Section 7.04(b); provided that promptly after any such Disposition of any Property to a Loan Party,
all actions reasonably required by the Administrative Agent shall be taken to insure the perfection of the Liens created by the Security Documents on such Property; 

(d) the transfer or issuance of any Restricted Subsidiary’s Capital Stock (other than any Loan Party) to any Restricted Subsidiary or the
transfer or issuance of any Loan Party’s Capital Stock to any other Loan Party; 
 (e) the sale, lease or transfer of Property or
assets from (i) a Loan Party to another Loan Party; provided that promptly after any such sale, lease or transfer, all actions reasonably required by the Administrative Agent shall be taken to insure the continued perfection of the Liens
created by the Security Documents on such Property and assets, (ii) a Restricted Subsidiary that is not a Loan Party to the Company or any other Restricted Subsidiary or (iii) a Loan Party to a Restricted Subsidiary that is not a Loan
Party; provided, for the purposes of subclause (iii) of this clause (e), the aggregate amount of such sales, leases or transfers shall not exceed the sum of (1) $50,000,000 in any fiscal year (the “Permitted Disposition
Amount”), plus (2) all of the unused Permitted Disposition Amount from the immediately preceding fiscal year (it being agreed that any such carried over amount shall be deemed used first in such immediately subsequent fiscal
year), plus (3) all of the Permitted Disposition Amount from the immediately subsequent fiscal year (it being agreed that any such allocated amount shall be deemed used last in such immediately preceding fiscal year) plus
(4) the Available Amount at such time (as determined immediately before giving effect to the making of such Disposition); 

  
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 (f) discounts, adjustments or forgiveness of accounts receivable and other contract claims in the
ordinary course of business or in connection with collection or compromise thereof; 
 (g) the Disposition of assets in any fiscal year
having an aggregate fair market value (as determined in good faith by the Company) not to exceed 12.5% of the Consolidated Total Assets of the Company as determined as of the end of the immediately preceding fiscal year; provided that at
least 75% of the consideration for such Disposition is in the form of cash or Cash Equivalents (it being understood that for purposes of this clause (g) the following shall be deemed to be cash and Cash Equivalents (x) any liabilities
relating to any asset or of any Restricted Subsidiary that is subject to such Disposition (other than liabilities that are expressly subordinated to the Obligations) to the extent that the Company and its Restricted Subsidiaries are released from
any liability thereunder, (y) any note or security that is sold for cash and Cash Equivalents by the Company or the applicable Restricted Subsidiary within 180 days following the date of receipt thereof and (z) Designated Non-Cash Consideration in an aggregate amount for all such Dispositions not to exceed $20,000,000 at any time outstanding (without giving effect to any write-down or write–off thereof)); 

(h) Dispositions constituting Liens permitted by Section 7.03, Dispositions constituting Restricted Payments permitted by
Section 7.06 and Dispositions constituting Investments permitted by Section 7.07; 
 (i) any Recovery Event; 

(j) Dispositions resulting from any taking or condemnation of any property of the Company or any of its Restricted Subsidiaries; and 

(k) assignments and licenses of intellectual property of the Company and its Restricted Subsidiaries in the ordinary course of business and
abandonment or lapse of intellectual property that is, in the reasonable business judgment of the Company or its Restricted Subsidiary, no longer used in or useful in the conduct of their respective businesses. 

Section 7.06. Limitation on Restricted Payments. Declare or pay any dividend on, or make any payment on account of, or set apart
assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement, termination or other acquisition of, any Capital Stock of the Company or any Restricted Subsidiary, whether now or hereafter outstanding, or make any
other distribution in respect thereof, in each case either directly or indirectly, whether in cash or property or in obligations of the Company or any Restricted Subsidiary (collectively, “Restricted Payments”), except that: 

(a) (i) any Restricted Subsidiary may make Restricted Payments to any Loan Party and (ii) any Restricted Subsidiary that is not a Loan
Party may make Restricted Payments to any other Restricted Subsidiary; 
 (b) the Company may make Restricted Payments in the form of
Qualified Capital Stock of the Company; 

  
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 (c) the Company may purchase the Company’s Qualified Capital Stock, Qualified Capital Stock
options, restricted stock, restricted stock units and similar securities from present or former officers, directors or employees (or their estates, heirs, trusts, spouses or former spouses) of the Company or any Restricted Subsidiary upon the death,
disability, retirement or termination of employment of such officer, director or employee or otherwise, provided that the aggregate amount of payments made pursuant to this paragraph (c) (net of any proceeds received by the Company in
connection with resales of any Qualified Capital Stock, Qualified Capital Stock options, restricted stock, restricted stock units and similar securities) shall not exceed $8,250,000 after the Closing Date plus the net cash proceeds of any “key-man” life insurance policies of the Company or any Restricted Subsidiary that have not been used to make any repurchases, redemptions or payments under this Section 7.06(c); 

(d) the Company may make Restricted Payments in connection with the redemption, repurchase, retirement or other acquisition of any Capital
Stock of the Company upon or in connection with the exercise or vesting of warrants, options, restricted stock units or similar rights if such Capital Stock constitutes all or a portion of the exercise price or is surrendered (or deemed surrendered)
in connection with satisfying any income tax obligation incurred in connection with such exercise or vesting; 
 (e) the Company may make
cash payments (i) solely in lieu of the issuance of fractional shares in connection with the exercise of warrants, options, restricted stock units or other securities convertible into or exchangeable for Capital Stock of the Company;
provided that any such cash payment shall not be for the purpose of evading the limitations of this Section 7.06 and (ii) to officers, directors, employees and consultants in respect of phantom stock, to the extent considered a
Restricted Payment; 
 (f) any non-Wholly Owned Restricted Subsidiary may make Restricted Payments, to the extent a Restricted Payment is
made, ratably (or on a more favorable basis from the perspective of the Company) to other Persons that own the applicable class of Common Stock in such non-Wholly Owned Restricted Subsidiary; 

(g) so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Company may make Restricted
Payments in connection with the redemption, repurchase, retirement or other acquisition of any Capital Stock of the Company; provided that the aggregate amount of payments made pursuant to this Section 7.06(g) in any fiscal year shall
not exceed the sum of (x) $20,000,000 and (y) the aggregate amount of cash paid to the Company for its account in such fiscal year upon the exercise or vesting of warrants, options, restricted stock units or similar rights by officers,
directors or employees of the Company or its Restricted Subsidiaries in such fiscal year (it being agreed that if any portion of such permitted amount is not used in any fiscal year, then 50% of such unused portion may be used in any subsequent
fiscal year and any such carried over amount shall be deemed used first in such subsequent fiscal year); 
 (h) the Company may make
additional cash Restricted Payments pursuant to this clause (h) in an aggregate amount not to exceed the Available Amount at such time (as determined immediately before giving effect to the making of such Restricted Payment) so long as
(A) no Default or Event of Default then exists or would result therefrom and (B) the Company 

  
 104 

 
would at the time of and immediately after giving effect to such Restricted Payment be in compliance with the Financial Covenant, determined on a pro forma basis giving effect to such
Restricted Payment as of the last day of the most recently ended fiscal quarter for which the Company’s consolidated financial statements have been delivered hereunder; 

(i) the Company may enter into any Permitted Bond Hedge Transaction; 

(j) the Company may deliver Qualified Capital Stock of the Company to holders upon conversion or exchange of any convertible preferred stock
of the Company; 
 (k) the Company may make Restricted Payments to the extent constituting Investments permitted by Section 7.07; 

(l) the Company may purchase fractional shares of its Common Stock arising out of stock dividends, splits, combinations or business
combinations (provided such transaction shall not be for the purpose of evading this limitation); and 
 (m) the Company and its Restricted
Subsidiaries may make other Restricted Payments using the proceeds of a substantially concurrent offering of Capital Stock (other than Disqualified Capital Stock) of the Company; provided that such proceeds shall not be included in the Available
Amount. 
 Notwithstanding anything herein to the contrary, the foregoing provisions of Section 7.06 will not prohibit the payment of
any Restricted Payment or the consummation of any redemption, purchase, defeasance or other payment within 60 days after the date of declaration thereof or the giving of notice, as applicable, if at the date of declaration or the giving of such
notice such payment would have complied with the provisions of this Section 7.06 (it being understood that such Restricted Payment shall be deemed to have been made on the date of declaration or notice for purposes of such provision). 

Section 7.07. Limitation on Investments. Make or hold any advance, loan, extension of credit (by way of guaranty or otherwise) or
capital contribution to, or purchase or hold any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting an ongoing business from, or make or permit to exist any other investment by the Company or any of its
Restricted Subsidiaries in, any other Person (all of the foregoing, “Investments”), except: 
 (a) extensions of trade
credit in the ordinary course of business; 
 (b) Investments in cash and Cash Equivalents; 

(c) Investments arising in connection with the incurrence of Indebtedness permitted by Section 7.02(b), (e), (f), (g) or (i); 

(d) loans and advances to employees of the Company or any Restricted Subsidiaries of the Company in the ordinary course of business
(including, without limitation, for travel, entertainment and relocation expenses) in an aggregate amount for the Company and Restricted Subsidiaries of the Company not to exceed $2,200,000 at any one time outstanding; 

  
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 (e) Hedge Agreements permitted under Section 7.15; 

(f) Investments in the business of the Company and its Restricted Subsidiaries made by the Company or any of its Restricted Subsidiaries with
the proceeds of any Reinvestment Deferred Amount; 
 (g) Investments (other than those relating to the incurrence of Indebtedness permitted
by Section 7.07(c)) by (i) any Loan Party in any other Loan Party or (ii) any Restricted Subsidiary that is not a Loan Party in any Loan Party or other Restricted Subsidiary; 

(h) Investments in connection with Permitted Acquisitions (including the formation of Subsidiaries in connection therewith); 

(i) Investments by the Company and its Restricted Subsidiaries in Restricted Subsidiaries that are not Loan Parties in an aggregate amount
(valued at cost) not to exceed, after the Closing Date, the greater of (x) $96,000,000 and (y) 4.00% of Consolidated Total Assets of the Company as determined as of the last day of the most recent fiscal period for which financial statements have
been delivered hereunder prior to the making thereof; 
 (j) any Investment resulting from receipt of
non-cash consideration for a Disposition that was made pursuant to and in compliance with Section 7.05; 

(k) Investments received as part of the settlement of litigation or in satisfaction of extensions of credit to any financially troubled Person
or other disputes with customers or suppliers and investments consisting of the prepayment of suppliers and service providers on customary terms in the ordinary course of business; 

(l) Investments received in settlement of amounts due to the Company or any Restricted Subsidiary of the Company effected in the ordinary
course of business; 
 (m) Investments in accounts, contract rights and chattel paper (each as defined in the UCC), notes receivable and
similar items arising or acquired from the sale of Inventory in the ordinary course of business consistent with the past practice of the Company and its Restricted Subsidiaries; 

(n) Investments by the Company or any of its Restricted Subsidiaries in an aggregate amount (valued at cost) not to exceed, after the Closing
Date, the greater of (x) $96,000,000 and (y) 4.00% of Consolidated Total Assets of the Company as determined as of the last day of the most recent fiscal period for which financial statements have been delivered hereunder prior thereto; 

(o) Investments in an aggregate amount not to exceed at any time outstanding (determined without regard to any write-downs or write-offs of
such Investments) the Available Amount at such time (as determined immediately before giving effect to the making of such Investment) so long as (A) no Default or Event of Default then exists or would result therefrom and (B) the Company
would at the time of and immediately after giving effect to such Investment be in compliance with the Financial Covenant, determined on a pro forma basis giving effect to such Investment as of the last day of the most recently ended fiscal
quarter for which the Company’s consolidated financial statements have been delivered hereunder prior to such Investment; 

  
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 (p) Investments in Verint Systems GMBH in an aggregate amount (valued at cost) not to exceed the
greater of (x) $31,000,000 and (y) 1.3% of Consolidated Total Assets of the Company as determined as of the last day of the most recent fiscal period for which financial statements have been delivered hereunder after the Closing Date prior to such
Investment; 
 (q) cash contributions by the Company and its Restricted Subsidiaries to Verint Technology UK Limited
(“VTUK”) to the extent that (x) VTUK reasonably promptly after receipt of such cash applies such cash to pay accrued interest on (i) that certain Unsecured Loan Stock 2016 dated October 31, 2011, issued by VTUK with
the Tranche A original principal amount of $120,000,000 and the Tranche B original principal amount of $30,000,000, (ii) that certain Series 1 Unsecured Loan Stock 2016 dated October 31, 2011 issued by VTUK in the original principal amount of
$50,000,000 or (iii) any permitted refinancings, refundings, renewals or extensions of the foregoing (collectively, the “Loan Stock”) and (y) the Restricted Subsidiary that is the recipient of such interest reasonably
promptly after receipt of any accrued interest on the Loan Stock from VTUK pursuant to clause (x), distributes or dividends such amounts to a Loan Party (it being agreed that any such distribution or dividend of cash shall be made no later than 14
days after the date on which the applicable contribution was made to VTUK); and 
 (r) additional Investments by any Loan Party in any
Restricted Subsidiary that is not a Loan Party; provided that (w) the aggregate amount of such Investments shall not exceed $100,000,000 at any time outstanding (without giving effect to any write-off
thereof), (x) no Default or Event of Default shall have occurred and be continuing at the time of such Investment or shall result therefrom, (y) any such Investment shall be returned to a Loan Party no later than 14 days after the date on
which the applicable Investment was made and (z) such Investment shall be for the primary purpose of bona fide tax planning or bona fide cash management and shall not be for the purpose of circumventing any covenant set forth in this Agreement;

 (s) Investments by the Company in any Permitted Bond Hedge Transaction; 

(t) guarantees of Indebtedness permitted under Section 7.02 and other obligations (other than Indebtedness) of the Borrower and its
Restricted Subsidiaries so long as such obligations are not otherwise prohibited hereunder; 
 (u) Investments in non-Wholly Owned Restricted Subsidiaries and other joint ventures in an aggregate amount not to exceed the greater of (x) $96,000,000 and (y) 4.00% of Consolidated Total Assets of the Company as determined
as of the last day of the most recent fiscal period for which financial statements have been delivered hereunder prior to such Investment; 

(v) operating deposit accounts with depository institutions and other ordinary course cash management; 

(w) purchases of inventory and other assets to be sold or used in the ordinary course of business; 

  
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 (x) deposits to secure bids, tenders, utilities, vendors, leases, licenses, statutory
obligations, surety and appeal bonds, performance bonds and other deposits of like nature arising in the ordinary course of business; 
 (y)
Investments in prepaid expenses, utility and workers’ compensation, performance and other similar deposits, each as entered into in the ordinary course of business; 

(z) Investments consisting of the licensing, sublicensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons; 
 (aa) Investments to the extent made with (i) Qualified Capital Stock of the Company or (ii) the cash
proceeds of any Permitted Equity Issuance by the Company so long as such investment is consummated within 90 days of such Permitted Equity Issuance (provided that such cash proceeds shall not be included in the Available Amount); 

(bb) Investments existing on the Closing Date and reflected on Schedule 4.15(a); and 

(cc) Investments constituting Dispositions permitted by Section 7.05. 

Notwithstanding the foregoing, at the option of the Company by written notice to the Administrative Agent, any Investment that is or is in
connection with a Limited Condition Acquisition shall be deemed to have been incurred on the date the definitive acquisition agreement relating to such Limited Condition Acquisition was entered into (and not at the time such Limited Condition
Acquisition is consummated) and any applicable financial ratio tests and no Default or Event of Default tests shall be tested in connection with such incurrence, as of the date the definitive acquisition agreement relating to such Limited Condition
Acquisition was entered into, giving pro forma effect to such Limited Condition Acquisition, to any Investment, and to all transactions in connection therewith. If such election is made, any further transactions undertaken in reliance on complying
with a particular financial ratio after the date the definitive acquisition agreement relating to such Limited Condition Acquisition was entered into and prior to the earlier of the consummation of such Limited Condition Acquisition or the
termination of such definitive agreement prior to the incurrence, such financial ratio test must be satisfied both (i) assuming such Limited Condition Acquisition has occurred, on a pro forma basis and (ii) without giving effect to such
Limited Condition Acquisition or any Investment, incurrence of Indebtedness or the other transactions in connection therewith. 
 Any
Investment in any Person other than a Loan Party that is otherwise permitted by this Section 7.07 may be made through intermediate Investments in Restricted Subsidiaries that are not Loan Parties and such intermediate Investments shall be
disregarded for purposes of determining the outstanding amount of Investments pursuant to any clause set forth above. The amount of any Investment made other than in the form of cash or Cash Equivalents shall be the fair market value thereof valued
at the time of the making thereof, and without giving effect to any subsequent write-downs or write-offs thereof. 
 For purposes of
determining compliance with this Section 7.07, (x), the amount of any Investment shall be the amount actually invested (with respect to any Investment made other than in the form of cash or Cash Equivalents, valued at the fair market value
thereof (as 

  
 108 

 
reasonably determined by the Company in good faith) at the time of the making thereof), without adjustment for subsequent increases or decreases in the value of such Investment, less any amount
repaid, returned, distributed or otherwise received, directly or indirectly, in respect of any Investment, in each case, in cash, and the amount of any Investment constituting a guarantee of Indebtedness shall (subject to any limitations set forth
therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the Indebtedness in respect of which such guarantee is made or, if not stated or readily determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the Company in good faith and (y) if an Investment meets, in whole or in part, the criteria of one or more of the categories of Investments (or any portion thereof) permitted in this
Section 7.07, the Company may, in its sole discretion, classify or divide such Investment (or any portion thereof) in any manner that complies with this Section 7.07 and will be entitled to only include the amount and type of such
Investment (or any portion thereof) in one of the above clauses and such Investment will be treated as being incurred or existing pursuant to only such clause or clauses (or any portion thereof). 

Section 7.08. Limitation on Payments and Modifications of Certain Debt Instruments. (a) Make any payment
(it being agreed that any payment in cash or other property, other than Qualified Capital Stock of the Company or cash in lieu of any fractional share of Qualified Capital Stock of the Company, in conversion or exchange of any Indebtedness shall be
deemed to be a payment on such Indebtedness for purposes hereof), exchange, repayment, prepayment, repurchase or redemption of, or otherwise defease, or make any payment in violation of any subordination terms of, any Indebtedness incurred pursuant
to Section 7.02(j) or any Indebtedness under the Existing Convertible Notes (any of the foregoing, a “Payment”) other than (1) pursuant to any Permitted Refinancing, (2) Payments of such Indebtedness in an aggregate
amount not to exceed the Available Amount at such time (as determined immediately before giving effect to the making of such Payment) so long as (A) no Default or Event of Default then exists or would result therefrom and (B) the Company
would at the time of and immediately after giving effect to such Payment be in compliance with the Financial Covenant, determined on a pro forma basis as of the last day of the most recently ended fiscal quarter for which the Company’s
consolidated financial statement have been delivered hereunder prior thereto, (3) Payments of such Indebtedness in exchange for or from the proceeds of Qualified Capital Stock (provided that such proceeds or reduction in Indebtedness shall not
increase the Available Amount) and (4) Payments of such Indebtedness so long as (A) no Default or Event of Default then exists or would result therefrom, (B) the First Lien Net Leverage Ratio at the time of and immediately after
giving effect to such Payment shall not exceed 3.60 to 1.00, determined on a pro forma basis as of the last day of the most recently ended fiscal quarter for which the Company’s consolidated financial statement shall have been delivered
hereunder prior thereto and (C) the Consolidated Net Leverage Ratio at the time of and immediately after giving effect to such Payment shall not exceed 5.00 to 1.00, determined on a pro forma basis as of the last day of the most recently ended
fiscal quarter for which the Company’s consolidated financial statement shall have been delivered hereunder; provided that nothing herein shall restrict the Company or any of its Restricted Subsidiaries from making required payments of
fees and regularly scheduled payments of interest (including, for the avoidance of doubt, default rate interest) on any Indebtedness incurred pursuant to Section 7.02(j) or Indebtedness under the Existing Convertible Notes (provided that the
payment of such 

  
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fees and interest with respect to subordinated Indebtedness shall be subject to the subordination provisions governing such Indebtedness), or (b) amend, modify or otherwise change, or
consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Existing Convertible Notes or any Indebtedness incurred pursuant to Section 7.02(j) if such Indebtedness immediately after giving effect to such
amendment, modification or other change could not have been incurred under Section 7.02(j). 
 If any Payment meets, in whole or in
part, the criteria of one or more of the categories of Payments (or any portion thereof) permitted in this Section 7.08, the Company may, in its sole discretion, classify or divide such Payment (or any portion thereof) in any manner that
complies with this Section 7.08 and will be entitled to only include the amount and type of such Payment (or any portion thereof) in one of the above clauses and such Payment will be treated as being made pursuant to only such clause or clauses
(or any portion thereof). 
 Section 7.09. Limitation on Transactions with Affiliates. Enter into any transaction, including,
without limitation, any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than transactions between or among the Company and/or one or
more Restricted Subsidiaries) unless such transaction is (a) a Restricted Payment permitted under Section 7.06, (b) an Investment permitted under Section 7.07 or (c)(i) otherwise permitted under this Agreement and (ii) upon fair
and reasonable terms no less favorable to the Borrower or such Restricted Subsidiary, as the case may be, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate; provided that, for the
avoidance of doubt, this Section 7.09 shall not prohibit (w) any transaction with an Affiliate that, as such, has been expressly approved by either a majority of the Company’s independent directors or a committee of the Company’s
directors consisting solely of independent directors, in each case in accordance with such independent directors’ fiduciary duties in their capacity as such and upon advice from independent counsel, (x) employment, compensation,
indemnification, reimbursement and severance arrangements for officers and directors of the Company and its Restricted Subsidiaries in the ordinary course of business or that are approved by the board of directors of the Company,
(y) transactions with any Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Company solely as a result of the Company or a Restricted Subsidiary having Control over such Person and (z) ordinary course transactions
with any Person that is an Affiliate solely as a result of the fact that a member of the Company’s or any Restricted Subsidiary’s board of directors is a director, officer or employee of such Person. 

Section 7.10. Limitation on Sales and Leasebacks. Enter into any arrangement with any Person providing for the leasing by the
Company or any Restricted Subsidiary of real or personal property which has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such
Person on the security of such property or rental obligations of the Company or such Restricted Subsidiary except for any such transactions consummated within 180 days of the acquisition by the Company or any Restricted Subsidiary of the asset
subject to such sale and leaseback. 

  
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 Section 7.11. Limitation on Changes in Fiscal Periods. Permit the fiscal year of the
Company to end on a day other than January 31 or change the Company’s method of determining fiscal quarters. 
 Section 7.12.
Limitation on Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of its material
Property or revenues, whether now owned or hereafter acquired, to secure the Obligations or, in the case of any Restricted Subsidiary Guarantor, its obligations under the Guarantee and Collateral Agreement or other Security Document, other than
pursuant to (i) this Agreement and the other Loan Documents (ii) any agreements governing Capital Lease Obligations or Permitted Acquisition Indebtedness otherwise permitted hereby (in which case, any prohibition or limitation shall only
be effective against the assets financed thereby and improvements thereon and in the case of any Permitted Refinancing of purchase money Indebtedness or Permitted Acquisition Indebtedness shall not be materially more restrictive in the good faith
judgment of the Company, taken as a whole, than in the relevant refinancing agreement), (iii) customary restrictions and conditions contained in agreements relating to the sale of a Restricted Subsidiary or assets pending such sale; provided
that such restrictions and conditions apply only to the Restricted Subsidiary or assets that are to be sold and such sale is permitted hereunder, (iv) restrictions or conditions imposed by any agreement relating to secured Indebtedness
permitted by this Agreement if such restrictions or conditions apply only to the assets and improvements thereon securing such Indebtedness, (v) customary provisions in leases and other contracts restricting the assignment thereof,
(vi) restrictions in any document or instrument governing any Lien permitted hereunder; provided that any such restriction contained therein relates only to the asset or assets subject to such Lien, (vii) software and other intellectual
property licenses pursuant to which the Company or any Restricted Subsidiary is the licensee of the relevant software or intellectual property, as the case may be (in which case, any prohibition or limitation shall relate only to the assets subject
of the applicable license), (viii) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under Section 7.07(u) and applicable solely to such joint venture and/or Common Stock
therein, (ix) replacements, renewals, amendments and refinancings of any agreements described above so long as such replacement, renewals, amendments and refinancings are not materially more restrictive in the good faith judgment of the
Company, taken as a whole, than in the relevant refinancing agreement, (x) applicable law and (xi) restrictions in respect of assets that, taken as a whole, are immaterial, provided that in good faith judgment of the Company, such
conditions would not have a Material Adverse Effect on the ability of the Loan Parties, taken as a whole, to satisfy their Obligations hereunder. 

Section 7.13. Limitation on Restrictions on Restricted Subsidiary Distributions. Enter into or suffer to exist or become effective
any consensual contractual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Restricted Subsidiary held by, or pay any Indebtedness owed to, the
Company or any Restricted Subsidiary Guarantor, (b) make Investments in the Company or any Restricted Subsidiary Guarantor or (c) transfer any of its assets to the Company or any Restricted Subsidiary Guarantor, except for such
encumbrances or restrictions existing under or by reason of (x) any restrictions existing under the Loan Documents and (y) any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement

  
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that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary, provided such Disposition is
permitted hereunder; provided further that this Section 7.13 shall not apply to encumbrances or restrictions existing under or by reason of (i) customary non-assignment or no-subletting clauses in leases or other contracts entered into in the ordinary course of business and consistent with past practices, (ii) agreements governing any purchase money Liens, Capital Lease
Obligations, Permitted Acquisition Indebtedness or Alternative Incremental Indebtedness otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby and improvements thereon),
(iii) Indebtedness of a Restricted Subsidiary which is not a Loan Party which is permitted by Section 7.02, so long such restrictions do not materially impair the ability of the Loan Parties in the good faith judgment of the Company, taken
as a whole, to perform their obligations under this Agreement, (iv) any restrictions regarding licenses or sublicenses by Company or its Restricted Subsidiaries of intellectual property in the ordinary course of business (in which case such
restriction shall relate only to such intellectual property), (v) restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the assets
securing such Indebtedness and improvements thereon, (vi) any Lien permitted hereunder or any document or instrument governing any such Lien; provided that any such restriction contained therein relates only to the asset or assets
subject to such Lien and improvements thereon, (vii) any indenture agreement, instrument or other arrangement relating to the assets or business of any Restricted Subsidiary and existing prior to the consummation of the Permitted Acquisition in
which such Subsidiary was acquired, (viii) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under Section 7.07(u) and applicable solely to such joint venture and/or Common
Stock therein, (ix) restrictions contained in subordination provisions relating to intercompany Indebtedness, (x) restrictions applicable to any Person at the time such Person becomes a Restricted Subsidiary so long as such restriction
applies on to such Person and its Subsidiaries and was not entered into in contemplation of such Person becoming a Restricted Subsidiary, (xi) replacements, renewals, amendments and refinancings of any agreements described above so long as such
replacement, renewals, amendments and refinancings are not materially more restrictive, taken as a whole, in the good faith judgment of the Company than the terms of the agreement being replaced, renewed, amended or refinanced, (xii) applicable
law and (xiii) restrictions in respect of assets that, taken as a whole, are immaterial, provided that in good faith judgment of the Company, such conditions would not have a Material Adverse Effect on the ability of the Loan Parties, taken as
a whole, to satisfy their Obligations hereunder. 
 Section 7.14. Limitation on Lines of Business. Engage to any substantial
extent in any business other than businesses of the type conducted by the Company and its Subsidiaries on the Closing Date and businesses ancillary, complementary, synergistic with or reasonably related thereto. 

Section 7.15. Limitation on Hedge Agreements. Enter into any Hedge Agreement for purposes of financial speculation. 

  
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 ARTICLE 8 

EVENTS OF DEFAULT 

If any of the following events shall occur and be continuing: 

(a) any Borrower shall fail to pay (i) any principal of any Loan or Reimbursement Obligation when due in accordance with the terms
hereof; or any Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or (ii) any fee or other amount payable hereunder or under any other Loan Document (other than an amount described in clause (i) of this clause
(a)), within five days after any such interest or other amount becomes due in accordance with the terms hereof or thereof; or 
 (b) any
representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this
Agreement or any such other Loan Document shall prove to have been incorrect in any material respect on or as of the date made or deemed made; or 

(c) any Loan Party shall default in the observance or performance of any agreement contained in Section 6.04(a) (with respect to any
Borrower only), Section 6.07(a), Section 6.10 or Article 7; provided, that, any Financial Covenant Default shall not constitute an Event of Default with respect to the Term Loans until the date on which (i) any Revolving Credit
Loans have been declared to be due and payable or the Revolving Credit Commitments have been terminated by the Revolving Credit Lenders pursuant to this Article 8 on account of a Financial Covenant Default or (ii) such Financial Covenant
Default results in a cross-default to other material Indebtedness, and such acceleration would otherwise cause a default with respect to the Term Loans; or 

(d) any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan
Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after written notice thereof to the Company from the Administrative Agent; or 

(e) the Company or any of its Significant Subsidiaries shall (i) default in making any payment of any principal of any Indebtedness
(including, without limitation, any Guarantee Obligation with respect to principal of any Indebtedness, but excluding the Loans and Reimbursement Obligations) on the scheduled or original due date with respect thereto; or (ii) default in making
any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement
or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (excluding (x) in the case of any Permitted Convertible
Indebtedness, any event or condition that would permit the holder or beneficiary of such Permitted Convertible Indebtedness to convert such Permitted Convertible Indebtedness into cash, Qualified Capital Stock of the Company’s or a combination
thereof, in each case to the extent permitted hereunder, (y) any required prepayment of Indebtedness secured by a Lien permitted by Section 7.03 that becomes due as the result of the 

  
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disposition of the assets subject to such Lien so long as such disposition is permitted by this Agreement or (z) any required repurchase, repayment or redemption of (or offer to repurchase,
repay or redeem any Indebtedness that was incurred for the specified purpose of financing all or a portion of the consideration for a merger or acquisition provided that (1) such repurchase, repayment or redemption (or offer to repurchase,
repay or redeem) results solely from the failure of such merger or acquisition to be consummated, (2) such Indebtedness is repurchased, repaid or redeemed in accordance with its terms and (3) no proceeds of Borrowings are used to make such
repayment, repurchase or redemption), the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the
giving of notice if required, such Indebtedness to become due prior to its stated maturity or to become subject to a mandatory offer to purchase by the obligor thereunder or (in the case of any such Indebtedness constituting a Guarantee Obligation)
to become payable; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or
conditions of the type described in clauses (i), (ii) or (iii) of this paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate the Threshold
Amount; or 
 (f) (i) any Borrower or any of its Significant Subsidiaries shall commence any case, proceeding or other action (A) under
any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver,
trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Borrower or any of its Significant Subsidiaries shall make a general assignment for the benefit of its creditors; or
(ii) there shall be commenced against any Borrower or any of its Restricted Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) that (A) results in the entry of an order for relief or order or decree
approving any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 consecutive days; or (iii) there shall be commenced against any Borrower or any of its Significant Subsidiaries any
case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have
been vacated, discharged, or stayed or bonded pending appeal within 60 consecutive days from the entry thereof; or (iv) any Borrower or any of its Significant Subsidiaries shall take any material formal corporate action for the purpose of
effectuating any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Borrower or any of its Significant Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as
they become due; or 
 (g) (i) any Person shall engage in any non-exempt “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any ERISA Event, whether or not waived, shall exist with respect to any Plan, or any Lien in favor of the PBGC or a Plan shall
arise on the assets of the Company or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings under Title IV of ERISA shall commence to have a trustee appointed under Title IV of ERISA, or a trustee
shall 

  
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be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is likely to result in the termination of
such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) the Company or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders shall be
likely to, incur any liability in connection with a withdrawal from, or the Insolvency of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Plan; and in each case in clauses (i) through (vi)
above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or 

(h) one or more judgments or decrees shall be entered against the Company or any of its Restricted Subsidiaries involving for the Company and
its Restricted Subsidiaries taken as a whole a liability (to the extent not paid or covered by insurance or other creditworthy indemnitor or indemnity or security or any combination thereof) equal to or greater than the Threshold Amount, and all
such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 60 consecutive days from the entry thereof; or 

(i) any of the Security Documents shall cease, for any reason (other than by reason of the release thereof pursuant to Section 10.16), to
be in full force and effect, or any Loan Party or any controlled Affiliate of the Company shall so assert, or any Lien created or purported to be created by any of the Security Documents shall cease to be enforceable and of the same effect and
priority purported to be created thereby with respect to Collateral with an aggregate fair market value in excess of $5,000,000; or 
 (j)
any guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason (other than by reason of the release thereof pursuant to Section 10.16), to be in full force and effect or any Loan Party or any
controlled Affiliate of the Company shall so assert; or 
 (k) any Change of Control shall occur; 

then, and in any such event, (i) if such event is an Event of Default specified in paragraph (f) above with respect to any Borrower, the Commitments
shall automatically and immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing or accrued under this Agreement and the other Loan Documents (including, without limitation, all amounts of L/C
Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall automatically and immediately become due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding, and (ii) if such event is any other Event of Default, any or all of
the following actions may be taken: (i) with the consent of the Majority Revolving Credit Facility Lenders, the Administrative Agent may, or upon the request of the Majority Revolving Credit Facility Lenders, the Administrative Agent shall, by
notice to the Company declare the Revolving Credit Commitments to be terminated forthwith, whereupon the Revolving Credit Commitments shall immediately terminate; (ii) with the consent of the Required Lenders, the Administrative Agent may, or
upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Company, declare the Loans hereunder 

  
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(with accrued interest thereon) and all other amounts accrued or owing under this Agreement and the other Loan Documents (including, without limitation, all amounts of L/C Obligations, whether or
not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding; and (iii) with the consent of the Required Lenders, the
Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, exercise on behalf of itself, the Lenders and any Issuing Lender all other rights and remedies available to it, the Lenders and any Issuing Lender
under the Loan Documents. In the case of all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrowers shall at such time deposit in a cash
collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired face amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the
payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrowers hereunder and
under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other Obligations of the Borrowers hereunder and under the other Loan
Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Company (or such other Person as may be lawfully entitled thereto). 

ARTICLE 9 
 THE
ADMINISTRATIVE AGENT 
 Section 9.01. General. Each of the Lenders and each Issuing Lender hereby
irrevocably appoints the Administrative Agent as its agent 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, together with such
actions and powers as are reasonably incidental thereto. 
 The bank 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 such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of
business with the Company or any Restricted Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of
the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.01), and (c) except as expressly set 

  
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forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Restricted
Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable to the Lenders for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.01) or in the absence of its own gross negligence or willful
misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Company or a Lender, and the Administrative Agent shall not be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (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 5 or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the 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 believed by it to be genuine and to have been signed or sent 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 be made by the proper Person, and shall not incur any liability for relying thereon. 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 in good faith by it in accordance with the advice of any such counsel, accountants or experts. 

The Administrative Agent may perform any and all its duties and exercise its rights and powers 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 its duties and exercise its rights and powers through
their respective Related Parties. The exculpatory provisions of the preceding paragraphs 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. 

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders, the Issuing Lenders and the Company. Upon any such resignation, the Required Lenders shall have the right, subject to the prior written approval of the Company (which approval shall not be unreasonably
withheld, delayed or conditioned and shall not be required upon the occurrence and continuance of an Event of Default), to appoint a successor. If no successor shall have been so appointed by the Required Lenders with, absent the occurrence and
continuance of an Event of Default, the consent of the Company, and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its 

  
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resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New
York, New York, or an Affiliate of any such bank capable of performing the duties of the Administrative Agent. If no successor Administrative Agent has been appointed pursuant to the immediately preceding sentence by the 30th day after the date such
notice of resignation was given by the Administrative Agent, the Administrative Agent’s resignation shall become effective and the Required Lenders shall thereafter perform all the duties of the Administrative Agent hereunder and/or under any
other Loan Document until such time, if any, as the Required Lenders (subject to the prior written approval of the Company to the extent such approval would have been required under the second sentence of this paragraph) appoint a successor
Administrative Agent. Any such resignation by the Administrative Agent hereunder shall also constitute, to the extent applicable, its resignation as an Issuing Lender, in which case the resigning Administrative Agent (x) shall not be required
to issue any further Letters of Credit and (y) shall maintain all of its rights as Issuing Lender with respect to any Letters of Credit issued by it prior to the date of such resignation. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder. The fees payable by the Company 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 Administrative Agent’s
resignation hereunder, the provisions of this Article and Section 10.05 shall continue in effect for the benefit of such retiring 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 while it was acting as Administrative Agent. 
 Each Lender acknowledges and agrees that the extensions
of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course
of its business and has, independently and without reliance upon the Administrative Agent, any arranger of this credit facility or any amendment thereto or any other Lender and their respective 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 as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance upon the Administrative
Agent, any arranger of this credit facility or any amendment thereto or any other Lender and their respective Related Parties and based on such documents and information (which may contain material, non-public
information within the meaning of the United States securities laws concerning the Company and its Affiliates) 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 related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder. 

Anything herein to the contrary notwithstanding, none of the Lead Arranger, Joint Bookrunners or
Co-Documentation 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, the Collateral Agent, a Lender or an Issuing Lender hereunder. 

  
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 Section 9.02. Credit Bidding. Except with respect to the exercise of setoff rights of
any Lender in accordance with Section 10.07 or with respect to a Lender’s right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce
any Guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms thereof.
In the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Administrative Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at
any such sale or other disposition, and the Secured Parties hereby irrevocably authorize the Administrative, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities
unless the Required Lenders shall otherwise agree in writing), at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the
Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the
provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by
(or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties
shall be credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis
that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or
debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign
any successful credit bid to such acquisition vehicle or vehicles (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned
to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the
Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by
the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and
without giving effect to the limitations on actions by the Required Lenders contained in Section 10.01 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of
the Secured Parties, ratably on account of the relevant Obligations which were 

  
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credit bid, interests, whether as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition
vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a
result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be
reassigned to the Secured Parties pro rata and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition
vehicle to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute
such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably
request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid. 

ARTICLE 10 

MISCELLANEOUS 

Section 10.01. Amendments and Waivers. Neither this Agreement or any other Loan Document, nor any terms hereof or thereof, may be
amended, supplemented or modified except in accordance with the provisions of this Section 10.01. The Administrative Agent, the Required Lenders and each Loan Party to the relevant Loan Document may, or (with the written consent of the Required
Lenders) the Administrative Agent or the Collateral Agent, as the case may be, and each Loan Party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other
Loan Documents (including amendments and restatements hereof or thereof) for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or
thereunder or (b) waive, on such terms and conditions as may be specified in the instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences;
provided, however, that (i) no such agreement shall (A) increase the Commitment of any Lender without the written consent of such Lender, (B) reduce the principal amount of any Loan or L/C Disbursement or reduce the rate of
interest thereon (except in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Majority Facility Lenders of each adversely affected Class)), or reduce
any fees payable hereunder, in each case, other than as a result of any change in the definition, or in any components thereof, of the term “Consolidated Net Leverage Ratio”, without the written consent of each Lender directly and
adversely affected thereby (in which case the separate consent of the Required Lenders shall not be required) and (C) postpone the scheduled maturity date of any Loan, or the date of any scheduled payment (but not, for the avoidance of doubt,
prepayments) of the principal amount of any Loan under this Agreement or the applicable Incremental Amendment or Refinancing Agreement, or the required date of reimbursement of any L/C Disbursement, or any date for the payment of any interest or
fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the 

  
 120 

 
scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby (in which case the separate consent of the Required Lenders
shall not be required), (ii) no such agreement shall by its terms adversely affect the rights of such Class in respect of payments or Collateral in a manner different than such an agreement affects the rights of another Class in respect of
payments or Collateral without the written consent of the Majority Facility Lenders, (iii) without the consent of each Lender, no such agreement shall (A) change any of the provisions of this 10.01 or the percentage set forth in the
definition of the term “Required Lenders,” “Majority Facility Lenders” or “Majority Revolving Credit Facility Lenders” or any other provision of this Agreement or any other Loan Document specifying the number or
percentage of Lenders (or Lenders of any Class) required to waive, amend or otherwise modify any rights thereunder or make any determination or grant any consent thereunder, (B) release all or substantially all of the Collateral (other than
pursuant to Section 10.16), (C) release all or substantially all of the value of the guarantees provided by the Restricted Subsidiary Guarantors, (D) change Section 2.16(b) in a manner that would alter the pro rata sharing of payments
required thereby, or (E) assign or transfer the rights and Obligations of the Company, and (iv) without the consent of Majority Revolving Credit Facility Lenders, no such agreement shall change any provision with respect to the Financial
Covenant. 
 Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be
binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Agents shall be restored to their former position and rights hereunder and under the other
Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Any such
waiver, amendment, supplement or modification shall be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section; provided, that delivery of an executed signature page of any
such instrument by facsimile or electronic transmission (e.g. .PDF or .TIF email file) shall be effective as delivery of a manually executed counterpart thereof. 

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that
(x) the Commitment of any Defaulting Lender may not be increased or 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 the other affected Lenders shall require the consent of such Defaulting Lender. 

Notwithstanding anything to the contrary set forth herein or in any other Loan Document but subject to the proviso in clause (c) of
Article 8, (i) no Term Loan Lender shall have any right to exercise, or direct the Administrative Agent to exercise or refrain from exercising, any right or remedy arising or available hereunder or under any other Loan Document upon the occurrence
or during the continuance of a Default or an Event of Default if the only such Default or Event of Default that shall have occurred and be continuing is a Financial Covenant Default, (ii) no Term Loan Lender shall have any right to approve or
disapprove (X) any amendment or modification 

  
 121 

 
to Section 7.01, (Y) any waiver of a Financial Covenant Default or (Z) any amendment, waiver, consent or approval referred to in the proviso to the definition of “Required
Lenders” and (iii) it is understood and agreed that any Term Loans held by any Term Loan Lender shall be excluded from any vote of the Lenders (and shall be deemed to not be outstanding) for the purposes described in clause (i) above
and clause (ii) above, including in determining whether the “Required Lenders” have directed the Administrative Agent to exercise or refrain from exercising any such rights or remedies or to approve or disapprove any such amendment,
modification or waiver. For the avoidance of doubt, nothing in this paragraph shall in any way limit or restrict the rights or remedies of the Term Loan Lenders in connection with any Default or Event of Default other than a Financial Covenant
Default (whether arising before or after the occurrence of the Financial Covenant Default) or the right of any Term Loan Lenders to approve or disapprove any amendment or modification to any other provision hereof or of any other Loan Document or to
waive any Default or Event of Default other than a Financial Covenant Default. 
 For the avoidance of doubt, this Agreement and any other
Loan Document may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and each Loan Party to each relevant Loan Document (x) to add one or more additional credit facilities to this
Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and
Revolving Extensions of Credit and the accrued interest and fees in respect thereof, (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders, Required Prepayment Lenders, Majority
Facility Lenders and Majority Revolving Credit Facility Lenders and (z) to permit any such additional credit facilities which are term facilities to share ratably with the Term Loans in the application of prepayments and to permit any such
credit facilities which are revolving credit facilities to share ratably with the Revolving Credit Facility in the application of prepayments and commitment reductions; provided that no such consent of the Required Lenders shall be required
to make any changes contemplated by Section 2.22. 
 If the Administrative Agent and the Company shall have jointly identified an
ambiguity, obvious error or any error or omission of a technical or immaterial nature in any provision of the Loan Documents, then the Administrative Agent and the Company shall be permitted to amend such provision and such amendment shall become
effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days after notice thereof. 

Notwithstanding anything herein to the contrary, the Company and the Administrative Agent may, without the input or consent of any Lender,
effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate in the opinion of the Administrative Agent to effect the provisions of Section 2.22 or Section 2.23. 

Notwithstanding anything to the contrary herein or in any other Loan Document, (a) no modification or waiver of any provision of this
Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative Agent; (b) no modification or waiver of any provision of this Agreement relating to any Issuing Lender shall be effective
without the written consent of such Issuing Lender; and (c) the Administrative Agent may waive payment of the fee required under Section 10.06(f) without obtaining the consent of any other party to this Agreement. 

  
 122 

 Notwithstanding anything to the contrary herein or in any other Loan Document, guarantees,
collateral documents and related documents executed by Loan Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Loan Document, entered into, amended,
supplemented or waived, without the consent of any other person, by the applicable Loan Party or Loan Parties and the Administrative Agent in its sole discretion, to (A) effect the granting, perfection, protection, expansion or enhancement of
any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, (B) as required by local law to give effect to, or protect any security interest for the benefit of the Secured Parties,
in any property or so that the security interests therein comply with applicable requirements of law, or (C) to cure ambiguities, omissions, mistakes or defects or to cause such guarantee, collateral security document or other document to be
consistent with this Agreement and the other Loan Documents. 
 Section 10.02. Notices. All notices, requests and demands to or
upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being
deposited in the mail, postage prepaid, or, in the case of delivery by hand, overnight courier service or telecopy notice, when received, addressed (a) in the case of any Borrower and the Administrative Agent, as follows, (b) in the case
of the Lenders and the other Agents, as set forth in an Administrative Questionnaire delivered to the Administrative Agent or, in the case of a Lender which becomes a party to this Agreement pursuant to an Assignment and Acceptance, in such
Assignment and Acceptance or (c) in the case of any party, to such other address as such party may hereafter notify to the other parties hereto: 
  

			
	The Borrowers:	  	 Verint Systems Inc.
 175 Broadhollow Road

Melville, New York 11747
 Attention: Chief Financial Officer

Telecopy: 631-962-9623

Telephone: 631-962-9846 (Chief Financial Officer )

		
	With a copy to:	  	 Verint Systems Inc.
 175 Broadhollow Road

Melville, New York 11747
 Attention: Chief Legal Officer

Telecopy: 631-962-9623

Telephone: 631-962-9462 (Chief Legal Officer)

  
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	And a further copy to:	  	 Jones Day
 250 Vesey Street

New York, New York 10281
 Attention: Charles N. Bensinger III

Telecopy: 212-755-7306

Telephone: 212-326-3797

		
	The Administrative Agent:	  	 JPMorgan Chase Bank, N.A.
 10 S Dearborn St
L2
 Chicago, IL 60603
 Loan Operations Contact: Bianca
Hernandez
 Telephone Number: 312-732-4734

Email: jpm.agency.servicing.1@jpmorgan.com

		
	Issuing Lender:	  	 JPMorgan Chase Bank, N.A.
 10 S Dearborn St
L2
 Chicago, IL 60603
 LC Contact: Chicago LC Agency Activity
Team
 Email: Chicago.LC.Agency.Activity.Team@jpmorgan.com or as otherwise notified by such Issuing Lender to the Administrative Agent and the
Company

 ; provided that any notice, request or demand to or upon the any Agent, any Issuing Lender or any Lender shall not be
effective until received. 
 The Company hereby agrees, unless directed otherwise by the Administrative Agent or unless the electronic mail
address referred to below has not been provided by the Administrative Agent to the Company, that it will, or will cause its Restricted Subsidiaries to, provide to the Administrative Agent all information, documents and other materials that it is
obligated to furnish to the Administrative Agent pursuant to the Loan Documents or to the Lenders under Article 6 including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but
excluding any such communication that (i) is or relates to a Borrowing Notice, a notice pursuant to Section 2.11 or a notice requesting the issuance, amendment, extension or renewal of a Letter of Credit pursuant to Article 3, (ii) relates
to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement or any other Loan Document or (iv) is required to
be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing or other extension of credit hereunder (all such non-excluded communications being referred to herein
collectively as “Communications”), by transmitting the Communications in an electronic/soft medium that is properly identified in a format acceptable to the Administrative Agent to an electronic mail address as directed by the
Administrative Agent. In addition, the Company agrees, and agrees to cause its Restricted Subsidiaries, to continue to provide the Communications to the Administrative Agent or the Lenders, as the case may be, in the manner specified in the Loan
Documents but only to the extent requested by the Administrative Agent. 

  
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 The Company hereby acknowledges that (a) the Administrative Agent may, but shall not be
obligated to make available to the Lenders and the Issuing Lender materials and/or information provided by or on behalf of the Company hereunder (collectively, the “Company Materials”) by posting the Company Materials on Debt
Domain, IntraLinks, Syndtrak, ClearPar or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (e.g. Lenders that do not wish to receive material non-public information with respect to the Company or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to
such Persons’ securities) (each, a “Public Lender”). The Company hereby agrees that (w) all Company Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Company Materials “PUBLIC,” the Company shall be deemed to have authorized the Administrative Agent
and the Lenders to treat such Company Materials as not containing any material non-public information with respect to the Company or its securities for purposes of United States federal and state securities
laws (provided, however, that for the avoidance of doubt, to the extent such Company Materials constitute Information, they shall be subject to the provisions of Section 10.15); (y) all Company Materials marked “PUBLIC” are permitted
to be made available through a portion of the Platform designated as “Public Investor;” and (z) the Administrative Agent shall be entitled to treat any Company Materials that are not marked “PUBLIC” as being suitable only
for posting on a portion of the Platform not marked as “Public Investor.” Notwithstanding the foregoing, the following Company Materials shall be marked “PUBLIC”, unless the Company notifies the Administrative Agent promptly that
any such document contains material non-public information: (1) the Loan Documents and (2) notification of effective changes in the terms of the Facilities. 

Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
law, including United States Federal and state securities laws, to make reference to Communications that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Company or its securities for purposes of United States Federal or state securities laws. 

THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES
WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED
PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT
BASED ON STRICT LIABILITY AND 

  
 125 

 
INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE
AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON’S GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT OR MATERIAL BREACH OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT. 
 The Administrative Agent agrees that the receipt of
the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents.
Each Lender agrees that receipt of notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan
Documents. Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be
sent by electronic transmission and that the foregoing notice may be sent to such e-mail address. 

Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any
Loan Document in any other manner specified in such Loan Document. 
 Section 10.03. No Waiver; Cumulative Remedies. No failure
to exercise and no delay in exercising, on the part of any Agent, any Lender or any Issuing Lender, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder, or any abandonment or discontinuance of steps to enforce such right, remedy, power or privilege, preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges provided herein and in any other Loan Document are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any provision of this
Agreement or any other Loan Document or consent to any departure by any Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by Section 10.01, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No notice or demand on any Borrower in any case shall entitle any Borrower to any other or further notice or demand in similar or other circumstances. 

Section 10.04. Survival of Agreement. All covenants, agreements, representations and warranties made by any Borrower herein and in
the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and each Issuing Lender and shall survive the making
by the Lenders of the Loans and the issuance of Letters of Credit by the Issuing Lenders, regardless of any investigation made by the Lenders or the Issuing Lenders or on their behalf, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and

  
 126 

 
so long as the Commitments have not been terminated. The provisions of Sections 2.17, 2.18, 2.19 and 10.05 shall remain operative and in full force and effect regardless of the expiration of the
term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the expiration of any Letter of Credit, the invalidity or unenforceability of any term or
provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender or any Issuing Lender. 

Section 10.05. Payment of Expenses; Indemnity. 

(a) The Company agrees to (i) pay all reasonable and documented
out-of-pocket expenses (including, without limitation, the reasonable fees, charges and disbursements of counsel) incurred by the Administrative Agent, the Lead
Arranger, each Issuing Lender and each other Agent and their respective Affiliates in connection with the structuring, arrangement and syndication of the Facilities (other than fees payable to syndicate members) and the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or in connection with any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated
shall be consummated) or incurred by the each Issuing Lender in connection with the issuance, amendment, renewal or extension of Letters of Credit or any demand for payment thereunder (provided that payments in respect of legal fees and
expenses shall be limited to actual reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent, Lead
Arranger, Issuing Lenders and each other Agent and their respective Affiliates, and if necessary, one local counsel in any relevant jurisdiction to such Persons and, in the case of a conflict of interest, one additional counsel to such Persons) and
(ii) to pay all reasonable and documented out-of-pocket expenses of the Administrative Agent, Issuing Lenders and the Lenders (provided that payments in
respect of legal fees and expenses shall be limited to actual reasonable documented out-of-pocket fees, disbursements and other charges of one counsel to the
Administrative Agent, Issuing Lenders and the Lenders, and if necessary, one local counsel in any relevant jurisdiction to such Persons, and in the case of a conflict of interest, one additional counsel to such Persons) for enforcement costs
associated with the Facilities. 
 (b) The Company agrees to indemnify the Administrative Agent, the Collateral Agent, each Lender, each
Issuing Lender and each other Agent and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, (limited in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other
charges of one counsel to each indemnitee, and if necessary, one local counsel in any relevant jurisdiction to such Person and, in the case of a conflict of interest, one additional counsel to such Person) to the extent incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby (including the syndication of the Facilities), (ii) the use of the proceeds of the Loans or
issuance of Letters of Credit, (iii) any actual or alleged presence or 

  
 127 

 
release of Materials of Environmental Concern on or from any Property currently or formerly owned, occupied or operated by the Company or any of the Restricted Subsidiaries, or any Environmental
Liability of the Company or its Restricted Subsidiaries or in respect of any of their respective properties, or (iv) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party
thereto (and regardless of whether such matter is initiated by a third party or by the Company, any other Loan Party or any of their respective Affiliates); provided that such indemnity shall not, as to any Indemnitee, be available with
respect to any losses, claims, damages, liabilities or related expenses to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from (i) the bad faith, gross negligence or willful misconduct of, or material breach of this Agreement or any other Loan Document by such Indemnitee or (ii) disputes arising solely among Indemnitees (other than any Agent
or its Related Parties in its capacity as an Agent hereunder) and that do not involve any act or omission by the Company or its Restricted Subsidiaries or its controlled Affiliates or (B) arise from any settlement of any proceeding effected
without the Company’s written consent (which consent shall not be unreasonably withheld, delayed or conditioned), but if settled with the Company’s written consent, or if there is a judgment against an Indemnitee in any such proceeding,
the Company agrees to indemnify and hold harmless each Indemnitee in the manner set forth in this Section 10.05(b). Without limiting the foregoing, and to the extent permitted by applicable law, the Company agrees not to assert and to cause its
Restricted Subsidiaries not to assert, and hereby waives and agrees to cause its Restricted Subsidiaries so to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities,
settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against the Indemnitee. All amounts due under this Section 10.05 shall be payable
promptly after written demand upon the Company therefor together with a reasonably detailed invoice. Statements payable by the Company pursuant to this Section 10.05 shall be submitted to Chief Financial Officer (Telephone No. 631-962-9846) (Fax No. 631-962-9623), at the address of the Company set forth in
Section 10.02, or to such other Person or address as may be hereafter designated by the Company in a notice to the Administrative Agent. This Section 10.05(b) shall not apply with respect to taxes other than taxes that represent losses,
claims, damages, liabilities or related expenses arising from non-tax claims. 
 (c) To the extent
that the Company fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral Agent, any Issuing Lender or any other Agent under Section 10.05(a) or (b), each Lender severally agrees to pay to the Administrative
Agent, the Collateral Agent, such Issuing Lender or such other Agent, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity 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, the Collateral Agent, such Issuing Lender or such other
Agent in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the Aggregate Exposure at the time (in each case, determined as if no Lender were a Defaulting Lender).

 (d) To the extent permitted by applicable law, none of the parties hereto shall assert, and each party hereto and each Indemnitee hereby
waives, any claim against any other party 

  
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hereto, 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 or any agreement or instrument contemplated hereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided that the foregoing shall not relieve the Company of its indemnification obligations set forth in
Section 10.05(b) to the extent any Indemnitee is found so liable. 
 (e) The provisions of this Section 10.05 shall remain
operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the expiration of any
Letter of Credit, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender, any Issuing Lender
or any other Agent. 
 Section 10.06. Successors and Assigns; Participations and Assignments. (a) This Agreement shall be
binding upon and inure to the benefit of the Borrowers, the Lenders, the Agents, the Issuing Lenders, all future holders of the Loans and their respective successors and assigns, except that no Borrower may assign or transfer any of its rights or
obligations under this Agreement without the prior written consent of the Agents, each Issuing Lender and each Lender (provided that a Borrower may merge or consolidate with another Borrower in accordance with Section 7.04). 

(b) Any Lender may, without the consent of, or notice to, any Borrower or the Administrative Agent, in accordance with applicable law, at any
time sell to one or more banks, financial institutions or other entities (other than a Competitor or the Company or any of its controlled Affiliates) (each, a “Participant”) participating interests in any Loan owing to such Lender,
any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this
Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the
other Loan Documents, and the Borrowers and the Agents shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall any
Participant under any such participation have any right to enforce this agreement or to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that
such amendment, waiver or consent would require the consent of all Lenders, all affected Lenders or all affected Lenders under a particular Facility pursuant to Section 10.01. Each Borrower agrees that if amounts outstanding under this
Agreement and the Loans are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable law, be deemed to have the
right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement, provided that, in
purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in 

  
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Section 10.07(a) as fully as if such Participant were a Lender hereunder. Each Borrower also agrees that each Participant shall be entitled to the benefits of Sections 2.17, 2.18 and 2.19
with respect to its participation in the Commitments and the Loans outstanding from time to time as if such Participant were a Lender; provided that, in the case of Section 2.18, such Participant shall have complied with the requirements
of said Section (including the requirement of Section 2.18(e), it being understood that the documentation required by Section 2.18(e) shall be delivered to the participating Lender), and provided, further, that no Participant
shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had
no such transfer occurred, except to the extent such entitlement to receive a greater payment results from any change in any Requirement of Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a
participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and
interest thereon) of each participant’s interest in the Loans or other Obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of
the Participant Register (including the identity of any Participant or 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 demonstrable error, and the Borrowers, the Lenders and each Agent shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement, notwithstanding notice to the contrary. 
 (c) Any Lender (an “Assignor”)
may, in accordance with applicable law, at any time and from time to time assign to one or more Eligible Assignees (an “Assignee”) all or any part of its rights and obligations under this Agreement pursuant to an Assignment and
Acceptance, substantially in the form of Exhibit B or any other form approved by the Administrative Agent (an “Assignment and Acceptance”), executed by such Assignee and such Assignor (and, where the consent of the Company, the
Administrative Agent or the Issuing Lender is required, by the Company and such other Persons) and delivered to the Administrative Agent (A) via an electronic settlement system satisfactory to the Administrative Agent or (B) if previously
agreed by the Administrative Agent, manually, for its acceptance and recording in the Register; provided that no such assignment to an Assignee (other than any Lender or any Affiliate of a Lender thereof) shall be in an aggregate principal
amount (determined as of the date of the relevant Assignment and Acceptance or, if “Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date) of less than $1,000,000 (other than in the case of an assignment of
all of a Lender’s interests under this Agreement), unless otherwise agreed by the Company and the Administrative Agent (each such consent not to be unreasonably withheld, delayed or conditioned and, in the case of the Company, shall not be
required if a payment or bankruptcy Event of Default has occurred and is continuing). Any such assignment need not be ratable as among the Facilities. Upon such execution, delivery, acceptance and recording, from and after the effective date
determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with Commitments
and/or 

  
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Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in
the case of an Assignment and Acceptance covering all of an Assignor’s rights and obligations under this Agreement, such Assignor shall cease to be a party hereto, except as to Section 2.17, 2.18 and 10.05 in respect of the period prior to
such effective date). 
 (d) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee
thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of
any adverse claim and that its Term Loan Commitment and Revolving Credit Commitment, and the outstanding balances of its Term Loans and Revolving Credit Loans, in each case without giving effect to assignments thereof which have not become
effective, are as set forth in such Assignment and Acceptance, (ii) except as set forth in (i) above or otherwise agreed in writing between such assigning Lender and such Assignee, such assigning Lender makes no representation or warranty
and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any
other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of the Company or any Restricted Subsidiary or the performance or observance by the Company or any Restricted Subsidiary of any of its
obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such Assignee represents and warrants that it is an Eligible Assignee legally authorized to enter into such
Assignment and Acceptance; (iv) such Assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred to in Section 4.01 or delivered pursuant to Section 6.01 and
such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) such Assignee will independently and without reliance upon the Administrative
Agent, the Collateral Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this
Agreement; (vi) such Assignee appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent and
the Collateral Agent, respectively, by the terms hereof, together with such powers as are reasonably incidental thereto; and (vii) such Assignee agrees that it will perform in accordance with their terms all the obligations which by the terms
of this Agreement are required to be performed by it as a Lender. 
 (e) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its addresses in the New York City a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the
recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of and stated interest on the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of
demonstrable error, and the Borrowers, each Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans and any Notes evidencing such Loans recorded therein for all purposes of this Agreement. Any
assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon 

  
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appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be
registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance; thereupon, if requested by the Assignee, one or more new Notes in
the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by the Administrative Agent to the Company marked “canceled”. The Register shall be available for inspection by the
Borrowers or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon reasonable prior notice. 

(f) Upon its receipt of an Assignment and Acceptance executed by an Assignor and an Assignee (and, in any case where the consent of any other
Person is required by Section 10.06(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative
Agent), an Administrative Questionnaire completed in respect of the Assignee (unless the Assignee shall already be a Lender hereunder) and any applicable tax forms, the Administrative Agent shall (i) promptly accept such Assignment and
Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in the Register. Each Borrower, at its own expense, promptly upon request, shall execute and deliver to the Administrative Agent (in
exchange for the Revolving Credit Note and/or applicable Term Notes, as the case may be, of the assigning Lender) a new Revolving Credit Note and/or applicable Term Notes, as the case may be, to the order of such Assignee in an amount equal to the
Revolving Credit Commitment and/or applicable Term Loans, as the case may be, assumed or acquired by it pursuant to such Assignment and Acceptance and, if the Assignor has retained a Revolving Credit Commitment and/or Term Loans, as the case may be,
upon request, a new Revolving Credit Note and/or Term Notes, as the case may be, payable to the Assignor in an amount equal to the Revolving Credit Commitment and/or applicable Term Loans, as the case may be, retained by it hereunder. Such new Note
or Notes shall be dated the Closing Date and shall otherwise be in the form of the Note or Notes replaced thereby. 
 (g) Any Lender or
Participant may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 10.06, disclose to the Assignee or Participant or proposed Assignee or Participant any information relating to
the Company furnished to such Lender by or on behalf of the Company, including notification of the inclusion of, if applicable, material non-public information regarding the Company and/or its Restricted
Subsidiaries; provided that, prior to any such disclosure of information, each such Assignee or Participant or proposed Assignee or Participant shall agree to comply with the provisions of Section 10.15 or substantially equivalent
provisions. 
 (h) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section concerning
assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes (other than to a Competitor), including, without limitation, any pledge or
assignment by a Lender of any Loan or Note to any Federal Reserve Bank or other central bank having jurisdiction over it in accordance with applicable law; provided that no such assignment shall release a Lender from any of its obligations
hereunder or substitute any such Assignee for such Lender as a party hereto. 

  
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 (i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Company, the option to provide to the Borrowers
all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrowers pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and
(ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall
utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this
Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year
and one day after the payment in full of all outstanding commercial paper or other indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary in this Section 10.06(i), any SPC may (A) with notice to, but without the prior written
consent of, the Company and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender, or with the prior written consent of the Company and the
Administrative Agent (which consent shall not be unreasonably withheld, delayed or conditioned) to any financial institutions providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans,
and (B) disclose on a confidential basis in accordance with Section 10.15 any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety,
guarantee or credit or liquidity enhancement to such SPC; provided that non-public information with respect to the Company or its Restricted Subsidiaries may be disclosed only with the Company’s
consent which will not be unreasonably withheld, delayed or conditioned. 
 (j) [Reserved]. 

(k) So long as no Default has occurred or is continuing or would result therefrom, any Lender may, at any time, assign all or a portion of its
rights and obligations under this Agreement in respect of its Term Loans to the Company on a non-pro rata basis through (and solely through) Dutch Auctions open to all Lenders, subject to the following
limitations and other provisions: 
 (i) the maximum principal amount (calculated on the face amount thereof) of all Term
Loans that the Company may offer to purchase or take assignment of shall not exceed 20% of the aggregate principal amount of the Initial Term Loans made on the Closing Date; 

(ii) the Company will not be entitled to receive, and will not receive, information provided solely to Lenders by the
Administrative Agent or any Lender and will not be permitted to attend or participate in, and will not attend or participate in, meetings or conference calls attended solely by the Lenders and the Administrative Agent; 

  
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 (iii) Borrowings shall not be made under the Revolving Credit Facility to
directly or indirectly fund the purchase or assignment; 
 (iv) any Term Loans purchased by the Company shall be
automatically and permanently cancelled immediately upon acquisition by the Company; 
 (v) notwithstanding anything to the
contrary contained herein (including in the definitions of “Consolidated Net Income” and “Consolidated EBITDA”) any noncash gains in respect of “cancellation of indebtedness” resulting from the cancellation of any Term
Loans purchased by the Company shall be excluded from the determination of Consolidated Net Income and Consolidated EBITDA; 

(vi) the cancellation of Term Loans in connection with a Dutch Auction shall not constitute a voluntary or mandatory prepayment
for purposes of Section 2.09 or 2.10, but the face amount of Term Loans cancelled as provided for in clause (iv) above shall be applied on a pro rata basis to the remaining scheduled installments of principal due in respect of the Term
Loans; 
 (vii) [Reserved]; 

(viii) immediately after giving effect to any purchase or assignment of Term Loans pursuant to this Section 10.06(k), the
sum of (x) the excess of the Revolving Credit Commitments over the Revolving Extensions of Credit as of such date and (y) the aggregate amount of all unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries as
of such date shall not be less than $100,000,000; and 
 (ix) at the time of the consummation of each purchase and assignment
of Term Loans pursuant to this Section 10.06(k), the Company shall have delivered to the Administrative Agent an officer’s certificate as to compliance with the preceding clause (viii). 

Section 10.07. Adjustments; Set Off. (a) Except (x) to the extent that this Agreement provides for payments to be
allocated to a particular Lender or to the Lenders under a particular Facility (or provides for the application of funds arising from the existence of a Defaulting Lender) or (y) to the extent any payment is obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or L/C Disbursements to any Assignee or Participant (other than to the Company or any Restricted Subsidiary thereof, except pursuant to Section 10.06(k)), if any
Lender (a “Benefitted Lender”) shall at any time receive any payment of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set off, pursuant to events
or proceedings of the nature referred to in paragraph (f) of Article 8, or otherwise), in a proportion greater than its pro rata share of any such payment to or collateral received by any other Lender, if any, in respect of such other
Lender’s Obligations, such Benefitted Lender shall (i) notify the Administrative Agent and each other Lender of the receipt of such payment and (ii) purchase for cash at face value from the other Lenders a participating interest in
such portion of each such other Lender’s 

  
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Obligations, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such
collateral ratably with each of the Lenders; provided, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits
returned, to the extent of such recovery, but without interest. Each Borrower expressly consents to the foregoing arrangements and agrees that any Lender holding a participation in a Lender’s Obligations deemed to have been so purchased may
exercise any and all rights of setoff as set forth in clause (b) below by reason thereof as fully as if such Lender had made a Loan directly to such Borrower in the amount of such participation. 

(b) In addition to any rights and remedies of the Lenders provided by law, each Lender (other than any Defaulting Lender) and each Issuing
Lender shall have the right, without prior notice to the Borrowers, any such notice being expressly waived by the Borrowers to the extent permitted by applicable law, upon any amount becoming due and payable by any Borrower hereunder (whether at the
stated maturity, by acceleration or otherwise) after the occurrence and during the continuance of an Event of Default, to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or Issuing Lender or any branch
or agency thereof to or for the credit or the account of any Borrower. Each Lender and each Issuing Lender agrees promptly to notify the Company and the Administrative Agent after any such setoff and application made by such Lender or such Issuing
Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 10.08. Counterparts. (a) This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (e.g. by .PDF or
..TIF file) shall be effective as delivery of a manually executed counterpart hereof. 
 (b) The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures 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. 

Section 10.09. Severability. Any provision of this Agreement that is invalid, illegal, prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality, prohibition or unenforceability without affecting, impairing or invalidating the remaining provisions hereof, and any such invalidity,
illegality, prohibition or unenforceability in any jurisdiction shall not affect, impair, invalidate or render 

  
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unenforceable such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 Section 10.10.
Integration. This Agreement and the other Loan Documents represent the entire agreement of the Borrowers, the Agents and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings,
representations or warranties by any Agent or any Lender relative to the subject matter hereof not expressly set forth herein or in the other Loan Documents. 

Section 10.11. GOVERNING LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION BASED UPON, ARISING OUT OF OR
RELATED TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW OR OTHERWISE ARISING OUT OF THE SUBJECT MATTER HEREOF) SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 Section 10.12. Submission to Jurisdiction; Waivers. 

(a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its Property, to the exclusive jurisdiction of
any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or
for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by 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 shall affect any right that the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan
Documents against any Borrower or its Properties in the courts of any jurisdiction. 
 (b) Each of the parties hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other
Loan Documents in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 10.02. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

  
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 Section 10.13. Judgment Currency. If, for the purpose of obtaining judgment in any
court, it is necessary to convert a sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent that they may legally and effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures the Administrative Agent could purchase Dollars with such other currency in New York, New York, on the Business Day immediately preceding the day on which final judgment is given. 

The obligation of any Borrower in respect of any sum due to any Lender hereunder in Dollars shall, to the extent permitted by applicable law,
notwithstanding any judgment in a currency other than Dollars, be discharged only to the extent that on the Business Day following receipt of any sum adjudged to be so due in the judgment currency such Lender may in accordance with normal banking
procedures purchase Dollars in the amount originally due to such Lender with the judgment currency. If the amount of Dollars so purchased is less than the sum originally due to such Lender, each Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify such Lender against the resulting loss; and if the amount of Dollars so purchased is greater than the sum originally due to such Lender, such Lender agrees to repay such excess. 

Section 10.14. Acknowledgments. Each Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

(b) no Agent nor any Lender has any fiduciary relationship with or duty to such Borrower arising out of or in connection with this Agreement
or any of the other Loan Documents, and the relationship between the Agents and the Lenders, on one hand, and the Borrowers, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; 

(c) each Lender and its Affiliates may have economic interests that conflict with those of the Borrowers; and 

(d) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Agents and the Lenders or among the Borrowers and the Lenders. 
 Section 10.15. Confidentiality. Each of the Agents,
the Issuing Lenders and the Lenders agrees to keep confidential all Information (as defined below); provided that nothing herein shall prevent any Agent, any Issuing Lender or any Lender from disclosing any such Information (a) to any
Agent, any other Lender or any Affiliate of any thereof, (b) subject to Section 10.06(g), to any Participant or Assignee (each, a “Transferee”) or prospective Transferee or to any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Company or any Restricted Subsidiary or any of their respective obligations, in each case, that agrees to comply with the provisions of this Section or substantially equivalent
provisions, (c) to any of its and its Affiliates’ officers, employees, directors, agents, attorneys, accountants and other professional advisors (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such 

  
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Information and instructed to keep such Information confidential), (d) upon the request or demand of any Governmental Authority having jurisdiction over it, (e) in response to any order
of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) in connection with any litigation or similar proceeding, (g) that has been publicly disclosed other than in breach of this
Section 10.15, (h)to any regulatory authority or quasi-regulatory authority (such as the National Association of Insurance Commissioners or any similar organization) or any nationally recognized rating agency that requires access to information
about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (i) in connection with the exercise of any remedy hereunder or under any other Loan Document or (j) with the consent of the Company.
For the purposes of this Section, “Information” shall mean all information received from or on behalf of any Loan Party and related to the Company or its Restricted Subsidiaries or any of their business, other than any such
information that was available to the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender on a nonconfidential basis prior to such disclosure. Any Person required to maintain the confidentiality of Information as provided in
this Section 10.15 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord its own confidential
information. 
 Section 10.16. Release of Collateral and Guarantee Obligations. 

(a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon the request of the Company in connection
with (i) any Disposition of Property permitted by the Loan Documents (other than a Disposition to a Loan Party), (ii) any merger, consolidation or amalgamation permitted by the Loan Documents or (iii) any designation of a Restricted
Subsidiary as an Unrestricted Subsidiary, the Administrative Agent shall (without notice to, or vote or consent of, any Lender, or any Affiliate of any Lender that is a party to any Specified Hedge Agreement or any Specified Cash Management
Agreement) take such actions as shall be required or appropriate to release its security interest in any Collateral being Disposed of in such Disposition (but not in any proceeds thereof) or any Capital Stock necessary to permit consummation of such
merger, consolidation or amalgamation (provided, to the extent applicable, the Company shall comply with Section 6.08 in connection therewith), and to release any guarantee obligations under the Loan Documents of any Person being Disposed of in
such Disposition or any entity that is not the surviving entity of any merger, consolidation or amalgamation, to the extent necessary to permit consummation of such Disposition, merger, consolidation or amalgamation in accordance with the Loan
Documents. 
 (b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, when all Obligations (other than
obligations in respect of any Specified Hedge Agreement or any Specified Cash Management Agreement, contingent indemnity obligations not then due and payable and contingent reimbursement obligations in respect of outstanding Letters of Credit) have
been paid in full, all Commitments have terminated or expired and no Letter of Credit shall be outstanding (or all outstanding Letters of Credit have been Cash Collateralized, or in respect of which back-stop letters of credit have been provided, in
each case in an amount equal to 103% of the aggregate outstanding face amount thereof and pursuant to arrangements otherwise reasonably satisfactory to the Administrative Agent and the Issuing Lender), upon the request of the Company, the
Administrative Agent shall (without notice to, or vote or consent of, 

  
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any Lender, or any Affiliate of any Lender that is party to any Specified Hedge Agreement or any Specified Cash Management Agreement) take such actions as shall be required to release its
security interest in all Collateral, and to release all guarantee obligations under any Loan Document, whether or not on the date of such release there may be outstanding Obligations in respect of Specified Hedge Agreements or Specified Cash
Management Agreements. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed
thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Borrower or any Restricted Subsidiary Guarantor, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, any Borrower or any Restricted Subsidiary Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made. 

(c) Neither the Administrative Agent nor the Collateral Agent shall be responsible for or have a duty to ascertain or inquire into any
representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith,
nor shall the Administrative Agent or the Collateral Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

Section 10.17. WAIVERS OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS 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 PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 10.17. 
 Section 10.18. USA PATRIOT Act Notice. Each Lender 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, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the
name and address of the Borrowers and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrowers in accordance with the USA PATRIOT Act. 

Section 10.19. Replacement Lenders. (a) The Company shall be permitted to replace any Lender that is a Defaulting Lender;
provided that (A) such replacement or removal does not conflict with any Requirement of Law, (B) the Company shall be liable to such replaced Lender under Section 2.19 (as though Section 2.19 were applicable) if any
Eurodollar Loan 

  
 139 

 
owing to such replaced Lender shall be purchased other than on the last day of the Interest Period or maturity date relating thereto, (C) the replacement financial institution shall
purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (D) the replaced Lender shall be obligated to make such replacement in accordance with the other provisions of
Section 10.06 (provided that the Company may be obligated to pay the registration and processing fee referred to therein), (E) the Company shall pay all additional amounts (if any) required pursuant to Section 2.17 or 2.18, as the case may
be, in respect of any period prior to the date on which such replacement shall be consummated, and (F) any such replacement shall not be deemed to be a waiver of any rights that the Company, the Administrative Agent or any other Lender shall
have against the replaced Lender; provided, further that, in connection with any such assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until 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 Company 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, the Collateral Agent, each Issuing Lender and each other 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 in accordance with its Revolving Credit Percentage (and notwithstanding the foregoing, if 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). 
 (b) The Company shall be permitted to replace any Lender (in the
case of clause (ii), within 120 days of the applicable failure to consent referenced therein) (i) that requests reimbursement owing pursuant to Section 2.17 or 2.18 or (ii) in connection with any proposed amendment, modification,
supplement or waiver with respect to any of the provisions of the Loan Documents as contemplated in Section 10.01 where such amendment, modification, supplement or waiver requires the consent of either (x) all or all affected Lenders, and
the consent of the holders of more than 50% of the aggregate amount of the Term Loans and the then outstanding Total Revolving Credit Commitments then in effect (or, if the Revolving Credit Commitments have been terminated, the Total Revolving
Extensions of Credit then outstanding) is obtained or (y) all affected Lenders under any Facility, and the consent of the holders of more than 50% of the aggregate amount of Loans or Commitments, as applicable, under the relevant Facility is
obtained, and such Lender fails to consent to such proposed action; provided that (A) such replacement or removal does not conflict with any Requirement of Law, (B) the Company shall be liable to such replaced Lender under
Section 2.19 (as though Section 2.19 were applicable) if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period or maturity date relating thereto, (C) the replacement
financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement and shall have consented to the proposed amendment, (D) the replaced Lender shall be obligated to
make such replacement in accordance with the provisions of Section 10.06 (provided that the Company may be obligated to pay the 

  
 140 

 
registration and processing fee referred to therein), (E) the Company shall pay all additional amounts (if any) required pursuant to Section 2.17 or 2.18, as the case may be, in respect of
any period prior to the date on which such replacement shall be consummated, and (F) any such replacement shall not be deemed to be a waiver of any rights that the Company, the Administrative Agent or any other Lender shall have against the
replaced Lender. 
 Section 10.20. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

Section 10.21. Lender Action; Specified Cash Management Agreements and Specified Hedge
Agreements. (a) Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against any Loan Party or any other obligor under any of the Loan Documents (including the
exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or
any other property of any such Loan Party, unless expressly provided for herein or in any other Loan Document, without the prior written consent of the Administrative Agent. The provisions of this Section 10.21 are for the sole benefit of the
Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party. 
 (b) No Cash Management Bank or Qualified
Counterparty that obtains the benefit the Guarantee and Collateral Agreement or any Collateral by virtue of the provisions hereof or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action
hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the
Guarantee and Collateral Agreement or any Security Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. The Administrative Agent shall not be required to verify the payment
of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Specified Cash Management Agreements and Specified Hedge Agreements in the case of a Maturity Date. 

Section 10.22. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan or participation in any payment or disbursement made by an Issuing Lender pursuant to a Letter of Credit, together with all fees, charges and other amounts which are treated as interest on such Loan or such participation under
applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan or
participation in accordance with applicable law, the rate of interest payable in respect of such Loan or participation hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful,
the interest and Charges that would have been payable in respect of such Loan or participation but were not payable as a result of the operation of this Section 10.22 shall be cumulated and the interest and Charges payable to such Lender in
respect of other Loans or participations or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have
been received by such Lender. 

  
 141 

 Section 10.23. Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document 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 party hereto 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 entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu
of any rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (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. 

  
 142 

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

			
	VERINT SYSTEMS INC., as Borrower
		
	By:	 	 /s/ Douglas E. Robinson

	Name:	 	Douglas E. Robinson
	Title:	 	Chief Financial Officer

 [Signature Page to the Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent, Collateral Agent, Revolving Credit Lender, Term Loan Lender and Issuing Lender
		
	By:	 	 /s/ Daglas P. Panchal

	Name:	 	Daglas P. Panchal
	Title:	 	Executive Director

 [Signature Page to the Credit Agreement] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Revolving Credit Lender
		
	By:	 	 /s/ Marcus Tarkington

	Name:	 	Marcus Tarkington
	Title:	 	Director
		
	By:	 	 /s/ Anca Trifan

	Name:	 	Anca Trifan
	Title:	 	Managing Director

 [Signature Page to the Credit Agreement] 

 
			
	GOLDMAN SACHS BANK USA, as a Revolving Credit Lender
		
	By:	 	 /s/ Rebecca Kratz

	Name:	 	Rebecca Kratz
	Title:	 	Authorized Signatory

 [Signature Page to the Credit Agreement] 

 
			
	ROYAL BANK OF CANADA, as a Revolving Credit Lender
		
	By:	 	 /s/ Nicholas Heslip

	Name:	 	Nicholas Heslip
	Title:	 	Authorized Signatory

 [Signature Page to the Credit Agreement] 

 
			
	BARCLAYS BANK PLC, as a Revolving Credit Lender
		
	By:	 	 /s/ Robby Kumar

	Name:	 	Robby Kumar
	Title:	 	Managing Director

 [Signature Page to the Credit Agreement] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Revolving Credit Lender
		
	By:	 	 /s/ Judith E. Smith

	Name:	 	Judith E. Smith
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Karim Rahimtoola

	Name:	 	Karim Rahimtoola
	Title:	 	Authorized Signatory

 [Signature Page to the Credit Agreement] 

 
			
	HSBC BANK USA, N.A., as a Revolving Credit Lender
		
	By:	 	 /s/ William Conlan

	Name:	 	William Conlan
	Title:	 	Senior Vice President

 [Signature Page to the Credit Agreement] 

 ANNEX A 

Revolving Credit Commitments 
  

					
	Revolving Credit Lender	  	Revolving Credit Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	60,000,000	 
	 Deutsche Bank AG New York Branch
	  	$	40,000,000	 
	 Goldman Sachs Bank USA
	  	$	40,000,000	 
	 Royal Bank of Canada
	  	$	40,000,000	 
	 Barclays Bank Plc
	  	$	40,000,000	 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	40,000,000	 
	 HSBC Bank USA, N.A.
	  	$	40,000,000	 
		  	  
	  
	 
	 Total:
	  	$	300,000,000	 

 ANNEX B 

Initial Term Loan Commitments 
  

					
	Term Loan Lender	  	Initial Term Loan Commitments	 
	 JPMorgan Chase Bank, N.A.
	  	$	425,000,000	 
		  	  
	  
	 
	 Total:
	  	$	425,000,000Exhibit 10.1

 

EXECUTION COPY

 

SECOND AMENDMENT TO THE

RECEIVABLES FINANCING AGREEMENT

 

This SECOND AMENDMENT TO THE RECEIVABLES FINANCING AGREEMENT (this “Amendment”), dated as of June 28, 2017, is entered into by and among the following parties:

 

(i)                                     FIRST DATA RECEIVABLES, LLC, as Borrower;

 

(ii)                                  FIRST DATA CORPORATION, as initial Servicer; and

 

(iii)                               PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Committed Lender, Group Agent and Administrative Agent.

 

Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables Financing Agreement described below.

 

BACKGROUND

 

A.            The parties hereto have entered into a Receivables Financing Agreement, dated as of December 31, 2015 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Financing Agreement”).

 

B.            Concurrently herewith, the Borrower, the Servicer and the Originators party thereto are entering into that certain Second Amendment to the Transfer and Contribution Agreement, dated as of the date hereof.

 

C.            Concurrently herewith, the Borrower, the Servicer and PNC, as Lender and Administrative Agent, are entering into that certain Amended and Restated Fee Letter, dated as of the date hereof.

 

D.            The parties hereto desire to amend the Receivables Financing Agreement as set forth herein.

 

NOW, THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein, each party to this Amendment hereby agrees as follows:

 

SECTION 1.   Amendments to the Receivables Financing Agreement.  The Receivables Financing Agreement is hereby amended to incorporate the changes shown on the marked pages of the Agreement attached hereto as Exhibit A.

 

SECTION 2.   Representations and Warranties of the Borrower and Servicer.  The Borrower and the Servicer hereby represent and warrant to each of the parties hereto as of the date hereof as follows:

 

 

(a)           Representations and Warranties.  The representations and warranties made by it in the Receivables Financing Agreement and each of the other Transaction Documents to which it is a party are true and correct as of the date hereof.

 

(b)           Enforceability.  The execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are within its organizational powers and have been duly authorized by all necessary action on its part, and this Amendment, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are (assuming due authorization and execution by the other parties thereto) its valid and legally binding obligations, enforceable in accordance with its terms, except (x) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws from time to time in effect relating to creditors’ rights, and (y) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

 

(c)           No Event of Default.  No Event of Default or Unmatured Event of Default has occurred and is continuing, or would occur as a result of this Amendment or the transactions contemplated hereby.

 

SECTION 3.   Effect of Amendment; Ratification.  All provisions of the Receivables Financing Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect.  After this Amendment becomes effective, all references in the Receivables Financing Agreement (or in any other Transaction Document) to “this Receivables Financing Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables Financing Agreement shall be deemed to be references to the Receivables Financing Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Financing Agreement other than as set forth herein.  The Receivables Financing Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects.

 

SECTION 4.   Effectiveness.  This Amendment shall become effective as of the date hereof upon when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit B hereto, in each case, in form and substance reasonably acceptable to the Administrative Agent and (b) all fees and expenses payable by the Borrower on the date hereof to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents.

 

SECTION 5.   Severability.  Any provisions of this Amendment which are 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, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

2

 

SECTION 6.   Transaction Document.  This Amendment shall be a Transaction Document for purposes of the Receivables Financing Agreement.

 

SECTION 7.   Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart hereof.

 

SECTION 8.   GOVERNING LAW AND JURISDICTION.

 

(a)           THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

 

(b)           EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AMENDMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  NOTHING IN THIS SECTION 8 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.  EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.  THE PARTIES HERETO AGREE 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.

 

SECTION 9.   Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Financing Agreement or any provision hereof or thereof.

 

3

 

[SIGNATURE PAGES FOLLOW]

 

4

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

 

 

	
 
    	
FIRST DATA RECEIVABLES,   LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ty R. Miller
    
	
 
    	
Name: Ty R. Miller
    
	
 
    	
Title: Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FIRST DATA CORPORATION,
    
	
 
    	
as the Servicer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ty R. Miller
    
	
 
    	
Name: Ty R. Miller
    
	
 
    	
Title: Treasurer
    

 

2nd Amendment to

Receivables Financing Agreement

 

S-1

 

	
 
    	
PNC BANK, NATIONAL   ASSOCIATION,
    
	
 
    	
as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Brown
    
	
 
    	
Name: Michael Brown
    
	
 
    	
Title: Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PNC BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as Group Agent for the PNC Group
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Brown
    
	
 
    	
Name: Michael Brown
    
	
 
    	
Title: Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PNC BANK, NATIONAL   ASSOCIATION,
    
	
 
    	
as a Committed Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Brown
    
	
 
    	
Name: Michael Brown
    
	
 
    	
Title: Senior Vice President
    

 

2nd Amendment to

Receivables Financing Agreement

 

S-2

 

EXHIBIT A

 

Changed Pages to

 

Receivables Financing Agreement

 

(Attached)

 

 

EXHIBIT B

 

Closing Memorandum

 

(Attached)

 

 

EXECUTION COPY

Exhibit A to Second Amendment

 

RECEIVABLES FINANCING AGREEMENT

 

Dated as of December 31, 2015

 

by and among

 

FIRST DATA RECEIVABLES, LLC,

as Borrower,

 

THE PERSONS FROM TIME TO TIME PARTY HERETO,

as Lenders and as Group Agents,

 

PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

 

and

 

FIRST DATA CORPORATION,

as initial Servicer

 

 

PNC CAPITAL MARKETS LLC,

as Structuring Agent

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE I
    	
DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 1.01.
    	
Certain Defined Terms
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 1.02.
    	
Other Interpretative   Matters
    	
2832
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE II
    	
TERMS OF THE LOANS
    	
2933
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 2.01.
    	
Loan Facility
    	
2933
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 2.02.
    	
Making Loans; Repayment   of Loans
    	
2933
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 2.03.
    	
Interest and Fees
    	
3135
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 2.04.
    	
Records of Loans
    	
3135
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE III
    	
[RESERVED]
    	
3135
    
	
 
    	
 
    	
 
    
	
ARTICLE IV
    	
SETTLEMENT PROCEDURES   AND PAYMENT PROVISIONS
    	
3135
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 4.01.
    	
Settlement Procedures
    	
3135
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 4.02.
    	
Payments and   Computations, Etc.
    	
3438
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE V
    	
INCREASED COSTS;   FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST
    	
3539
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 5.01.
    	
Increased Costs
    	
3539
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 5.02.
    	
Funding Losses
    	
3640
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 5.03.
    	
Taxes
    	
3641
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 5.04.
    	
Inability to Determine   LMIR; Change in Legality
    	
4045
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 5.05.
    	
Security Interest
    	
4145
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VI
    	
CONDITIONS TO   EFFECTIVENESS AND CREDIT EXTENSIONS
    	
4246
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 6.01.
    	
Conditions Precedent to   Effectiveness and the Initial Credit Extension
    	
4246
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 6.02.
    	
Conditions Precedent to   All Credit Extensions
    	
4246
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VII
    	
REPRESENTATIONS AND   WARRANTIES
    	
4347
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 7.01.
    	
Representations and   Warranties of the Borrower
    	
4347
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 7.02.
    	
Representations and   Warranties of the Servicer
    	
4853
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VIII
    	
COVENANTS
    	
5257
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 8.01.
    	
Covenants of the   Borrower
    	
5257
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 8.02.
    	
Covenants of the   Servicer
    	
5965
    
						

 

i

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 8.03.
    	
Separate Existence of   the Borrower
    	
6470
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IX
    	
ADMINISTRATION AND   COLLECTION OF RECEIVABLES
    	
6774
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 9.01.
    	
Appointment of the   Servicer
    	
6774
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 9.02.
    	
Duties of the Servicer
    	
6875
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 9.03.
    	
Lock-Box Account   Arrangements
    	
6976
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 9.04.
    	
Enforcement Rights
    	
6976
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 9.05.
    	
Responsibilities of the   Borrower
    	
7178
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 9.06.
    	
Servicing Fee
    	
7178
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE X
    	
EVENTS OF DEFAULT
    	
7178
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 10.01.
    	
Events of Default
    	
7178
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE XI
    	
THE ADMINISTRATIVE   AGENT
    	
7582
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.01.
    	
Authorization and   Action
    	
7582
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.02.
    	
Administrative Agent’s   Reliance, Etc.
    	
7583
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.03.
    	
Administrative Agent   and Affiliates
    	
7683
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.04.
    	
Indemnification of   Administrative Agent
    	
7683
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.05.
    	
Delegation of Duties
    	
7684
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.06.
    	
Action or Inaction by   Administrative Agent
    	
7784
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.07.
    	
Notice of Events of   Default; Action by Administrative Agent
    	
7784
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.08.
    	
Non-Reliance on   Administrative Agent and Other Parties
    	
7784
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.09.
    	
Successor   Administrative Agent
    	
7885
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 11.10.
    	
Structuring Agent
    	
7885
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE XII
    	
THE GROUP AGENTS
    	
7885
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.01.
    	
Authorization and   Action
    	
7885
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.02.
    	
Group Agent’s Reliance,   Etc.
    	
7986
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.03.
    	
Group Agent and   Affiliates
    	
7986
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.04.
    	
Indemnification of Group   Agents
    	
7986
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.05.
    	
Delegation of Duties
    	
8087
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.06.
    	
Notice of Events of   Default
    	
8087
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.07.
    	
Non-Reliance on Group   Agent and Other Parties
    	
8087
    
					

 

ii

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.08.
    	
Successor Group Agent
    	
8087
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 12.09.
    	
Reliance on Group Agent
    	
8188
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE XIII
    	
INDEMNIFICATION
    	
8188
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 13.01.
    	
Indemnities by the   Borrower
    	
8188
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 13.02.
    	
Indemnification by the   Servicer
    	
8491
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE XIV
    	
MISCELLANEOUS
    	
8592
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.01.
    	
Amendments, Etc.
    	
8592
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.02.
    	
Notices, Etc.
    	
8693
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.03.
    	
Assignability; Addition   of Lenders
    	
8694
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.04.
    	
Costs and Expenses
    	
8997
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.05.
    	
No Proceedings;   Limitation on Payments
    	
8997
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.06.
    	
Confidentiality
    	
9098
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.07.
    	
GOVERNING LAW
    	
9299
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.08.
    	
Execution in   Counterparts
    	
92100
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.09.
    	
Integration; Binding   Effect; Survival of Termination
    	
92100
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.10.
    	
CONSENT TO JURISDICTION
    	
92100
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.11.
    	
WAIVER OF JURY TRIAL
    	
93101
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.12.
    	
Ratable Payments
    	
93101
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.13.
    	
Limitation of Liability
    	
93101
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.14.
    	
Intent of the Parties
    	
94102
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.15.
    	
USA Patriot Act
    	
94102
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.16.
    	
Right of Setoff
    	
94102
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.17.
    	
Severability
    	
95102
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.18.
    	
Mutual Negotiations
    	
95102
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 14.19.
    	
Captions and Cross   References
    	
95103
    
					

 

iii

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
EXHIBITS
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
EXHIBIT A
    	
—
    	
Form of Loan   Request
    	
 
    
	
EXHIBIT B
    	
—
    	
Form of Assignment   and Acceptance Agreement
    	
 
    
	
EXHIBIT C
    	
—
    	
Form of Assumption   Agreement
    	
 
    
	
EXHIBIT D
    	
—
    	
Form of Reduction   Notice
    	
 
    
	
EXHIBIT E
    	
—
    	
Credit and Collection   Policy
    	
 
    
	
EXHIBIT F
    	
—
    	
Form of   Information Package
    	
 
    
	
EXHIBIT G
    	
—
    	
Form of Compliance   Certificate
    	
 
    
	
EXHIBIT H-1
    	
—
    	
Closing Memorandum
    	
 
    
	
EXHIBIT H-2
    	
—
    	
Initial Credit   Extension Memorandum
    	
 
    
	
EXHIBIT I
    	
—
    	
U.S. Tax Compliance   Certificate
    	
 
    
	
EXHIBIT J
    	
—
    	
Subject Financing   Statements
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
SCHEDULES
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
SCHEDULE I
    	
—
    	
Commitments
    	
 
    
	
SCHEDULE II
    	
—
    	
Lock-Boxes, Lock-Box   Accounts and Lock-Box Banks
    	
 
    
	
SCHEDULE III
    	
—
    	
[Reserved]Approved Settlement Accounts
    	
 
    
	
SCHEDULE IV
    	
—
    	
Notice Addresses
    	
 
    
	
SCHEDULE V
    	
—
    	
Excluded Receivables
    	
 
    
	
SCHEDULE VI
    	
—
    	
Lease Contract
    	
 
    

 

iv

 

This RECEIVABLES FINANCING AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) is entered into as of December 31, 2015 by and among the following parties:

 

(i)            FIRST DATA RECEIVABLES, LLC, a Delaware limited liability company, as Borrower (together with its successors and assigns, the “Borrower”);

 

(ii)           the Persons from time to time party hereto as Lenders and as Group Agents;

 

(iii)          PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent; and

 

(iv)          FIRST DATA CORPORATION, a Delaware corporation (“First Data”), as initial Servicer (in such capacity, together with its successors and assigns in such capacity, the “Servicer”).

 

PRELIMINARY STATEMENTS

 

The Borrower has acquired, and will acquire from time to time, Receivables from the Originators pursuant to the Transfer and Contribution Agreement.  The Borrower has requested that the Lenders make Loans from time to time to the Borrower and, on the terms, and subject to the conditions set forth herein, secured by, among other things, the Receivables.

 

In consideration of the mutual agreements, provisions and covenants contained herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01.    Certain Defined Terms.  As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

 

“Administrative Agent” means PNC, in its capacity as contractual representative for the Credit Parties, and any successor thereto in such capacity appointed pursuant to Article XI or Section 14.03(g).

 

“Adverse Claim” means any Lien, except any Permitted Lien.

 

“Advisors” has the meaning set forth in Section 14.06(c).

 

“Affected Person” means each Credit Party, each Program Support Provider, each Liquidity Agent and each of their respective Affiliates.

 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person, except

 

 

that, in the case of each Conduit Lender, Affiliate shall mean the holder(s) of its Capital Stock or membership interests, as the case may be.  A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract, proxy or otherwise.

 

“Aggregate Capital” means, at any time of determination, the aggregate outstanding Capital of all Lenders at such time.

 

“Aggregate Interest” means, at any time of determination, the aggregate accrued and unpaid Interest on the Loans of all Lenders at such time.

 

“Agreement” has the meaning set forth in the preamble to this Agreement.

 

“Anti-Terrorism Laws” means any law of the United States relating to terrorism, sanctions, money laundering or import/export licensing, and any regulation, order, or directive promulgated, issued or enforced pursuant to such laws, all as amended, supplemented or replaced from time to time.

 

“Applicable Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation, ordinance, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound.  For the avoidance of doubt, FATCA shall constitute an “Applicable Law” for all purposes of this Agreement.

 

“Approved Settlement Account” means: (i) each account listed on Schedule III to this Agreement (as such schedule may be modified from time to time in connection with the closing or opening of any Approved Settlement Account in accordance with the terms hereof) and maintained at a bank or other financial institution acting as a Settlement Account Bank for the purpose of receiving Collections; and (ii) the Exception Accounts so long as the Exception Account Conditions are then satisfied (unless any such Exception Account Condition is waived in writing by the Administrative Agent).

 

“Assignment and Acceptance Agreement” means an assignment and acceptance agreement entered into by a Committed Lender, an Eligible Assignee, such Committed Lender’s Group Agent and the Administrative Agent, and, if required, the Borrower, pursuant to which such Eligible Assignee shall become a party to this Agreement, in substantially the form of Exhibit B hereto.

 

“Assumption Agreement” has the meaning set forth in Section 14.03(i).

 

“Attorney Costs” means and includes all fees, costs, expenses and disbursements of any law firm or other external counsel and all disbursements of internal counsel.

 

2

 

“Bank Rate” for any Portion of Capital funded by any Lender on any day, means an interest rate per annum equal to (a) LMIR for such Lender on such day or (b) if the Base Rate is applicable to such Lender pursuant to Section 5.04, the Base Rate for such Lender on such day; provided, however, that the “Bank Rate” for any day while an Event of Default has occurred and is continuing shall be an interest rate equal to the sum of 2.00% per annum plus LMIR for such Lender on such day.

 

“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time.

 

“Base Rate” means, for any day and any Lender, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the greater of:

 

(a)           the rate of interest in effect for such day as publicly announced from time to time by the applicable Group Agent or its Affiliate as its “reference rate” or “prime rate”, as applicable.  Such “reference rate” or “prime rate” is set by the applicable Group Agent or its Affiliate based upon various factors, including such Person’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, and is not necessarily the lowest rate charged to any customer; and

 

(b)           0.50% per annum above the latest Federal Funds Rate.

 

“Borrower” has the meaning specified in the preamble to this Agreement.

 

“Borrower Indemnified Amounts” has the meaning set forth in Section 13.01(a).

 

“Borrower Indemnified Party” has the meaning set forth in Section 13.01(a).

 

“Borrower Material Adverse Effect” means a material adverse effect on any of the following:

 

(a)           the assets, operations, business or financial condition of the Borrower;

 

(b)           the ability of the Borrower to perform its obligations under this Agreement or any other Transaction Document to which it is a party;

 

(c)           the validity or enforceability of this Agreement or any other Transaction Document to which the Borrower is a party, or the validity, enforceability, value or collectibility of any material portion of the Pool Receivables;

 

(d)           the status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

 

(e)           the rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

 

3

 

“Borrower Obligations” means all present and future indebtedness, reimbursement obligations, and other liabilities and obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to any Credit Party, Borrower Indemnified Party and/or any Affected Person, arising under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all Capital and Interest on the Loans, all Fees and all other amounts due or to become due under the Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation, interest, fees and other obligations that accrue after the commencement of any Insolvency Proceeding with respect to the Borrower (in each case whether or not allowed as a claim in such proceeding).

 

“Borrowing Base” means, at any time of determination, the amount equal to (a) the Net Receivables Pool Balance at such time, minus (b) the Total Reserves at such time.

 

“Borrowing Base Deficit” means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the lesser of (i) the Borrowing Base at such time and (ii) the Facility Limit at such time.

 

“Breakage Fee” means (i) for any Interest Period for which Interest is computed by reference to the CP Rate and a reduction of Capital is made for any reason on any day other than a Settlement Date or (ii) to the extent that the Borrower shall for any reason, fail to borrow on the date specified by the Borrower in connection with any request for funding pursuant to Article II of this Agreement, the amount, if any, by which (A) the additional Interest (calculated without taking into account any Breakage Fee or any shortened duration of such Interest Period pursuant to the definition thereof) which would have accrued during such Interest Period (or, in the case of clause (i) above, until the maturity of the underlying Note) on the reductions of Capital relating to such Interest Period had such reductions not been made (or, in the case of clause (ii) above, the amounts so failed to be borrowed or accepted in connection with any such request for funding by the Borrower), exceeds (B) the income, if any, received by the applicable Lender from the investment of the proceeds of such reductions of Capital (or such amounts failed to be borrowed by the Borrower).  A certificate as to the amount of any Breakage Fee (including the computation of such amount) shall be submitted by the affected Lender (or applicable Group Agent on its behalf) to the Borrower and shall be conclusive and binding for all purposes, absent manifest error.

 

“Business Day” means any day (other than a Saturday or Sunday) on which:  (a) banks are not authorized or required to close in Pittsburgh, Pennsylvania, or New York City, New York and (b) if this definition of “Business Day” is utilized in connection with the LMIR, dealings are carried out in the London interbank market.

 

“Buyout Lease Receivable” means, as of any date of determination and with respect to any Lease Contract, all monetary obligation owed to any Originator or the Borrower (as assignee of an Originator), in connection with the election by the related Obligor to terminate such Lease Contract and repay all remaining Scheduled Lease Payments thereunder, and includes, without limitation, the obligation to pay any servicing fees, finance charges, fees and other charges with

 

4

 

respect thereto.  The Buyout Lease Receivable with respect to any Lease Contract will arise upon the date (if any) that the related Obligor accepts its contractual obligation to make such remaining payments.

 

“Capital” means, with respect to any Lender, without duplication, the aggregate amounts paid to, or on behalf of, the Borrower in connection with all Loans made by such Lender pursuant to Article II, as reduced from time to time by Collections distributed and applied on account of such Capital pursuant to Section 4.01; provided, that if such Capital shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned distribution as though it had not been made.

 

“Capital Stock” means, with respect to any Person, any and all common shares, preferred shares, interests, participations, rights in or other equivalents (however designated) of such Person’s capital stock, beneficial interests, partnership interests, limited liability company interests, membership interests, participations or other equivalent interests and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests, in each case whether voting or non-voting.

 

“Change in Control” means the occurrence of any of the following:

 

(a)           the Originators cease to own, directly, 100% in the aggregate of the issued and outstanding Capital Stock and all other equity interests of the Borrower free and clear of all Adverse Claims;

 

(b)           any Originator (as the same may be modified from time to time by adding new Originators or removing Originators in accordance with the definition thereof and the Transfer and Contribution Agreement) ceases to own, directly, any Capital Stock of the Borrower;

 

(c)           First Data ceases to own, directly or indirectly, 100% of the issued and outstanding Capital Stock and all other equity interests of any Originator (as the same may be modified from time to time by adding new Originators or removing Originators in accordance with the definition thereof and the Transfer and Contribution Agreement); or

 

(d)           the occurrence of a “Change of Control” under and as defined in the Credit Agreement as in effect on the Closing Date; provided, however, if after the Closing Date, the definition of “Change of Control” set forth in the Credit Agreement (or any of the defined terms used in connection with such term) is amended or modified, then for all purposes of this clause (d), the definition of “Change of Control” shall automatically and without further action on the part of any Person, be deemed to be also so amended or modified, if at the time of such amendment or modification, (i) the Majority Group Agents (or an Affiliate thereof) is a party to the Credit Agreement and consented to such amendment or modification (or the Majority Group Agents otherwise acknowledge and accept such amendment or modification hereunder) and (ii) such

 

5

 

amendment or modification is consummated in accordance with the terms of the Credit Agreement.

 

“Change in Law” means the occurrence, after the Closing Date (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), 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, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the agreements reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (as amended, supplemented or otherwise modified or replaced from time to time), shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Closing Date” means December 31, 2015.

 

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

 

“Collateral” has the meaning set forth in Section 5.05.

 

“Collections” means, with respect to any Pool Receivable:  (a) all funds that are received by any Originator, the Borrower, the Servicer or any other Person on their behalf in payment of any amounts owed in respect of such Pool Receivable (including purchase price, services charges, fees, finance charges, interest and all other charges), or applied (including by way of setoff to an Approved Settlement Account or other account) to amounts owed in respect of such Pool Receivable (including insurance payments and net proceeds of the sale or other disposition of repossessed goods or other collateral or property of the related Obligor or any other Person directly or indirectly liable for the payment of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections, (c) all cash proceeds of all Related Security with respect to such Pool Receivable and (d) all other cash proceeds of such Pool Receivable.

 

“Commitment” means, with respect to any Committed Lender (including a Related Committed Lender), as applicable, the maximum aggregate amount which such Person is obligated to lend or pay hereunder on account of all Loans, on a combined basis, as set forth on Schedule I or in the Assumption Agreement or other agreement pursuant to which it became a Lender, as such amount may be modified in connection with any subsequent assignment pursuant to Section 14.03 or in connection with a reduction in the Facility Limit pursuant to Section 2.02(e).  If the context so requires, “Commitment” also refers to a Committed Lender’s obligation to make Loans hereunder in accordance with this Agreement.

 

6

 

“Committed Lenders” means PNC and each other Person that is or becomes a party to this Agreement in the capacity of a “Committed Lender”.

 

“Concentration Percentage” means (a) except as provided in clause (b) below, (i) for any Group A Obligor, 17.50%, (ii) for any Group B Obligor, 15.00%, (iii) for any Group C Obligor, 12.50% and (iv) for any Group D Obligor, 7.50% and (b) for each of the Obligors listed in the chart below (each, a “Special Obligor”), the percentage specified in the chart below for such Special Obligor (the applicable “Special Concentration Limit”); provided, however, that (i) the Administrative Agent may, upon not less than thirty (30) days’ written notice to the Borrower, cancel or reduce the Special Concentration Limit with respect to any or all Special Obligors and (ii) if the aggregate Outstanding Balance of Pool Receivables owing by any Special Obligor that constitute Past Due Receivables is not less than 25.0% of the aggregate Outstanding Balance of all Pool Receivables owing by such Special Obligor, then the Special Concentration Limit with respect to such Special Obligor shall be immediately and automatically cancelled, thereafter, in each case, the Concentration Percentage for such Special Obligor(s) shall be determined pursuant to clause (a) above.  For purposes of this definition, “Past Due Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for more than sixty (60) days from the original due date for such payment.  In the event that any other Obligor is or becomes an Affiliate of a Special Obligor, the Special Concentration Limit shall apply to both such Obligor and such Special Obligor and shall be calculated as if such Obligor and such Special Obligor were a single Obligor.

 

	
Special Obligor
    	
 
    	
Special Concentration Limit
    
	
Retail Credit Services, Inc.
    	
 
    	
20.0%
    

 

“Concentration Reserve” means, at any time of determination, an amount equal to: (a) the Aggregate Capital at such time, multiplied by (b)(i) the Concentration Reserve Percentage at such time, divided by (ii) 100% minus the Concentration Reserve Percentage at such time.

 

“Concentration Reserve Percentage” means, at any time of determination, the largest of: (a) the sum of the five (5) largest Obligor Percentages of the Group D Obligors, (b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the sum of the two (2) largest Obligor Percentages of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.

 

“Conduit Lender” means each commercial paper conduit that is or becomes a party to this Agreement in the capacity of a “Conduit Lender”.

 

“Contract” means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to make payment in respect of such Receivable.

 

“Contribution Termination Event” has the meaning set forth in the Transfer and Contribution Agreement.

 

7

 

“Controlled Group” means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with First Data or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.

 

“Covered Entity” shall mean (a) each of Borrower, the Servicer, each Originator, First Data and each of First Data’s Subsidiaries and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above.  For purposes of this definition, control of a Person shall mean the direct or indirect power to direct or cause the direction of the management and policies of such Person, in either case whether by ownership of voting securities, contract, proxy or otherwise.

 

“CP Rate” means, for any Conduit Lender and for any Interest Period for any Portion of Capital (a) the per annum rate equivalent to the weighted average cost (as determined by the applicable Group Agent and which shall include commissions of placement agents and dealers, incremental carrying costs incurred with respect to Notes of such Person maturing on dates other than those on which corresponding funds are received by such Conduit Lender, other borrowings by such Conduit Lender (other than under any Program Support Agreement) and any other costs associated with the issuance of Notes) of or related to the issuance of Notes that are allocated, in whole or in part, by the applicable Conduit Lender to fund or maintain such Portion of Capital (and which may be also allocated in part to the funding of other assets of such Conduit Lender); provided, however, that if any component of such rate is a discount rate, in calculating the “CP Rate” for such Portion of Capital for such Interest Period, the applicable Group Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum; provided, further, that notwithstanding anything in this Agreement or the other Transaction Documents to the contrary, the Borrower agrees that any amounts payable to Conduit Lenders in respect of Interest for any Interest Period with respect to any Portion of Capital funded by such Conduit Lenders at the CP Rate shall include an amount equal to the portion of the face amount of the outstanding Notes issued to fund or maintain such Portion of Capital that corresponds to the portion of the proceeds of such Notes that was used to pay the interest component of maturing Notes issued to fund or maintain such Portion of Capital, to the extent that such Conduit Lenders had not received payments of interest in respect of such interest component prior to the maturity date of such maturing Notes (for purposes of the foregoing, the “interest component” of Notes equals the excess of the face amount thereof over the net proceeds received by such Conduit Lender from the issuance of Notes, except that if such Notes are issued on an interest-bearing basis its “interest component” will equal the amount of interest accruing on such Notes through maturity) or (b) any other rate designated as the “CP Rate” for such Conduit Lender in the Assumption Agreement or other document pursuant to which such Person becomes a party as a Conduit Lender to this Agreement, or any other writing or agreement provided by such Conduit Lender to the Borrower, the Servicer and the applicable Agent from time to time.  The “CP Rate” for any Conduit Lender for any day while an Event of Default has occurred and is continuing shall be an interest rate equal to 2.00% per annum above the “CP Rate” calculated without giving effect to such Event of Default.

 

“Credit Agreement” means that certain Credit Agreement, dated as of September 24, 2007 (as amended, restated, amended and restated or otherwise modified from time to time),

 

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among First Data, the lenders from time to time party thereto, Credit Suisse, Cayman Islands Branch, as administrative agent, swingline lender and letter of credit issuer, Citibank, N.A., as syndication agent, and the other parties from time to time party thereto.

 

“Credit and Collection Policy” means, as the context may require, those receivables credit and collection policies and practices of the Originators in effect on the Closing Date and described in Exhibit E, as modified in compliance with this Agreement.

 

“Credit Extension” means the making of any Loan.

 

“Credit Party” means each Lender, the Administrative Agent and each Group Agent.

 

“Current Lease Receivable” means, as of any date of determination and with respect to any Lease Contract, the single Scheduled Lease Payment with the next occurring scheduled payment date and including, without limitation, the obligation to pay any servicing fees, finance charges, fees and other charges with respect thereto.  Each Current Lease Receivable with respect to any Lease Contract will arise (i) initially upon the effectiveness of such Lease Contract and (ii) thereafter, upon the occurrence of a scheduled payment date.

 

“Days’ Sales Outstanding” means, for any Fiscal Month, an amount computed as of the last day of such Fiscal Month equal to: (a) the average of the Outstanding Balance of all Pool Receivables as of the last day of each of the three (3) most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (b) (i) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (ii) 90.

 

“Debt” means, as to any Person at any time of determination, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of:  (i) borrowed money, (ii) amounts raised under or liabilities in respect of any bonds, debentures, notes, note purchase, acceptance or credit facility, or other similar instruments or facilities, (iii) reimbursement obligations (contingent or otherwise) under any letter of credit, (iv) any other transaction (including production payments (excluding royalties), installment purchase agreements, forward sale or purchase agreements, the principal component of capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including (a) trade or other accounts payable or accrued expenses in each case incurred in the ordinary course of such Person’s business, (b) deferred or prepaid revenue, (c) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller and (d) all intercompany indebtedness having a term not exceeding 364 days and incurred in the ordinary course of business), (v) all net obligations of such Person in respect of interest rate or currency hedges or (vi) without duplication, any Guaranty of any such Debt.

 

“Deemed Collections” has the meaning set forth in Section 4.01(d).

 

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“Default Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month by dividing:  (a) the aggregate Outstanding Balance of all Pool Receivables that became Defaulted Receivables during such Fiscal Month, by (b) the initial Outstanding Balance of all Pool Receivables generated by the Originators during the month that is five (5) Fiscal Months before such Fiscal Month.

 

“Defaulted Receivable” means a Receivable, without duplication:

 

(a)                                 as to which any payment, or part thereof, remains unpaid for more than one hundred and twenty (120) days from the original due date for such payment or more than one hundred and fifty (150) days after the original invoice date for such Receivable;

 

(b)                                 as to which an Insolvency Proceeding shall have occurred with respect to the Obligor thereof or any other Person obligated thereon or owning any Related Security with respect thereto; or

 

(c)                                  as to which any payment, or part thereof, remains unpaid for one hundred and twenty (120) days or less from the original due date for such payment or one hundred and fifty (150) days or less after the original invoice date for such Receivable, in either case, and either (i) has been written off the applicable Originator’s or the Borrower’s books as uncollectible in accordance with the Credit and Collection Policy or (ii) consistent with the Credit and Collection Policy, should be written off the applicable Originator’s or the Borrower’s books as uncollectible.

 

“Delinquency Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent Receivables on such day, by (b) the aggregate Outstanding Balance of all Pool Receivables on such day.

 

“Delinquent Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for (a) more than ninety (90) days from the original due date for such payment or (b) more than ninety (90) days from the original invoice date for such Receivable.

 

“Dilution Horizon Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of such Fiscal Month by dividing:  (a) the sum of (i) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during such Fiscal Month, plus (ii) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the preceding Fiscal Month, by (b) the Net Receivables Pool Balance as of the last day of such Fiscal Month.

 

“Dilution Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), computed as of the last day of each Fiscal Month by dividing:  (a) the aggregate amount of Deemed Collections

 

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during such Fiscal Month, by (b) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the Fiscal Month that is one (1) month prior to such Fiscal Month.

 

“Dilution Reserve” means, at any time of determination, an amount equal to: (a) the Aggregate Capital at such time, times (b) (i) the Dilution Reserve Percentage at such time, divided by (ii) 100% minus the Dilution Reserve Percentage at such time.

 

“Dilution Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the Dilution Horizon Ratio, times (b) the sum of (i) 2.50 times the average of the Dilution Ratios for the twelve most recent Fiscal Months, plus (ii) the Dilution Volatility Component.

 

“Dilution Volatility Component” means, for any Fiscal Month (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), (a) the positive difference, if any, between: (i) the highest Dilution Ratio for any Fiscal Month during the twelve most recent Fiscal Months and (ii) the arithmetic average of the Dilution Ratios for such twelve Fiscal Months, times (b) (i) the highest Dilution Ratio for any Fiscal Month during the twelve most recent Fiscal Months, divided by (ii) the arithmetic average of the Dilution Ratios for such twelve Fiscal Months.

 

“Dollars” and “$” each mean the lawful currency of the United States of America.

 

“Eligible Assignee” means (i) each Committed Lender or any of its Affiliates, (ii) any Person managed by a Committed Lender or any of its Affiliates and (iii) with the prior written consent of the Borrower (such consent not to be unreasonably withheld), any other financial or other institution; provided, however, that such consent shall not be required if an Event of Default has occurred and is continuing.

 

“Eligible Foreign Obligor” means any Foreign Obligor which is organized in and whose principal place of business is in, any country other than a Sanctioned Country.

 

“Eligible Receivable” means, at any time of determination, a Pool Receivable:

 

(a)                                 the Obligor of which is: (i) a resident of the United States of America or is an Eligible Foreign Obligor; (ii) not a Sanctioned Person; (iii) not subject to any Insolvency Proceeding; (iv) not an Affiliate of the Borrower, the Servicer, First Data or any Originator; (v) not the Obligor with respect to Delinquent Receivables with an aggregate Outstanding Balance exceeding 50.0% of the aggregate Outstanding Balance of all such Obligor’s Pool Receivables; (vi) not a natural person and (vii) not a material supplier to any Originator or an Affiliate of a material supplier;

 

(b)                                 that is denominated and payable only in U.S. dollars in the United States of America, and the Obligor of which has been instructed to remit Collections in respect thereof directly to (i) with respect to Subject Receivables, an Approved Settlement Account in the

 

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United States of America and (ii) with respect to any other Receivables, a Lock-Box or Lock-Box Account in the United States of America;

 

(c)                                  that does not have a due date which is more than ninety (90) days after the original invoice date of such Receivable;

 

(d)                                 that arises under a Contract for the sale or rent of goods or services in the ordinary course of the applicable Originator’s business;

 

(e)                                  that arises under a Contract that is in full force and effect and that is a legal, valid and binding obligation of the related Obligor, enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law;

 

(f)                                   that has been contributed by an Originator to the Borrower pursuant to the Transfer and Contribution Agreement, and with respect to which contribution all conditions precedent under the Transfer and Contribution Agreement have been met;

 

(g)                                  that, together with the Contract related thereto, conforms in all material respects with all Applicable Laws (including any applicable laws relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy);

 

(h)                                 with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, or notices to, any Governmental Authority or other Person, required to be obtained by, effected or given to an Originator in connection with the creation of such Receivable, the execution, delivery and performance by such Originator of the related Contract or the contribution thereof to the Borrower under the Transfer and Contribution Agreement, in each case, have been duly obtained, effected or given and are in full force and effect;

 

(i)                                     that is not subject to any existing dispute, right of rescission, set-off, counterclaim, any other defense against the applicable Originator (or any assignee of such Originator); provided, that only such portion of such Receivable that is subject to any of the foregoing shall be deemed to be ineligible pursuant to this clause (i);

 

(j)                                    that satisfies all applicable requirements of the Credit and Collection Policy;

 

(k)                                 that, together with the Contract related thereto, has not been modified, waived or restructured since its creation, except as permitted pursuant to Section 9.02 of this Agreement;

 

(l)                                     in which the Borrower owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable (including without any consent of the related

 

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Obligor or any Governmental Authority), and which is not included in the collateral described in the financing statements set forth on Exhibit J that name Wells Fargo Bank, National Association as secured party;

 

(m)                             for which the Administrative Agent (on behalf of the Secured Parties) shall have a valid and enforceable first priority perfected security interest therein and in that portion of the Related Security with respect thereto in which a security interest may be perfected by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim;

 

(n)                                 that (i) if not a Lease Receivable, constitutes an “account” or a “general intangible” as defined in the UCC, and that is not evidenced by instruments or chattel paper and (ii) if a Lease Receivable, constitutes “tangible chattel paper,” “payment intangible” or an “account” (each as defined in the UCC);

 

(o)                                 that is neither a Defaulted Receivable nor a Delinquent Receivable;

 

(p)                                 for which no Originator, the Borrower, First Data or the Servicer has established any offset or netting arrangements with the related Obligor in connection with the ordinary course of payment of such Receivable;

 

(q)                                 that represents amounts earned and payable by the Obligor that are not subject to the performance of additional services by the Originator thereof or by the Borrower and such Receivable shall have been billed or invoiced by or on behalf of the Servicer and the related goods or merchandise shall have been shipped and/or services performed;

 

(r)                                    that (i) does not arise from a sale of accounts made as part of a sale of a business or constitute an assignment for the purpose of collection only, (ii) is not a transfer of a single account made in whole or partial satisfaction of a preexisting indebtedness or an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract and (iii) is not a transfer of an interest in or an assignment of a claim under a policy of insurance; and

 

(s)                                   that does not relate to the sale of any consigned goods or finished goods which have incorporated any consigned goods into such finished goods.;

 

(t)                                    that, if a Subject Receivable, each Subject Receivable Eligibility Condition is met with respect to such Subject Receivable;

 

(u)                                 that, if a Lease Receivable, (i) is non-cancellable by the related Obligor, (ii) does not constitute a “consumer lease” under the UCC, (iii) all sales and use taxes on the related Lease Device then due and owing have been paid, (iv) the Obligor of which is in possession, or controls the possession, of the Lease Device subject to the related Lease Contract, (v) arose under a Lease Contract which is substantially in the form of Schedule VI hereto, (vi) relates to a Lease Device which is compatible with market technology and service platforms and (vii) arises during the “Lease Term” set forth in the related Lease Contract, which Lease Contract does not constitute a month-to-month lease; and

 

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(v)                                 that, (i) is not a Buyout lease Receivable and (ii) if a Current Lease Receivable or a Past-Due Lease Receivable, for which no Buyout Lease Receivable exists with respect to the related Lease Contract.

 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

 

“ERISA Affiliate” means, with respect to any Person, any corporation, trade or business which together with the Person is a member of a controlled group of corporations or a controlled group of trades or businesses and would be deemed a “single employer” within the meaning of Sections 414(b), (c), (m) of the Code or Section 4001(b) of ERISA.

 

“Euro-Rate Reserve Percentage” means, the maximum effective percentage in effect on such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental, marginal, and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”).

 

“Event of Default” has the meaning specified in Section 10.01.  For the avoidance of doubt, any Event of Default that occurs shall be deemed to be continuing at all times thereafter unless and until waived in accordance with Section 14.01.

 

“Exception Accounts” means (i) the deposit account, with an account number ending in 8067, maintained at Wells Fargo Bank, N.A. in the name of First Data Merchant Services LLC and (ii) the deposit account, with an account number ending in 9829, maintained at KeyBank, N.A. in the name of First Data Merchant Services LLC.

 

“Exception Account Conditions” means (i) no Event of Default or Unmatured Event of Default has occurred and is continuing and (ii) except to the extent waived in writing by the Administrative Agent, (a) all Collections received in the Exception Account maintained at KeyBank, N.A. are then being swept to the Exception Account maintained at Wells Fargo Bank, N.A. no later than one (1) Business Day following receipt thereof and (b) all Collections in the Exception Account maintained at Wells Fargo Bank, N.A. are being transferred directly to a Lock-Box Account no later than five (5) Business Days following receipt thereof.

 

“Excess Concentration” means, the sum, without duplication, at any time of determination, of:

 

(a) the sum of the amounts calculated for each of the Obligors equal to the excess (if any) of (i) the aggregate Outstanding Balance of the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables; plus

 

(b) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Foreign Obligor, net of any other Excess Concentrations (if any) related to such Eligible Foreign Obligor’s Concentration Percentage,

 

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over (ii) the product of (x) 3.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables.; plus

 

(c)                                  the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that constitute Lease Receivables, over (ii) the product of (x) 6.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables; plus

 

(d)                                 at any time (i) prior to the Excess Concentration Step-Up Date, zero and (ii) on or after the Excess Concentration Step-Up Date, the excess (if any) of (A) the aggregate Outstanding Balance of all Eligible Receivables that constitute Subject Receivables, over (B) the product of (x) 35.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables.

 

“Excess Concentration Step-Up Date” means the date designated as such in writing by the Administrative Agent (in its sole discretion) to the Servicer; provided that (i) such date shall not be less than 30 days from the date such notice is delivered and (ii) such date shall not occur prior to the one-year anniversary of the Second Amendment Date.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time.

 

“Excluded Receivable” means any Receivable, the Obligor of which set forth on Schedule V hereto as amended from time to time.

 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to an Affected Person or required to be withheld or deducted from a payment to an Affected Person: (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 Affected Person being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (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 or (ii) such Lender changes its lending office, except in each case to the extent that 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 a Lender’s failure to comply with Section 5.03(f) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

“Facility Limit” means, at any time of determination, the aggregate Commitment of all Purchasers, which as of the ClosingSecond Amendment Date is equal to $230,000,000600,000,000, as reduced from time to time pursuant to Section 2.02(e).  References to the unused portion of the Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the Aggregate Capital.

 

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“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any laws, regulations, rules or practices adopted pursuant to any intergovernmental agreement entered into with respect to the foregoing.

 

“Federal Funds Rate” means, for any day, the per annum rate set forth in the weekly statistical release designated as H.15(519), or any successor publication, published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such day opposite the caption “Federal Funds (Effective).”  If on any relevant day such rate is not yet published in H. 15(519), the rate for such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations for U.S. Government Securities, or any successor publication, published by the Federal Reserve Bank of New York (including any such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds Effective Rate.”  If on any relevant day the appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such day will be the arithmetic mean as determined by the Administrative Agent of the rates for the last transaction in overnight Federal funds arranged before 9:00 a.m. (New York time) on that day by each of three leading brokers of Federal funds transactions in New York City selected by the Administrative Agent.

 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.

 

“Fee Letter” has the meaning specified in Section 2.03(a).

 

“Fees” has the meaning specified in Section 2.03(a).

 

“Final Maturity Date” means (i) the date that is ninety (90) days following the Termination Date or (ii) such earlier date on which the Aggregate Capital becomes due and payable pursuant to Section 10.01.

 

“Final Payout Date” means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate Interest have been paid in full, (ii) all Borrower Obligations shall have been paid in full, (iii) all other amounts owing to the Credit Parties and any other Borrower Indemnified Party or Affected Person hereunder and under the other Transaction Documents have been paid in full and (iv) all accrued Servicing Fees have been paid in full.

 

“Financial Officer” of any Person means, the president, the chief executive officer, the chief financial officer, the chief accounting officer, the principal accounting officer, the controller, senior or executive vice president, the treasurer or the assistant treasurer of such Person.

 

“First Data” has the meaning specified in the preamble to this Agreement.

 

“Fiscal Month” means each calendar month.

 

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“Fitch” means Fitch, Inc. and any successor thereto that is a nationally recognized statistical rating organization.

 

“Foreign Obligor” means an Obligor that is organized in, or whose principal place of business is in, any country other than the United States.

 

“GAAP” means generally accepted accounting principles in the United States of America, consistently applied.

 

“Governmental Authority” means the government of the United States of America 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 of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

 

“Group” means, (i) for any Conduit Lender, such Conduit Lender, together with such Conduit Lender’s Related Committed Lenders and related Group Agent, (ii) for PNC, PNC as a Committed Lender and as a Group Agent, (iii) for any other Lender that does not have a Related Conduit Lender, such Lender, together with such Lender’s related Group Agent and each other Lender for which such Group Agent acts as a Group Agent hereunder.

 

“Group A Obligor” means any Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) with: (a) a short-term rating of at least “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of at least “A+” by S&P on such Obligor’s, its parent’s, or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, and (b) a short-term rating of at least “P-1” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of “Al” or better by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided, however, if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is other than Retail Credit Services, Inc. and rated by only one of such rating agencies, then such Obligor (or its parent or majority owner, as applicable) will be a “Group D Obligor”; provided, further, that if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is Retail Credit Services, Inc. and is rated by only one of such rating agencies, such Obligor shall be a Group A Obligor if either clause (a) or clause (b) above apply.  Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group A Obligor” shall be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group B Obligor”, “Group C Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group B Obligor, a Group C Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

 

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“Group Agent” means each Person acting as agent on behalf of a Group and designated as the Group Agent for such Group on the signature pages to this Agreement or any other Person who becomes a party to this Agreement as a Group Agent for any Group pursuant to an Assumption Agreement, an Assignment and Acceptance Agreement or otherwise in accordance with this Agreement.

 

“Group Agent’s Account” means, with respect to any Group, the account(s) from time to time designated in writing by the applicable Group Agent to the Borrower and the Servicer for purposes of receiving payments to or for the account of the members of such Group hereunder.

 

“Group B Obligor” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor, with: (a) a short-term rating of at least “A-2” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of at least “BBB+” by S&P on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, and (b) a short-term rating of at least “P-2” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of at least “Baal” by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided, however, if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is other than Retail Credit Services, Inc. and rated by only one of such rating agencies, then such Obligor (or its parent or majority owner, as applicable) will be a “Group D Obligor”; provided, further, that if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is Retail Credit Services, Inc. and is rated by only one of such rating agencies, such Obligor shall be a Group B Obligor if either clause (a) or clause (b) above apply.  Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group C Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group C Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

 

“Group C Obligor” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor or a Group B Obligor, with: (a) a short-term rating of at least “A-3” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of at least “BBB-” by S&P on such Obligor’s, its parent’s or it’s majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, and (b) a short-term rating of at least “P-3” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of at least “Baa3” by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided, however, if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is other than Retail Credit Services, Inc. and rated by only one of such rating agencies, then such Obligor (or its parent or majority owner, as applicable) will be a “Group D Obligor”; provided, further, that if such

 

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Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is Retail Credit Services, Inc. and is rated by only one of such rating agencies, such Obligor shall be a Group C Obligor if either clause (a) or clause (b) above apply.  Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group C Obligor” shall be deemed to be a Group C Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

 

“Group Commitment” means, with respect to any Group, at any time of determination, the aggregate Commitments of all Committed Lenders within such Group.

 

“Group D Obligor” means any Obligor that is not a Group A Obligor, Group B Obligor or Group C Obligor; provided, that any Obligor (or its parent or majority owner, as applicable, if such Obligor is unrated) that is not rated by both Moody’s and S&P shall be a Group D Obligor.

 

“Guaranty” of any Person means any obligation of such Person guarantying or in effect guarantying any Debt, liability or obligation of any other Person in any manner, whether directly or indirectly, including any such liability arising by virtue of partnership agreements, including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business.

 

“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 the Borrower or any of its Affiliates under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

“Independent Director” has the meaning set forth in Section 8.03(c).

 

“Information Package” means a report, in substantially the form of Exhibit F.

 

“Insolvency Proceeding” means, with respect to any Person (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment for the benefit of creditors of a Person, composition, marshaling of assets for creditors of a Person, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each of cases (a) and (b) undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code.

 

“Intended Tax Treatment” has the meaning set forth in Section 14.14.

 

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“Interest” means, for each Loan for any Interest Period (or portion thereof), the amount of interest accrued on the Capital of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b).

 

“Interest Period” means: (a) before the Termination Date:  (i) initially the period commencing on the date of the initial Loan pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing Date) and ending on (but not including) the next Monthly Settlement Date and (ii) thereafter, each period commencing on such Monthly Settlement Date and ending on (but not including) the next Monthly Settlement Date and (b) on and after the Termination Date, such period (including a period of one day) as shall be selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Group Agents) or, in the absence of any such selection, each period of 30 days from the last day of the preceding Interest Period.

 

“Interest Rate” means, for any day in any Interest Period for any Loan (or any portion of Capital thereof) funded by a Lender, an interest rate per annum equal to:

 

(a)                                 if such Loan (or such portion of Capital thereof) is being funded by a Conduit Lender on such day through the issuance of Notes, the applicable CP Rate; or

 

(b)                                 if such Loan (or such portion of Capital thereof) is being funded by any Lender on such day other than through the issuance of Notes (including, without limitation, if a Conduit Lender is then funding such Loan (or such portion of Capital thereof) under a Program Support Agreement, or if a Committed Lender is then funding such Loan (or such portion of Capital thereof)), the applicable Bank Rate;

 

provided, however, that no provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law; provided, further, however, that Interest for any Loan shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or must otherwise be returned for any reason.

 

“Investment Company Act” means the Investment Company Act of 1940, as amended or otherwise modified from time to time.

 

“Lease Contract” means, with respect to any Lease Receivable, any lease, contract or other document (including any purchase order or invoice), between an Originator and an Obligor, pursuant to which such Lease Receivable arises or which evidences such Lease Receivable. A “related” Lease Contract with respect to a Lease Receivable arising from the lease of a Lease Device means a Lease Contract which is relevant to the collection or enforcement of such Lease Receivable.

 

“Lease Device” means a credit card reader.

 

“Lease Receivable” means, as of any date of determination and with respect to any Lease Contract, (i) the Current Lease Receivable with respect thereto, (ii) each Past-Due Lease

 

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Receivable with respect thereto (if any) and (iii) the Buyout Lease Receivable with respect thereto (if any).

 

“Lenders” means the Conduit Lenders and the Committed Lenders.

 

“Lien” means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest, hypothecation, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing).

 

“Liquidity Agent” means any bank or other financial institution acting as agent for the various Liquidity Providers under each Liquidity Agreement.

 

“Liquidity Agreement” means any agreement entered into in connection with this Agreement pursuant to which a Liquidity Provider agrees to make purchases or advances to, or purchase assets from, any Conduit Lender in order to provide liquidity for such Conduit Lender’s Loans.

 

“Liquidity Provider” means each bank or other financial institution that provides liquidity support to any Conduit Lender pursuant to the terms of a Liquidity Agreement.

 

“LMIR” means for any day during any Interest Period, the interest rate per annum determined by the applicable Group Agent (which determination shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for U.S. dollar deposits as reported by Bloomberg Finance L.P. and shown on US0001M Screen or any other service or page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such day, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate changes, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage on such day.  The calculation of LMIR may also be expressed by the following formula:

 

	
LMIR
    	
=
    	
One-month Eurodollar   rate for U.S. Dollars

shown on Bloomberg   US0001M Screen

or appropriate   successor
    	
 
    
	
 
    	
 
    	
1.00   - Euro-Rate Reserve Percentage
    	
 
    

 

LMIR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date.

 

“Loan” means any loan made by a Lender pursuant to Section 2.02.

 

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“Loan Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative Agent and the Group Agents pursuant to Section 2.02(a).

 

“Lock-Box” means each locked postal box with respect to which a Lock-Box Bank who has executed a Lock-Box Agreement pursuant to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Schedule II (as such schedule may be modified from time to time in connection with the addition or removal of any Lock-Box in accordance with the terms hereof).

 

“Lock-Box Account” means each account listed on Schedule II to this Agreement (as such schedule may be modified from time to time in connection with the closing or opening of any Lock-Box Account in accordance with the terms hereof) (in each case, in the name of the Borrower) and maintained at a bank or other financial institution acting as a Lock-Box Bank pursuant to a Lock-Box Agreement for the purpose of receiving or concentrating Collections.

 

“Lock-Box Agreement” means each agreement, in form and substance satisfactory to the Administrative Agent, among the Borrower, the Servicer, the Administrative Agent and a Lock-Box Bank, governing the terms of the related Lock-Box Accounts, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Lock-Box Bank” means any of the banks or other financial institutions holding one or more Lock-Box Accounts.

 

“Loss Horizon Ratio” means, at any time of determination, the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed by dividing: (a) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the six (6) most recent Fiscal Months, by (b) the Net Receivables Pool Balance as of such date.

 

“Loss Reserve” means, at any time of determination, an amount equal to: (a) the Aggregate Capital at such time, multiplied by (b) (i) the Loss Reserve Percentage at such time divided by (ii) 100% minus the Loss Reserve Percentage at such time.

 

“Loss Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) of (a) 2.50, times (b) the highest average of the Default Ratios for any three (3) consecutive Fiscal Months during the twelve (12) most recent Fiscal Months, times (c) the Loss Horizon Ratio.

 

“Majority Group Agents” means one or more Group Agents which in its Group, or their combined Groups, as the case may be, have Committed Lenders representing more than 50% of the aggregate Commitments of all Committed Lenders in all Groups (or, if the Commitments have been terminated, have Lenders representing more than 50% of the aggregate outstanding Capital held by all the Lenders in all Groups); provided, however, at any time there are two Groups, “Majority Group Agents” shall mean both Group Agents.

 

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“Material Adverse Effect” means a material adverse effect on any of the following:

 

(a)                                 the assets, operations, business or financial condition of First Data and its  Subsidiaries, taken as a whole;

 

(b)                                 the ability of the Servicer, the Performance Guarantor or any Originator to perform its obligations under this Agreement or any other Transaction Document to which it is a party;

 

(c)                                  the validity or enforceability of this Agreement or any other Transaction Document, or the validity, enforceability, value or collectibility of any material portion of the Pool Receivables;

 

(d)                                 the status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

 

(e)                                  the rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

 

“Minimum Dilution Reserve” means, at any time of determination, an amount equal to (a) the Aggregate Capital at such time, multiplied by (b) (i) the Minimum Dilution Reserve Percentage at such time, divided by (ii) 100% minus the Minimum Dilution Reserve Percentage at such time.

 

“Minimum Dilution Reserve Percentage” means, at any time of determination, the product of (a) the average of the Dilution Ratios for the twelve (12) most recent Fiscal Months, multiplied by (b) the Dilution Horizon Ratio at such time.

 

“Monthly Settlement Date” means the twenty-fifth (25th) calendar day of each calendar month (or if such day is not a Business Day, the next occurring Business Day).

 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization.

 

“Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, the Servicer, any Originator, First Data or any of their respective ERISA Affiliates (other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code) is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.

 

“Net Receivables Pool Balance” means, at any time of determination:  (a) the aggregate Outstanding Balance of all Eligible Receivables, minus (b) the Excess Concentration, minus (c) the Subject Receivable Reserve Amount.

 

“Notes” means short-term promissory notes issued, or to be issued, by any Conduit Lender to fund its investments in accounts receivable or other financial assets.

 

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“Obligor” means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable.

 

“Obligor Percentage” means, at any time of determination, for each Obligor, a fraction, expressed as a percentage, (a) the numerator of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included in the calculation of the Excess Concentration with respect to such Obligor and (b) the denominator of which is the aggregate Outstanding Balance of all Eligible Receivables at such time.

 

“Originator” and “Originators” have the meaning set forth in the Transfer and Contribution Agreement, as the same may be modified from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the Administrative Agent and the Majority Group Agents.

 

“Other Connection Taxes” means, with respect to any Affected Person, Taxes imposed as a result of a present or former connection between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person 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 Transaction Document, or sold or assigned an interest in any Loan or Transaction Document).

 

“Other Taxes” means any and all present or future stamp or documentary Taxes or any other similar excise or property Taxes, charges or levies or fees arising from any payment made hereunder or from the execution, delivery, filing, recording or enforcement of, or otherwise in respect of, this Agreement, the other Transaction Documents and the other documents or agreements to be delivered hereunder or thereunder, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

 

“Outstanding Balance” means, at any time of determination, with respect to any Receivable, the then outstanding principal balance thereof.

 

“Parent Group” has the meaning set forth in Section 8.03(c).

 

“Participant” has the meaning set forth in Section 14.03(e).

 

“Participant Register” has the meaning set forth in Section 14.03(f).

 

“Past-Due Lease Receivable” means, as of any date of determination, any Scheduled Lease Payment with a payment due date on or prior to such date of determination, and including, without limitation, the obligation to pay any servicing fees, finance charges, fees and other charges with respect thereto.

 

“PATRIOT Act” has the meaning set forth in Section 14.15.

 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

 

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“Pension Plan” means a pension plan as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA with respect to which any Originator, the Borrower or any other member of the Controlled Group may have any liability, contingent or otherwise.

 

“Percentage” means, at any time of determination, with respect to any Committed Lender, a fraction, expressed as a percentage, (a) the numerator of which is (i) prior to the termination of all Commitments hereunder, its Commitment at such time or (ii) if all Commitments hereunder have been terminated, the aggregate outstanding Capital of all Loans being funded by the Lenders in such Committed Lender’s Group at such time and (b) the denominator of which is (i) prior to the termination of all Commitments hereunder, the aggregate Commitments of all Committed Lenders at such time or (ii) if all Commitments hereunder have been terminated, the aggregate outstanding Capital of all Loans at such time.

 

“Performance Guarantor” means First Data in its capacity as a guarantor under the Performance Guaranty.

 

“Performance Guaranty” means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the Administrative Agent for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

 

“Permitted Lien” means (a) the interests of the Borrower, the Administrative Agent and each of the other Secured Parties under the Transaction Documents, (b) any inchoate liens for current taxes, assessments, levies, fees and other government and similar charges not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings with respect to which adequate reserves have been established in accordance with GAAP, but only so long as foreclosure with respect to such lien is not imminent and the use and value of the property to which the liens attach are not impaired during the pendency of such proceedings, (c) liens arising out of any judgment or award against any Originator with respect to which (i) an appeal or proceeding for review is being taken in good faith and with respect to which there shall have been secured a bond pending such appeal or proceeding for review and (ii) such judgment or award does not constitute an Event of Default and (d) any lien in favor of, or assigned to, the Administrative Agent (for the benefit of the Secured Parties).

 

“Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or any Governmental Authority.

 

“PNC” has the meaning set forth in the preamble to this Agreement.

 

“Pool Receivable” means a Receivable in the Receivables Pool.

 

“Portion of Capital” means, with respect to any Lender and its related Capital, the portion of such Capital being funded or maintained by such Lender by reference to a particular interest rate basis.

 

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“Program Support Agreement” means and includes any Liquidity Agreement and any other agreement entered into by any Program Support Provider providing for:  (a) the issuance of one or more letters of credit for the account of any Conduit Lender, (b) the issuance of one or more surety bonds for which any Conduit Lender is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, (c) the sale by any Conduit Lender to any Program Support Provider of any Loan (or portions thereof or participation interest therein) maintained by such Conduit Lender and/or (d) the making of loans and/or other extensions of credit to any Conduit Lender in connection with such Conduit Lender’s receivables-securitization program contemplated in this Agreement, together with any letter of credit, surety bond or other instrument issued thereunder.

 

“Program Support Provider” means and includes, with respect to any Conduit Lender, any Liquidity Provider and any other Person (other than any customer of such Conduit Lender) now or hereafter extending credit or having a commitment to extend credit to or for the account of, or to make purchases from, such Conduit Lender pursuant to any Program Support Agreement.

 

“Rating Agency” mean each of S&P, Fitch and Moody’s (and/or each other rating agency then rating the Notes of any Conduit Lender).

 

“Receivable” means (a) any Lease Receivable and (b) any right to payment of a monetary obligation, whether or not earned by performance, owed to any Originator or the Borrower (as assignee of an Originator), whether constituting an account, chattel paper, payment intangible, instrument or general intangible, in each instance arising in connection with the sale of goods that have been or are to be sold or for services rendered or to be rendered, and includes, without limitation, the obligation to pay any servicing fees, finance charges, fees and other charges with respect thereto; provided, however, that “Receivable” does not include any Excluded Receivable.  Any such right to payment arising from any one transaction, including, without limitation, any such right to payment represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting of any such right to payment arising from any other transaction.

 

“Receivables Pool” means, at any time of determination, all of the then outstanding Receivables transferred (or purported to be transferred) to the Borrower pursuant to the Transfer and Contribution Agreement prior to the Termination Date.

 

“Register” has the meaning set forth in Section 14.03(c).

 

“Related Committed Lender” means with respect to any Conduit Lender, each Committed Lender listed as such for each Conduit Lender as set forth on the signature pages of this Agreement or in any Assumption Agreement.

 

“Related Conduit Lender” means, with respect to any Committed Lender, each Conduit Lender which is, or pursuant to any Assignment and Acceptance Agreement or Assumption Agreement or otherwise pursuant to this Agreement becomes, included as a Conduit Lender in such Committed Lender’s Group, as designated on its signature page hereto or in such

 

26

 

Assignment and Acceptance Agreement, Assumption Agreement or other agreement executed by such Committed Lender, as the case may be.

 

“Related Rights” has the meaning set forth in Section 1.1 of the Transfer and Contribution Agreement.

 

“Related Security” means, with respect to any Receivable:

 

(a)                                 all of the Borrower’s and each Originator’s interest in any goods (including returned goods), and documentation of title evidencing the shipment or storage of any goods (including returned goods), the sale of which gave rise to such Receivable (excluding, in the case of a Lease Receivable, such Originator’s title to the related Lease Device);

 

(b)                                 all instruments and chattel paper that may evidence such Receivable;

 

(c)                                  all other security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements or similar filings relating thereto;

 

(d)                                 all of the Borrower’s and each Originator’s rights, interests and claims under the related Contracts and all guaranties, indemnities, insurance and other agreements (including the related Contract) or arrangements of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable, whether pursuant to the Contract related to such Receivable or otherwise;

 

(e)                                  all books and records of the Borrower and each Originator to the extent related to any of the foregoing, and all rights, remedies, powers, privileges, title and interest (but not obligations) in and to each Lock-Box and all Lock-Box Accounts, into which any Collections or other proceeds with respect to such Receivables may be deposited, and any related investment property acquired with any such Collections or other proceeds (as such term is defined in the applicable UCC);

 

(f)                                   all of the Borrower’s and each Originator’s rights to set-off (whether contractual or otherwise) against an Approved Settlement Account or any other account in payment of such Receivable;

 

(g)                                  all of the Borrower’s rights, interests and claims under the Transfer and Contribution Agreement and the other Transaction Documents; and

 

(h)                                 all Collections and other proceeds (as defined in the UCC) of any of the foregoing.

 

“Reportable Compliance Event” means that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument,

 

27

 

arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.

 

“Reportable Event” means any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code).

 

“Representatives” has the meaning set forth in Section 14.06(c).

 

“Restricted Payments” has the meaning set forth in Section 8.01(r).

 

“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor thereto that is a nationally recognized statistical rating organization.

 

“Sanctioned Country” means a country subject to a comprehensive countrywide or territory-wide sanctions program maintained under any Anti-Terrorism Law.

 

“Sanctioned Person” means any individual person, group, regime, entity or thing that is the subject of any sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.

 

“Scheduled Lease Payment” means each scheduled rental payment owed to any Originator or the Borrower (as assignee of an Originator) in connection with a Lease Contract. Each scheduled rental payment shall constitute a separate Scheduled Lease Payment.

 

“Scheduled Termination Date” means January 15June 30, 20192020.

 

“SEC” shall mean the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor.

 

“Second Amendment Date” means June 27, 2017.

 

“Secured Parties” means each Credit Party, each Borrower Indemnified Party and each Affected Person.

 

“Securities Act” means the Securities Act of 1933, as amended or otherwise modified from time to time.

 

“Settlement Account Bank” means any of the banks or other financial institutions holding one or more Approved Settlement Accounts.

 

“Servicer” has the meaning set forth in the preamble to this Agreement, including any successor Servicer pursuant to Section 9.01.

 

28

 

 

“Servicer Indemnified Amounts” has the meaning set forth in Section 13.02(a).

 

“Servicer Indemnified Party” has the meaning set forth in Section 13.02(a).

 

“Servicing Fee” shall mean the fee referred to in Section 9.06(a) of this Agreement.

 

“Servicing Fee Rate” shall mean the rate referred to in Section 9.06(a) of this Agreement.

 

“Settlement Date” means with respect to any Portion of Capital for any Interest Period or any Interest or Fees, (i) prior to the Termination Date, the Monthly Settlement Date and (ii) on and after the Termination Date, each day selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Group Agents) (it being understood that (a) the Administrative Agent (with the consent or at the direction of the Majority Group Agents) may select such Settlement Date to occur as frequently as daily (b) promptly following the selection of a Settlement Date that is other than the Monthly Settlement Date, the Administrative Agent shall notify the Servicer thereof), or, in the absence of such selection, the Monthly Settlement Date.

 

“Solvent” means, with respect to any Person and as of any particular date, (i) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged.

 

“Structuring Agent” means PNC Capital Markets LLC, in its capacity as structuring agent.

 

“Subject Originator” means each of the following Originators: First Data Merchant Services, LLC; Unified Merchant Services; First Data Merchant Services Southeast, L.L.C.; Ignite Payments, LLC; First Data Merchant Services Northeast, LLC; FDS Holdings, Inc.; New Payment Services, Inc.; National Payment Systems, Inc.; CTS Holdings, LLC; Concord Payment Services, Inc.; and ValueLink, LLC.

 

“Subject Receivable” means any Receivable, the Originator of which is a Subject Originator and the Obligor of which has been instructed to remit Collections in respect thereof to an account or lock-box other than a Lock-Box Account or Lock-Box.

 

“Subject Receivable Eligibility Conditions” means: (a) the Subject Receivable Eligibility Revocation Date has not occurred, (b) no Event of Default or Unmatured Event of Default has then occurred and is continuing, (c) the Obligor of which Subject Receivable has been instructed to remit Collections in respect thereof directly to an Approved Settlement Account, (d) except to

 

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the extent waived in writing by the Administrative Agent, all Collections relating to each Subject Receivable received in such Approved Settlement Account are then being transferred directly to a Lock-Box Account no later than five (5) Business Days (or (x) in the case of Collections received in the Exception Account maintained at KeyBank, N.A., six (6) Business Days following receipt thereof and (y) in the case of Receivables due and payable on the day of origination, thirty-one (31) calendar days) following receipt thereof, (e) such Subject Receivable is not due and payable on the day of origination and (f) with respect to such Subject Receivable, on or prior to the ninetieth (90th) day after the Second Amendment Date (as such date may be extended by the written consent of the Administrative Agent), the Servicer shall have delivered to the Administrative Agent evidence satisfactory to the Administrative Agent (in its sole discretion) that such Subject Receivable is not included in the collateral described in any financing statement filed against the applicable Originator.

 

“Subject Receivable Eligibility Revocation Date” means the date designated as such in writing by the Administrative Agent (in its sole discretion) to the Servicer; provided that (i) such date shall not be less than 30 days from the date such notice is delivered, (ii) such date shall not occur prior to the one-year anniversary of the Second Amendment Date and (iii) no such date shall be designated unless the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio for any Test Period shall equal or exceed the ratio of 5.0 to 1.0.  For purposes of this definition, unless otherwise defined in this Agreement, terms used herein (including all defined terms used within such terms ) shall have the respective meaning assigned to such terms in the Credit Agreement as in effect on the Second Amendment Date; provided, however, if after the Second Amendment Date, any term used herein (including all defined terms used within such terms ) is amended or modified, then for all purposes of this definition, such term shall automatically and without further action on the part of any Person, be deemed to be also so amended or modified, if at the time of such amendment or modification, (x) the Majority Group Agents (or an Affiliate thereof) is a party to the Credit Agreement and consented to such amendment or modification (or otherwise acknowledged and accepted by the Majority Group Agents hereunder) and (y) such amendment or modification is consummated in accordance with the terms of the Credit Agreement.

 

“Subject Receivable Reserve Amount” means (a) at any time prior to the Subject Receivable Reserve Amount Effective Date, zero and (b) on and after the Subject Receivable Reserve Amount Effective Date, an amount equal to the lesser of (i) the sum of the amounts reserved by First Data or any of its Affiliates (as reflected on its books and records) at such time with respect to each Obligor of any Subject Receivable and (ii) the Outstanding Balance of all Subject Receivables that are Eligible Receivables owing by Obligors against which amounts are reserved by First Data or any of its Affiliates (as reflected on its books and records) at such time.

 

“Subject Receivable Reserve Amount Effective Date” means the date designated as such in writing by the Administrative Agent (in its sole discretion) to the Servicer; provided that (i) such date shall not be less than 30 days from the date such notice is delivered and (ii) such date shall not occur prior to the one-year anniversary of the Second Amendment Date.

 

“Sub-Servicer” has the meaning set forth in Section 9.01(d).

 

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“Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock of each class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of the happening of a contingency) to elect a majority of the Board of Directors or other managers of such entity are at the time owned, or management of which is otherwise controlled:  (a) by such Person, (b) by one or more Subsidiaries of such Person or (c) by such Person and one or more Subsidiaries of such Person.

 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority and all interest, penalties or additions to tax with respect thereto.

 

“Termination Date” means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the “Termination Date” is declared or deemed to have occurred under Section 10.01, (c) the “Final Maturity Date” (under and as defined in the Credit Agreement, as such date may be extended from time to time in accordance with the Credit Agreement) or such other term that replaces the term “Final Maturity Date” under the Credit Agreement and (d) the date selected by the Borrower on which all Commitments have been reduced to zero pursuant to Section 2.02(e).

 

“Total Reserves” means, at any time of determination, the sum of:  (a) the Yield Reserve, plus (b) the greater of (i) the sum of the Concentration Reserve plus the Minimum Dilution Reserve and (ii) the sum of the Loss Reserve plus the Dilution Reserve.

 

“Transaction Documents” means this Agreement, the Transfer and Contribution Agreement, the Lock-Box Agreements, the Fee Letter, the Performance Guaranty and all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered under or in connection with this Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement.

 

“Transaction Information” shall mean any information provided to any Rating Agency, in each case, to the extent related to such Rating Agency providing or proposing to provide a rating of any Notes or monitoring such rating including, without limitation, information in connection with the Borrower, the Originator, the Servicer or the Receivables.

 

“Transfer and Contribution Agreement” means the Transfer and Contribution Agreement, dated as of the Closing Date, among the initial Servicer, the Originators and the Borrower, as such agreement may be amended, supplemented or otherwise modified from time to time.

 

“UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

 

“Unmatured Event of Default” means an event that but for notice or lapse of time or both would constitute an Event of Default.

 

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“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance Certificate” has the meaning set forth in Section 5.03(f)(ii)(B)(3).

 

“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

 

“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Yield Reserve” means, at any time of determination, an amount equal to the product of (a) the Aggregate Capital at such time, multiplied by (b) (i) the Yield Reserve Percentage at such time, divided by (ii) 100% minus the Yield Reserve Percentage at such time.

 

“Yield Reserve Percentage” means at any time of determination, the amount (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) so computed:

 

	
 
    	
1.50 x 120 x (BR   + SFR)
    	
 
    
	
 
    	
360
    	
 
    

 

where:

 

	
 
    	
BR
    	
=
    	
the   daily average Base Rate computed for the most recent Interest Period; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SFR
    	
=
    	
the   Servicing Fee Rate.
    

 

SECTION 1.02.           Other Interpretative Matters.  All accounting terms not specifically defined herein shall be construed in accordance with GAAP.  All terms used in Article 9 of the UCC in the State of New York and not specifically defined herein, are used herein as defined in such Article 9.  Unless otherwise expressly indicated, all references herein to “Article,” “Section,” “Schedule”, “Exhibit” or “Annex” shall mean articles and sections of, and schedules, exhibits and annexes to, this Agreement.  For purposes of this Agreement, the other Transaction Documents and all such certificates and other documents, unless the context otherwise requires: (a) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (b) the words “hereof,” “herein” and “hereunder” and words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of such agreement (or such certificate or document); (c) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to such agreement (or the certificate or other document in which the reference is made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (d) the term “including” means “including without limitation”; (e) references to any Applicable Law refer to that Applicable Law as amended from

 

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time to time and include any successor Applicable Law; (f) references to any agreement refer to that agreement as from time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (g) references to any Person include that Person’s permitted successors and assigns; (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (i) unless otherwise provided, in the calculation of time from a specified date to a later specified date, the term “from” means “from and including”, and the terms “to” and “until” each means “to but excluding”; (j) terms in one gender include the parallel terms in the neuter and opposite gender; (k) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day and (l) the term “or” is not exclusive.

 

ARTICLE II

 

TERMS OF THE LOANS

 

SECTION 2.01.           Loan Facility.  Upon a request by the Borrower pursuant to Section 2.02, and on the terms and subject to the conditions hereinafter set forth, the Conduit Lenders, ratably, in accordance with the aggregate of the Commitments of the Related Committed Lenders with respect to each such Conduit Lender, severally and not jointly, may, in their sole discretion, make Loans to the Borrower on a revolving basis, and if and to the extent any Conduit Lender does not make any such requested Loan or if any Group does not include a Conduit Lender, the Related Committed Lender(s) for such Conduit Lender or the Committed Lender for such Group, as the case may be, shall, ratably in accordance with their respective Commitments, severally and not jointly, make such Loans to the Borrower, in either case, from time to time during the period from the Closing Date to the Termination Date.  Under no circumstances shall any Lender be obligated to make any such Loan if, after giving effect to such Loan:

 

(i)                                     the Aggregate Capital would exceed the Facility Limit at such time;

 

(ii)                                  the sum of (A) the Capital of such Lender, plus (B) the aggregate outstanding Capital of each other Lender in its Group would exceed the Group Commitment of such Lender’s Group;

 

(iii)                               if such Lender is a Committed Lender, the aggregate outstanding Capital of such Committed Lender would exceed its Commitment; or

 

(iv)                              the Aggregate Capital would exceed the Borrowing Base at such time.

 

SECTION 2.02.           Making Loans; Repayment of Loans.  (a) Each Loan hereunder shall be made on at least one (1) Business Day’s prior written request from the Borrower to the Administrative Agent and each Group Agent in the form of a Loan Request attached hereto as Exhibit A.  Each such request for a Loan shall be made no later than 11:00 a.m. (New York City time) on a Business Day (it being understood that any such request made after such time shall be deemed to have been made on the following Business Day) and shall specify (i) the amount of

 

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the Loan(s) requested (which shall not be less than $1,000,000 and shall be an integral multiple of $100,000), (ii) the allocation of such amount among the Groups (which shall be ratable based on the Group Commitments), (iii) the account to which the proceeds of such Loan shall be distributed and (iv) the date such requested Loan is to be made (which shall be a Business Day).

 

(b)                                 No later than 2:30 p.m. (New York City time) on the date specified in each Loan Request, each applicable Lender shall, upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II, make available to the Borrower in same day funds its pro rata portion, if any, of the amount of such Loans requested to the Borrower by depositing such amount at the account set forth in the related Loan Request.

 

(c)                                  Each Committed Lender’s obligation shall be several, such that the failure of any Committed Lender to make available to the Borrower any funds in connection with any Loan shall not relieve any other Committed Lender of its obligation, if any, hereunder to make funds available on the date such Loans are requested (it being understood, that no Committed Lender shall be responsible for the failure of any other Committed Lender to make funds available to the Borrower in connection with any Loan hereunder).

 

(d)                                 The Borrower shall repay in full the outstanding Capital of each Lender on the Final Maturity Date.  Prior thereto, the Borrower shall, on each Settlement Date, make a prepayment of the outstanding Capital of the Lenders to the extent required under Section 4.01 and otherwise in accordance therewith.  Notwithstanding the foregoing, the Borrower, in its discretion, shall have the right to make a prepayment, in whole or in part, of the outstanding Capital of the Lenders (together with any associated Breakage Fees in respect of such prepaid Capital) on any Business Day upon one (1) Business Day’s prior notice thereof to the Administrative Agent and each Group Agent in the form of a Reduction Notice attached hereto as Exhibit D; provided, however, that each such prepayment shall be in a minimum aggregate amount of $1,000,000 and shall be an integral multiple of $100,000 (or, if less, the Aggregate Capital, plus accrued but unpaid Interest and Fees together with any associated Breakage Fees).

 

(e)                                  The Borrower may, at any time upon at least fifteen (15) days’ prior written notice to the Administrative Agent and each Group Agent, terminate the Facility Limit in whole or ratably reduce the Facility Limit in part.  Each partial reduction in the Facility Limit shall be in a minimum aggregate amount of $10,000,000 or integral multiples of $1,000,000 in excess thereof, and no such partial reduction shall reduce the Facility Limit to an amount less than $100,000,000.  In connection with any partial reduction in the Facility Limit, the Commitment of each Committed Lender shall be ratably reduced.

 

(f)                                   In connection with any reduction of the Commitments, the Borrower shall remit to the Administrative Agent (i) instructions regarding such reduction and (ii) for payment to the Lenders, cash in an amount sufficient to pay (A) Capital of Lenders in each Group in excess of the Group Commitment of such Group and (B) all other outstanding Borrower Obligations with respect to such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount of the Commitments prior to such reduction or, if the Administrative Agent reasonably determines that any portion of the outstanding Borrower

 

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Obligations is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction, all of such portion) including, without duplication, any associated Breakage Fees.  Upon receipt of any such amounts, the Administrative Agent shall apply such amounts first to the reduction of the outstanding Capital, and second to the payment of the remaining outstanding Borrower Obligations with respect to such reduction, including any Breakage Fees, by paying such amounts to the Lenders.

 

SECTION 2.03.           Interest and Fees.

 

(a)                                 On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section 4.01, pay to each Group Agent, each Lender and the Administrative Agent certain fees (collectively, the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered into, among the Borrower, the members of the applicable Group (or their Group Agent on their behalf) and/or the Administrative Agent and the Structuring Agent (each such fee letter agreement, as amended, restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “Fee Letter”).

 

(b)                                 The Capital of each Lender shall accrue interest on each day when such Capital remains outstanding at the then applicable Interest Rate.  The Borrower shall pay all Interest, Fees and Breakage Fees accrued during each Interest Period on the immediately following Settlement Date in accordance with the terms and priorities for payment set forth in Section 4.01.

 

SECTION 2.04.           Records of Loans.  Each Group Agent shall record in its records, the date and amount of each Loan made by the Lenders in its Group hereunder, the Interest Rate with respect thereto, the Interest accrued thereon and each repayment and payment thereof.  Subject to Section 14.03(c), such records shall be conclusive and binding absent manifest error.  The failure to so record any such information or any error in so recording any such information shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the other Transaction Documents to repay the Capital of each Lender, together with all Interest accruing thereon and all other Borrower Obligations.

 

ARTICLE III

 

[RESERVED]

 

ARTICLE IV

 

SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS

 

SECTION 4.01.           Settlement Procedures.

 

(a)                                 The Servicer shall set aside and hold in trust for the benefit of the Secured Parties (or, if so requested by the Administrative Agent after the occurrence and during the continuance of an Event of Default or Unmatured Event of Default, segregate in a separate account approved by the Administrative Agent), for application in accordance with the priority

 

35

 

of payments set forth below, all Collections on Pool Receivables that are received by the Servicer or the Borrower or received in any Lock-Box or Lock-Box Account; provided that, each party hereto acknowledges and agrees that so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, prior to the applicable Settlement Date such Collections on Pool Receivables may be commingled by the Servicer or an Affiliate of the Servicer with funds of the Servicer and its Affiliates; provided, further, that no such commingling shall derogate from the Servicer’s obligations hereunder to distribute such Collections in the order of priority set forth below.  On each Settlement Date, the Servicer (or, following its assumption of control of the Lock-Box Accounts, the Administrative Agent) shall, distribute such Collections in the following order of priority:

 

(i)                                     first, to the Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Interest Period (plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not been distributed to the Servicer);

 

(ii)                                  second, to each Lender and other Credit Party (ratably, based on the amount then due and owing), all accrued and unpaid Interest, Fees and Breakage Fees due to such Lender and other Credit Party for the immediately preceding Interest Period (including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments), plus, if applicable, the amount of any such Interest, Fees and Breakage Fees (including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments) payable for any prior Interest Period to the extent such amount has not been distributed to such Lender or Credit Party;

 

(iii)                               third, as set forth in clause (x), (y) or (z) below, as applicable:

 

(x)                                 prior to the occurrence of the Termination Date, to the extent that a Borrowing Base Deficit exists on such Settlement Date, to the Lenders (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment of a portion of the outstanding Aggregate Capital at such time, in an aggregate amount equal to the amount necessary to reduce such Borrowing Base Deficit to zero ($0) Dollars;

 

(y)                                 on and after the occurrence of the Termination Date, to each Lender (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment in full of the aggregate outstanding Capital of such Lender at such time; or

 

(z)                                  prior to the occurrence of the Termination Date, at the election of the Borrower and in accordance with Section 2.02(d), to the payment of all or any portion of the outstanding Capital of the Lenders at such time (ratably, based on the aggregate outstanding Capital of each Lender at such time);

 

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(iv)                              fourth, to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties (ratably, based on the amount due and owing at such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties;

 

(v)                                 fifth, to the Servicer for the payment of any other amounts then due and owing to the Servicer by the Borrower (A) as determined by the Borrower, if the Servicer is First Data and (B) as determined by the Administrative Agent, if the Servicer is any Person other than First Data; and

 

(vi)                              sixth, the balance, if any, to be paid to the Borrower for its own account.

 

(b)                                 All payments or distributions to be made by the Servicer, the Borrower and any other Person to the Lenders (or their respective related Affected Persons and the Borrower Indemnified Parties), shall be paid or distributed to the related Group Agent at its Group Agent’s Account.  Each Group Agent, upon its receipt in the applicable Group Agent’s Account of any such payments or distributions, shall distribute such amounts to the applicable Lenders, Affected Persons and the Borrower Indemnified Parties within its Group ratably; provided that if such Group Agent shall have received insufficient funds to pay all of the above amounts in full on any such date, such Group Agent shall pay such amounts to the applicable Lenders, Affected Persons and the Borrower Indemnified Parties within its Group in accordance with the priority of payments forth above, and with respect to any such category above for which there are insufficient funds to pay all amounts owing on such date, ratably (based on the amounts in such categories owing to each such Person in such Group) among all such Persons in such Group entitled to payment thereof.

 

(c)                                  If and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be required for any reason to pay over to any Person any amount received on its behalf hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly, the Administrative Agent, such Credit Party, such Affected Person or such Borrower Indemnified Party, as the case may be, shall have a claim against the Borrower for such amount.

 

(d)                                 For the purposes of this Section 4.01:

 

(i)                                     if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, discount or other adjustment made by the Borrower, any Originator, the Servicer or any Affiliate of the Servicer, or any setoff or dispute between the Borrower or any Affiliate of the Borrower, an Originator or any Affiliate of an Originator, or the Servicer or any Affiliate of the Servicer, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment and shall immediately pay any and all such amounts in respect thereof to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) for the

 

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benefit of the Credit Parties for application pursuant to Section 4.01(a); provided, however, that the payment of any such amount to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) by an Originator with respect to such Pool Receivable in accordance with Section 3.2(b) of the Transfer and Contribution Agreement shall satisfy the Borrower’s obligation under this Section 4.01(d)(i) with respect to such Pool Receivable; provided, further that if thereafter all or a portion of such amount paid by an Originator is rescinded or must otherwise be returned for any reason, the Borrower’s obligation under this Section 4.01(d)(i) with respect to such Pool Receivable shall automatically be revived.

 

(ii)                                  if on any day any of the representations or warranties in Section 7.01 is not true with respect to any Pool Receivable, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and shall immediately pay the amount of such deemed Collection to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a) (Collections deemed to have been received pursuant to Section 4.01(d) are hereinafter sometimes referred to as “Deemed Collections”); provided, however, that the payment of any such amount to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) by an Originator with respect to such Pool Receivable in accordance with Section 3.2(a) of the Transfer and Contribution Agreement shall satisfy the Borrower’s obligation under this Section 4.01(b)(ii) with respect to such Pool Receivable; provided, further that if thereafter all or a portion of such amount paid by an Originator is rescinded or must otherwise be returned for any reason, the Borrower’s obligation under this Section 4.01(b)(ii) with respect to such Pool Receivable shall automatically be revived;

 

(iii)                               except as provided in clauses (i) or (ii) above or otherwise required by Applicable Law or the relevant Contract, all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for application to specific Receivables; and

 

(iv)                              if and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather to have been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.

 

SECTION 4.02.           Payments and Computations, Etc.(a) All amounts to be paid by the Borrower or the Servicer to the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party hereunder shall be paid no later than 2:00 p.m. (New York City time) on the day when due in same day funds to the applicable Group Agent’s Account.

 

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(b)                                 Each of the Borrower and the Servicer shall, to the extent permitted by Applicable Law, pay interest on any amount not paid or deposited by it when due hereunder, at an interest rate per annum equal to 2.00% per annum above the Base Rate, payable on demand.

 

(c)                                  All computations of interest under subsection (b) above and all computations of Interest, Fees and other amounts hereunder shall be made on the basis of a year of 360 days (or, in the case of amounts determined by reference to the Base Rate, 365 or 366 days, as applicable) for the actual number of days (including the first but excluding the last day) elapsed.  Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit.

 

ARTICLE V

 

INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST

 

SECTION 5.01.           Increased Costs.

 

(a)                                 Increased Costs Generally.  If any Change in Law shall:

 

(i)                                     impose, modify or deem applicable any reserve, special deposit, liquidity, 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 Affected Person;

 

(ii)                                  subject any Affected Person to any Taxes (except to the extent such Taxes are Indemnified Taxes or Excluded Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)                               impose on any Affected Person any other condition, cost or expense (other than Taxes) (A) affecting the Collateral, this Agreement, any other Transaction Document, any Program Support Agreement, any Loan or any participation therein or (B) affecting its obligations or rights to make Loans;

 

and the result of any of the foregoing shall be to increase the cost to such Affected Person of (A) acting as the Administrative Agent, a Group Agent or a Lender hereunder or as a Program Support Provider with respect to the transactions contemplated hereby, (B) funding or maintaining any Loan or (C) maintaining its obligation to fund or maintain any Loan or to reduce the amount of any sum received or receivable by such Affected Person hereunder, then, upon the written request of such Affected Person (or its Group Agent), including the certificate described in clause (c) below, the Borrower shall pay to such Affected Person such additional amount or amounts as will compensate such Affected Person for such additional costs incurred or reduction suffered.

 

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(b)                                 Capital Requirements.  If any Affected Person determines that any Change in Law affecting such Affected Person or any lending office of such Affected Person or such Affected Person’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Affected Person’s capital or on the capital of such Affected Person’s holding company, if any, as a consequence of (A) this Agreement or any other Transaction Document, (B) the commitments of such Affected Person hereunder or under any other Transaction Document or related Program Support Agreement, (C) the Loans made by such Affected Person, or (D) any Capital, to a level below that which such Affected Person or such Affected Person’s holding company could have achieved but for such Change in Law (taking into consideration such Affected Person’s policies and the policies of such Affected Person’s holding company with respect to capital adequacy and liquidity), then from time to time, upon the written request of such Affected Person (or its Group Agent), including the certificate described in clause (c) below, the Borrower will pay to such Affected Person such additional amount or amounts as will compensate such Affected Person or such Affected Person’s holding company for any such reduction suffered.

 

(c)                                  Certificates for Reimbursement.  A certificate of an Affected Person (or its Group Agent on its behalf) setting forth in reasonable detail the basis for and calculation of the amount or amounts necessary to compensate such Affected Person or its holding company, as the case may be, as specified in clause (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error.  The Borrower shall, subject to the priorities of payment set forth in Section 4.01, pay such Affected Person the amount shown as due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate.

 

(d)                                 Delay in Requests.  Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section shall not constitute a waiver of such Affected Person’s right to demand such compensation; provided that the Borrower shall not be required to compensate any Affected Person pursuant to this Section 5.01 for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Affected Person notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Affected Person’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).

 

SECTION 5.02.           Funding Losses.

 

(a)                                 The Borrower will pay each Lender all Breakage Fees.

 

(b)                                 A certificate of a Lender (or its Group Agent on its behalf) setting forth in reasonable detail the calculation of the amount or amounts necessary to compensate such Lender, as specified in clause (a) above and delivered to the Borrower, shall be conclusive absent manifest error.  The Borrower shall, subject to the priorities of payment set forth in Section 4.01, pay such Lender the amount shown as due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate.

 

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SECTION 5.03.           Taxes.

 

(a)                                 Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment to an Affected Person then the applicable withholding agent 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 Applicable Law, and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section), the applicable Affected Person receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b)                                 Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or, at the option of the Administrative Agent, timely reimburse it for the payment of, any Other Taxes.

 

(c)                                  Indemnification by the Borrower.  The Borrower shall indemnify each Affected Person, within ten days after 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) payable or paid by such Affected Person or required to be withheld or deducted from a payment to such Affected Person and any penalties, interest and 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 Borrower by an Affected Person (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of an Affected Person, shall be conclusive absent manifest error.

 

(d)                                 Indemnification by the Lenders.  Each Lender (other than the Conduit Lenders) shall severally indemnify the Administrative Agent, within ten days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting any obligation of the Borrower to do so), (ii) any Taxes attributable to the failure of such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons to comply with Section 14.03(f) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction 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 (or its Group Agent) by the Administrative Agent shall be conclusive absent manifest error.  Each Lender (other than the Conduit Lenders) hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons under any Transaction Document or otherwise payable by

 

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the Administrative Agent to such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons from any other source against any amount due to the Administrative Agent under this clause (d).

 

(e)                                  Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 5.03, the Borrower 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.

 

(f)                                   Status of Lenders.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 5.03(f)(ii)(A), 5.03(f)(ii)(B) and 5.03(g)) 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:

 

(A)                               a Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, executed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)                               any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower 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 Lender becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, whichever of the following is applicable:

 

(1)                                 in the case of such a Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with

 

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respect to payments of interest under any Transaction Document, executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E 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 Transaction Document, Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

(2)                                 executed originals of Internal Revenue Service Form W-8ECI;

 

(3)                                 in the case of such a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate in substantially the form of Exhibit I hereto to the effect that such Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the 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 originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E; or

 

(4)                                 to the extent such Lender is not the beneficial owner, executed originals of Internal Revenue Service Form W-8IMY, accompanied by Internal Revenue Service Form W-8ECI, Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E, a U.S. Tax Compliance Certificate, Internal Revenue Service Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if such Lender is a partnership and one or more direct or indirect partners of such Lender are claiming the portfolio interest exemption, such Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; and

 

(C)                               any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower 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 Lender becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, executed originals 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 documentation as may be prescribed by

 

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Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

 

(g)                                  Documentation Required by FATCA.  If a payment made to a Credit Party under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Credit Party 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 Credit Party shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Credit Party has complied with such Credit Party’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(h)                                 Treatment of Refunds.  If any party 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 pursuant to this Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5.03 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this clause (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party 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 paragraph shall not be construed to require any indemnified party to make available its Tax returns (or other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(i)                                     Survival.  Each party’s obligations under this Section 5.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Credit Party or any other Affected Person, the termination of the Commitments and the repayment, satisfaction or discharge of all the Borrower Obligations and the Servicer’s obligations hereunder.

 

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(j)                                    Updates.  Each Credit Party agrees that if any form or certification it previously delivered pursuant to this Section 5.03 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

SECTION 5.04.           Inability to Determine LMIR; Change in Legality.

 

(a)                                 If any Group Agent shall have determined (which determination shall be conclusive and binding upon the parties hereto) on any day, by reason of circumstances affecting the interbank Eurodollar market, either that: (i) dollar deposits in the relevant amounts and for the relevant day are not available, (ii) adequate and reasonable means do not exist for ascertaining LMIR for such day or (iii) LMIR determined pursuant hereto does not accurately reflect the cost to the applicable Affected Person (as conclusively determined by such Group Agent) of maintaining any Portion of Capital during such day, such Group Agent shall promptly give telephonic notice of such determination, confirmed in writing, to the Borrower on such day.  Upon delivery of such notice: (i) no Portion of Capital shall be funded thereafter at the Bank Rate determined by reference to LMIR unless and until such Group Agent shall have given notice to the Borrower that the circumstances giving rise to such determination no longer exist and (ii) with respect to any outstanding Portion of Capital then funded at the Bank Rate determined by reference to LMIR, such Bank Rate shall automatically and immediately be converted to the Bank Rate determined by reference to the Base Rate.

 

(b)                                 If on any day, any Group Agent shall have been notified by any Affected Person that such Affected Person has reasonably determined (which determination shall be final and conclusive) that any Change in Law, or compliance by such Affected Person with any Change in Law, shall make it unlawful or impossible for such Affected Person to fund or maintain any Portion of Capital at or by reference to LMIR, such Group Agent shall notify the Borrower and the Administrative Agent thereof.  Upon receipt of such notice, until the applicable Group Agent notifies the Borrower and the Administrative Agent that the circumstances giving rise to such determination no longer apply, (i) no Portion of Capital shall be funded at or by reference to LMIR and (ii) the Interest for any outstanding portions of Capital then funded at the Bank Rate determined by reference to LMIR shall automatically and immediately be converted to the Bank Rate determined by reference to the Base Rate.

 

SECTION 5.05.           Security Interest.

 

As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to be performed under this Agreement or any other Transaction Document, including the punctual payment when due of the Aggregate Capital and all Interest in respect of the Loans and all other Borrower Obligations, the Borrower hereby grants to the Administrative Agent for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s right, title and interest in, to and under all of the following, whether now or hereafter owned, existing or arising (collectively, the “Collateral”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables, (iv) the Lock-Boxes and Lock-Box Accounts and all amounts on deposit therein, and all certificates and instruments, if

 

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any, from time to time evidencing such Lock-Boxes and Lock-Box Accounts and amounts on deposit therein, (v) all rights (but none of the obligations) of the Borrower under the Transfer and Contribution Agreement and (vi) all proceeds of, and all amounts received or receivable under any or all of, the foregoing.

 

The Administrative Agent (for the benefit of the Secured Parties) shall have, with respect to all the Collateral, and in addition to all the other rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights and remedies of a secured party under any applicable UCC.  The Borrower hereby authorizes the Administrative Agent to file financing statements describing as the collateral covered thereby as “all of the debtor’s personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement.

 

Immediately upon the occurrence of the Final Payout Date, the Collateral shall be automatically released from the lien created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent, the Lenders and the other Credit Parties hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Borrower; provided, however, that promptly following written request therefor by the Borrower delivered to the Administrative Agent following any such termination, and at the expense of the Borrower, the Administrative Agent shall deliver to the Borrower written authorization for the Borrower to file UCC-3 termination statements and such other documents as the Borrower shall reasonably request to evidence such termination.

 

ARTICLE VI

 

CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS

 

SECTION 6.01.           Conditions Precedent to Effectiveness and the Initial Credit Extension.  This Agreement shall become effective as of the Closing Date when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit H-1 hereto, in each case, in form and substance reasonably acceptable to the Administrative Agent and (b) all fees and expenses payable by the Borrower on the Closing Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents.

 

SECTION 6.02.           Conditions Precedent to All Credit Extensions.  Each Credit Extension hereunder on or after the Closing Date shall be subject to the conditions precedent that:

 

(a)                                 the Borrower shall have delivered to the Administrative Agent and each Group Agent a Loan Request for such Loan, in accordance with Section 2.02(a);

 

(b)                                 the Servicer shall have delivered to the Administrative Agent and each Group Agent all Information Packages required to be delivered hereunder;

 

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(c)                                  the conditions precedent to such Credit Extension specified in Section 2.01(i) through (iv) shall be satisfied;

 

(d)                                 on the date of such Credit Extension the following statements shall be true and correct (and upon the occurrence of such Credit Extension, the Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct):

 

(i)                                     the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date;

 

(ii)                                  no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default would result from such Credit Extension;

 

(iii)                               no Contribution Termination Event has occurred and is continuing under the Transfer and Contribution Agreement;

 

(iv)                              no Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension; and

 

(v)                                 the Termination Date has not occurred;

 

(e)                                  the Administrative Agent shall have received each of the UCC filings and other deliverables listed on the initial credit extension memorandum attached as Exhibit H-2 hereto, in each case, in form and substance reasonably acceptable to the Administrative Agent.

 

ARTICLE VII

 

REPRESENTATIONS AND WARRANTIES

 

SECTION 7.01.           Representations and Warranties of the Borrower.  The Borrower represents and warrants to each Credit Party as of the Closing Date, on each Settlement Date and on each day on which a Credit Extension shall have occurred:

 

(a)                                 Organization and Good Standing.  The Borrower is a limited liability company and validly existing in good standing under the laws of the State of Delaware and has full power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

 

(b)                                 Due Qualification.  The Borrower is duly qualified to do business, is in good standing as a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification, licenses or

 

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approvals, except where the failure to do so could not reasonably be expected to have a Borrower Material Adverse Effect.

 

(c)                                  Power and Authority; Due Authorization.  The Borrower (i) has all necessary power and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and (C) grant a security interest in the Collateral to the Administrative Agent on the terms and subject to the conditions herein provided and (ii) has duly authorized by all necessary action such grant and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party.

 

(d)                                 Binding Obligations.  This Agreement and each of the other Transaction Documents to which the Borrower is a party constitutes legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

(e)                                  No Conflict or Violation.  The execution, delivery and performance of, and the consummation of the transactions contemplated by, this Agreement and the other Transaction Documents to which it is a party, and the fulfillment of the terms hereof and thereof, will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under its organizational documents or any indenture, sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument to which the Borrower is a party or by which it or any of its properties is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of the Collateral pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law.

 

(f)                                   Litigation and Other Proceedings.  (i)  There is no action, suit, proceeding or investigation pending or, to the best knowledge of the Borrower, threatened, against the Borrower before any Governmental Authority and (ii) the Borrower is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Agreement or any other Transaction Document, (B) seeks to prevent the grant of a security interest in any Collateral by the Borrower to the Administrative Agent, the ownership or acquisition by the Borrower of any Pool Receivable or other Collateral or the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document, (C) seeks any determination or ruling that could materially and adversely affect the performance by the Borrower of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document or (D) individually or in the aggregate for all such actions, suits,

 

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proceedings and investigations could reasonably be expected to have a Borrower Material Adverse Effect.

 

(g)                                  Governmental Approvals.  Except where the failure to obtain or make such authorization, consent, order, approval or action could not reasonably be expected to have a Borrower Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required to be obtained by the Borrower in connection with the grant of a security interest in the Collateral to the Administrative Agent hereunder or the due execution, delivery and performance by the Borrower of this Agreement or any other Transaction Document to which it is a party and the consummation by the Borrower of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect.

 

(h)                                 Margin Regulations.  The Borrower is not engaged, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal Reserve System).

 

(i)                                     Solvency.  After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, the Borrower is Solvent.

 

(j)                                    Offices; Legal Name.  The Borrower’s sole jurisdiction of organization is the State of Delaware and such jurisdiction has not changed within four months prior to the date of this Agreement.  The office of the Borrower is located at the applicable address specified on Schedule IV hereto.  The legal name of the Borrower is First Data Receivables, LLC.

 

(k)                                 Investment Company Act.  The Borrower (i) is not, and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act and (ii) is not a “covered fund” under the Volcker Rule.  In determining that the Borrower is not a “covered fund”, the Borrower is entitled to rely on the exemption from the definition of “investment company” set forth in Section 3(c)(5) of the Investment Company Act.

 

(l)                                     No Material Adverse Effect.  Since the date of formation of the Borrower there has been no Borrower Material Adverse Effect.

 

(m)                             Accuracy of Information.  All Information Packages, Loan Requests, certificates, reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit Party by or on behalf of the Borrower pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent or such other Credit Party, and does not contain any material misstatement of fact; provided that, with respect to projected financial information, if any, such representation is made only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

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(n)                                 Anti-Money Laundering/International Trade Law Compliance.  No Covered Entity is a Sanctioned Person.  The Borrower, and to the knowledge of the Borrower, each other Covered Entity, is in compliance in all material respects with applicable Anti-Terrorism Laws.

 

(o)                                 Transaction Information.  None of the Borrower, any Affiliate of the Borrower or any third party with which the Borrower or any Affiliate thereof has contracted, has delivered, in writing or orally, to any Rating Agency, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency and has not participated in any oral communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent.

 

(p)                                 Perfection Representations.

 

(i)                                     This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower’s right, title and interest in, to and under the Collateral which (A) security interest has been perfected (in the case of the Related Security, in only that portion of the Related Security in which a security interest may be perfected by the filing of a financing statement under the UCC) and is enforceable against creditors of and purchasers from the Borrower and (B) will be free of all Adverse Claims in such Collateral.

 

(ii)                                  The Receivables constitute “accounts,” “tangible chattel paper,” “payment intangible” or “general intangibles” within the meaning of Section 9-102 of the UCC.

 

(iii)                               The Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claim of any Person.

 

(iv)                              All appropriate financing statements, financing statement amendments and continuation statements have been filed in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of) the contribution of the Receivables and Related Security from each Originator to the Borrower pursuant to the Transfer and Contribution Agreement and the grant by the Borrower of a security interest in the Collateral to the Administrative Agent pursuant to this Agreement.

 

(v)                                 Other than the security interest granted to the Administrative Agent pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except as permitted by this Agreement and the other Transaction Documents.  The Borrower has not authorized the filing of and is not aware of any financing statements filed against the Borrower that include a description of collateral covering the Collateral other than any financing statement (i) in favor of the Administrative Agent or (ii) that has been terminated.  The Borrower is not aware of any judgment lien, ERISA lien or tax lien filings against the Borrower.

 

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(vi)                              Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section 7.01(p) shall be continuing and remain in full force and effect until the Final Payout Date.

 

(q)                                 The Lock-Boxes and Lock-Box Accounts.

 

(i)                                     Nature of Lock-Box Accounts.  Each Lock-Box Account constitutes a “deposit account” within the meaning of the applicable UCC.

 

(ii)                                  Ownership.  Each Lock-Box and Lock-Box Account is in the name of the Borrower, and the Borrower owns and has good and marketable title to the Lock-Box Accounts free and clear of any Adverse Claim.

 

(iii)                               Perfection.  The Borrower has delivered to the Administrative Agent a fully executed Lock-Box Agreement relating to each Lock-Box and Lock-Box Account.  The Administrative Agent has “control” (as defined in Section 9-104 of the UCC) over each Lock-Box Account.

 

(iv)                              Instructions.  Neither the Lock-Boxes nor the Lock-Box Accounts are in the name of any Person other than the Borrower.  Neither the Borrower nor the Servicer has consented to the applicable Lock-Box Bank complying with instructions of any Person other than the Administrative Agent.

 

(r)                                    Ordinary Course of Business.  Each remittance of Collections by or on behalf of the Borrower to the Credit Parties under this Agreement will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.

 

(s)                                   Compliance with Law.  The Borrower has complied in all material respects with all Applicable Laws to which it may be subject.

 

(t)                                    Eligible Receivables.  Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.

 

(u)                                 Taxes.  The Borrower has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to have a Borrower Material Adverse Effect.

 

(v)                                 Tax Status.  The Borrower is not and will not at any relevant time become an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

 

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(w)                               Opinions.  The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the Related Security and the related matters set forth or assumed in each of the true sale and non-consolidation opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects.

 

(x)                                 Liquidity Coverage Ratio.  TheOther than equity securities issued to First Data or any Originator that is a consolidated subsidiary of First Data under GAAP, the Borrower has not, does not and will not during the term of this Agreement (x) issue any obligations that (A) constitute asset-backed commercial paper, or (B) are securities required to be registered under the Securities Act or that may be offered for sale under Rule 144A or a similar exemption from registration under the Securities Act or the rules promulgated thereunder, or (y) issue any other debt obligations or equity interests other than debt obligations substantially similar to the obligations of the Borrower under this Agreement that are (A) issued to other banks or asset-backed commercial paper conduits in privately negotiated transactions and (B) subject to transfer restrictions substantially similar to the transfer restrictions set forth in this Agreement.  The Borrower further represents and warrants that its assets and liabilities are consolidated with the assets and liabilities of First Data for purposes of GAAP.

 

(y)                                 [Reserved].

 

(y)                                 Approved Settlement Accounts.  Each Approved Settlement Account (i) is in the name identified on Schedule III and (ii) with respect to which, a Subject Originator has the authority to direct the inflows and outflows of funds with respect to each applicable Approved Settlement Account. No Collections held in any Approved Settlement Account are subject to any Adverse Claim.  No Approved Settlement Account is subject to any account control agreement or similar agreement granting (or purporting to grant) any Person (other than the related Settlement Account Bank) “control” (as defined in Section 9-104 of the UCC) over such Approved Settlement Account.  The related Settlement Account Bank is not then exercising any setoff rights with respect to First Data or any Affiliate thereof against any amounts on deposit in such Approved Settlement Account.

 

(z)                                  Other Transaction Documents.  Each representation and warranty made by the Borrower under each other Transaction Document to which it is a party is true and correct in all material respects as of the date when made.

 

(aa)                          Chattel Paper.  No chattel paper evidencing Pool Receivables is in the possession of any Person other than the Servicer (or an Affiliate thereof), the Administrative Agent or the Administrative Agent’s designee.  No chattel paper evidencing Pool Receivables have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than an Originator, the Borrower or the Administrative Agent.

 

(aabb)            Reaffirmation of Representations and Warranties.  On the date of each Credit Extension, on each Settlement Date and on the date each Information Package is delivered to the Administrative Agent or any Group Agent hereunder, the Borrower shall be deemed to have certified that (i) all representations and warranties of the Borrower hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except for representations and warranties which apply as to an earlier date (in which case such

 

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representations and warranties shall be true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing or will result from such Credit Extension.

 

Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be continuing, and remain in full force and effect until the Final Payout Date.

 

SECTION 7.02.           Representations and Warranties of the Servicer.  The Servicer represents and warrants to each Credit Party as of the Closing Date, on each Settlement Date and on each day on which a Credit Extension shall have occurred:

 

(a)                                 Organization and Good Standing.  The Servicer is a duly organized and validly existing corporation in good standing under the laws of the State of Delaware, with the power and authority under its organizational documents and under the laws of Delaware to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

 

(b)                                 Due Qualification.  The Servicer is duly qualified to do business, is in good standing as a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business or the servicing of the Pool Receivables as required by this Agreement requires such qualification, licenses or approvals, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(c)                                  Power and Authority; Due Authorization.  The Servicer has all necessary power and authority to (i) execute and deliver this Agreement and the other Transaction Documents to which it is a party and (ii) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party have been duly authorized by the Servicer by all necessary action.

 

(d)                                 Binding Obligations.  This Agreement and each of the other Transaction Documents to which it is a party constitutes legal, valid and binding obligations of the Servicer, enforceable against the Servicer in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

(e)                                  No Conflict or Violation.  The execution and delivery of this Agreement and each other Transaction Document to which the Servicer is a party, the performance of the transactions contemplated by this Agreement and such other Transaction Documents and the fulfillment of the terms of this Agreement and such other Transaction Documents by the Servicer will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under, the organizational documents of

 

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the Servicer or any indenture, sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Servicer is a party or by which it or any of its property is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, credit agreement, loan agreement, agreement, mortgage, deed of trust or other agreement or instrument, other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law, except to the extent that any such conflict, breach, default, Adverse Claim or violation could not reasonably be expected to have a Material Adverse Effect.

 

(f)                                   Litigation and Other Proceedings.  There is no action, suit, proceeding or investigation pending, or to the Servicer’s knowledge threatened, against the Servicer before any Governmental Authority: (i) asserting the invalidity of this Agreement or any of the other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document; or (iii) seeking any determination or ruling that could materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents.

 

(g)                                  No Consents.  The Servicer is not required to obtain the consent of any other party or any consent, license, approval, registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, or performance of this Agreement or any other Transaction Document to which it is a party that has not already been obtained or the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect.

 

(h)                                 Compliance with Applicable Law.  The Servicer (i) shall duly satisfy all obligations on its part to be fulfilled under or in connection with the Pool Receivables and the related Contracts, (ii) has maintained in effect all qualifications required under Applicable Law in order to properly service the Pool Receivables and (iii) has complied in all material respects with all Applicable Laws in connection with servicing the Pool Receivables.

 

(i)                                     Accuracy of Information.  All Information Packages, Loan Requests, certificates, reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit Party by the Servicer pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent or such other Credit Party, and does not contain any material misstatement of fact; provided that, with respect to projected financial information, if any, such representation is made only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

(j)                                    Location of Records.  The offices where the initial Servicer keeps all of its records relating to the servicing of the Pool Receivables are located at 6855 Pacific Street, AK-32, Omaha, NE 68106.

 

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(k)                                 Credit and Collection Policy.  The Servicer has complied in all material respects with the Credit and Collection Policy in connection with its servicing of the Pool Receivables.

 

(l)                                     Eligible Receivables.  Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.

 

(m)                             Servicing Programs.  No material license or approval is required for the Administrative Agent’s use of any software or other computer program used by the Servicer or any Sub-Servicer in the servicing of the Pool Receivables, other than those which have been obtained and are in full force and effect.

 

(n)           [Reserved].

 

(n)                                 Approved Settlement Accounts.  Each Approved Settlement Account (i) is in the name identified on Schedule III and (ii) with respect to which, a Subject Originator has the authority to direct the inflows and outflows of funds with respect to each applicable Approved Settlement Account. No Collections held in any Approved Settlement Account are subject to any Adverse Claim.  No Approved Settlement Account is subject to any account control agreement or similar agreement granting (or purporting to grant) any Person (other than the related Settlement Account Bank) “control” (as defined in Section 9-104 of the UCC) over such Approved Settlement Account.  The related Settlement Account Bank is not then exercising any setoff rights with respect to First Data or any Affiliate thereof against any amounts on deposit in such Approved Settlement Account.

 

(o)                                 Other Transaction Documents.  Each representation and warranty made by the Servicer under each other Transaction Document to which it is a party is true and correct in all material respects as of the date when made.

 

(p)                                 No Material Adverse Effect.  Since December 31, 2014 there has been no Material Adverse Effect on the Servicer.

 

(q)                                 Investment Company Act.  The Servicer is not an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act.

 

(r)                                    Anti-Money Laundering/International Trade Law Compliance.  No Covered Entity is a Sanctioned Person.  The Servicer, and to the knowledge of the Servicer, each other Covered Entity, is in compliance in all material respects with applicable Anti-Terrorism Laws.

 

(s)                                   Transaction Information.  None of the Servicer, any Affiliate of the Servicer or any third party with which the Servicer or any Affiliate thereof has contracted, has delivered, in writing or orally, to any Rating Agency, or monitoring a rating of, any Notes, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency and has not participated in any oral

 

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communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent.

 

(t)                                    Financial Condition.  The consolidated balance sheets of the Servicer and its consolidated Subsidiaries as of December 31, 2014 and the related statements of income and shareholders’ equity of the Servicer and its consolidated Subsidiaries for the fiscal year then ended, copies of which have been furnished to the Administrative Agent and the Group Agents, present fairly in all material respects the consolidated financial position of the Servicer and its consolidated Subsidiaries for the period ended on such date, all in accordance with GAAP.

 

(u)                                 Taxes.  The Servicer has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to have a Material Adverse Effect.

 

(v)                                 Opinions.  The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the Related Security and the related matters set forth or assumed in each of the true sale and non-consolidation opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects.

 

(w)                               Chattel Paper.  No chattel paper evidencing Pool Receivables is in the possession of any Person other than the Servicer (or an Affiliate thereof), the Administrative Agent or the Administrative Agent’s designee.  No chattel paper evidencing Pool Receivables have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than an Originator, the Borrower or the Administrative Agent.

 

(wx)                        Reaffirmation of Representations and Warranties.  On the date of each Credit Extension, on each Settlement Date and on the date each Information Package is delivered to the Administrative Agent or any Group Agent hereunder, the Servicer shall be deemed to have certified that (i) all representations and warranties of the Servicer hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except for representations and warranties which apply as to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing or will result from such Credit Extension.

 

Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be continuing, and remain in full force and effect until the Final Payout Date.

 

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ARTICLE VIII

 

COVENANTS

 

SECTION 8.01.           Covenants of the Borrower.  At all times from the Closing Date until the Final Payout Date:

 

(a)                                 Payment of Principal and Interest.  The Borrower shall duly and punctually pay Capital, Interest, Fees and all other amounts payable by the Borrower hereunder in accordance with the terms of this Agreement.

 

(b)                                 Existence.  The Borrower shall keep in full force and effect its existence and rights as a limited liability company under the laws of the State of Delaware, and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction Documents and the Collateral.

 

(c)                                  Financial Reporting.  The Borrower will maintain a system of accounting established and administered in accordance with GAAP, and the Borrower (or the Servicer on its behalf) shall furnish to the Administrative Agent and each Group Agent:

 

(i)                                     Annual Financial Statements of the Borrower.  Promptly upon completion and in no event later than 120 days after the close of each fiscal year of the Borrower, beginning with fiscal year 2016, annual unaudited financial statements of the Borrower certified by a Financial Officer of the Borrower that they fairly present in all material respects, in accordance with GAAP, the financial condition of the Borrower as of the date indicated and the results of its operations for the periods indicated.

 

(ii)                                  Information Packages.  As soon as available and in any event not later than two (2) Business Days prior to each Settlement Date, an Information Package as of the most recently completed Fiscal Month.

 

(iii)                               Other Information.  Such other information relating to the Collateral and the Borrower (including non-financial information) as the Administrative Agent or any Group Agent may from time to time reasonably request.

 

(iv)                              Quarterly Financial Statements of First Data.  As soon as available and in any event within five (5) days after the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such financial statements are not required to be filed with the SEC, in no event later than 45 days following the end of each of the first three fiscal quarters in each of First Data’s fiscal years), (i) the unaudited consolidated balance sheet and statements of income of First Data and its consolidated Subsidiaries as at the end of such fiscal quarter and the related unaudited consolidated statements of earnings and cash flows for such fiscal quarter and for the elapsed portion of the fiscal year ended with the last day of such fiscal quarter, in each case setting forth comparative figures for the corresponding fiscal quarter

 

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in the prior fiscal year, all of which shall be certified by a Financial Officer of First Data that they fairly present in all material respects, in accordance with GAAP, the financial condition of First Data and its consolidated Subsidiaries as of the dates indicated and the results of their operations for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes and (ii) to the extent required to be filed with the SEC, management’s discussion and analysis of the important operational and financial developments during such fiscal quarter.

 

(v)                                 Annual Financial Statements of First Data.  As soon as available and in any event within five (5) days after the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such financial statements are not required to be filed with the SEC, on or before the date that is 90 days after the end of each such fiscal year), the consolidated balance sheet of First Data and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements of earnings and cash flows for such fiscal year setting forth comparative figures for the preceding fiscal year, all reported on by independent certified public accountants of recognized national standing (without a “going concern” or like qualification or exception) to the effect that such consolidated financial statements present fairly in all material respects, in accordance with GAAP, the financial condition of First Data and its consolidated Subsidiaries as of the dates indicated and the results of their operations for the periods indicated.

 

(vi)                              Other Reports and Filings.  Promptly (but in any event within ten (10) Business Days) after the filing or delivery thereof, copies of all financial information, proxy materials and reports, if any, which First Data or any of its consolidated Subsidiaries shall publicly file with the SEC or deliver to holders (or any trustee, agent or other representative therefor) of any of its material Debt pursuant to the terms of the documentation governing the same that are publicly filed with the SEC.

 

(vii)                           Notwithstanding anything herein to the contrary, any financial information, proxy statements or other material required to be delivered pursuant to this paragraph (c) shall be deemed to have been furnished to each of the Administrative Agent and each Group Agent on the date that such report, proxy statement or other material is posted on the SEC’s website at www.sec.gov.

 

(d)                                 Notices.  The Borrower (or the Servicer on its behalf) will notify the Administrative Agent and each Group Agent in writing of any of the following events promptly upon (but in no event later than five (5) Business Days after) a Financial Officer or other officer learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto:

 

(i)                                     Notice of Events of Default or Unmatured Events of Default.  A statement of a Financial Officer of the Borrower setting forth the nature and period of existence of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Borrower proposes to take with respect thereto.

 

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(ii)                                  Litigation.  The institution of any litigation, arbitration proceeding or governmental proceeding against the Borrower.

 

(iii)                               Adverse Claim.  (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof (other than an Adverse Claim on an Approved Settlement Account (but not Collections therein) existing on the Second Amendment Date), (B) any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Lock-Box Account (or related Lock-Box) or, (C) any Person other than the applicable Originator (or an Affiliate) or Settlement Account Bank shall obtain any rights or direct any action with respect to any Approved Settlement Account or (D) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.

 

(iv)                              Name Changes.  At least thirty (30) days before any change in the Borrower’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements filed against the Borrower.

 

(v)                                 Change in Accountants or Accounting Policy.  Any material change in any accounting policy of the Borrower.

 

(vi)                              Termination Event.  The occurrence of a Contribution Termination Event.

 

(e)                                  Conduct of Business.  The Borrower will carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and will do all things necessary to remain duly organized, validly existing and in good standing as a domestic organization in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted.

 

(f)                                   Compliance with Laws.  The Borrower will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably be expected to have a Borrower Material Adverse Effect.

 

(g)                                  Furnishing of Information and Inspection of Receivables.  The Borrower will furnish or cause to be furnished to the Administrative Agent and each Group Agent from time to time such information with respect to the Pool Receivables and the other Collateral as the Administrative Agent any Group Agent may reasonably request.  The Borrower will, at the Borrower’s expense, during regular business hours with prior written notice (i) permit the Administrative Agent and each Group Agent or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Borrower for the purpose of examining such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Borrower’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or

 

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independent public accountants of the Borrower having knowledge of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at the Borrower’s expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and records with respect to such Pool Receivables and other Collateral; provided, that unless an Event of Default has occurred and is continuing, the Borrower, the Servicer and the Originators shall be required to reimburse the Administrative Agent and Group Agents, together, for only one (1) combined audit of the Borrower pursuant to this Section 8.01(g), of the Servicer pursuant to Section 8.02(e) and of the Originators pursuant to Section 6.1(f) of the Transfer and Contribution Agreement by the Administrative Agent and the Group Agents in any twelve-month period.

 

(h)                                 Payments on Receivables, Lock-Box Accounts.  The Borrower (or the Servicer on its behalf) will, and will cause each Originator to, at all times, instruct all Obligors to deliver payments on the Pool Receivables (i) with respect to Subject Receivables, to an Approved Settlement Account and (ii) with respect to any other Receivable, to a Lock-Box Account or a Lock-BoxLock-Box.  The Borrower (or the Servicer on its behalf) shall, and shall cause each Originator to remit all Collections received in an Approved Settlement Account to a Lock-Box Account no later than five (5) Business Days (or (x) in the case of Collections received in the Exception Account maintained at KeyBank, N.A., six (6) Business Days and (y) in the case of Receivables due and payable on the day of origination, thirty-one (31) calendar days) following receipt thereof.  Following the occurrence of an Event of Default, upon the request of the Administrative Agent, the Borrower (or the Servicer on its behalf) shall cause the Administrative Agent to receive read-only access to each Approved Settlement Account or, if read-only access is not available for any Approved Settlement Account, daily account statements with respect to such Approved Settlement Account.  The Borrower (or the Servicer on its behalf) will, and will instruct each Originator to, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators.  If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Group Agents and the other Secured Parties and promptly (but in any event within two (2) Business Days after becoming aware of such receipt) remit such funds into a Lock-Box Account.  The Borrower (or the Servicer on its behalf) will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Agreement.  The Borrower shall use commercially reasonable efforts to ensure that no funds other than Collections on Pool Receivables and other Collateral are deposited into any Lock-Box Account.  If other funds are nevertheless deposited into any Lock-Box Account, the Borrower (or the Servicer on its behalf) will within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds.  The Borrower will not, and subject to Section 4.01(a), will not permit the Servicer, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Group Agent or any other Secured Party is entitled, with any other funds provided, however, that Collections relating to Subject Receivables may be commingled in an Approved Settlement Account with other funds until required to be remitted to a Lock-Box Account in accordance with this Agreement; provided, however, that any such commingling shall not derogate from the Borrower’s indemnification obligations with respect to commingling pursuant to Section 13.01.

 

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The Borrower shall only add a Lock-Box Account (or a related Lock-Box) or a Lock-Box Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of a Lock-Box Agreement (or an amendment thereto) in form and substance reasonably acceptable to the Administrative Agent from the applicable Lock-Box Bank.  The Borrower shall only add an Approved Settlement Account or Settlement Account Bank to those listed on Schedule III to this Agreement, if the Administrative Agent has received notice of such addition. The Borrower shall only terminate a Lock-Box Bank or a Settlement Account Bank or close a Lock-Box Account (or a related Lock-Box) or Approved Settlement Account, in each case, with the prior written consent of the Administrative Agent.

 

(i)                                     Sales, Liens, etc.  Except as otherwise provided herein, the Borrower will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon the Collateral (including, without limitation, the filing of any financing statement).

 

(j)                                    Extension or Amendment of Pool Receivables.  Except as otherwise permitted in Section 9.02, the Borrower will not, and will not instruct or encourage the Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract.

 

(k)                                 Change in Credit and Collection Policy.  The Borrower will not make any change in the Credit and Collection Policy that would be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the Majority Group Agents.  Promptly following any material change in the Credit and Collection Policy, the Borrower will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

 

(l)                                     Fundamental Changes.  The Borrower shall not, without the prior written consent of the Administrative Agent and the Majority Group Agents, merge or consolidate with or into, or convey, transfer, lease or otherwise 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, any Person.  The Borrower shall provide the Administrative Agent with at least thirty (30) days’ prior written notice before making any change in the Borrower’s name or location or making any other change in the Borrower’s identity or corporate structure that could impair or otherwise render any UCC financing statement filed in connection with this Agreement or any other Transaction Document “seriously misleading” as such term (or similar term) is used in the applicable UCC; each notice to the Administrative Agent and the Group Agents pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof.

 

(m)                             Books and Records.  The Borrower shall maintain and implement (it being understood and agreed that the Servicer may maintain and implement on the Borrower’s behalf) administrative and operating procedures (including (i) an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof and

 

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(ii) procedures to identify and track sales with respect to, and collections on, Excluded Receivables), and keep and maintain (it being understood and agreed that the Servicer may keep and maintain on the Borrower’s behalf) all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables and the identification and reporting of all Excluded Receivables (including records adequate to permit the daily identification of each Pool Receivable and Excluded Receivable and all Collections of and adjustments to each existing Pool Receivable and Excluded Receivable).

 

(n)                                 Identifying of Records.  The Borrower shall identify (it being understood and agreed that the Servicer may identify on the Borrower’s behalf) its master data processing records relating to Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement.

 

(o)                                 Change in Payment Instructions to Obligors.  The Borrower shall not (and shall not instruct or encourage the Servicer or any Sub-Servicer to) add, replace or terminate any Lock-Box Account (or any related Lock-Box) or Approved Settlement Account or make any change in its (or their) instructions to the Obligors regarding payments to be made to the Lock-Box Accounts (or any related Lock-Box) or Approved Settlement Account, other than any instruction to remit payments to a different Lock-Box Account (or any related Lock-Box) (or Approved Settlement Account if a Subject Receivable), unless the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Lock-Box Agreement (or amendment thereto) with respect to such new Lock-Box Accounts (or any related Lock-Box) in each case (x) in form and substance reasonably satisfactory to the Administrative Agent and (y) in accordance with the terms hereof and, if applicable, such Lock-Box Agreement.

 

(p)                                 Security Interest, Etc.  The Borrower shall (and shall cause the Servicer to), at its expense, take all action necessary to establish and maintain a valid and enforceable first priority perfected security interest in the Receivables and that portion of the Collateral in which an ownership or security interest may be created under the UCC and perfected by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim, in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request.  In order to evidence the security interests of the Administrative Agent under this Agreement, the Borrower shall, from time to time take such action, or execute (if necessary) and deliver such instruments as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables and that portion of the Related Security in which a security interest may be perfected by the filing of a financing statement under the UCC.  The Borrower shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.  The Borrower shall not file a termination, partial termination, release, partial release, or

 

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any amendment to a financing statement filed in connection with the Transaction Documents that deletes the name of a debtor, terminates such financing statement or excludes any collateral, without the prior written consent of the Administrative Agent.

 

(q)                                 Certain Agreements.  Without the prior written consent of the Majority Group Agents, the Borrower will not amend, modify, waive, revoke or terminate any Transaction Document to which it is a party or any provision of the Borrower’s Limited Liability Company Agreement which requires the consent of the “Independent Director” (as such term is used in the Borrower’s Limited Liability Company Agreement).

 

(r)                                    Restricted Payments.  (i) Except pursuant to clause (ii) below, the Borrower will not: (A) purchase or redeem any of its membership interests, (B) declare or pay any dividend or set aside any funds for any such purpose, (C) prepay, purchase or redeem any Debt (other than any Loans pursuant to this Agreement), (D) lend or advance any funds or (E) repay any loans or advances to, for or from any of its Affiliates (the amounts described in clauses (A) through (E) being referred to as “Restricted Payments”).

 

(ii)  The Borrower may declare and pay dividends or distributions to its members out of funds distributed to the Borrower pursuant to Section 4.01 if, both immediately before and immediately after giving effect thereto, (A) the Borrower is Solvent, (B) no Event of Default or Unmatured Event of Default shall have occurred and be continuing, (C) no Contribution Termination Event has occurred and is continuing under the Transfer and Contribution Agreement, (D) no Borrowing Base Deficit exists and (E) the Termination Date has not occurred.

 

(s)                                   Other Business.  The Borrower will not: (i) engage in any business other than the transactions contemplated by the Transaction Documents, (ii) create, incur or permit to exist any Debt of any kind (or cause or permit to be issued for its account any letters of credit or bankers’ acceptances) other than pursuant to this Agreement or (iii) form any Subsidiary or make any investments in any other Person.

 

(t)                                    Use of Collections Available to the Borrower.  The Borrower shall apply the Collections available to the Borrower to make payments in the following order of priority: (i) the payment of its obligations under this Agreement and each of the other Transaction Documents in accordance with Section 4.01 and (ii) other legal and valid purposes.

 

(u)                                 Further Assurances; Change in Name or Jurisdiction of Origination, etc.  (i) The Borrower hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce the Secured Parties’ rights and remedies under this Agreement and the other Transaction Document.  Without limiting the foregoing, the Borrower hereby authorizes, and will, upon the request of the Administrative Agent, at the Borrower’s own expense, execute (if necessary) and file such financing statements

 

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or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary or that the Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing.

 

(ii)                                                          The Borrower authorizes the Administrative Agent to file financing statements, continuation statements and amendments thereto and assignments thereof, relating to the Receivables, the Related Security, the related Contracts, Collections with respect thereto and the other Collateral without the signature of the Borrower.  A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law.

 

(iii)                                                       The Borrower shall at all times be organized under the laws of the State of Delaware and shall not take any action to change its jurisdiction of organization.

 

(iv)                                                      The Borrower will not change its name, identity or corporate structure unless (x) the Borrower, at its own expense, shall have taken all action necessary to perfect or maintain the perfection of the security interest under this Agreement (including, without limitation, the filing of all financing statements and the taking of such other action as the Administrative Agent may request in connection with such change or relocation) and (y) if requested by the Administrative Agent, the Borrower shall cause to be delivered to the Administrative Agent, an opinion, in form and substance satisfactory to the Administrative Agent as to such UCC perfection and priority matters as the Administrative Agent may request at such time.

 

(v)                                 Anti-Money Laundering/International Trade Law Compliance.  The Borrower will not become a Sanctioned Person.  No Covered Entity, either in its own right or through any third party, will use the proceeds of any Credit Extension for the purpose of funding any operations in, financing any investments or activities in, or, making any payments to, a Sanctioned Country or Sanctioned Person in violation of any applicable Anti-Terrorism Law.  The funds used to repay each Credit Extension will not be derived from any activity in violation of any Anti-Terrorism Law.  The Borrower will maintain policies and procedures reasonably designed to ensure compliance with Anti-Terrorism Laws.

 

(w)                               Transaction Information.  None of the Borrower or any third party with which the Borrower has contracted, shall deliver, in writing or orally, to any Rating Agency, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency and will not participate in any oral communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent.

 

(x)                                 Borrower’s Tax Status.  No action will be taken that would cause the Borrower to become an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.  If the Borrower is classified as a partnership for U.S. federal income tax purposes as of any taxable year beginning after December 31, 2017, then prior to or as of such taxable year, it will use reasonable efforts to

 

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make an election, to the extent eligible, under Section 6221(b) or Section 6226(a) of the Code (or any similar election available pursuant to Treasury Regulations under Sections 6221 through 6241 of the Code at such time) with respect to determinations of adjustments at the partnership level.

 

(y)                                 Approved Settlement Accounts.  The Borrower shall cause each Originator (or its applicable Affiliate that maintains such account) to maintain each Approved Settlement Account in accordance with Section 7.01(y).

 

(z)                                  Chattel Paper.  The Borrower shall not permit any such chattel paper to be in the possession of any Person other than the Servicer (or an Affiliate thereof), the Administrative Agent or the Administrative Agent’s designee.

 

SECTION 8.02.           Covenants of the Servicer.  At all times from the Closing Date until the Final Payout Date:

 

(a)                                 Financial Reporting.  The Servicer will maintain a system of accounting established and administered in accordance with GAAP, and the Servicer shall furnish to the Administrative Agent and each Group Agent:

 

(i)                                     Compliance Certificates.  (a) A compliance certificate promptly upon completion of the annual report of First Data and in no event later than 90 days after the close of First Data’s fiscal year (or, if later, in the manner and period set forth in Section 8.01(vi)), in form and substance substantially similar to Exhibit G signed by a Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof and (b) within 45 days after the close of each fiscal quarter of the Servicer (or, if later, in the manner set forth in Section 8.01(v)), a compliance certificate in form and substance substantially similar to Exhibit G signed by a Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof.

 

(ii)                                  Information Packages.  As soon as available and in any event not later than two (2) Business Days prior to each Monthly Settlement Date, an Information Package as of the most recently completed Fiscal Month.

 

(iii)                               Other Information.  Such other information (including non-financial information) relating to the Borrower, the Servicer, the Originators and the Collateral as the Administrative Agent or any Group Agent may from time to time reasonably request.

 

(b)                                 Notices.  The Servicer will notify the Administrative Agent and each Group Agent in writing of any of the following events promptly upon (but in no event later than five (5) Business Days after) a Financial Officer or other officer learning of the occurrence

 

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thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto:

 

(i)                                     Notice of Events of Default or Unmatured Events of Default.  A statement of a Financial Officer of the Servicer setting forth the nature and period of existence of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Servicer proposes to take with respect thereto.

 

(ii)                                  Litigation.  The institution of any litigation, arbitration proceeding or governmental proceeding which could reasonably be expected to be determined adversely and, if so determined, could reasonably be expected to have a Material Adverse Effect.

 

(iii)                               Adverse Claim.  (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof (other than an Adverse Claim on an Approved Settlement Account (but not Collections therein) existing on the Second Amendment Date), (B) any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Lock-Box Account (or related Lock-Box) or, (C) any Person other than the applicable Originator (or an Affiliate) or Settlement Account Bank shall obtain any rights or direct any action with respect to any Approved Settlement Account or (D) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.

 

(iv)                              Name Changes.  At least thirty (30) days before any change in the Borrower’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements filed against the Borrower.

 

(v)                                 Change in Accountants or Accounting Policy.  Any change in (i) the external accountants of the Servicer and (ii) any material accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such purpose).

 

(vi)                              Termination Event.  The occurrence of a Contribution Termination Event.

 

(c)                                  Conduct of Business.  The Servicer will carry on and conduct its business in substantially the same manner and in substantially the same fields, or fields complimentary or ancillary thereto, of enterprise as it is presently conducted, and will do all things necessary to remain duly organized, validly existing and in good standing as a domestic entity in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted if the failure to have such authority could reasonably be expected to have a Material Adverse Effect.

 

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(d)                                 Compliance with Laws.  The Servicer will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably be expected to have a Material Adverse Effect.

 

(e)                                  Furnishing of Information and Inspection of Receivables.  The Servicer will furnish or cause to be furnished to the Administrative Agent and each Group Agent from time to time such information with respect to the Pool Receivables and the other Collateral as the Administrative Agent or any Group Agent may reasonably request.  The Servicer will, at the Servicer’s expense, during regular business hours with prior written notice, (i) permit the Administrative Agent and each Group Agent or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Servicer for the purpose of examining such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Servicer’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent public accountants of the Servicer (provided that representatives of the Servicer are present during such discussions) having knowledge of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at the Servicer’s expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and records with respect to the Pool Receivables and other Collateral; provided, that unless an Event of Default has occurred and is continuing, the Servicer, the Borrower and the Originators shall be required to reimburse the Administrative Agent and Group Agents, together, for only one (1) combined audit of the Servicer pursuant to this Section 8.02(e), of the Borrower pursuant to Section 8.01(g) and of the Originators pursuant to Section 6.1(f) of the Transfer and Contribution Agreement by the Administrative Agent and the Group Agents in any twelve-month period.

 

(f)                                   Payments on Receivables, Lock-Box Accounts.  The Servicer will at all times, instruct all Obligors to deliver payments on the Pool Receivables (i) with respect to Subject Receivables, to an Approved Settlement Account and (ii) with respect to any other Receivable, to a Lock-Box Account or a Lock-Box.  The Servicer shall, and shall cause each Originator to, remit all Collections received in an Approved Settlement Account to a Lock-Box Account no later than five (5) Business Days (or (x) in the case of Collections received in the Exception Account maintained at KeyBank, N.A., six (6) Business Days and (y) in the case of Receivables due and payable on the day of origination, thirty-one (31) calendar days) following receipt thereof.  Following the occurrence of an Event of Default, upon the request of the Administrative Agent, the Servicer shall cause the Administrative Agent to receive read-only access to each Approved Settlement Account or, if read-only access is not available for any Collection Account, daily account statements with respect to such Approved Settlement Account. The Servicer will, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators.  If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Group Agents and the other Secured Parties and promptly (but in any event within one (1) Business Day after receipt) remit such funds into a Lock-Box Account.  The Servicer shall not permit funds other

 

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than Collections on Pool Receivables and other Collateral to be deposited into any Lock-Box Account.  If such funds are nevertheless deposited into any Lock-Box Account, the Servicer will within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds.  Subject to Section 4.01(a), the Servicer will not, and will not permit the Borrower, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Group Agent or any other Secured Party is entitled, with any other funds provided, however, that Collections relating to Subject Receivables may be commingled in an Approved Settlement Account with other funds until required to be remitted to a Lock-Box Account in accordance with this Agreement; provided, however, that any such commingling shall not derogate from the Servicer’s indemnification obligations with respect to commingling pursuant to Section 13.01.  The Servicer shall only add a Lock-Box Account (or a related Lock-Box), or a Lock-Box Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of a Lock-Box Agreement (or an amendment thereto) in form and substance acceptable to the Administrative Agent from the applicable Lock-Box Bank.  The Servicer shall only add an Approved Settlement Account or Settlement Account Bank to those listed on Schedule III to this Agreement, if the Administrative Agent has received notice of such addition. The Servicer shall only terminate a Lock-Box Bank or a Settlement Account Bank or close a Lock-Box Account (or a related Lock-Box) or Approved Settlement Account, in each case, with the prior written consent of the Administrative Agent.

 

(g)                                  Extension or Amendment of Pool Receivables.  Except as otherwise permitted in Section 9.02, the Servicer will not alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect that is adverse to the interests of the Borrower, the Administrative Agent or any other Secured Party, any term or condition of any related Contract. The Servicer shall timely and fully comply with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract.

 

(h)                                 Change in Credit and Collection Policy.  The Servicer will not make any change in the Credit and Collection Policy that would be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the Majority Group Agents.  Promptly following any material change in the Credit and Collection Policy, the Servicer will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

 

(i)                                     Records.  The Servicer will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables (including records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing Pool Receivable).

 

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(j)                                    Identifying of Records.  The Servicer shall identify its master data processing records relating to Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement.

 

(k)                                 Change in Payment Instructions to Obligors.  The Servicer shall not (and shall not permit any Sub-Servicer to) add, replace or terminate any Lock-Box Account (or any related Lock-Box) or Approved Settlement Account or make any change in its instructions to the Obligors regarding payments to be made to the Lock-Box Accounts (or any related Lock-Box) or Approved Settlement Account, other than any instruction to remit payments to a different Lock-Box Account (or any related Lock-Box) (or Approved Settlement Account if a Subject Receivable), unless the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Lock-Box Agreement (or amendment thereto) with respect to such new Lock-Box Accounts (or any related Lock-Box) in each case (x) in form and substance reasonably satisfactory to the Administrative Agent and (y) in accordance with the terms hereof and, if applicable, such Lock-Box Agreement.

 

(l)                                     Security Interest, Etc.  The Servicer shall, at its expense, take all action necessary to establish and maintain a valid and enforceable first priority perfected security interest in the Receivables and that portion of the Collateral in which a security interest may be created under the UCC and perfected by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request.  In order to evidence the security interests of the Administrative Agent under this Agreement, the Servicer shall, from time to time take such action, or execute (if necessary) and deliver such instruments as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables and that portion of the Related Security in which a security interest may be perfected by the filing of a financing statement under the UCC.  The Servicer shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.  The Administrative Agent’s approval of such filings shall authorize the Servicer to file such financing statements under the UCC without the signature of the Borrower, any Originator or the Administrative Agent where allowed by Applicable Law.  The Servicer shall not file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent.

 

(m)                             Further Assurances; Change in Name or Jurisdiction of Origination, etc.  The Servicer hereby agrees from time to time, at its own expense, promptly to deliver all further instruments and documents, and to take all further actions, that may be necessary or reasonably desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more

 

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fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and remedies under this Agreement or any other Transaction Document.  Without limiting the foregoing, the Servicer will, upon the request of the Administrative Agent (with such request being hereby deemed to be an authorization as to such filing by the Administrative Agent), at the Servicer’s own expense, file such financing statements or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary or desirable, or that the Administrative Agent may reasonably request (with such request being hereby deemed to be an authorization as to such filing by the Administrative Agent), to perfect, protect or evidence any of the foregoing.

 

(n)                                 Transaction Information.  None of the Servicer or any third party contracted by the Servicer, shall deliver, in writing or orally, to any Rating Agency, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency, and will not participate in any oral communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent.

 

(o)                                 Anti-Money Laundering/International Trade Law Compliance.  The Servicer will not become a Sanctioned Person.  The Servicer will maintain policies and procedures reasonably designed to ensure compliance with Anti-Terrorism Laws.

 

(p)                                 Approved Settlement Accounts.  The Servicer shall cause each Originator (or its applicable Affiliate that maintains such account) to maintain each Approved Settlement Account in accordance with Section 7.02(n).

 

(q)                                 Chattel Paper.  The Servicer shall not permit any such chattel paper to be in the possession of any Person other than the Servicer (or an Affiliate thereof), the Administrative Agent or the Administrative Agent’s designee.

 

SECTION 8.03.           Separate Existence of the Borrower.  Each of the Borrower and the Servicer hereby acknowledges that the Secured Parties, the Group Agents and the Administrative Agent are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Borrower’s identity as a legal entity separate from any Originator, the Servicer, the Performance Guarantor and their Affiliates.  Therefore, each of the Borrower and Servicer shall take all steps specifically required by this Agreement or reasonably required by the Administrative Agent or any Group Agent to continue the Borrower’s identity as a separate legal entity and to make it apparent to third Persons that the Borrower is an entity with assets and liabilities distinct from those of the Performance Guarantor, the Originators, the Servicer and any other Person, and is not a division of the Performance Guarantor, the Originators, the Servicer, its Affiliates or any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the other covenants set forth herein, each of the Borrower and the Servicer shall take such actions as shall be required in order that:

 

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(a)                                 Special Purpose Entity.  The Borrower will be a special purpose company whose primary activities are restricted in its Limited Liability Company Agreement to: (i) acquiring from the Originators, owning, holding, collecting, or granting security interests in, the Collateral, (ii) entering into agreements for the selling, servicing and financing of the Receivables Pool (including the Transaction Documents) and (iii) conducting such other activities as it deems necessary or appropriate to carry out its primary activities.

 

(b)                                 No Other Business or Debt.  The Borrower shall not engage in any business or activity except as set forth in this Agreement nor, incur any indebtedness or liability other than as expressly permitted by the Transaction Documents.

 

(c)                                  Independent Director.  Not fewer than one member of the Borrower’s board of directors (the “Independent Director”) shall be a natural person who (i) has never been, and shall at no time be, an equityholder, director, officer, manager, member, partner, officer, employee or associate, or any relative of the foregoing, of any member of the Parent Group (other than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of any member or members of the Parent Group), (ii) is not a customer or supplier of any member of the Parent Group (other than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of any member or members of the Parent Group), (iii) is not any member of the immediate family of a person described in (i) or (ii) above, and (iv) has (x) prior experience as an independent director for a corporation or limited liability company whose organizational or charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (y) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.  For purposes of this clause (c), “Parent Group” shall mean (i) First Data, the Servicer, the Performance Guarantor and each Originator, (ii) each person that directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, five percent (5%) or more of the common stock of First Data, (iii) each person that controls, is controlled by or is under common control with First Data and (iv) each of such person’s officers, directors, managers, joint venturers and partners.  For the purposes of this definition, “control” of a person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person or entity, whether through the ownership of voting securities, by contract or otherwise.  A person shall be deemed to be an “associate” of (A) a corporation or organization of which such person is an officer, director, partner or manager or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities, (B) any trust or other estate in which such person serves as trustee or in a similar capacity and (C) any relative or spouse of a person described in clause (A) or (B) of this sentence, or any relative of such spouse.

 

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The Borrower shall (A) give written notice to the Administrative Agent of the election or appointment, or proposed election or appointment, of a new Independent Director of the Borrower, which notice shall be given not later than ten (10) Business Days prior to the date such appointment or election would be effective (except when such election or appointment is necessary to fill a vacancy caused by the death, disability, or incapacity of the existing Independent Director, or the failure of such Independent Director to satisfy the criteria for an Independent Director set forth in this clause (c), in which case the Borrower shall provide written notice of such election or appointment within one (1) Business Day) and (B) with any such written notice, certify to the Administrative Agent that the Independent Director satisfies the criteria for an Independent Director set forth in this clause (c).

 

The Borrower’s Limited Liability Company Agreement shall provide that: (A) the Borrower’s board of directors shall not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Borrower unless the Independent Director shall approve the taking of such action in writing before the taking of such action and (B) such provision and each other provision requiring an Independent Director cannot be amended without the prior written consent of the Independent Director.

 

The Independent Director shall not at any time serve as a trustee in bankruptcy for the Borrower, First Data, the Performance Guarantor, any Originator, the Servicer or any of their respective Affiliates.

 

(d)                                 Organizational Documents.  The Borrower shall maintain its organizational documents in conformity with this Agreement, such that it does not amend, restate, supplement or otherwise modify its ability to comply with the terms and provisions of any of the Transaction Documents.

 

(e)                                  Conduct of Business.  The Borrower shall conduct its affairs in accordance with its organizational documents and observe all necessary, appropriate and customary company formalities, including, but not limited to, holding all regular and special members’ and board of directors’ meetings appropriate to authorize all company action, keeping separate and accurate minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and intercompany transaction accounts.

 

(f)                                   Compensation.  Any employee, consultant or agent of the Borrower will be compensated from the Borrower’s funds for services provided to the Borrower, and to the extent that Borrower shares the same officers or other employees as the Servicer (or any other Affiliate thereof), the salaries and expenses relating to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with such common officers and employees.  The Borrower will not engage any agents other than its attorneys, auditors and other professionals, and a servicer and any other agent contemplated by the Transaction Documents for the Receivables Pool, which servicer will be fully compensated for its services by payment of the Servicing Fee.

 

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(g)                                  Servicing and Costs.  The Borrower will contract with the Servicer to perform for the Borrower all operations required on a daily basis to service the Receivables Pool.  The Borrower will not incur any indirect or overhead expenses for items shared with the Servicer (or any other Affiliate thereof) that are not reflected in the Servicing Fee.  To the extent, if any, that the Borrower (or any Affiliate thereof) shares items of expenses not reflected in the Servicing Fee, such as legal, auditing and other professional services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the value of services rendered.

 

(h)                                 Operating Expenses.  The Borrower’s operating expenses will not be paid by the Servicer, First Data, the Performance Guarantor, any Originator or any Affiliate thereof.

 

(i)                                     Stationery.  The Borrower will have its own separate stationery.

 

(j)                                    Books and Records.  The Borrower’s books and records will be maintained separately from those of the Servicer, First Data, the Performance Guarantor, the Originators and any of their Affiliates and in a manner such that it will not be difficult or costly to segregate, ascertain or otherwise identify the assets and liabilities of the Borrower.

 

(k)                                 Disclosure of Transactions.  The Servicer will ensure that all financial statements of the Servicer or any Affiliate thereof that are consolidated to include the Borrower will disclose that (i) the Borrower’s sole business consists of the purchase or acceptance through capital contributions of the Receivables and Related Rights from the Originators and the subsequent retransfer of or granting of a security interest in such Receivables and Related Rights to the Administrative Agent pursuant to this Agreement, (ii) the Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s equity holders and (iii) the assets of the Borrower are not available to pay creditors of the Servicer or any Affiliate thereof (other than the Borrower).

 

(l)                                     Segregation of Assets.  The Borrower’s assets will be maintained in a manner that facilitates their identification and segregation from those of the Servicer, First Data, the Performance Guarantor, the Originators or any Affiliates thereof.

 

(m)                             Entity Formalities.  The Borrower will strictly observe limited liability company formalities in its dealings with the Servicer, First Data, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower will not be commingled with those of the Servicer, First Data, the Performance Guarantor, the Originators or any Affiliates thereof except as permitted by this Agreement.  The Borrower shall not maintain joint bank accounts or other depository accounts to which the Servicer, First Data, the Performance Guarantor, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access.  The Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, First Data, the Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof (other than the Borrower).  The Borrower will pay to the appropriate Affiliate

 

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the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.

 

(n)                                 Arm’s-Length Relationships.  The Borrower will maintain arm’s-length relationships with the Servicer, First Data, the Performance Guarantor, the Originators and any Affiliates thereof.  Any Person that renders or otherwise furnishes services to the Borrower will be compensated by the Borrower at market rates for such services it renders or otherwise furnishes to the Borrower.  Neither the Borrower on the one hand, nor the Servicer or any Affiliate thereof, on the other hand, will be or will hold itself out to be responsible for the debts of the other or the decisions or actions respecting the daily business and affairs of the other.  The Borrower, the Servicer and their respective Affiliates will immediately correct any known misrepresentation with respect to the foregoing, and they will not operate or purport to operate as an integrated single economic unit with respect to each other or in their dealing with any other entity.

 

(o)                                 Allocation of Overhead.  To the extent that Borrower, on the one hand, and the Servicer, First Data, the Performance Guarantor, any Originator or any Affiliate thereof, on the other hand, have offices in the same location, the Borrower shall pay a fair and appropriate allocation of overhead costs between it and them, and the Borrower shall bear its fair share of such expenses, which may be paid through the Servicing Fee or otherwise.

 

ARTICLE IX

 

ADMINISTRATION AND COLLECTION
 OF RECEIVABLES

 

SECTION 9.01.           Appointment of the Servicer.

 

(a)                                 The servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to time as the Servicer in accordance with this Section 9.01.  Until the Administrative Agent gives notice to First Data (in accordance with this Section 9.01) of the designation of a new Servicer, First Data is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Upon the occurrence of an Event of Default, the Administrative Agent may (with the consent of the Majority Group Agents) and shall (at the direction of the Majority Group Agents) designate as Servicer any Person (including itself) to succeed First Data or any successor Servicer, on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the terms hereof.

 

(b)                                 Upon the designation of a successor Servicer as set forth in clause (a) above, First Data agrees that it will terminate its activities as Servicer hereunder in a manner that the Administrative Agent reasonably determines will facilitate the transition of the performance of such activities to the new Servicer, and First Data shall cooperate with and assist such new Servicer. Such cooperation shall include access to and transfer of records related to Pool

 

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Receivables and use by the new Servicer of all licenses (or the obtaining of new licenses), hardware or software necessary to collect the Pool Receivables and the Related Security.

 

(c)                                  First Data acknowledges that, in making its decision to execute and deliver this Agreement, the Administrative Agent and each member in each Group have relied on First Data’s agreement to act as Servicer hereunder. Accordingly, First Data agrees that it will not voluntarily resign as Servicer without the prior written consent of the Administrative Agent and the Majority Group Agents.

 

(d)                                 The Servicer may delegate its duties and obligations hereunder to any subservicer (each a “Sub-Servicer”); provided, that, in each such delegation: (i) such Sub-Servicer shall agree in writing to perform the delegated duties and obligations of the Servicer pursuant to the terms hereof, (ii) the Servicer shall remain liable for the performance of the duties and obligations so delegated, (iii) the Borrower, the Administrative Agent, each Lender and each Group Agent shall have the right to look solely to the Servicer for performance, (iv) the terms of any agreement with any Sub-Servicer shall provide that the Administrative Agent may terminate such agreement upon the termination of the Servicer hereunder by giving notice of its desire to terminate such agreement to the Servicer (and the Servicer shall provide appropriate notice to each such Sub-Servicer) and (v) if such Sub-Servicer is not an Affiliate of First Data, the Administrative Agent and the Majority Group Agents shall have consented in writing in advance to such delegation.

 

SECTION 9.02.           Duties of the Servicer.

 

(a)                                 The Servicer shall take or cause to be taken all such action as may be necessary to service, administer and collect each Pool Receivable from time to time, all in accordance with this Agreement and all Applicable Laws, with reasonable care and diligence, and in accordance with the Credit and Collection Policy and consistent with the past practices of the Originators.  The Servicer shall set aside, for the accounts of each Group, the amount of Collections to which each such Group is entitled in accordance with Article IV hereof.  The Servicer may, in accordance with the Credit and Collection Policy and consistent with past practices of the Originators, take such action, including modifications, waivers or restructurings of Pool Receivables and related Contracts, as the Servicer may reasonably determine to be appropriate to maximize Collections thereof or reflect adjustments expressly permitted under the Credit and Collection Policy or as expressly required under Applicable Laws or the applicable Contract; provided, that for purposes of this Agreement: (i) such action shall not, and shall not be deemed to, change the number of days such Pool Receivable has remained unpaid from the date of the original due date related to such Pool Receivable, (ii) such action shall not alter the status of such Pool Receivable as a Delinquent Receivable or a Defaulted Receivable or limit the rights of any Secured Party under this Agreement or any other Transaction Document and (iii) if an Event of Default has occurred and is continuing, the Servicer may take such action only upon the prior written consent of the Administrative Agent.  The Borrower shall deliver to the Servicer and the Servicer shall hold for the benefit of the Administrative Agent (individually and for the benefit of each Group), in accordance with their respective interests, all records and documents (including computer tapes or disks) with respect to each Pool Receivable.

 

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(b)                                 The Servicer, if other than First Data or an Affiliate thereof, shall, as soon as practicable upon demand, deliver to the Borrower all records in its possession that evidence or relate to any indebtedness that is not a Pool Receivable, and copies of records in its possession that evidence or relate to any indebtedness that is a Pool Receivable.

 

(c)                                  The Servicer’s obligations hereunder shall terminate on the Final Payout Date.  Promptly following the Final Payout Date, the Servicer shall deliver to the Borrower all books, records and related materials that the Borrower previously provided to the Servicer, or that have been obtained by the Servicer, in connection with this Agreement.

 

SECTION 9.03.           Lock-Box Account Arrangements.  Prior to the Closing Date, the Borrower shall have entered into Lock-Box Agreements with all of the Lock-Box Banks and delivered executed counterparts of each to the Administrative Agent.  Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may (with the consent of the Majority Group Agents) and shall (upon the direction of the Majority Group Agents) at any time thereafter give notice to each Lock-Box Bank that the Administrative Agent is exercising its rights under the Lock-Box Agreements to do any or all of the following: (a) to assume exclusive control of each Lock-Box Account, (b) to have the proceeds that are sent to the respective Lock-Box Accounts redirected pursuant to the Administrative Agent’s instructions rather than deposited in the applicable Lock-Box Account and (c) to take any or all other actions permitted under the applicable Lock-Box Agreement.  The Borrower hereby agrees that if the Administrative Agent at any time takes any action set forth in the preceding sentence, the Administrative Agent shall have exclusive control (for the benefit of the Secured Parties) of the proceeds (including Collections) of all Pool Receivables and the Borrower hereby further agrees to take any other action that the Administrative Agent may reasonably request to transfer such control.  Any proceeds of Pool Receivables received by the Borrower or the Servicer thereafter shall be sent immediately to, or as otherwise instructed by, the Administrative Agent.

 

SECTION 9.04.           Enforcement Rights.

 

(a)                                 At any time following the occurrence and during the continuation of an Event of Default:

 

(i)                                     the Administrative Agent (at the Borrower’s expense) may direct the Obligors that payment of all amounts payable under any Pool Receivable is to be made directly to the Administrative Agent or its designee;

 

(ii)                                  the Administrative Agent may instruct the Borrower or the Servicer to give notice of the Secured Parties’ interest in Pool Receivables to each Obligor, which notice shall direct that payments be made directly to the Administrative Agent or its designee (on behalf of the Secured Parties), and the Borrower or the Servicer, as the case may be, shall give such notice at the expense of the Borrower or the Servicer, as the case may be; provided, that if the Borrower or the Servicer, as the case may be, fails to so notify each Obligor within two (2) Business Days following instruction by the Administrative Agent, the Administrative Agent (at the Borrower’s or the Servicer’s, as the case may be, expense) may so notify the Obligors;

 

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(iii)                               the Administrative Agent may request the Servicer to, and upon such request the Servicer shall: (A) assemble all of the records necessary to collect the Pool Receivables and the Related Security, and transfer or license to a successor Servicer the use of all software necessary to collect the Pool Receivables and the Related Security, and make the same available to the Administrative Agent or its designee (for the benefit of the Secured Parties) at a place selected by the Administrative Agent and (B) segregate all cash, checks and other instruments received by it from time to time constituting Collections in a manner reasonably acceptable to the Administrative Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Administrative Agent or its designee;

 

(iv)                              assume exclusive control of each Lock-Box Account and notify the Lock-Box Banks that the Borrower and the Servicer will no longer have any access to the Lock-Box Accounts;

 

(v)                                 the Administrative Agent may (or, at the direction of the Majority Group Agents shall) replace the Person then acting as Servicer; and

 

(vi)                              the Administrative Agent may collect any amounts due from an Originator under the Transfer and Contribution Agreement or the Performance Guarantor under the Performance Guaranty.

 

(b)                                 The Borrower hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Borrower, which appointment is coupled with an interest, to take any and all steps in the name of the Borrower and on behalf of the Borrower necessary or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation of an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the name of the Borrower on checks and other instruments representing Collections and enforcing such Collateral.  Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

(c)                                  The Servicer hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Servicer, which appointment is coupled with an interest, to take any and all steps in the name of the Servicer and on behalf of the Servicer necessary or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation of an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the name of the Servicer on checks and other instruments representing Collections and enforcing such Collateral.  Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding sentence shall

 

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subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

SECTION 9.05.           Responsibilities of the Borrower.

 

(a)                                 Anything herein to the contrary notwithstanding, the Borrower shall pay when due any taxes, including any sales taxes payable in connection with the Pool Receivables and their creation and satisfaction. None of the Credit Parties shall have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the Borrower, the Servicer or any Originator thereunder.

 

(b)                                 First Data hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder, it shall act (if the then-current Servicer so requests) as the data-processing agent of the Servicer and, in such capacity, First Data shall conduct the data-processing functions of the administration of the Receivables and the Collections thereon in substantially the same way that First Data conducted such data-processing functions while it acted as the Servicer.  In connection with any such processing functions, the Borrower shall pay to First Data its reasonable out-of-pocket costs and expenses from the Borrower’s own funds (subject to the priority of payments set forth in Section 4.01).

 

SECTION 9.06.           Servicing Fee.

 

(a)                                 Subject to clause (b) below, the Borrower shall pay the Servicer a fee (the “Servicing Fee”) equal to 1.00% per annum (the “Servicing Fee Rate”) of the daily average aggregate Outstanding Balance of the Pool Receivables.  Accrued Servicing Fees shall be payable from Collections to the extent of available funds in accordance with Section 4.01.

 

(b)                                 If the Servicer ceases to be First Data or an Affiliate thereof, the Servicing Fee shall be the greater of: (i) the amount calculated pursuant to clause (a) above and (ii) an alternative amount specified by the successor Servicer not to exceed 110% of the aggregate reasonable costs and expenses incurred by such successor Servicer in connection with the performance of its obligations as Servicer hereunder.

 

ARTICLE X

 

EVENTS OF DEFAULT

 

SECTION 10.01.    Events of Default.  If any of the following events (each an “Event of Default”) shall occur:

 

(a)                                 (i) the Borrower, any Originator, the Performance Guarantor or the Servicer shall fail to perform or observe any term, covenant or agreement under this Agreement or any other Transaction Document (other than any such failure which would constitute an Event of Default under clause (ii) or (iii) of this paragraph (a)), and such failure, solely to the extent capable of cure, shall continue for ten (10) Business Days, (ii) the Borrower, any Originator, the Performance Guarantor or the Servicer shall fail to make when due any payment or deposit to be

 

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made by it under this Agreement or any other Transaction Document (including, for the avoidance of doubt, any remittance required to be made from an Approved Settlement Account to a Lock-Box Account pursuant to Section 8.01(h) or 8.02(f)) and such failure shall continue unremedied for two (2) Business Days or (iii) First Data shall resign as Servicer, and no successor Servicer reasonably satisfactory to the Administrative Agent shall have been appointed;

 

(b)                                 any representation or warranty made or deemed made by the Borrower, any Originator, the Performance Guarantor or the Servicer (or any of their respective officers) under or in connection with this Agreement or any other Transaction Document or any information or report delivered by the Borrower, any Originator, the Performance Guarantor or the Servicer pursuant to this Agreement or any other Transaction Document, shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered;

 

(c)                                  the Servicer shall fail to deliver an Information Package pursuant to this Agreement, and such failure shall remain unremedied for two (2) Business Days;

 

(d)                                 this Agreement or any security interest granted pursuant to this Agreement or any other Transaction Document shall for any reason cease to create, or for any reason cease to be, a valid and enforceable first priority perfected security interest in favor of the Administrative Agent with respect to the Collateral, free and clear of any Adverse Claim;

 

(e)                                  (i) the Borrower, any Originator, the Performance Guarantor or the Servicer shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or (ii) any Insolvency Proceeding shall be instituted by or against the Borrower, any Originator, the Performance Guarantor or the Servicer and, in the case of any such proceeding instituted against any Originator, the Performance Guarantor or the Servicer (but not instituted by such Person), either such proceeding is not controverted within thirty (30) days after commencement of such proceeding or not dismissed within sixty (60) days after commencement of such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or for any substantial part of its property) shall occur; or (iii) the Borrower, any Originator, the Performance Guarantor or the Servicer shall take any corporate or organizational action to authorize any of the actions set forth above in this paragraph; or (iv) the Borrower, any Originator, the Performance Guarantor or the Servicer suffers any appointment of any custodian receiver, receiver manager, trustee, administrator or the like for it or any substantial part of its property, and, in the case of any Originator, the Performance Guarantor or the Servicer, such appointment continues undischarged or unstayed for a period of sixty (60) days;

 

(f)                                   (i) the average for three consecutive Fiscal Months of:  (A) the Default Ratio shall exceed 2.0%, (B) the Delinquency Ratio shall exceed 6.0% or (C) the Dilution Ratio shall exceed 2.5% or (ii) the Days’ Sales Outstanding shall exceed 50 days;

 

(g)                                  a Change in Control shall occur;

 

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(h)                                 a Borrowing Base Deficit shall exist and shall not have been cured within two (2) Business Days;

 

(i)                                     (i) the Borrower shall fail to pay any principal of or premium or interest on any of its Debt when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement, mortgage, indenture or instrument relating to such Debt (whether or not such failure shall have been waived under the related agreement); (ii) any Originator, the Performance Guarantor or the Servicer, or any of their respective Subsidiaries, individually or in the aggregate, shall fail to pay any principal of or premium or interest on (x) the Credit Agreement or (y) any of its other Debt that is outstanding in a principal amount of at least $100,000,000 in the aggregate, in each case, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the Credit Agreement or such agreement, mortgage, indenture or instrument relating to such Debt (whether or not such failure shall have been waived under the related agreement); (iii) any other event shall occur or condition shall exist under the Credit Agreement or any other agreement, mortgage, indenture or instrument relating to any such Debt (as referred to in clause (i) or (ii) of this paragraph and shall continue after the applicable grace period (not to exceed 30 days), if any, specified in the Credit Agreement or such other agreement, mortgage, indenture or instrument (whether or not such failure shall have been waived under the related agreement), if the effect of such event or condition is to give the applicable debtholders the right (whether acted upon or not) to accelerate the maturity of such Debt (as referred to in clause (i) or (ii) of this paragraph) or to terminate the commitment of any lender thereunder, or (iv) any such Debt (as referred to in clause (i) or (ii) of this paragraph) shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to be made or the commitment of any lender thereunder terminated, in each case before the stated maturity thereof;

 

(j)                                    the Performance Guarantor shall fail to perform any of its obligations under the Performance Guaranty and such failure shall continue unremedied for two (2) Business Days;

 

(k)                                 the Borrower shall fail (x) at any time (other than for ten (10) Business Days following notice of the death or resignation of any Independent Director) to have an Independent Director who satisfies each requirement and qualification specified in Section 8.03(c) of this Agreement for Independent Directors, on the Borrower’s board of directors or (y) to timely notify the Administrative Agent of any replacement or appointment of any director that is to serve as an Independent Director on the Borrower’s board of directors as required pursuant to Section 8.03(c) of this Agreement;

 

(l)                                     either (i) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower, any Originator or First Data or (ii) the PBGC shall, or shall indicate its intention to, file notice of a lien pursuant to Section

 

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4068 of ERISA with regard to any of the assets of the Borrower, the Servicer, any Originator or First Data;

 

(m)                             (i) the occurrence of a Reportable Event; (ii) the adoption of an amendment to a Pension Plan that would require the provision of security pursuant to Section 401(a)(29) of the Code; (iii) the existence with respect to any Multiemployer Plan of an “accumulated funding deficiency” (as defined in Section 431 of the Code or Section 304 of ERISA), whether or not waived; (iv) the failure to satisfy the minimum funding standard under Section 412 of the Code with respect to any Pension Plan (v) the incurrence of any liability under Title IV of ERISA with respect to the termination of any Pension Plan or the withdrawal or partial withdrawal of any of the Borrower, any Originator, the Servicer, First Data or any of their respective ERISA Affiliates from any Multiemployer Plan; (vi) the receipt by any of the Borrower, any Originator, the Servicer, First Data or any of their respective ERISA Affiliates  from  the PBGC or any plan administrator of any notice relating to the intention to terminate any Pension Plan or Multiemployer Plan or to appoint a trustee to administer any Pension Plan or Multiemployer Plan; (vii) the receipt by the Borrower, any Originator, the Servicer, First Data or any of their respective ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA; (viii) the occurrence of a prohibited transaction with respect to any of the Borrower, any Originator, the Servicer, First Data or any of their respective ERISA Affiliates (pursuant to Section 4975 of the Code); (ix) the occurrence or existence of any other similar event or condition with respect to a Pension Plan or a Multiemployer Plan, with respect to each of clause (i) through (ix), either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or a Borrower Material Adverse Effect;

 

(n)                                 a Contribution Termination Event shall occur under the Transfer and Contribution Agreement;

 

(o)                                 the Borrower shall be required to register as an “investment company” within the meaning of the Investment Company Act;

 

(p)                                 any material provision of this Agreement or any other Transaction Document shall cease to be in full force and effect or any of the Borrower, any Originator, the Performance Guarantor or the Servicer (or any of their respective Affiliates) shall so state in writing;

 

(q)                                 one or more judgments or decrees shall be entered against the Borrower, any Originator, the Performance Guarantor or the Servicer, or any Affiliate of any of the foregoing involving in the aggregate a liability (not paid or to the extent not covered by a reputable and solvent carrier not disputing coverage) and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any period of sixty (60) consecutive days, and the aggregate amount of all such judgments equals or exceeds $100,000,000 (or solely with respect to the Borrower, $12,500); or

 

(r)                                    the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio for any Test Period shall exceed the ratio of 6.0 to 1.0.  For purposes of this clause (tr), unless

 

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otherwise defined in this Agreement, terms used herein (including all defined terms used within such terms ) shall have the respective meaning assigned to such terms in the Credit Agreement as in effect on the Closing Date; provided, however, if after the Closing Date, any term used herein (including all defined terms used within such terms ) is amended or modified, then for all purposes of this clause (tr), such term shall automatically and without further action on the part of any Person, be deemed to be also so amended or modified, if at the time of such amendment or modification, (i) the Majority Group Agents (or an Affiliate thereof) is a party to the Credit Agreement and consented to such amendment or modification (or otherwise acknowledged and accepted by the Majority Group Agents hereunder) and (ii) such amendment or modification is consummated in accordance with the terms of the Credit Agreement;

 

then, and in any such event, the Administrative Agent may (or, at the direction of the Majority Group Agents shall) by notice to the Borrower (x) declare the Termination Date to have occurred (in which case the Termination Date shall be deemed to have occurred), (y) declare the Final Maturity Date to have occurred (in which case the Final Maturity Date shall be deemed to have occurred) and (z) declare the Aggregate Capital and all other Borrower Obligations to be immediately due and payable (in which case the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable); provided that, automatically upon the occurrence of any event (without any requirement for the giving of notice) described in subsection (e) of this Section 10.01 with respect to the Borrower, the Termination Date shall occur and the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable.  Upon any such declaration or designation or upon such automatic termination, the Administrative Agent and the other Secured Parties shall have, in addition to the rights and remedies which they may have under this Agreement and the other Transaction Documents, all other rights and remedies provided after default under the UCC and under other Applicable Law, which rights and remedies shall be cumulative.  Any proceeds from liquidation of the Collateral shall be applied in the order of priority set forth in Section 4.01.

 

ARTICLE XI

 

THE ADMINISTRATIVE AGENT

 

SECTION 11.01.    Authorization and Action.  Each Credit Party hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto.  The Administrative Agent shall not have any duties other than those expressly set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document, or otherwise exist, against the Administrative Agent.  The Administrative Agent does not assume, nor shall it be deemed to have assumed, any obligation to, or relationship of trust or agency with, the Borrower or any Affiliate thereof or any Credit Party except for any obligations expressly set forth herein.  Notwithstanding any provision of this Agreement or any other Transaction Document, in no event shall the Administrative Agent ever be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to any provision of any Transaction Document or Applicable Law.

 

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SECTION 11.02.    Administrative Agent’s Reliance, Etc.Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement (including, without limitation, the Administrative Agent’s servicing, administering or collecting Pool Receivables in the event it replaces the Servicer in such capacity pursuant to Section 9.01), in the absence of its or their own gross negligence or willful misconduct.  Without limiting the generality of the foregoing, the Administrative Agent: (a) may consult with legal counsel (including counsel for any Credit Party or the Servicer), independent certified public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Credit Party (whether written or oral) and shall not be responsible to any Credit Party for any statements, warranties or representations (whether written or oral) made by any other party in or in connection with this Agreement; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of any Credit Party or to inspect the property (including the books and records) of any Credit Party; (d) shall not be responsible to any Credit Party for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (e) shall be entitled to rely, and shall be fully protected in so relying, upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties.

 

SECTION 11.03.    Administrative Agent and Affiliates.  With respect to any Credit Extension or interests therein owned by any Credit Party that is also the Administrative Agent, such Credit Party shall have the same rights and powers under this Agreement as any other Credit Party and may exercise the same as though it were not the Administrative Agent.  The Administrative Agent and any of its Affiliates may generally engage in any kind of business with the Borrower or any Affiliate thereof and any Person who may do business with or own securities of the Borrower or any Affiliate thereof, all as if the Administrative Agent were not the Administrative Agent hereunder and without any duty to account therefor to any other Secured Party.

 

SECTION 11.04.    Indemnification of Administrative Agent.  Each Committed Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower or any Affiliate thereof), ratably according to the Commitment (or after the Termination Date, Capital) of such Committed Lender, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any other Transaction Document or any action taken or omitted by the Administrative Agent under this Agreement or any other Transaction Document; provided that no Committed Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct.

 

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SECTION 11.05. Delegation of Duties.  The Administrative Agent may execute any of its duties through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 

SECTION 11.06. Action or Inaction by Administrative Agent.  The Administrative Agent shall in all cases be fully justified in failing or refusing to take action under any Transaction Document unless it shall first receive such advice or concurrence of the Group Agents or the Majority Group Agents, as the case may be, and assurance of its indemnification by the Committed Lenders, as it deems appropriate.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or at the direction of the Group Agents or the Majority Group Agents, as the case may be, and such request or direction and any action taken or failure to act pursuant thereto shall be binding upon all Credit Parties.  The Credit Parties and the Administrative Agent agree that unless any action to be taken by the Administrative Agent under a Transaction Document (i) specifically requires the advice or concurrence of all Group Agents or (ii) may be taken by the Administrative Agent alone or without any advice or concurrence of any Group Agent, then the Administrative Agent may take action based upon the advice or concurrence of the Majority Group Agents.

 

SECTION 11.07. Notice of Events of Default; Action by Administrative Agent.  The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Unmatured Event of Default or Event of Default unless the Administrative Agent has received notice from any Credit Party or the Borrower stating that an Unmatured Event of Default or Event of Default has occurred hereunder and describing such Unmatured Event of Default or Event of Default.  If the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Group Agent, whereupon each Group Agent shall promptly give notice thereof to its respective Conduit Lender(s) and Related Committed Lender(s). The Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, concerning an Unmatured Event of Default or Event of Default or any other matter hereunder as the Administrative Agent deems advisable and in the best interests of the Secured Parties.

 

SECTION 11.08. Non-Reliance on Administrative Agent and Other Parties.  Each Credit Party expressly acknowledges that neither the Administrative Agent nor any of its directors, officers, agents or employees has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent.  Each Credit Party represents and warrants to the Administrative Agent that, independently and without reliance upon the Administrative Agent or any other Credit Party and based on such documents and information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower, each Originator, the Performance Guarantor or the Servicer and the Pool Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document.  Except for items expressly required to be delivered under any Transaction Document by the

 

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Administrative Agent to any Credit Party, the Administrative Agent shall not have any duty or responsibility to provide any Credit Party with any information concerning the Borrower, any Originator, the Performance Guarantor or the Servicer that comes into the possession of the Administrative Agent or any of its directors, officers, agents, employees, attorneys-in-fact or Affiliates.

 

SECTION 11.09. Successor Administrative Agent.

 

(a)           The Administrative Agent may, upon at least thirty (30) days’ notice to the Borrower, the Servicer and each Group Agent, resign as Administrative Agent.  Except as provided below, such resignation shall not become effective until a successor Administrative Agent is appointed by the Majority Group Agents as a successor Administrative Agent and has accepted such appointment.  If no successor Administrative Agent shall have been so appointed by the Majority Group Agents, within thirty (30) days after the departing Administrative Agent’s giving of notice of resignation, the departing Administrative Agent may, on behalf of the Secured Parties, appoint a successor Administrative Agent as successor Administrative Agent.  If no successor Administrative Agent shall have been so appointed by the Majority Group Agents within sixty (60) days after the departing Administrative Agent’s giving of notice of resignation, the departing Administrative Agent may, on behalf of the Secured Parties, petition a court of competent jurisdiction to appoint a successor Administrative Agent.

 

(b)           Upon such acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with all the rights and duties of the resigning Administrative Agent, and the resigning Administrative Agent shall be discharged from its duties and obligations under the Transaction Documents.  After any resigning Administrative Agent’s resignation hereunder, the provisions of this Article XI and Article XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent.

 

SECTION 11.10. Structuring Agent.  Each of the parties hereto hereby acknowledges and agrees that the Structuring Agent shall not have any right, power, obligation, liability, responsibility or duty under this Agreement.  Each Credit Party acknowledges that it has not relied, and will not rely, on the Structuring Agent in deciding to enter into this Agreement and to take, or omit, action under any Transaction Document.

 

ARTICLE XII

 

THE GROUP AGENTS

 

SECTION 12.01. Authorization and Action.  Each Credit Party that belongs to a Group hereby appoints and authorizes the Group Agent for such Group to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Group Agent by the terms hereof, together with such powers as are reasonably incidental thereto.  No Group Agent shall have any duties other than those expressly set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document, or otherwise exist, against any Group Agent.  No Group Agent assumes, nor shall it

 

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be deemed to have assumed, any obligation to, or relationship of trust or agency with the Borrower or any Affiliate thereof, any Lender except for any obligations expressly set forth herein.  Notwithstanding any provision of this Agreement or any other Transaction Document, in no event shall any Group Agent ever be required to take any action which exposes such Group Agent to personal liability or which is contrary to any provision of any Transaction Document or Applicable Law.

 

SECTION 12.02. Group Agent’s Reliance, Etc.No Group Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as a Group Agent under or in connection with this Agreement or any other Transaction Documents in the absence of its or their own gross negligence or willful misconduct.  Without limiting the generality of the foregoing, a Group Agent: (a) may consult with legal counsel (including counsel for the Administrative Agent, the Borrower or the Servicer), independent certified public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Credit Party (whether written or oral) and shall not be responsible to any Credit Party for any statements, warranties or representations (whether written or oral) made by any other party in or in connection with this Agreement or any other Transaction Document; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Transaction Document on the part of the Borrower or any Affiliate thereof or any other Person or to inspect the property (including the books and records) of the Borrower or any Affiliate thereof; (d) shall not be responsible to any Credit Party for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Transaction Documents or any other instrument or document furnished pursuant hereto; and (e) shall be entitled to rely, and shall be fully protected in so relying, upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties.

 

SECTION 12.03. Group Agent and Affiliates.  With respect to any Credit Extension or interests therein owned by any Credit Party that is also a Group Agent, such Credit Party shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not a Group Agent.  A Group Agent and any of its Affiliates may generally engage in any kind of business with the Borrower or any Affiliate thereof and any Person who may do business with or own securities of the Borrower or any Affiliate thereof or any of their respective Affiliates, all as if such Group Agent were not a Group Agent hereunder and without any duty to account therefor to any other Secured Party.

 

SECTION 12.04. Indemnification of Group Agents.  Each Committed Lender in any Group agrees to indemnify the Group Agent for such Group (to the extent not reimbursed by the Borrower or any Affiliate thereof), ratably according to the proportion of the Commitment (or after the Termination Date, Capital) of such Committed Lender to the aggregate Commitment (or after the Termination Date, Capital) of all Committed Lenders in such Group, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against such Group Agent in any way relating to or arising out of this Agreement

 

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or any other Transaction Document or any action taken or omitted by such Group Agent under this Agreement or any other Transaction Document; provided that no Committed Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Group Agent’s gross negligence or willful misconduct.

 

SECTION 12.05. Delegation of Duties.  Each Group Agent may execute any of its duties through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  No Group Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 

SECTION 12.06. Notice of Events of Default.  No Group Agent shall be deemed to have knowledge or notice of the occurrence of any Unmatured Event of Default or Event of Default unless such Group Agent has received notice from the Administrative Agent, any other Group Agent, any other Credit Party, the Servicer or the Borrower stating that an Unmatured Event of Default or Event of Default has occurred hereunder and describing such Unmatured Event of Default or Event of Default.  If a Group Agent receives such a notice, it shall promptly give notice thereof to the Credit Parties in its Group and to the Administrative Agent (but only if such notice received by such Group Agent was not sent by the Administrative Agent).  A Group Agent may take such action concerning an Unmatured Event of Default or Event of Default as may be directed by Committed Lenders in its Group representing a majority of the Commitments in such Group (subject to the other provisions of this Article XII), but until such Group Agent receives such directions, such Group Agent may (but shall not be obligated to) take such action, or refrain from taking such action, as such Group Agent deems advisable and in the best interests of the Conduit Lenders and Committed Lenders in its Group.

 

SECTION 12.07. Non-Reliance on Group Agent and Other Parties.  Each Credit Party expressly acknowledges that neither the Group Agent for its Group nor any of such Group Agent’s directors, officers, agents or employees has made any representations or warranties to it and that no act by such Group Agent hereafter taken, including any review of the affairs of the Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty by such Group Agent.  Each Credit Party represents and warrants to the Group Agent for its Group that, independently and without reliance upon such Group Agent, any other Group Agent, the Administrative Agent or any other Credit Party and based on such documents and information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower or any Affiliate thereof and the Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document.  Except for items expressly required to be delivered under any Transaction Document by a Group Agent to any Credit Party in its Group, no Group Agent shall have any duty or responsibility to provide any Credit Party in its Group with any information concerning the Borrower or any Affiliate thereof that comes into the possession of such Group Agent or any of its directors, officers, agents, employees, attorneys-in-fact or Affiliates.

 

SECTION 12.08. Successor Group Agent.  Any Group Agent may, upon at least thirty (30) days’ notice to the Administrative Agent, the Borrower, the Servicer and the Credit Parties

 

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in its Group, resign as Group Agent for its Group.  Such resignation shall not become effective until a successor Group Agent is appointed by the Lender(s) in such Group.  Upon such acceptance of its appointment as Group Agent for such Group hereunder by a successor Group Agent, such successor Group Agent shall succeed to and become vested with all the rights and duties of the resigning Group Agent, and the resigning Group Agent shall be discharged from its duties and obligations under the Transaction Documents.  After any resigning Group Agent’s resignation hereunder, the provisions of this Article XII and Article XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Group Agent.

 

SECTION 12.09. Reliance on Group Agent.  Unless otherwise advised in writing by a Group Agent or by any Credit Party in such Group Agent’s Group, each party to this Agreement may assume that (i) such Group Agent is acting for the benefit and on behalf of each of the Credit Parties in its Group, as well as for the benefit of each assignee or other transferee from any such Person and (ii) each action taken by such Group Agent has been duly authorized and approved by all necessary action on the part of the Credit Parties in its Group.

 

ARTICLE XIII

 

INDEMNIFICATION

 

SECTION 13.01. Indemnities by the Borrower.

 

(a)           Without limiting any other rights that the Administrative Agent, the Credit Parties, the Affected Persons and their respective assigns, officers, directors, agents and employees (each, a “Borrower Indemnified Party”) may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify each Borrower Indemnified Party from and against any and all claims, losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Borrower Indemnified Amounts”) arising out of or resulting from this Agreement or any other Transaction Document or the use of proceeds of the Credit Extensions or the security interest in respect of any Pool Receivable or any other Collateral; excluding, however, (a) any portion of Borrower Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such portion of such Borrower Indemnified Amounts resulted from the gross negligence or willful misconduct by the Borrower Indemnified Party seeking indemnification and (b) Taxes other than as described in clause (xiv) below or Taxes that represent losses, claims or damages arising from any non-Tax claim.  Without limiting or being limited by the foregoing, the Borrower shall pay on demand (it being understood that if any portion of such payment obligation is made from Collections, such payment will be made at the time and in the order of priority set forth in Section 4.01), to each Borrower Indemnified Party any and all amounts necessary to indemnify such Borrower Indemnified Party from and against any and all Borrower Indemnified Amounts relating to or resulting from any of the following (but excluding Borrower Indemnified Amounts described in clause (a) above and Taxes described in clause(b) above):

 

(i)            any Pool Receivable which the Borrower or the Servicer includes as an Eligible Receivable as part of the Net Receivables Pool Balance but which is not an Eligible Receivable at such time;

 

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(ii)           any representation, warranty or statement made or deemed made by the Borrower (or any of its respective officers) under or in connection with this Agreement, any of the other Transaction Documents, any Information Package or any other information or report delivered by or on behalf of the Borrower pursuant hereto which shall have been untrue or incorrect when made or deemed made;

 

(iii)          the failure by the Borrower to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iv)          the failure to vest in the Administrative Agent a first priority perfected security interest in all or any portion of the Collateral, in each case free and clear of any Lien;

 

(v)           the failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any Pool Receivable and the other Collateral and Collections in respect thereof, whether at the time of any Credit Extension or at any subsequent time;

 

(vi)          any dispute, claim or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Pool Receivable (including, without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from or relating to collection activities with respect to such Pool Receivable;

 

(vii)         any failure of the Borrower to perform any of its duties or obligations in accordance with the provisions hereof and of each other Transaction Document related to Pool Receivables or to timely and fully comply with the Credit and Collection Policy in regard to each Pool Receivable;

 

(viii)        any products liability, environmental or other claim arising out of or in connection with any Pool Receivable or other merchandise, goods or services which are the subject of or related to any Pool Receivable;

 

(ix)          the commingling of Collections of Pool Receivables at any time with other funds, including any commingling in any Approved Settlement Account;

 

(x)           any investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document or the use of proceeds of any Credit Extensions or in respect of any Pool Receivable, Approved Settlement Account or other Collateral or any related Contract;

 

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(xi)          any failure of the Borrower to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction Document;

 

(xii)         any setoff with respect to any Pool Receivable;

 

(xiii)        any claim brought by any Person other than a Borrower Indemnified Party arising from any activity by the Borrower or any Affiliate of the Borrower in servicing, administering or collecting any Pool Receivable;

 

(xiv)        the failure by the Borrower to pay when due any taxes, including, without limitation, sales, excise or personal property taxes;

 

(xv)         any failure of a Lock-Box Bank to comply with the terms of the applicable Lock-Box Agreement or any amounts payable by the Administrative Agent to a Lock-Box Bank under any Lock-Box Agreement;

 

(xvi)        any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Pool Receivable (including, without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of goods or the rendering of services related to such Pool Receivable or the furnishing or failure to furnish any such goods or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed indebtedness;

 

(xvii)       any action taken by the Administrative Agent as attorney-in-fact for the Borrower, any Originator or the Servicer pursuant to this Agreement or any other Transaction Document;

 

(xviii)      the use of proceeds of any Credit Extension; or

 

(xix)        any reduction in Capital as a result of the distribution of Collections if all or a portion of such distributions shall thereafter be rescinded or otherwise must be returned for any reason.

 

(b)           Notwithstanding anything to the contrary in this Agreement, solely for purposes of the Borrower’s indemnification obligations in clauses (ii), (iii), (vii) and (xi) of this Article XIII, any representation, warranty or covenant qualified by the occurrence or non-occurrence of a material adverse effect or similar concepts of materiality shall be deemed to be not so qualified.

 

(c)           If for any reason the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in Section 13.01(a)) to any Borrower Indemnified Party or insufficient to hold it harmless, then the Borrower shall contribute to such Borrower Indemnified Party the amount paid or payable by such Borrower Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic

 

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interests of the Borrower and its Affiliates on the one hand and such Borrower Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Borrower and its Affiliates and such Borrower Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations.  The reimbursement, indemnity and contribution obligations of the Borrower under this Section shall be in addition to (but without duplication of) any liability which the Borrower may otherwise have, shall extend upon the same terms and conditions to each Borrower Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Borrower and the Borrower Indemnified Parties.

 

(d)           Any indemnification or contribution under this Section shall survive the termination of this Agreement.

 

SECTION 13.02. Indemnification by the Servicer.

 

(a)           The Servicer hereby agrees to indemnify and hold harmless the Borrower, the Administrative Agent, the Credit Parties, the Affected Persons and their respective assigns, officers, directors, agents and employees (each, a “Servicer Indemnified Party”), from and against any loss, liability, expense, damage or injury suffered or sustained by reason of any acts, omissions or alleged acts or omissions arising out of activities of the Servicer pursuant to this Agreement or any other Transaction Document, including any judgment, award, settlement, Attorney Costs and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim (all of the foregoing being collectively referred to as, “Servicer Indemnified Amounts”); excluding (i) any portion of Servicer Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such portion of such Servicer Indemnified Amounts resulted from the gross negligence or willful misconduct by the Servicer Indemnified Party seeking indemnification, (ii) Taxes other than Taxes that represent losses, claims or damages arising from any non-Tax claim, and (iii) Servicer Indemnified Amounts to the extent the same includes losses in respect of Pool Receivables that are uncollectible solely on account of the insolvency, bankruptcy, lack of creditworthiness or other financial inability to pay of the related Obligor.  Without limiting or being limited by the foregoing, the Servicer shall pay on demand, to each Servicer Indemnified Party any and all amounts necessary to indemnify such Servicer Indemnified Party from and against any and all Servicer Indemnified Amounts relating to or resulting from any of the following (but excluding Servicer Indemnified Amounts described in clauses (i), (ii) and (iii) above):

 

(i)            any representation, warranty or statement made or deemed made by the Servicer (or any of its respective officers) under or in connection with this Agreement, any of the other Transaction Documents, any Information Package or any other information in writing or written report delivered by or on behalf of the Servicer pursuant hereto which shall have been untrue or incorrect when made or deemed made;

 

(ii)           the failure by the Servicer to comply with any Applicable Law with respect to its servicing of any Pool Receivable or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

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(iii)          any failure of a Lock-Box Bank to comply with the terms of the applicable Lock-Box Agreement or any amounts payable by the Administrative Agent to a Lock-Box Bank under any Lock-Box Agreement;

 

(iv)          the commingling of Collections of Pool Receivables at any time with other funds, including any commingling in any Approved Settlement Account; or

 

(v)           any failure of the Servicer to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction Document.; or

 

(vi)          any investigation, litigation or proceeding (actual or threatened) related to any Approved Settlement Account or other Collateral or any related Contract.

 

(b)           If for any reason the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in Section 13.02(a)) to any Servicer Indemnified Party or insufficient to hold it harmless, then the Servicer shall contribute to the amount paid or payable by such Servicer Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of the Servicer and its Affiliates on the one hand and such Servicer Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Servicer and its Affiliates and such Servicer Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations.  The reimbursement, indemnity and contribution obligations of the Servicer under this Section shall be in addition to (but without duplication of) any liability which the Servicer may otherwise have, shall extend upon the same terms and conditions to Servicer Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Servicer and the Servicer Indemnified Parties.

 

(c)           Any indemnification or contribution under this Section shall survive the termination of this Agreement.

 

ARTICLE XIV

 

MISCELLANEOUS

 

SECTION 14.01. Amendments, Etc.

 

(a)           No failure on the part of any Credit Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.  No amendment or waiver of any provision of this Agreement or consent to any departure by any of the Borrower or any Affiliate thereof shall be effective unless in a writing signed by the Administrative Agent and the Majority Group Agents (and, in the case of any amendment, also signed by the Borrower), and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,

 

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however, that (A) no amendment, waiver or consent shall, unless in writing and signed by the Servicer, affect the rights or duties of the Servicer under this Agreement; (B) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent and each Group Agent:

 

(i)            change (directly or indirectly) the definitions of, Borrowing Base Deficit, Defaulted Receivable, Delinquent Receivable, Eligible Receivable, Facility Limit, Final Maturity Date, Net Receivables Pool Balance or Total Reserves contained in this Agreement, or increase the then existing Concentration Percentage or Special Concentration Limit for any Obligor or change the calculation of the Borrowing Base;

 

(ii)           reduce the amount of Capital or Interest that is payable on account of any Loan or delay any scheduled date for payment thereof;

 

(iii)          change in any Event of Default;

 

(iv)          release all or a material portion of the Collateral from the Administrative Agent’s security interest created hereunder;

 

(v)           release the Performance Guarantor from any of its obligations under the Performance Guaranty or terminate the Performance Guaranty;

 

(vi)          change any of the provisions of this Section 14.01 or the definition of “Majority Group Agents”; or

 

(vii)         change the order of priority in which Collections are applied pursuant to Section 4.01.

 

Notwithstanding the foregoing, (A) no amendment, waiver or consent shall increase any Committed Lender’s Commitment hereunder without the consent of such Committed Lender and, (B) no amendment, waiver or consent shall reduce any Fees payable by the Borrower to any member of any Group or delay the dates on which any such Fees are payable, in either case, without the consent of the Group Agent for such Group.  and (C) the Borrower shall not consent to any amendment or waiver of any provision of the Transfer and Contribution Agreement without (i) the prior written consent of the administrative agent under the Credit Agreement to the extent required under the Credit Agreement or any document delivered in connection therewith and (ii) delivery of any amendments to the UCC financing statements filed in connection with the Credit Agreement that are reasonably requested by the Administrative Agent.

 

SECTION 14.02. Notices, Etc.  All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall include facsimile communication) and faxed or delivered, to each party hereto, at its address set forth under its name on Schedule IV hereto or at such other address as shall be designated by such party in a written notice to the other parties hereto.  Notices and communications by facsimile shall be effective when sent (and shall be followed by hard copy sent by regular mail), and notices and communications sent by other means shall be effective when received.

 

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SECTION 14.03. Assignability; Addition of Lenders.

 

(a)           Assignment by Conduit Lenders.  This Agreement and the rights of each Conduit Lender hereunder (including each Loan made by it hereunder) shall be assignable by such Conduit Lender and its successors and permitted assigns (i) to any Program Support Provider of such Conduit Lender without prior notice to or consent from the Borrower or any other party, or any other condition or restriction of any kind or (ii) to any Eligible Assignee.  Each assignor of a Loan or any interest therein may, in connection with the assignment or participation, disclose to the assignee or Participant any information relating to the Borrower and its Affiliates, including the Receivables, furnished to such assignor by or on behalf of the Borrower and its Affiliates or by the Administrative Agent; provided that, prior to any such disclosure, the assignee or Participant agrees to preserve the confidentiality of any confidential information relating to the Borrower and its Affiliates received by it from any of the foregoing entities in a manner consistent with Section 14.06(b).

 

(b)           Assignment by Committed Lenders.  Each Committed Lender may assign to any Eligible Assignee all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and any Loan or interests therein owned by it); provided, however that

 

(i)            each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement;

 

(ii)           the amount being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance Agreement with respect to such assignment) shall in no event be less than the lesser of (x) $5,000,000 and (y) all of the assigning Committed Lender’s Commitment; and

 

(iii)          the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance Agreement.

 

Upon such execution, delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance Agreement, (x) the assignee thereunder shall be a party to this Agreement, and to the extent that rights and obligations under this Agreement have been assigned to it pursuant to such Assignment and Acceptance Agreement, have the rights and obligations of a Committed Lender hereunder and (y) the assigning Committed Lender shall, to the extent that rights and obligations have been assigned by it pursuant to such Assignment and Acceptance Agreement, relinquish such rights and be released from such obligations under this Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning Committed Lender’s rights and obligations under this Agreement, such Committed Lender shall cease to be a party hereto).

 

(c)           Register.  The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain at its address referred to on Schedule IV of this Agreement (or such other address of the Administrative Agent notified by the Administrative Agent to the

 

94

 

other parties hereto) a copy of each Assignment and Acceptance Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Committed Lenders and the Conduit Lenders, the Commitment of each Committed Lender and the aggregate outstanding Capital (and stated interest) of the Loans of each Conduit Lender and Committed Lender from time to time (the “Register”).  The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Servicer, the Administrative Agent, the Group Agents, and the other Credit Parties may treat each Person whose name is recorded in the Register as a Committed Lender or Conduit Lender, as the case may be, under this Agreement for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower, the Servicer, any Group Agent, any Conduit Lender or any Committed Lender at any reasonable time and from time to time upon reasonable prior notice.

 

 (d)          Procedure.  Upon its receipt of an Assignment and Acceptance Agreement executed and delivered by an assigning Committed Lender and an Eligible Assignee or assignee Committed Lender, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been duly completed, (i) accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower and the Servicer.

 

(e)           Participations.  Each Committed Lender may sell participations to one or more Eligible Assignees (each, a “Participant”) in or to all or a portion of its rights and/or obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the interests in the Loans owned by it); provided, however, that

 

(i)            such Committed Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrower hereunder) shall remain unchanged, and

 

(ii)           such Committed Lender shall remain solely responsible to the other parties to this Agreement for the performance of such obligations.

 

The Administrative Agent, the Group Agents, the Conduit Lenders, the other Committed Lenders, the Borrower and the Servicer shall have the right to continue to deal solely and directly with such Committed Lender in connection with such Committed Lender’s rights and obligations under this Agreement.

 

(f)            Participant Register.  Each Committed Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Committed 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 or its other obligations under any this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form

 

95

 

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 Committed 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.

 

(g)           Assignments by Agents.  This Agreement and the rights and obligations of the Administrative Agent and each Group Agent herein shall be assignable by the Administrative Agent or such Group Agent, as the case may be, and its successors and assigns; provided that in the case of an assignment to a Person that is not an Affiliate of the Administrative Agent or such Group Agent, so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, such assignment shall require the Borrower’s consent (not to be unreasonably withheld, conditioned or delayed).

 

(h)           Assignments by the Borrower or the Servicer.  Neither the Borrower nor, except as provided in Section 9.01, the Servicer may assign any of its respective rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent and each Group Agent (such consent to be provided or withheld in the sole discretion of such Person).

 

(i)            Addition of Lenders or Groups.  The Borrower may, with written notice to the Administrative Agent and each Group Agent, add additional Persons as Lenders (by creating a new Group) or cause an existing Lender to increase its Commitment; provided, however, that the Commitment of any existing Lender may only be increased with the prior written consent of such Lender.  Each new Lender (or Group) shall become a party hereto, by executing and delivering to the Administrative Agent and the Borrower, an assumption agreement (each, an “Assumption Agreement”) in the form of Exhibit C hereto (which Assumption Agreement shall, in the case of any new Lender, be executed by each Person in such new Lender’s Group).

 

(j)            Pledge to a Federal Reserve Bank. Notwithstanding anything to the contrary set forth herein, (i) any Lender, Program Support Provider or any of their respective Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement (including, without limitation, rights to payment of Capital and Interest) and any other Transaction Document to secure its obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender or Program Support Provider, without notice to or the consent of the Borrower, the Servicer, any Affiliate thereof or any Credit Party; provided, however, that that no such pledge shall relieve such assignor of its obligations under this Agreement.

 

(k)           Pledge to a Security Trustee.  Notwithstanding anything to the contrary set forth herein, (i) any Lender, Program Support Provider or any of their respective Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement (including, without limitation, rights to payment of Capital and Interest) and any other Transaction Document to a security trustee in connection with the funding by such Person of Loans, without notice to or the consent of the Borrower, the Servicer, any Affiliate thereof or

 

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any Credit Party; provided, however, that that no such pledge shall relieve such assignor of its obligations under this Agreement.

 

SECTION 14.04. Costs and Expenses.  In addition to the rights of indemnification granted under Section 13.01 hereof, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery and administration of this Agreement, any Program Support Agreement (or any supplement or amendment thereof) related to this Agreement and the other Transaction Documents (together with all amendments, restatements, supplements, consents and waivers, if any, from time to time hereto and thereto), including, without limitation, (i) the reasonable Attorney Costs for the Administrative Agent and the other Credit Parties and any of their respective Affiliates with respect thereto and with respect to advising the Administrative Agent and the other Credit Parties and their respective Affiliates as to their rights and remedies under this Agreement and the other Transaction Documents and (ii) reasonable accountants’, auditors’ and consultants’ fees and expenses for the Administrative Agent and the other Credit Parties and any of their respective Affiliates and the fees and charges of any nationally recognized statistical rating agency incurred in connection with the administration and maintenance of this Agreement or advising the Administrative Agent or any other Credit Party as to their rights and remedies under this Agreement or as to any actual or reasonably claimed breach of this Agreement or any other Transaction Document.  In addition, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses (including reasonable Attorney Costs), of the Administrative Agent and the other Credit Parties and their respective Affiliates, incurred in connection with the enforcement of any of their respective rights or remedies under the provisions of this Agreement and the other Transaction Documents.

 

SECTION 14.05. No Proceedings; Limitation on Payments.

 

(a)           Each of the Borrower, the Administrative Agent, the Servicer, each Group Agent, each Lender and each assignee of a Loan or any interest agrees that it will not institute against, or join any other Person in instituting against, any Conduit Lender any Insolvency Proceeding so long as any Notes or other senior indebtedness issued by such Conduit Lender shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Notes or other senior indebtedness shall have been outstanding.

 

(b)           Each of the Servicer, each Group Agent, each Lender and each assignee of a Loan or any interest therein, hereby covenants and agrees that it will not institute against, or join any other Person in instituting against, the Borrower any Insolvency Proceeding until one year and one day after the Final Payout Date; provided, that the Administrative Agent may take any such action in its sole discretion following the occurrence of an Event of Default.

 

(c)           Notwithstanding any provisions contained in this Agreement to the contrary, a Conduit Lender shall not, and shall be under no obligation to, pay any amount, if any, payable by it pursuant to this Agreement or any other Transaction Document unless (i) such Conduit Lender has received funds which may be used to make such payment and which funds are not required to repay such Conduit Lender’s Notes when due and (ii) after giving effect to such payment, either (x) such Conduit Lender could issue Notes to refinance all of its

 

97

 

outstanding Notes (assuming such outstanding Notes matured at such time) in accordance with the program documents governing such Conduit Lender’s securitization program or (y) all of such Conduit Lender’s Notes are paid in full.  Any amount which any Conduit Lender does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in Section 101 of the Bankruptcy Code) against or company obligation of such Conduit Lender for any such insufficiency unless and until such Conduit Lender satisfies the provisions of clauses (i) and (ii) above.  The provisions of this Section 14.05 shall survive any termination of this Agreement.

 

SECTION 14.06. Confidentiality.

 

(a)           Each of the Borrower and the Servicer covenants and agrees to hold in confidence, and not disclose to any Person, either (i) the Fee Letter or any of the contents thereof or (ii) any fees payable in connection with this Agreement, the Fee Letter or any other Transaction Document, except as the Administrative Agent and each Group Agent may have consented to in writing prior to any proposed disclosure; provided, however, that it may disclose such information (i) to its Advisors and Representatives, (ii) to the extent such information has become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer or their Advisors and Representatives or (iii) to the extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory proceeding or (B) requested by any Governmental Authority to disclose such information; provided, that, in the case of clause (iii) above, the Borrower and the Servicer will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by Applicable Law) notify the Administrative Agent and the affected Credit Party of its intention to make any such disclosure prior to making such disclosure.  Each of the Borrower and the Servicer agrees to be responsible for any breach of this Section by its Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the confidential nature of such information and shall agree to comply with this Section.  Notwithstanding the foregoing, it is expressly agreed that each of the Borrower, the Servicer and their respective Affiliates may publish a press release or otherwise publicly announce the material terms of this Agreement, the existence and principal amount of the Commitments under this Agreement and the transactions contemplated hereby; provided that the Administrative Agent shall be provided a reasonable opportunity to review such press release or other public announcement prior to its release and provide comment thereon; provided, further, that, subject to clauses (i) through (iii) in the first proviso of this paragraph, no such press release or public announcement shall (x) disclose the rate or amount of the fees payable under the Fee Letter or (y) name or otherwise identify the Administrative Agent, any other Credit Party or any of their respective Affiliates without such Person’s prior written consent (such consent not to be unreasonably withheld, conditioned or delayed).  Notwithstanding the foregoing, the Borrower consents to the publication by the Administrative Agent or any other Credit Party of a tombstone or similar advertising material relating to the financing transactions contemplated by this Agreement so long as the Borrower (or the Servicer on its behalf) has consented to the form of tombstone or similar advertising material prior to the initial publication relating to the financing transactions contemplated by this Agreement.

 

(b)           Each of the Administrative Agent and each other Credit Party, severally and with respect to itself only, agrees to hold in confidence, and not disclose to any Person, any

 

98

 

confidential and proprietary information concerning the Borrower, the Servicer and their respective Affiliates and their businesses or the terms of this Agreement (including any fees payable in connection with this Agreement or the other Transaction Documents), except as the Borrower or the Servicer may have consented to in writing prior to any proposed disclosure; provided, however, that it may disclose such information (i) to its Advisors and Representatives and to any related Program Support Provider, (ii) to its assignees and Participants and potential assignees and Participants and their respective counsel if they agree in writing to hold it confidential, (iii) to the extent such information has become available to the public other than as a result of a disclosure by or through it or its Representatives or Advisors or any related Program Support Provider, (iv) to any nationally recognized statistical rating organization in connection with obtaining or maintaining the rating of any Conduit Lender’s Notes or as contemplated by 17 CFR 240.17g-5(a)(3), (v) at the request of a bank examiner or other regulatory authority or in connection with an examination of any of the Administrative Agent, any Group Agent or any Lender or their respective Affiliates or Program Support Providers or (vi) to the extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory proceeding or (B) requested by any Governmental Authority to disclose such information; provided, that, in the case of clause (vi) above, the Administrative Agent, each Group Agent and each Lender will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by Applicable Law) notify the Borrower and the Servicer of its making any such disclosure as promptly as reasonably practicable thereafter.  Each of the Administrative Agent, each Group Agent and each Lender, severally and with respect to itself only, agrees to be responsible for any breach of this Section by its Representatives, Advisors and Program Support Providers and agrees that its Representatives, Advisors and Program Support Providers will be advised by it of the confidential nature of such information and shall agree to comply with this Section.

 

(c)           As used in this Section, (i) “Advisors” means, with respect to any Person, such Person’s accountants, attorneys and other confidential advisors and (ii) “Representatives” means, with respect to any Person, such Person’s Affiliates, Subsidiaries, directors, managers, officers, employees, members, investors, financing sources, insurers, professional advisors, representatives and agents; provided that such Person shall not be deemed to Representatives of a Person unless (and solely to the extent that) confidential information is furnished to such Person.

 

(d)           Notwithstanding the foregoing, to the extent not inconsistent with applicable securities laws, each party hereto (and each of its employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure (as defined in Section 1.6011-4 of the Treasury Regulations) of the transactions contemplated by the Transaction Documents and all materials of any kind (including opinions or other tax analyses) that are provided to such Person relating to such tax treatment and tax structure.

 

SECTION 14.07. GOVERNING LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE

 

99

 

PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE AGENT OR ANY LENDER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).

 

SECTION 14.08. Execution in Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart.

 

SECTION 14.09. Integration; Binding Effect; Survival of Termination.  This Agreement and the other Transaction Documents contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until the Final Payout Date; provided, however, that the provisions of Sections 5.01, 5.02, 5.03, 11.04, 11.06, 12.04, 13.01, 13.02, 14.04, 14.05, 14.06, 14.09, 14.11 and 14.13 shall survive any termination of this Agreement.

 

SECTION 14.10. CONSENT TO JURISDICTION.  (a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  NOTHING IN THIS SECTION 14.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.  EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.  THE PARTIES HERETO AGREE 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.

 

100

 

(b)           EACH OF THE BORROWER AND THE SERVICER CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 14.02.  NOTHING IN THIS SECTION 14.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

SECTION 14.11. WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT.

 

SECTION 14.12. Ratable Payments.  If any Credit Party, whether by setoff or otherwise, has payment made to it with respect to any Borrower Obligations in a greater proportion than that received by any other Credit Party entitled to receive a ratable share of such Borrower Obligations, such Credit Party agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Borrower Obligations held by the other Credit Parties so that after such purchase each Credit Party will hold its ratable proportion of such Borrower Obligations; provided that if all or any portion of such excess amount is thereafter recovered from such Credit Party, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

 

SECTION 14.13. Limitation of Liability.

 

(a)           No claim may be made by the Borrower or any Affiliate thereof or any other Person against any Credit Party or their respective Affiliates, members, directors, officers, employees, incorporators, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement or any other Transaction Document, or any act, omission or event occurring in connection herewith or therewith; and each of the Borrower and the Servicer hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.  None of the Credit Parties and their respective Affiliates shall have any liability to the Borrower or any Affiliate thereof or any other Person asserting claims on behalf of or in right of the Borrower or any Affiliate thereof in connection with or as a result of this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, except to the extent that any losses, claims, damages, liabilities or expenses incurred by the Borrower or any Affiliate thereof result from the breach of contract, gross negligence or willful misconduct of such Credit Party in performing its duties and obligations hereunder and under the other Transaction Documents to which it is a party.

 

(b)           The obligations of the Administrative Agent and each of the other Credit Parties under this Agreement and each of the Transaction Documents are solely the corporate obligations of such Person.  No recourse shall be had for any obligation or claim arising out of or

 

101

 

based upon this Agreement or any other Transaction Document against any member, director, officer, employee or incorporator of any such Person.

 

SECTION 14.14. Intent of the Parties.  The Borrower has structured this Agreement with the intention that the Loans and the obligations of the Borrower hereunder will be treated under United States federal, and applicable state, local and foreign tax law as debt (the “Intended Tax Treatment”).  The Borrower, the Servicer, the Administrative Agent and the other Credit Parties agree to file no tax return, or take any action, inconsistent with the Intended Tax Treatment unless required by law.  Each assignee and each Participant acquiring an interest in a Credit Extension, by its acceptance of such assignment or participation, agrees to comply with the immediately preceding sentence.

 

SECTION 14.15. USA Patriot Act.  Each of the Administrative Agent and each of the other Credit Parties hereby notifies the Borrower and the Servicer 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”), the Administrative Agent and the other Credit Parties may be required to obtain, verify and record information that identifies the Borrower, the Originators, the Servicer and the Performance Guarantor, which information includes the name, address, tax identification number and other information regarding the Borrower, the Originators, the Servicer and the Performance Guarantor that will allow the Administrative Agent and the other Credit Parties to identify the Borrower, the Originators, the Servicer and the Performance Guarantor in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act.  Each of the Borrower and the Servicer agrees to provide the Administrative Agent and each other Credit Parties, from time to time, with all documentation and other information required by bank regulatory authorities under “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act.

 

SECTION 14.16. Right of Setoff.  Each Credit Party is hereby authorized (in addition to any other rights it may have), at any time during the continuance of an Event of Default, to setoff, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Credit Party (including by any branches or agencies of such Credit Party) to, or for the account of, the Borrower or the Servicer against amounts owing by the Borrower or the Servicer hereunder (even if contingent or unmatured); provided that such Credit Party shall notify the Borrower or the Servicer, as applicable, promptly following such setoff.

 

SECTION 14.17. Severability.  Any provisions of this Agreement which are 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, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION 14.18. Mutual Negotiations.  This Agreement and the other Transaction Documents are the product of mutual negotiations by the parties thereto and their counsel, and no party shall be deemed the draftsperson of this Agreement or any other Transaction Document or any provision hereof or thereof or to have provided the same.  Accordingly, in the event of any

 

102

 

inconsistency or ambiguity of any provision of this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be interpreted against any party because of such party’s involvement in the drafting thereof.

 

SECTION 14.19. Captions and Cross References.  The various captions (including the table of contents) in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement.  Unless otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause.

 

[Signature Pages Follow]

 

103

 

SCHEDULE I
 Commitments

 

PNC’s Group

 

	
Party
    	
 
    	
Capacity
    	
 
    	
Commitment
    	
 
    
	
PNC
    	
 
    	
Committed Lender
    	
 
    	
$
    	
230,000,000600,000,000
    	
 
    
	
PNC
    	
 
    	
Group Agent
    	
 
    	
N/A
    	
 
    
							

 

Schedule I

 

SCHEDULE II
 Lock-Boxes, Lock-Box Accounts and Lock-Box Banks

 

Key BankKeyBank

 

	
ACCOUNT #
    	
 
    	
ACCOUNT NAME:
    	
 
    	
ASSOCIATED
   LOCKBOX #
    	
 
    
	
XXXX
    	
 
    	
First Data Payment Services LLC
    	
 
    	
XXXX
    	
 
    
	
XXXX
    	
 
    	
First Data Government Solutions, Inc.
    	
 
    	
XXXX
    	
 
    
	
XXXX
    	
 
    	
First Data Government Solutions, LP
    	
 
    	
XXXX
    	
 
    

 

PNC Bank

 

STAR Processing, Inc. Operating Acct# 1028933448

First Data Merchant Services LLC Leasing Acct # 1029138606

 

Wells Fargo

 

	
Account Names
    	
 
    	
Account Numbers
    
	
Remitco, LLC Receipts
    	
 
    	
XXXX
    
	
First Data Government Solutions, Inc. Lockbox
    	
 
    	
XXXX
    
	
TeleCheck Services, Inc. PIPS
    	
 
    	
XXXX
    
	
TeleCheck Services, Inc
    	
 
    	
XXXX
    
	
First Data Resources, Inc.
    	
 
    	
XXXX
    
	
First Data Government Solutions, LP
    	
 
    	
XXXX
    
	
TASQ Technology Operating
    	
 
    	
XXXX
    
	
First Data Receivables,   LLC
    	
 
    	
XXXX
    

 

Schedule II-1

 

SCHEDULE III
  [Reserved]Approved Settlement Accounts

 

	
Title on bank account
    	
 
    	
DDA #
    
	
First Data Merchant   Services Corporation-North
    	
 
    	
XXXX
    
	
DBAG Contrl Acct For   First Data Merchant Services-Retail
    	
 
    	
XXXX
    
	
DBAG Contrl Acct For   First Data Merchant Services-Wholesale
    	
 
    	
XXXX
    
	
Citicorp Payments   Services Inc
    	
 
    	
XXXX
    
	
Citicorp Payment   Services Inc
    	
 
    	
XXXX
    
	
WFB fbo CTS Holdings   Settlement
    	
 
    	
XXXX
    
	
WFB FBO FDMS Retail   Settlement
    	
 
    	
XXXX
    
	
WFB FBO FDMS FACS   Wholesale Sett - Omaha
    	
 
    	
XXXX
    
	
WFB FBO FDMS South   Platform
    	
 
    	
XXXX
    
	
WFB FBO FDMS ISO Sett
    	
 
    	
XXXX
    
	
WFB fbo First Data   Services LLC Settlement - Omaha
    	
 
    	
XXXX
    
	
WFB FBO FDMS ISO Sett
    	
 
    	
XXXX
    
	
WFB fbo FDMS Settlement
    	
 
    	
XXXX
    
	
WFB fbo FDMS Settlement
    	
 
    	
XXXX
    
	
WFB FBO FDMS New RSA   Settlement
    	
 
    	
XXXX
    
	
WFB FBO FDMS Premier   Processing Settlement
    	
 
    	
XXXX
    
	
WFB FBO CSI Customers -   Settlement
    	
 
    	
XXXX
    
	
WFB fbo FDMS GMA USD   Settlement
    	
 
    	
XXXX
    
	
WFB FBO FDMS I-Pay   Settlement
    	
 
    	
XXXX
    
	
First Data Merchant   Services LLC
    	
 
    	
XXXX
    
	
First Data Merchant   Services Corp Settlement
    	
 
    	
XXXX
    
	
First Data Merchant Services   Settlement
    	
 
    	
XXXX
    

 

Schedule III-1

 

SCHEDULE VI
  Lease Contract

 

[to be attached]

 

Schedule VI-1

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